Towerstream sales increased 40% in ’09

MIDDLETOWN – WiMax service provider Towerstream Corp. posted a net loss of $8.63 million, or 25 cents a share, in 2009, compared with a loss of $13.38 million, or 39 cents a share, in 2008.
Annual revenue rose 40 percent to $14.9 million, while expenses decreased 7 percent to $22.35 million.
In the three months ended Dec. 31, Towerstream posted a net loss of $1.97 million, or 6 cents a share, compared with a loss of $2.82 million, or 8 cents a share, a year earlier. Revenue rose 26 percent to $4 million.
Fourth-quarter cash flow in its 10 markets improved 25 percent to $2 million, and Chief Financial Officer Joseph Hernon said the company “continued our steady march toward Adjusted Ebitda profitability.”
Towerstream also announced that it will pay $1.6 million to buy Scottsdale, Ariz.-based Sparkplug Inc.’s consumer contracts and network infrastructure in Chicago, expanding its network there, and in Nashville, Tenn., which will become the company’s 11th market. •