MIDDLETOWN, R.I., March 17, 2011 (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 fourth quarter ended December 31, 2010.
- Revenues increased 7% to $5.5 million during the fourth quarter 2010 compared to the third quarter 2010 and increased 35% compared to the same period last year
- Gross margin remained strong at 75% during the fourth quarter 2010
- Adjusted Market EBITDA profitability increased to $2.9 million in the fourth quarter 2010 as compared to $2.7 million for the third quarter 2010 and $2.0 million for the fourth quarter 2009
- Adjusted EBITDA profitability, excluding non-recurring expenses of $0.3 million, increased to $0.7 million for the fourth quarter 2010 compared to $0.4 million for the third quarter 2010 and an Adjusted EBITDA loss of $0.2 million for the fourth quarter 2009
- Customer churn for the fourth quarter 2010 was 1.36% compared to 1.60% during the third quarter 2010 and 1.43% during the fourth quarter 2009
- Acquisition of Pipeline Wireless completed in December 2010 which increased the customer base in the Boston market by 32% and the market's annual revenue base by 29%