MIDDLETOWN, R.I., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER) (the "Company"), a leading 4G and Wi-Fi/ Small Cell Network Services provider, announced results for the second quarter ended June 30, 2012.
Second Quarter Operating Highlights
- Revenues increased 4% to $8.1 million during the second quarter 2012 compared to the first quarter 2012 and increased 23% compared to the second quarter 2011.
- Adjusted EBITDA profitability, excluding non-recurring expenses and net costs associated with the small cell rooftop asset platform, was $1.3 million for the second quarter 2012 compared to $1.4 million for the first quarter 2012 and $1.1 million for the second quarter 2011.
- Customer churn for the second quarter 2012 was 1.65% and remained within or below the Company's target range of 1.4% to 1.7% for the eleventh consecutive quarter.
- Customer upgrades for the second quarter were at record levels, increasing in dollar value by 31% compared to the first quarter 2012 and by 26% compared to the second quarter 2011.
- Nodes constructed for the small cell network totaled approximately 600 during the second quarter 2012, which was a quarterly high to date.
- Executed an agreement whereby Delos Internet will become a wholly-owned subsidiary of the Company. The transaction is subject to customary conditions and is expected to close in the fourth quarter. Delos Internet is based in Houston, Texas which is the fourth largest city in the United States.
Management Comments"Node construction activity was robust during the second quarter and we are on track to reach our target of 5,000 nodes by the first quarter of 2013," stated Jeffrey Thompson, President and Chief Executive Officer. "We expect to be well positioned when network integration is complete and data traffic begins moving onto our small cell network in 2013."