Liberated Syndication Inc. reported earnings results for the first quarter of 2018. Revenue for the first quarter of 2018 had increased by 103% over the first quarter in 2017 to $5.1 million. This increase was driven primarily by the revenue addition from the acquisition of Pair Networks and from a 15% growth in Libsyns Podcasting subsidiary. Net income of approximately $533,000. Adjusted EBITDA for the first quarter was $1.7 million versus $1.0 million in the previous years first quarter.

With the requirements of GAAP to value deferred revenue from the acquisition at fair market value, the Company modified its full year revenue projection to $20.0 million from $23.0 million. A reduction of approximately $3 million in deferred revenue, which would have been recognized by Pair pre-acquisition, will not be recognized as revenue post acquisition due to GAAP accounting rules. The Company stated that it was continuing to project full year EBITDA of $7.0 million.