Towerstream loss expands in 3Q

MIDDLETOWN-BASED Towerstream Corp. widened its net loss to $5.4 million during the three months ended Sept. 30.
Posted 11/9/12

MIDDLETOWN – Towerstream Corp. posted a $5.4 million, or 10 cents per share, net loss during the three months ended Sept. 30, more than double the loss of $2.6 million, or 5 cents per share, during the same period in 2011.

The 4G and Wi-Fi/small cell network services provider saw a 19.9 percent rise in sales from $6.8 million during the third quarter of 2011 to $8.1 million in the third quarter of 2012.

Customer churn during the third quarter was 1.54 percent compared with 1.65 percent during the second quarter of 2012 and 1.27 percent in the third quarter of 2011.

Customer upgrades were at record levels for the second consecutive quarter during the three months ended Sept. 30.

“We made tremendous progress on our small cell network in the third quarter, and now have more than 10,000 Wi-Fi and small antenna locations available for lease,” Towerstream President and CEO Jeffrey Thompson said in prepared remarks. “Earlier this week, AT&T announced its plans to deploy 40,000-plus small cell antennas, and we believe we are well positioned to be part of their solution.”

For the nine months ended Sept. 30, Towerstream saw its net loss widen 194 percent to $14.5 million, or 27 cents per share, from $4.9 million, or 11 cents per share, during the first nine months of 2011. The company’s sales grew 24.5 percent to $24 million during that same period.

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