MIDDLETOWN, R.I., Aug. 09, 2016 (GLOBE NEWSWIRE) -- Towerstream Corporation (NASDAQ:TWER) (the “Company”), a leading fixed wireless fiber alternative company, announced results for the quarter ended June 30, 2016.
Q2 2016 Operating Highlights
- Adjusted EBITDA from continuing operations was $414K excluding non-recurring expenses.
- OnNet customers increased by 48% in Q2 over Q1. 71% of OnNet customers added in Q2 were secondary installs.
- Q2 Revenue increased 2% over Q1 to $6.9M, the Company’s first quarter over quarter increase since Q4 2013.
- Added 42 OnNet buildings in Q2 totaling 265 OnNet buildings at the end of Q2.
- Company increasing the forecast from 400 OnNet buildings to 440 OnNet buildings by year end.
Consolidated Statement of Operations
(All dollars are in thousands except per share amounts)
|Three Months Ended June 30,||Six Months Ended June 30,|
|Infrastructure and access||2,631||2,491||5,183||5,049|
|Depreciation and amortization||3,044||2,393||5,572||4,741|
|Sales and marketing||884||1,545||2,378||2,876|
|General and administrative||1,604||1,562||3,584||3,486|
|Total Operating Expenses||9,947||10,014||20,335||20,183|
|Interest expense, net||(1,588||)||(1,670||)||(3,195||)||(3,335||)|
|Loss from continuing operations||(4,663||)||(4,654||)||(9,924||)||(9,315||)|
|Loss from discontinued operations|
|Gain on sale of assets||-||-||1,178||-|
|Total loss from discontinued operations||(68||)||(4,197||)||(1,799||)||(8,459||)|
|(Loss) gain per share – basic and diluted|
|Gain on sale of assets||-||-||0.35||-|
|Net loss per common share – Basic and diluted||$||(1.38||)||$||(2.65||)||$||(3.46||)||$||(5.33||)|
|Weighted average common shares outstanding – Basic and diluted||3,432||3,336||3,387||3,335|
Summary Condensed Balance Sheet
(All dollars are in thousands)
|June 30, 2016||December 31, 2015|
|Cash and cash equivalents||$||9,977||$||15,116|
|Current assets of discontinued operations||238||1,249|
|Current assets held for sale||-||5,315|
|Total Current Assets||11,382||22,463|
|Property and equipment, net||18,546||21,235|
|Liabilities and Stockholders’ Equity|
|Accounts payable and accrued expenses||1,656||2,506|
|Deferred revenues and other||2,189||2,543|
|Current liabilities of discontinued operations||3,007||3,907|
|Total Current Liabilities||6,852||8,956|
|Total Long-Term Liabilities||36,099||35,528|
|Stockholders’ (Deficit) Equity||(6,472||)||2,546|
|Total Liabilities and Stockholders’ (Deficit) Equity||$||36,479||$||47,030|
We use certain Non-GAAP measures to monitor the Company's business performance and that of our segments. These Non-GAAP measures are not recognized under generally accepted accounting principles ("GAAP"). Accordingly, investors are cautioned about using or relying on these measures as alternatives to recognized GAAP measures. Our methods of calculating these measures may not be comparable to similar measures presented by other companies.
A definition of the Non-GAAP measures that we employ, and how we use them to monitor business performance, are as follows:
“Adjusted EBITDA” represents net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, deferred rent expense, other non-operating income or expenses, as well as gain or loss on nonmonetary transactions.
A reconciliation of a non-GAAP measure to GAAP financial measure is as follows (amounts in thousands):
| Three Months Ended|
June 30, 2016
|Depreciation and amortization||(3,044||)|
|Loss on nonmonetary transactions||(4||)|
|Operating Income (Loss)||$||(3,075||)|
|Loss on discontinued operations||(68||)|
|Interest expense, net||(1,588||)|
Conference Call and Webcast
A conference call led by Interim Chief Executive Officer Philip Urso, Chief Operating Officer Arthur Giftakis and Chief Financial Officer Frederick Larcombe will be held on August 9, 2016 at 5:00 p.m. ET to review our financial results and provide an update on current business developments. Interested parties may participate in the conference by dialing 877-755-7423 or 678-894-3069 (for international callers). A telephonic replay of the conference may be accessed approximately two hours after the call through August 17, 2016 at 8:00 p.m. ET by dialing 855-859-2056 or 404-537-3406 (for international callers) using pass code 44634217.
The call will also be webcast and can be accessed in a listen-only mode on the Company’s website at http://ir.towerstream.com/events.cfm.
About Towerstream Corporation
Towerstream Corporation (Nasdaq:TWER) is a leading Fixed Wireless Fiber Alternative company delivering high-speed Internet access to businesses. To date the company offers its broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. In 2014, Towerstream launched its On-Net fixed wireless service offering building owners and property managers a redundant and reliable dense urban network that directly connects with Towerstream’s fiber backbone. On-Net building tenants have access to dedicated, symmetrical Internet connectivity, with a premier SLA, for at market setting prices. For more information on Towerstream services, please visit www.towerstream.com and/or follow us @Towerstream.
Certain statements contained in this press release are “forward-looking statements” within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT: Terry McGovern Vision Advisors 415-902-3001 firstname.lastname@example.org