Attached files
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| 8-K - FORM 8-K - TOWERSTREAM CORP | v240521_8k.htm |
Towerstream Reports Third Quarter 2011 Results
MIDDLETOWN, R.I., November 14, 2011 – Towerstream Corporation (NASDAQ: TWER), a leading 4G service provider and Wi-Fi network operator, announced results for the third quarter ended September 30, 2011.
Third Quarter Operating Highlights
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·
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Signed the first Wi-Fi agreement with Boingo Wireless, Inc. giving Towerstream an anchor tenant for our Wi-Fi networks
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·
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Entered into a definitive agreement with Color Broadband Communications Inc. to acquire certain business assets in the Los Angeles area
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·
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Towerstream to launch Smart-Fi Wi-Fi service by end of Q4 2011
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·
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Revenues increased 3% to $6.8 million during the third quarter 2011 compared to the second quarter 2011 and increased 33% compared to the third quarter 2010
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·
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Adjusted EBITDA profitability, excluding non-recurring expenses and costs associated with the Wi-Fi network investment, remained stable at $1.1 million for both the second and third quarters 2011 and increased compared to $0.4 million for the third quarter 2010
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·
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Customer churn improved to 1.27% compared to 1.56% for the second quarter 2011 and 1.60% for the third quarter 2010
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·
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ARPU for the new customers increased to $625 compared to $607 for the second quarter 2011 and $543 for the third quarter 2010
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Management Comments
"We are excited to get our first Wi-Fi customer this quarter as the investment in our Wi-Fi network begins to bear fruit," noted Jeff Thompson, Chief Executive Officer. "With a solid, high margin core business, an active acquisition program and the launch of our Wi-Fi network, Towerstream is well positioned for continued growth."
“We are pleased to announce our fourth acquisition in 18 months and our largest transaction to date,” stated Joseph Hernon, Chief Financial Officer. “The Los Angeles area will become the largest market for our core Internet access service once the Color Broadband acquisition closes.”
Page 1 of 10
Selected Financial Data and Key Operating Metrics
(All dollars are in thousands except ARPU)
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(Unaudited)
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||||||||||||
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Three months ended
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||||||||||||
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9/30/2011
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6/30/2011
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9/30/2010
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||||||||||
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Selected Financial Data
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||||||||||||
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Revenues
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$ | 6,776 | $ | 6,581 | $ | 5,080 | ||||||
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Gross margin
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67 | % | 72 | % | 75 | % | ||||||
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Adjusted gross margin excluding Wi-Fi network expenses
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73 | % | 74 | % | 75 | % | ||||||
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Depreciation and amortization
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2,299 | 2,213 | 1,557 | |||||||||
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Core operating expenses (1)( 2)
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4,875 | 4,379 | 3,681 | |||||||||
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Operating loss (1)
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(2,629 | ) | (1,857 | ) | (1,409 | ) | ||||||
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Gain on business acquisition
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- | 564 | - | |||||||||
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Net loss (1)
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(2,620 | ) | (1,294 | ) | (1,387 | ) | ||||||
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Adjusted EBITDA (2)
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96 | 536 | 382 | |||||||||
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Non-recurring expenses
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112 | 135 | 32 | |||||||||
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Wi-Fi network expenses
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880 | 404 | - | |||||||||
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Adjusted EBITDA excluding non-recurring and Wi-Fi network expenses(2)
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1,088 | 1,075 | 414 | |||||||||
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Capital expenditures
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||||||||||||
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Wireless broadband
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$ | 2,627 | $ | 2,077 | $ | 1,051 | ||||||
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Wi-Fi network
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1,663 | 1,827 | - | |||||||||
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Key Operating Metrics
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||||||||||||
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Churn rate (2)
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1.27 | % | 1.56 | % | 1.60 | % | ||||||
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ARPU (2)
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$ | 709 | $ | 703 | $ | 669 | ||||||
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ARPU of new customers (2)
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625 | 607 | 543 | |||||||||
(1) Includes stock-based compensation of $415, $141 and $220, respectively.
(2) See Non-GAAP Measures below for a definition and reconciliation of Adjusted EBITDA, and definitions of Core Operating Expenses, Churn, ARPU and ARPU of new customers.
Operating Outlook and Guidance
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·
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Revenues for the fourth quarter 2011 are expected to range between $7.0 million to $7.1 million.
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·
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Adjusted EBITDA profitability is expected to range between $1.0 million to $1.2 million.
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Page 2 of 10
Non-GAAP Measures
The terms “Adjusted EBITDA,” “Churn,” “Churn rate,” ”ARPU,” and “Market Cash Flow” are measurements used by Towerstream to monitor business performance and are not recognized measures under generally accepted accounting principles (“GAAP”). Accordingly, investors are cautioned in using or relying upon these measures as alternatives to recognized GAAP measures. Our methods of calculating these measures may differ from other issuers and, accordingly, may not be comparable to similar measures presented by other issuers.
We focus on Adjusted EBITDA as a principal indicator of the operating performance of our business. EBITDA represents net income (loss) before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, other non-operating income or expenses as well as gain or loss on (i) disposal of property and equipment, (ii) nonmonetary transactions, and (iii) business acquisitions. Adjusted Market EBITDA also excludes corporate overhead expenses and other centralized costs. We believe that Adjusted Market EBITDA trends are insightful indicators of our markets’ relative performance, and whether our markets are able to produce sufficient market cash flow to fund working capital and capital expenditure needs.
The term “Core Operating Expenses” includes customer support services, sales and marketing, and general and administrative expenses, and excludes cost of revenues, depreciation and amortization.
The terms “Churn” and “Churn rate” refer to the percent of revenue lost on a monthly basis from customers disconnecting from our network or reducing the amount of their bandwidth. The term “ARPU” refers to the monthly average revenue per user, or customer, being generated from those customers under contract at the end of each indicated period. We calculate ARPU by dividing our monthly recurring revenue (“MRR”) at the end of a period by the number of customers generating that MRR. ARPU of new customers is calculated in the same manner but only includes new customers who entered into contracts during the indicated period. Market Cash Flow represents the amount of cash generated in a market after deducting a market’s direct operating expenses from that market’s revenues. Market Cash Flow does not include (i) centralized costs which support all markets collectively or (ii) any network related capital expenditures incurred in a market.
The Non-GAAP measure, Adjusted EBITDA, excluding non-recurring expenses and Wi-Fi network expenses, has been reconciled to Net loss as follows:
(All dollars are in thousands)
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Three months ended
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9/30/2011
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6/30/2011
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9/30/2010
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Reconciliation of Non-GAAP to GAAP:
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Adjusted EBITDA, excluding non-recurring expenses and Wi-Fi network expenses
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$ | 1,088 | $ | 1,075 | $ | 414 | ||||||
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Depreciation and amortization
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(2,299 | ) | (2,213 | ) | (1,557 | ) | ||||||
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Non-recurring expenses, primarily acquisition-related
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(112 | ) | (135 | ) | (32 | ) | ||||||
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Wi-Fi network expenses
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(880 | ) | (404 | ) | - | |||||||
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Stock-based compensation
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(415 | ) | (141 | ) | (220 | ) | ||||||
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Loss on property and equipment
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(1 | ) | (30 | ) | (14 | ) | ||||||
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Loss on nonmonetary transactions
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(10 | ) | (9 | ) | - | |||||||
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Interest expense
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(9 | ) | (2 | ) | - | |||||||
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Gain on business acquisition
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- | 564 | - | |||||||||
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Other income (expense), net
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(4 | ) | (3 | ) | 21 | |||||||
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Interest income
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22 | 4 | 1 | |||||||||
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Net loss
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$ | (2,620 | ) | $ | (1,294 | ) | $ | (1,387 | ) | |||
Page 3 of 10
Summary Condensed Consolidated Financial Statements
(All dollars are in thousands except per share amounts)
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Statement of Operations
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(Unaudited)
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(Unaudited)
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||||||||||||||
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Three months ended September 30,
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Nine months ended September 30,
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2011
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2010
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2011 | 2010 | |||||||||||||
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Revenues
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$ | 6,776 | $ | 5,080 | $ | 19,310 | $ | 14,193 | ||||||||
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Operating Expenses
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Cost of revenues (exclusive of depreciation)
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2,231 | 1,251 | 5,583 | 3,533 | ||||||||||||
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Depreciation and amortization
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2,299 | 1,557 | 6,487 | 4,112 | ||||||||||||
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Customer support services
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870 | 637 | 2,374 | 1,887 | ||||||||||||
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Sales and marketing
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1,348 | 1,286 | 4,069 | 3,833 | ||||||||||||
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General and administrative
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2,657 | 1,758 | 6,797 | 5,474 | ||||||||||||
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Total Operating Expenses
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9,405 | 6,489 | 25,310 | 18,839 | ||||||||||||
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Operating Loss
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(2,629 | ) | (1,409 | ) | (6,000 | ) | (4,646 | ) | ||||||||
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Other Income (Expense)
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Gain on business acquisition
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- | - | 564 | 356 | ||||||||||||
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Interest income
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22 | 1 | 32 | 2 | ||||||||||||
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Interest expense
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(9 | ) | - | (14 | ) | - | ||||||||||
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Other income (expense), net
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(4 | ) | 21 | (9 | ) | 63 | ||||||||||
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Total Other Income (Expense)
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9 | 22 | 573 | 421 | ||||||||||||
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Net Loss
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$ | (2,620 | ) | $ | (1,387 | ) | $ | (5,427 | ) | $ | (4,225 | ) | ||||
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Net loss per common share
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$ | (0.05 | ) | $ | (0.04 | ) | $ | (0.12 | ) | $ | (0.12 | ) | ||||
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Weighted average common shares outstanding – basic and diluted
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51,599 | 35,005 | 45,517 | 34,864 | ||||||||||||
Analysis of Third Quarter Results of Operations
Revenues for the third quarter 2011 increased 3% from the second quarter 2011 and increased 33% compared to the third quarter 2010. The year-over-year increase was driven by a 24% growth in our customer base from approximately 2,600 customers at the end of the third quarter 2010 to approximately 3,200 at the end of the third quarter 2011.
ARPU of new customers increased 3% in the third quarter 2011 compared to the second quarter 2011 and increased 15% compared to the third quarter 2010. New higher ARPU point-to-point customers continued to increase in the third quarter 2011. ARPU of all customers in the third quarter 2011 increased 1% compared to the second quarter 2011 and increased 6% compared to the third quarter 2010.
Page 4 of 10
Customer churn improved to 1.27% compared to 1.56% for the second quarter 2011 and 1.60% for the third quarter 2010. Our churn rate is below our targeted range of 1.4% to 1.7% and industry averages.
Depreciation expense increased 15% in the third quarter 2011 compared to the second quarter 2011 and increased 39% compared to the third quarter 2010. The base of depreciable assets was 10% higher at the end of the third quarter 2011 as compared to the second quarter 2011 and 46% higher compared to the third quarter of 2010. The increased depreciable base reflects continued growth in the core business as well as spending on the Wi-Fi network.
Amortization expense decreased 19% in the third quarter 2011 compared to the second quarter 2011 and increased 81% compared to the third quarter 2010. The year-over-year increase relates to customer based intangible assets recorded in connection with the acquisitions of Pipeline Wireless in the fourth quarter 2010 and One Velocity in the second quarter 2011. The customer based intangible assets recorded in connection with the acquisition of Sparkplug Chicago were fully amortized as of June 30, 2011.
Customer support expenses increased 19% in the third quarter 2011 compared to the second quarter 2011 and increased 37% compared to the third quarter 2010. The year-over-year increase reflects staffing additions and other costs incurred to support a customer base which increased 24% over the one year period.
Sales and marketing expenses decreased 2% in the third quarter 2011 compared to the second quarter 2011 and increased 5% compared to the third quarter 2010. The increase related to higher commissions earned.
General and administrative expenses increased 17% in the third quarter 2011 compared to the second quarter 2011 and increased 51% compared to the third quarter 2010. Costs associated with the Wi-Fi network totaled approximately $309,000 in the third quarter 2011 compared to approximately $231,000 in the second quarter 2011 and zero in the third quarter 2010. The year-over-year increase reflects higher professional fees and employee stock-based compensation.
Capital expenditures totaled $4.3 million for the third quarter 2011 as compared to $3.9 million for the second quarter 2011 and $1.1 million for the third quarter 2010. The Company spent $1.7 million in the third quarter 2011 related to the construction of a Wi-Fi network, primarily in New York City, and $1.8 million in the second quarter 2011 and zero in the third quarter 2010.
Page 5 of 10
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Balance Sheet
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(Unaudited)
September 30,
2011
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(Audited)
December 31,
2010
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Assets
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Current Assets
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Cash and cash equivalents
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$ | 51,587 | $ | 23,173 | ||||
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Other
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847 | 856 | ||||||
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Total Current Assets
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52,434 | 24,029 | ||||||
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Property and equipment, net
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23,414 | 15,266 | ||||||
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Other assets
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6,426 | 5,295 | ||||||
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Total Assets
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82,274 | 44,590 | ||||||
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Liabilities and Stockholders’ Equity
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Current Liabilities
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Accounts payable and accrued expenses
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3,339 | 2,506 | ||||||
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Deferred revenues and other
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1,781 | 1,339 | ||||||
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Total Current Liabilities
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5,120 | 3,845 | ||||||
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Long-Term Liabilities
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605 | 724 | ||||||
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Total Liabilities
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5,725 | 4,569 | ||||||
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Stockholders’ Equity
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||||||||
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Common stock
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53 | 42 | ||||||
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Additional paid-in-capital
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117,277 | 75,333 | ||||||
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Accumulated deficit
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(40,781 | ) | (35,354 | ) | ||||
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Total Stockholders’ Equity
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76,549 | 40,021 | ||||||
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Total Liabilities and Stockholders’ Equity
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$ | 82,274 | $ | 44,590 | ||||
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Statement of Cash Flows (Unaudited)
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Nine months ended September 30,
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2011
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2010
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Cash Flows From Operating Activities
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Net loss
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$ | (5,427 | ) | $ | (4,225 | ) | ||
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Non-cash adjustments:
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||||||||
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Depreciation & amortization
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6,487 | 4,112 | ||||||
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Stock-based compensation
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661 | 678 | ||||||
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Gain on business acquisition
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(564 | ) | (356 | ) | ||||
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Other
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202 | 94 | ||||||
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Changes in operating assets and liabilities
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18 | (563 | ) | |||||
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Net Cash Provided By (Used In) Operating Activities
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1,377 | (260 | ) | |||||
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Cash Flows From Investing Activities
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||||||||
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Acquisitions of property and equipment
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(10,359 | ) | (4,203 | ) | ||||
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Acquisition of businesses
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(1,600 | ) | (1,170 | ) | ||||
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Other
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(51 | ) | (3 | ) | ||||
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Net Cash Used In Investing Activities
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(12,010 | ) | (5,376 | ) | ||||
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Cash Flows From Financing Activities
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Payments on capital leases
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(97 | ) | - | |||||
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Proceeds from stock issuances
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309 | - | ||||||
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Net proceeds from sale of common stock
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38,835 | - | ||||||
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Net Cash Provided By Financing Activities
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39,047 | - | ||||||
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Net Decrease In Cash and Cash Equivalents
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28,414 | (5,636 | ) | |||||
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Cash and Cash Equivalents – Beginning
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23,173 | 14,041 | ||||||
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Cash and Cash Equivalents – Ending
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$ | 51,587 | $ | 8,405 | ||||
Page 6 of 10
Market data for the three months ended September 30, 2011
(All dollars are in thousands)
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Market
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Revenues
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Cost of
Revenues(1)
|
Gross Margin(1)
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Operating
Costs
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Adjusted
Market
EBITDA
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|||||||||||||||||||
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Boston
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$ | 1,695 | $ | 390 | $ | 1,305 | 77 | % | $ | 224 | $ | 1,081 | ||||||||||||
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New York
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1,533 | 708 | 825 | 54 | % | 341 | 484 | |||||||||||||||||
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Los Angeles
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1,087 | 223 | 864 | 79 | % | 263 | 601 | |||||||||||||||||
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Chicago
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870 | 266 | 604 | 69 | % | 151 | 453 | |||||||||||||||||
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San Francisco
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370 | 67 | 303 | 82 | % | 92 | 211 | |||||||||||||||||
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Las Vegas-Reno
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409 | 180 | 229 | 56 | % | 44 | 185 | |||||||||||||||||
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Miami
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365 | 81 | 284 | 78 | % | 100 | 184 | |||||||||||||||||
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Providence-Newport
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120 | 51 | 69 | 58 | % | 24 | 45 | |||||||||||||||||
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Seattle
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125 | 55 | 70 | 56 | % | 27 | 43 | |||||||||||||||||
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Dallas-Fort Worth
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166 | 85 | 81 | 49 | % | 80 | 1 | |||||||||||||||||
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Nashville
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13 | 1 | 12 | 92 | % | 11 | 1 | |||||||||||||||||
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Philadelphia
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23 | 15 | 8 | 35 | % | 28 | (20 | ) | ||||||||||||||||
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Total
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$ | 6,776 | $ | 2,122 | $ | 4,654 | 69 | % | $ | 1,385 | $ | 3,269 | ||||||||||||
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Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
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||||
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Adjusted market EBITDA
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$ | 3,269 | ||
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Centralized costs (1)
|
(942 | ) | ||
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Corporate expenses
|
(2,242 | ) | ||
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Depreciation and amortization
|
(2,299 | ) | ||
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Stock-based compensation
|
(415 | ) | ||
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Other income (expense)
|
9 | |||
|
Net loss
|
$ | (2,620 | ) | |
Market data for the three months ended September 30, 2010
(All dollars are in thousands)
|
Market
|
Revenues
|
Cost of
Revenues(1)
|
Gross Margin(1)
|
Operating
Costs
|
Adjusted Market EBITDA
|
|||||||||||||||||||
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New York
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$ | 1,436 | $ | 281 | $ | 1,155 | 80 | % | $ | 271 | $ | 884 | ||||||||||||
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Boston
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1,130 | 174 | 956 | 85 | % | 167 | 789 | |||||||||||||||||
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Los Angeles
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840 | 158 | 682 | 81 | % | 294 | 388 | |||||||||||||||||
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Chicago
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749 | 227 | 522 | 70 | % | 181 | 341 | |||||||||||||||||
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San Francisco
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285 | 61 | 224 | 79 | % | 92 | 132 | |||||||||||||||||
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Miami
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243 | 84 | 159 | 65 | % | 81 | 78 | |||||||||||||||||
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Providence-Newport
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121 | 39 | 82 | 68 | % | 23 | 59 | |||||||||||||||||
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Seattle
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125 | 54 | 71 | 57 | % | 32 | 39 | |||||||||||||||||
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Nashville
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18 | 8 | 10 | 56 | % | 4 | 6 | |||||||||||||||||
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Dallas-Fort Worth
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128 | 87 | 41 | 32 | % | 59 | (18 | ) | ||||||||||||||||
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Philadelphia
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5 | 13 | (8 | ) | 0 | % | 40 | (48 | ) | |||||||||||||||
|
Total
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$ | 5,080 | $ | 1,186 | $ | 3,894 | 77 | % | $ | 1,244 | $ | 2,650 | ||||||||||||
Page 7 of 10
|
Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
|
||||
|
Adjusted market EBITDA
|
$ | 2,650 | ||
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Centralized costs (1)
|
(744 | ) | ||
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Corporate expenses
|
(1,538 | ) | ||
|
Depreciation and amortization
|
(1,557 | ) | ||
|
Stock-based compensation
|
(220 | ) | ||
|
Other income (expense)
|
22 | |||
|
Net loss
|
$ | (1,387 | ) | |
Market data for the nine months ended September 30, 2011
(All dollars are in thousands)
|
Market
|
Revenues
|
Cost of
Revenues(1)
|
Gross Margin(1)
|
Operating
Costs
|
Adjusted Market EBITDA
|
|||||||||||||||||||
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Boston
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$ | 5,054 | $ | 1,183 | $ | 3,871 | 77 | % | $ | 722 | $ | 3,149 | ||||||||||||
|
New York
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4,484 | 1,512 | 2,972 | 66 | % | 997 | 1,975 | |||||||||||||||||
|
Los Angeles
|
3,085 | 589 | 2,496 | 81 | % | 799 | 1,697 | |||||||||||||||||
|
Chicago
|
2,604 | 788 | 1,816 | 70 | % | 499 | 1,317 | |||||||||||||||||
|
San Francisco
|
1,105 | 199 | 906 | 82 | % | 283 | 623 | |||||||||||||||||
|
Miami
|
1,008 | 229 | 779 | 77 | % | 295 | 484 | |||||||||||||||||
|
Las Vegas-Reno
|
598 | 257 | 341 | 57 | % | 52 | 289 | |||||||||||||||||
|
Seattle
|
400 | 163 | 237 | 59 | % | 90 | 147 | |||||||||||||||||
|
Providence-Newport
|
351 | 134 | 217 | 62 | % | 75 | 142 | |||||||||||||||||
|
Dallas-Fort Worth
|
490 | 245 | 245 | 50 | % | 215 | 30 | |||||||||||||||||
|
Nashville
|
44 | 21 | 23 | 52 | % | 34 | (11 | ) | ||||||||||||||||
|
Philadelphia
|
87 | 46 | 41 | 47 | % | 84 | (43 | ) | ||||||||||||||||
|
Total
|
$ | 19,310 | $ | 5,366 | $ | 13,944 | 72 | % | $ | 4,145 | $ | 9,799 | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
|
||||
|
Adjusted market EBITDA
|
$ | 9,799 | ||
|
Centralized costs (1)
|
(2,516 | ) | ||
|
Corporate expenses
|
(6,135 | ) | ||
|
Depreciation and amortization
|
(6,487 | ) | ||
|
Stock-based compensation
|
(661 | ) | ||
|
Other income (expense)
|
573 | |||
|
Net loss
|
$ | (5,427 | ) | |
Page 8 of 10
Market data for the nine months ended September 30, 2010
(All dollars are in thousands)
|
Market
|
Revenues
|
Cost of
Revenues(1)
|
Gross Margin(1)
|
Operating
Costs
|
Adjusted
Market
EBITDA
|
|||||||||||||||||||
|
New York
|
$ | 4,289 | $ | 838 | $ | 3,451 | 80 | % | $ | 914 | $ | 2,537 | ||||||||||||
|
Boston
|
3,266 | 520 | 2,746 | 84 | % | 505 | 2,241 | |||||||||||||||||
|
Los Angeles
|
2,269 | 428 | 1,841 | 81 | % | 841 | 1,000 | |||||||||||||||||
|
Chicago
|
1,691 | 542 | 1,149 | 68 | % | 431 | 718 | |||||||||||||||||
|
San Francisco
|
830 | 178 | 652 | 79 | % | 239 | 413 | |||||||||||||||||
|
Miami
|
697 | 238 | 459 | 66 | % | 257 | 202 | |||||||||||||||||
|
Providence-Newport
|
374 | 122 | 252 | 67 | % | 85 | 167 | |||||||||||||||||
|
Seattle
|
378 | 164 | 214 | 57 | % | 94 | 120 | |||||||||||||||||
|
Nashville
|
40 | 22 | 18 | 45 | % | 12 | 6 | |||||||||||||||||
|
Dallas-Fort Worth
|
352 | 252 | 100 | 28 | % | 174 | (74 | ) | ||||||||||||||||
|
Philadelphia
|
7 | 41 | (34 | ) | 0 | % | 146 | (180 | ) | |||||||||||||||
|
Total
|
$ | 14,193 | $ | 3,345 | $ | 10,848 | 76 | % | $ | 3,698 | $ | 7,150 | ||||||||||||
|
Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
|
||||
|
Adjusted market EBITDA
|
$ | 7,150 | ||
|
Centralized costs (1)
|
(2,210 | ) | ||
|
Corporate expenses
|
(4,796 | ) | ||
|
Depreciation and amortization
|
(4,112 | ) | ||
|
Stock-based compensation
|
(678 | ) | ||
|
Other income (expense)
|
421 | |||
|
Net loss
|
$ | (4,225 | ) | |
|
|
(1)
|
Certain expenses are reported as Cost of Revenues for financial statement purposes but are included in Centralized costs in the Market Data table because they are not specific to any market. These costs totaled $109 and $65 respectively for the three months ended September 30, 2011 and 2010 and $218 and $188 for nine months ended September 30, 2011 and 2010.
|
Conference Call and Webcast
A conference call led by President and Chief Executive Officer, Jeff Thompson, and Chief Financial Officer, Joseph Hernon, will be held on November 14, 2011 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 November 21, 2011 at 11:59 p.m. ET by dialing 855-859-2056 or 404-537-3406 (for international callers) using pass code 23554995.
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/eventdetail.cfm?eventid=104887 .
About Towerstream Corporation
Towerstream is a leading 4G service provider in the U.S., delivering high-speed wireless Internet access to businesses. Founded in 2000, the Company has established networks in over 12 markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Nashville, Las Vegas-Reno and the greater Providence area where the Company is based. In 2011, Towerstream launched its Manhattan Wi-Fi network geared towards mobile operators, retail/daily deal providers and Wi-Fi operators. For more information, visit our website at www.towerstream.com or follow us on Twitter @Towerstream.
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The Towerstream Corporation logo is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=6570.
Towerstream’s wireless broadband solution network delivers high-speed Internet access supporting VoIP, bandwidth on demand, wireless redundancy, VPNs, disaster recovery, bundled data, and video services, and can be delivered in days. Unlike cable Internet and DSL, Towerstream connections are symmetrical, which means that the upload and download speeds are identical. This creates a more stable connection, suitable for VoIP and web hosting, as well as many other business applications. Companies utilizing multiple appliances simultaneously, such as streaming video and VoIP, can prioritize their bandwidth to secure mission-critical activities. All of Towerstream’s products are backed by its Service Level Agreement (SLA) and have the ability to be up and running within a week.
Safe Harbor
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, including, without limitation, risk related to our ability to deploy and expand a Wi-Fi network in the New York City and other key markets. 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
mcgovern@visionadvisors.net
MEDIA CONTACT:
Todd Barrish
Indicate Media
646-396-6038
todd@indicatemedia.com
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