MIDDLETOWN, R.I., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Towerstream (Nasdaq:TWER), a leading 4G service provider delivering high-speed wireless Internet access to businesses in 11 major metropolitan areas in the U.S., announced results for the third quarter ended September 30, 2010.
- Revenues increased 34% to $5.1 million during the third quarter 2010 compared to the same period last year and increased 4% compared to the second quarter 2010
- Gross margin remained strong at 75% during the third quarter 2010
- Adjusted Market EBITDA profitability increased to $2.7 million in the third quarter 2010 as compared to $2.4 million for the second quarter 2010 and $1.6 million for the third quarter 2009
- Adjusted EBITDA profitability totaled $0.4 million for the third quarter 2010 compared to $0.05 million for the second quarter 2010 and an Adjusted EBITDA loss of $0.5 million for the third quarter 2009
- Customer churn for the third quarter 2010 was 1.60% compared to 1.15% during the second quarter 2010 and 1.71% during the third quarter 2009
- Chicago market revenues for the third quarter 2010 increased 15% compared to the second quarter 2010 and almost doubled compared to the third quarter 2009, reflecting completion of the Sparkplug acquisition in the second quarter of 2010