MIDDLETOWN – Towerstream Corp., the fixed wireless fiber alternative company, reported a net loss of $3.8 million in first quarter 2017 in an SEC filing on Monday, lessening its losses year over year from its $6.99 million loss in the first quarter of 2016. Net loss per diluted share was reported to be 19 cents, marking a turn for the better from the 2016 first quarter loss of $1.55 per diluted share.
“We have ‘right-sized’ our cost infrastructure to be more in line with our revenue, thus allowing us to take advantage of the opportunities that exist in the marketplace. Our vision for Towerstream 2.0 in 2017 and beyond is to be the trusted, reliable, and cost-efficient service provider through leveraging our state-of-the-art fixed wireless network to serve both enterprises and service providers,” Towerstream CEO Ernest Ortega said in a statement on Monday.
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Towerstream also announced on Monday that Laura W. Thomas will take over the role of chief financial officer from Frederick Larcombe.
“This is a very exciting time to be joining Towerstream, as I firmly believe the right strategy is in place to catapult the company into a very prosperous future,” said Thomas in a statement. “As CFO, I look forward to helping execute the company’s business and strategic plans while providing rigorous financial management. I believe there are significant opportunities ahead as we continue to provide value to our customers and shareholders.”
The company said that Thomas will be integral to Towerstream’s next level of growth.
As for the future, Towerstream is ready to put the past behind them. “While revenue amounts were relatively unchanged quarter to quarter, I am confident that we have reached our inflection point whereby the revenue erosion that has plagued the company for the last five years is now behind us,” Ortega said. “Further, as described above, we have made significant changes within our sales organization and expect improvements to revenue in the quarters ahead.”
Chris Bergenheim is the PBN web editor.
