Business Excellence Awards
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By PBN Staff
By PBN Staff
MIDDLETOWN – Towerstream Corp. posted a $6.2 million, or 9 cents per share, net loss during the three months ended June 30, widening by 30.9 percent the $4.8 million, or 9 cents per share, loss reported for the second quarter of 2012.
Even as its bottom line deteriorated, the 4G and Wi-Fi/small cell network services provider saw a 1.4 percent rise in sales to $8.2 million for the period, from $8.1 million in 2012.
Customer churn during the second quarter was 2.37 percent, compared with 1.64 percent during the first quarter and 1.65 percent in the second quarter of 2012.
In its report, the company highlighted the certification of its Passpoint Hotspot 2.0 in Manhattan by the Wireless Broadband Alliance.
“Securing the first anchor tenant for our neutral host network is a major milestone and validates our rent-based business model,” said President and CEO Jeffrey Thompson in a statement. “We expect to continue to expand our Wi-Fi customer base over the balance of the year while preparing for the impending rollout of small cell.”
Towerstream’s Los Angeles market performed strongest, with increased revenue of 6.28 percent to $2.05 million, compared with $1.9 million in the second quarter of 2012. Earnings before interest, taxes, depreciation and amortization in the market for the quarter grew 2.2 percent to $1.2 million.
The company also reported that the Providence-Newport market showed revenue of $114,000 in the 2013 second quarter, a decline of 8.8 percent from the 2012 second quarter, as market EBITDA fell 4.3 percent to $45,000.