Month: March 2019

Westwood One to utilize Nielsen National Media Impact to quantify the effect of adding Network Radio to Television Media Plans

Today, Nielsen (NYSE: NLSN) announced that Westwood One has expanded its relationship with Nielsen to license the national version of Nielsen Media Impact (NMI) powered by Nielsen’s Total Media Fusion.  Nielsen Media Impact is a cross-platform media planning and optimization solution that helps clients understand total campaign reach, frequency, and duplication using advanced audience segments. NMI will enable Westwood One to demonstrate the value that its unique audiences bring to an advertiser’s media plan and illustrate radio’s substantial incremental reach.

“With Nielsen Media Impact, we can show our advertising partners the effect on overall campaign reach and frequency when money is moved between media,” said Suzanne Grimes, EVP, Marketing, CUMULUS MEDIA and President, Westwood One. “Advertisers will be able to access this tool through the groundbreaking Westwood One ROI Guarantee audio insights platform.  It’s a new dimension in making media investments work smarter for marketers using radio, podcasting, and streaming to drive ROI. We welcome the opportunity to demonstrate the power of adding audio to a media plan, giving agencies and brands the information they need to understand the true value of our medium in driving sales.”

“We are pleased to welcome Westwood One as a subscriber for Nielsen National Media Impact,” said Brad Kelly, Managing Director, Nielsen Audio. “With NMI we now have a much clearer understanding of how radio and TV complement, supplement and amplify one another. Westwood One is well positioned to make the most of this extraordinary new tool and shine a bright spotlight on how AM/FM radio can deliver more consumers that advertisers seek.”

“Brands are looking for strategies to fortify and enhance their TV plans, and as America’s largest audio network, we can now demonstrate the incrementality of adding radio to a media plan,” said Pierre Bouvard, Chief Insights Officer at Cumulus | Westwood One. “Radio makes your TV better, and now we have proof via the gold standard of Nielsen total audience measurement.”

In 2018, Nielsen enhanced Nielsen Media Impact, the industry-leading cross-platform media planning solution, to include national radio. Nielsen’s national radio data within Nielsen Media Impact allows buyers and sellers to understand the value of radio as a medium at the national level, as well as the incremental reach achieved by including national radio in the media mix. With the national version of Nielsen Media Impact clients can plan and optimize media allocation and compare total radio, radio formats and radio owner groups with other national media (including TV, digital, print, cinema, and digital place-based media) in advanced audience segments.

SOURCE Nielsen

http://www.nielsen.com

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Townsquare Reports Strong Fourth Quarter
Posted by:Consultant, March - 12 - 2019

Townsquare Reports Strong Fourth Quarter: Net Revenue Rises 12% And Adjusted EBITDA Increases 9%

Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare,” the “Company,” “we,” “us,” or “our”) announced today financial results for the fourth quarter and year ended December 31, 2018.
“2018 was an exciting year for Townsquare.  We reoriented our business to focus on the profitable growth of Townsquare’s local media and digital marketing solutions offerings, completed two strategic, tuck-in radio acquisitions, initiated a dividend, and delivered strong revenue and Adjusted EBITDA growth that exceeded our business plan,” commented Bill Wilson, Chief Executive Officer of Townsquare.

Mr. Wilson continued, “In 2018, we delivered net revenue growth of approximately 5% and Adjusted EBITDA growth of over 7%, driven by the impressive growth of our digital businesses, which now total $120 million in annual net revenue and thus nearly 30% of our total net revenue.  Further, we beat our previously issued 2018 revenue guidance. The fourth quarter delivered the strongest year over year growth in 2018, with net revenue growth of 12%, and we saw sequential improvement in our advertising business throughout the year.”

“In addition, Townsquare Interactive added 2,950 net subscribers in 2018 (compared to 1,700 in 2017) and thus ended the year with approximately 15,350 subscribers and nearly $50 million in net revenue.”

The Company also announced today that its board of directors approved a quarterly cash dividend of $0.075 per share.  The dividend will be payable on May 15, 2019, to shareholders of record as of the close of business on April 2, 2019.

Fourth Quarter Highlights*

  • As compared to the fourth quarter of 2017 on a GAAP basis:
    • Net revenue increased 12.0% and 14.4% excluding live events net revenue
    • Net revenue increased 7.5% excluding political revenue
    • Townsquare Interactive net revenue increased by 28.5%
    • Advertising net revenue increased by 12.6%
    • Live Events net revenue decreased by 41.8%
    • Net loss decreased 39.9%, and net income from continuing operations decreased 350.5%
    • Adjusted EBITDA increased by 9.1%
  • As compared to the fourth quarter of 2017 on a pro forma basis:
    • Net revenue increased 9.7%, and 12.0% excluding live events net revenue
    • Net revenue increased 5.2% excluding political revenue
    • Net loss decreased by 38.6%
    • Adjusted EBITDA increased by 6.4%
  • Diluted net loss per share from continuing operations and diluted Adjusted Net Income Per Share were $1.26 and $0.26, respectively
  • Townsquare Interactive added 850 net subscribers

Full Year Highlights*

  • As compared to the year ended December 31, 2017, on a GAAP basis:
    • Net revenue increased 4.7%, and 8.6% excluding live events net revenue
    • Net revenue increased 2.8% excluding political revenue
    • Townsquare Interactive net revenue increased by 21.4%
    • Advertising net revenue increased by 6.9%
    • Live Events net revenue decreased by 21.1%
    • Net loss increased 207.4%, and net income from continuing operations decreased 102.0%
    • Adjusted EBITDA increased by 7.3%
  • As compared to the year ended December 31, 2017, on a pro forma basis:
    • Net revenue increased 3.7%, and 7.4% excluding live events net revenue
    • Net revenue increased 1.9% excluding political revenue
    • Net loss increased 274.3%
    • Adjusted EBITDA increased by 5.9%
  • Diluted net loss per share from continuing operations and diluted Adjusted Net Income Per Share were $0.03 and $1.08, respectively
  • Townsquare Interactive added 2,950 net subscribers, ending the year with approximately 15,350 subscribers
  • Repaid $11.4 million of long-term debt

* See below for discussion of non-GAAP measures and reconciliations to GAAP measures.

Quarter Ended December 31, 2018, Compared to the Quarter Ended December 31, 2017

Net Revenue 

Net revenue for the quarter ended December 31, 2018, increased $11.7 million, or 12.0%, to $109.0 million, as compared to $97.3 million in the same period last year.  Excluding political revenue, net revenue increased $7.2 million, or 7.5%, to $103.3 million, as compared to $96.1 million in the same period last year.  Excluding live events net revenue, which was budgeted to decline in 2018, net revenue increased $13.4 million, or 14.4%, to $106.6 million, as compared to $93.2 million in the same period last year.

Pro forma net revenue for the quarter ended December 31, 2018, increased $9.6 million, or 9.7%, to $109.0 million, as compared to $99.3 million in the same period last year.  As used in this release, the term “pro forma” means pro forma for our acquisition of three radio stations in Princeton, NJ on July 2, 2018.  Excluding political revenue, net revenue increased $5.2 million, or 5.2%, to $103.3 million, as compared to $98.1 million in the same period last year. Excluding live events net revenue, which was budgeted to decline in 2018, net revenue increased $11.4 million, or 12.0%, to $106.6 million, as compared to $95.2 million in the same period last year.

Net Loss 

Net loss for the quarter ended December 31, 2018, decreased $10.8 million, or 39.9%, to $16.3 million, as compared to $27.1 million in the same period last year.  Net loss from continuing operations decreased $32.5 million or 350.5%, to a net loss of $23.2 million, as compared to net income of $9.3 million in the same period last year. The decline in net income was driven by an increase in non-cash impairment charges in 2018, due in part to the revision of certain assumptions in the Company’s annual testing for intangible impairment as a result of the Company’s depressed stock price and market capitalization as compared to the prior year, among other factors.  Net income was also impacted by an $11.7 million decline in income tax benefit, primarily related to the 2017 Tax Cut and Jobs Act.

Pro forma net loss for the quarter ended December 31, 2018, decreased $10.3 million, or 38.6%, to $16.3 million, as compared to $26.6 million in the same period last year.  The decline in net income was driven by an increase in non-cash impairment charges in 2018, due in part to the revision of certain assumptions in the Company’s annual testing for intangible impairment as a result of the Company’s depressed stock price and market capitalization as compared to the prior year, among other factors.  Net income was also impacted by an $11.7 million decline in income tax benefit, primarily related to the 2017 Tax Cut and Jobs Act.

Adjusted EBITDA

Adjusted EBITDA for the quarter ended December 31, 2018, increased $2.0 million, or 9.1%, to $23.9 million, as compared to $21.9 million in the same period last year.

Pro forma Adjusted EBITDA for the quarter ended December 31, 2018, increased $1.4 million, or 6.4%, to $23.9 million as compared to $22.4 million in the same period last year.

Year Ended December 31, 2018, Compared to the Year Ended December 31, 2017

Net Revenue 

Net revenue for the year ended December 31, 2018, increased $19.2 million, or 4.7%, to $430.6 million, as compared to $411.4 million in the same period last year.  Excluding political revenue, net revenue increased $11.6 million, or 2.8%, to $420.6 million, as compared to $409.0 million in the same period last year.  Excluding live events net revenue, which was budgeted to decline in 2018, net revenue increased $30.6 million, or 8.6%, to $388.0 million, as compared to $357.4 million in the same period last year.

Pro forma net revenue for the year ended December 31, 2018, increased $15.4 million, or 3.7%, to $434.2 million, as compared to $418.8 million in the same period last year.  Excluding political revenue, net revenue increased $7.8 million, or 1.9%, to $424.2 million, as compared to $416.4 million in the same period last year.  Excluding live events net revenue, which was budgeted to decline in 2018, net revenue increased $26.9 million, or 7.4%, to $391.4 million, as compared to $364.6 million in the same period last year.

Net Loss

Net loss for the year ended December 31, 2018, increased $21.3 million, to a net loss of $31.6 million, as compared to a net loss of $10.3 million in the same period last year.  Net loss from continuing operations decreased $25.3 million, or 102.0%, to a net loss of $0.5 million, as compared to net income of $24.8 million in the same period last year.  The decline in net income was driven by an increase in non-cash impairment charges in 2018, due in part to the revision of certain assumptions in the Company’s annual testing for intangible impairment as a result of the Company’s depressed stock price and market capitalization as compared to the prior year, among other factors. Net income was also impacted by a $9.0 million decline in income tax benefit, primarily related to the 2017 Tax Cut and Jobs Act.

Pro forma net loss for the year ended December 31, 2018, increased $22.4 million, to a net loss of $30.6 million, as compared to $8.2 million in the same period last year. The decline in net income was driven by an increase in non-cash impairment charges in 2018, due in part to the revision of certain assumptions in the Company’s annual testing for intangible impairment as a result of the Company’s depressed stock price and market capitalization as compared to the prior year, among other factors.  Net income was also impacted by a $9.0 million decline in income tax benefit, primarily related to the 2017 Tax Cut and Jobs Act.

Adjusted EBITDA

Adjusted EBITDA for the year ended December 31, 2018, increased $6.5 million, or 7.3%, to $96.5 million, as compared to $90.0 million in the same period last year.

Pro forma Adjusted EBITDA for the year ended December 31, 2018, increased $5.4 million, or 5.9%, to $97.5 million, as compared to $92.1 million in the same period last year.

Liquidity and Capital Resources

As of December 31, 2018, we had a total of $61.4 million of cash on hand and $50.0 million of available borrowing capacity under our revolving credit facility. As of December 31, 2018, we had $560.5 million of outstanding indebtedness, representing 5.7x and 5.1x gross and net leverage, respectively, based on pro forma Adjusted EBITDA for the year ended December 31, 2018, of $97.5 million.

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Saga Communications, Inc. Reports 4th Quarter and Year End 2018 Results; Net Operating Revenue increased 4.7% for the Quarter and 5.7% for the Year

Saga Communications, Inc. (Nasdaq: SGA) today reported net revenue increased 4.7% to $32.9 million for the quarter ended December 31, 2018.  Income from continuing operations before tax increased $2.3 million to $6.0 million compared to $3.7 million last year.  Operating income increased $2.1 million to $6.0 million and station operating expense increased $523 thousand to $23.8 million for the quarter.  Diluted earnings per share from continuing operations was $0.72/share in the fourth quarter of 2018 compared to $2.52/share during the same period in 2017.  During the 4th quarter of 2017, the Company recognized an income tax benefit of $11.2 million compared to an income tax expense of $1.7 million for the same period in 2018.  The income tax benefit in 2017 was primarily due to an $11.5 million reduction in our deferred tax liability as a result of the Tax Cuts and Jobs Act.  Free cash flow from continuing operations was $5.9 million for the quarter ended December 31, 2018, compared to $6.6 million for the same period in 2017.

Net revenue increased 5.7% to $124.8 million for the twelve months ended December 31, 2018.  Income from continuing operations before tax increased $3.1 million to $19.4 million compared to $16.3 million last year.  Operating income increased $2.5 million to $19.7 million and station operating expense increased $6.0 million to $93.7 million for the twelve month period.  Diluted earnings per share from continuing operations was $2.30/share for the twelve month period in 2018 compared to $3.77/share during the same period in 2017.  Free cash flow from continuing operations was $19.5 million for the twelve months ended December 31, 2018, compared to $17.4 million for the same period in 2017.

On a same station basis for the twelve months ended December 31, 2018, net revenue increased 1.1% to $116.5 million.  Operating income increased $2.6 million to $19.4 million and station operating expense increased $642 thousand to $86.0 million.

The Company had $44.7 million in cash on hand as of December 31, 2018, and $40.7 million as of March 11, 2019.  The Company’s total bank debt was $20 million of December 31, 2018, and $15 million as of March 11, 2019.  Including the recently announced $0.30 per share dividend which will be paid on March 29, 2019, the Company will have paid over $64 million in dividends since December 3, 2012.

The results for the twelve month period ended December 31, 2017, were affected by the sale of the Company’s television stations and purchase of radio stations in Charleston and Hilton Head, SC on September 1, 2017.

Capital expenditures from continuing operations were $1.5 million in the fourth quarter of 2018 which was flat with the same period in 2017.  For the total year, capital expenditures from continuing operations were $5.9 million in 2018 compared to $6.3 million in 2017.  The Company expects to spend approximately $5.0 to 5.5 million for capital expenditures during 2019.

The Company closed on its purchase of the assets of radio stations WOGK(FM), WNDT(FM), WNDD(FM) and WNDN(FM), from Ocala Broadcasting Corporation, LLC on December 31, 2018.  All the stations serve the Gainesville-Ocala, Florida radio market.

Saga’s 2018 4th Quarter and Year End conference call will be on Tuesday, March 12, 2019, at 11:00 a.m. EDT.  The dial-in number for the call is 612/288-0329.  A transcript of the call will be posted to the Company’s website as soon as it is available after the call.

The Company requests that all parties that have a question that they would like to submit to the Company to please email the inquiry by 10:00 a.m. EDT on March 12, 2019, to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing will be discussed during the call.

SOURCE: Saga Communications

www.sagacom.com

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