The following excerpt is from the company's SEC filing.
, 2016 –
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
Depreciation and amortization
Sales and marketing
General and administrative
Total Operating Expenses
Interest expense, net
Loss from continuing operations
Loss from discontinued operations
Gain on sale of assets
Total loss from discontinued operations
(Loss) gain per share – basic and diluted
Net loss per common share – Basic
Weighted average common shares
outstanding – Basic and diluted
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Summary Condensed Balance Sheet
(All dollars are in thousands)
December 31, 201
Cash and cash equivalents
Current assets of discontinued operations
Current assets held for sale
Total Current Assets
Property and equipment, net
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses
Deferred revenues and other
Current liabilities of discontinued operations
Total Current Liabilities
Total Long-Term Liabilities
Stockholders’ (Deficit) Equity
Total Liabilities and Stockholders’ (Deficit) Equity
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.
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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):
Loss on nonmonetary transactions
Operating Income (Loss)
Loss on discontinued operations
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.
to review our financial results and provide an update on current business developments. Interested parties may participate in the conference by dialing
(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
(for international callers) using pass code
The call will also be webcast and can be accessed in a listen-only mode on the Company’s website at
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
and/or follow us @Towerstream.
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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 Secu
rities 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.
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The above information was disclosed in a filing to the SEC. To see the filing, click here.
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