MIDDLETOWN, R.I., May 9, 2013 (GLOBE NEWSWIRE) -- Towerstream Corporation (Nasdaq:TWER) (the "Company"), a leading 4G and Small Cell Rooftop Tower company, announced results for the first quarter ended March 31, 2013.
First Quarter Operating Highlights
- Revenue increased 6% to $8.3 million during the first quarter 2013 compared to the first quarter 2012 and increased 1% compared to the fourth quarter 2012.
- Customer churn for the first quarter 2013 was 1.64% compared to 1.58% for the first quarter 2012 and 1.59% for the fourth quarter 2012. Customer churn remained within the Company's target range of 1.4% to 1.7% for the fourteenth consecutive quarter.
- Average revenue per user ("ARPU") of new customers (excluding acquisitions) increased to $630 during the first quarter 2013 compared to $545 for the first quarter 2012 and $542 for the fourth quarter 2012.
- Total ARPU of all customers increased for the fifth consecutive quarter to $727.
- Recognized gain of $941,457 related to the acquisition of Delos Internet which closed in February 2013. This transaction brings us into Houston, Texas and expands our national presence to thirteen markets, including nine of the eleven largest business markets in the United States.
- Formed Hetnets Tower Corporation, a wholly owned subsidiary, which will provide a range of shared wireless infrastructure, services and access.
- Strong financial position with cash and cash equivalents totaling $40.3 million at March 31, 2013.
Management Comments"We built Towerstream's fixed wireless business from the ground up and achieved cash flow profitability," stated Jeffrey Thompson, President and Chief Executive Officer. "This is a very exciting milestone for the company and we believe we can attain the same result with Hetnets, our tower subsidiary, while addressing a much larger market opportunity. We are very encouraged by the acceleration we are seeing in small cell business activity for Wi-Fi colocation, which gives us confidence in our strategy and market position."