Townsquare Media, Inc. (TSQ) has reported an 134.58 percent jump in profit for the year ended Dec. 31, 2016. The company has earned $23.06 million, or $0.85 a share in the year, compared with $9.83 million, or $0.37 a share for the last year. On the other hand, adjusted net income for the year stood at $28.06 million, or $1.03 a share compared with $22.48 million or $0.81 a share, a year ago. Revenue during the year grew 17.14 percent to $516.87 million from $441.22 million in the previous year. Gross margin for the year contracted 241 basis points over the previous year to 25.57 percent. Total expenses were 85.02 percent of annual revenues, up from 80.80 percent for the last year. That has resulted in a contraction of 422 basis points in operating margin to 14.98 percent.
Operating income for the year was $77.43 million, compared with $84.73 million in the previous year.
However, the adjusted EBITDA for the year stood at $106.78 million compared with $97.98 million in the prior year period. At the same time, adjusted EBITDA margin contracted 155 basis points in the year to 20.66 percent from 22.21 percent in the last year.
"In 2016, we delivered net revenue, net income and Adjusted EBITDA growth of 17%, 127% and 9%, respectively. On a pro forma basis, net revenue growth of 3.0% was driven by the strong performance of our local products and offerings within our Local Marketing Solutions segment, where pro forma net revenue increased 5.1% over the prior year," commented Steven Price, chairman and chief executive officer of Townsquare. "This year we focused on strengthening our balance sheet; through EBITDA growth and debt repayment we reduced net leverage from 5.5x at the start of the year, to 4.9x at year end."
Operating cash flow improves significantly
Townsquare Media, Inc. has generated cash of $59.80 million from operating activities during the year, up 130.51 percent or $33.86 million, when compared with the last year. The company has spent $20.97 million cash to meet investing activities during the year as against cash outgo of $71.78 million in the last year.
The company has spent $19.72 million cash to carry out financing activities during the year as against cash inflow of $54.43 million in the last year period.
Cash and cash equivalents stood at $51.54 million as on Dec. 31, 2016, up 54.78 percent or $18.24 million from $33.30 million on Dec. 31, 2015.
Working capital increases sharply
Townsquare Media, Inc. has recorded an increase in the working capital over the last year. It stood at $57.48 million as at Dec. 31, 2016, up 39.77 percent or $16.35 million from $41.12 million on Dec. 31, 2015. Current ratio was at 1.88 as on Dec. 31, 2016, up from 1.66 on Dec. 31, 2015.
Days sales outstanding went down to 21 days for the year compared with 25 days for the same period last year.
At the same time, days payable outstanding was almost stable at 5 days for the year, when compared with the previous year period.
Debt comes down marginally
Townsquare Media, Inc. has recorded a decline in total debt over the last one year. It stood at $571.22 million as on Dec. 31, 2016, down 2.99 percent or $17.61 million from $588.83 million on Dec. 31, 2015. Total debt was 52.86 percent of total assets as on Dec. 31, 2016, compared with 55 percent on Dec. 31, 2015. Debt to equity ratio was at 1.46 as on Dec. 31, 2016, down from 1.62 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 2.27 for the year from 2.35 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
