MIDDLETOWN – WiMax service provider Towerstream Corp. said earlier this month its second-quarter losses narrowed compared with a year earlier as revenue rose 47 percent.
Towerstream (Nasdaq: TWER) posted a net loss of $2.1 million, or 6 cents a share, in the quarter ended June 30, compared with a loss of $3.73 million, or 11 cents a share, in the same period a year earlier. Revenue rose 47 percent to $3.67 million.
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Towerstream also lost markedly less money in the first six months of this year compared with the first half of 2008. The company posted a first-half net loss of $4.52 million, or 13 cents a share, compared with $7.34 million, or 21 cents a share, last year, while first-half revenue was $7.1 million, up from $4.58 million. The company cut operating expenses 7 percent.
“This was a pivotal quarter for Towerstream to demonstrate the evolution of our sales strategy,” Jeff Thompson, the firm’s president and CEO, said in a statement. “Already, we have seen positive results from this strategy as we reported a record number of contracts in June. New contracts executed in July were the second highest in our history, and we believe these sustained results reflect an accelerating interest in our wireless products.“
New York was the largest of Towerstream’s nine markets in the second quarter, generating 36 percent of sales, followed by Boston, which accounted for 27 percent of revenue. Providence/Newport ranked seventh with 3.4 percent of sales.
Towerstream’s beaten-down stock price has surged since July 10, when it closed above $1 for the first time since March. Shares hit a recent high of $1.86 on July 27 as daily trading volume jumped to more than 1.2 million shares for four days in a row before falling back starting July 29. Towerstream closed at $1.59 on Aug. 12.
