MIDDLETOWN, R.I., March 18, 2013 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER) (the "Company"), a leading 4G and Small Cell Rooftop Tower company, announced results for the fourth quarter and year ended December 31, 2012.
Fourth Quarter and Annual Operating Highlights
- Revenue increased 15% to $8.2 million for the fourth quarter 2012 compared to the fourth quarter 2011 and increased 1% compared to the third quarter 2012.
- Revenue increased 22% to $32.3 million for the year ended December 31, 2012 compared to $26.5 million for the year ended December 31, 2011.
- Adjusted EBITDA profitability, excluding non-recurring and non-core expenses, was $1.7 million for the fourth quarter 2012 compared to $1.6 million for the third quarter 2012 and the fourth quarter 2011.
- Adjusted EBITDA profitability, excluding non-recurring and non-core expenses, was $6.4 million for the year ended December 31, 2012 compared to $5.2 million for the year ended December 31, 2011.
- Customer churn for the fourth quarter 2012 was 1.59% compared to 1.54% for the third quarter 2012 and 1.43% for the fourth quarter 2011. Customer churn remained within the Company's target range of 1.4% to 1.7% for the thirteenth consecutive quarter.
- Closed acquisition of Delos Internet in Houston in February 2013. This transaction brings our national presence to thirteen markets, including nine of the eleven largest business markets.
- Formed Hetnets Tower Corporation, a wholly owned subsidiary which will provide a range of shared infrastructure services and access.
Management Comments"We are pleased to report another year of solid growth and stronger operating performance," noted Joseph Hernon, Chief Financial Officer. "We recently closed our fifth acquisition and are focused on bringing our fixed wireless business to cash flow profitability in the first half of 2013." "We are excited to launch our new subsidiary, Hetnets Tower Corporation, in January which will offer a wide range of shared wireless infrastructure services and access," stated Jeffrey Thompson, President and Chief Executive Officer. "The explosion in mobile data in urban markets is driving a migration to small cell architecture, and the major carriers are presently focused on the densification of their network."
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