Towerstream Reports Fourth Quarter and Year End 2012 Results
MIDDLETOWN, R.I., March 18, 2013 –Towerstream Corporation (NASDAQ: TWER) (the “Company”), a leading 4G and Small Cell Rooftop Tower company, announced results for the fourth quarter and year ended December 31, 2012.
Fourth Quarter and Annual Operating Highlights
| · | Revenue increased 15% to $8.2 million for the fourth quarter 2012 compared to the fourth quarter 2011 and increased 1% compared to the third quarter 2012. |
| · | Revenue increased 22% to $32.3 million for the year ended December 31, 2012 compared to $26.5 million for the year ended December 31, 2011. |
| · | Adjusted EBITDA profitability, excluding non-recurring and non-core expenses, was $1.7 million for the fourth quarter 2012 compared to $1.6 million for the third quarter 2012 and the fourth quarter 2011. |
| · | Adjusted EBITDA profitability, excluding non-recurring and non-core expenses, was $6.4 million for the year ended December 31, 2012 compared to $5.2 million for the year ended December 31, 2011. |
| · | Customer churn for the fourth quarter 2012 was 1.59% compared to 1.54% for the third quarter 2012 and 1.43% for the fourth quarter 2011. Customer churn remained within the Company’s target range of 1.4% to 1.7% for the thirteenth consecutive quarter. |
| · | Closed acquisition of Delos Internet in Houston in February 2013. This transaction brings our national presence to thirteen markets, including nine of the eleven largest business markets. |
| · | Formed Hetnets Tower Corporation, a wholly owned subsidiary which will provide a range of shared infrastructure services and access. |
Management Comments
“We are pleased to report another year of solid growth and stronger operating performance,” noted Joseph Hernon, Chief Financial Officer. “We recently closed our fifth acquisition and are focused on bringing our fixed wireless business to cash flow profitability in the first half of 2013.”
“We are excited to launch our new subsidiary, Hetnets Tower Corporation, in January which will offer a wide range of shared wireless infrastructure services and access,” stated Jeffrey Thompson, President and Chief Executive Officer. “The explosion in mobile data in urban markets is driving a migration to small cell architecture, and the major carriers are presently focused on the densification of their network.”
"Our fixed wireless, backhaul network and street-level rooftop locations enables us to quickly deliver solutions to the challenges associated with small cell deployments," added Mr. Thompson.
About Hetnets Tower Corporation
Since 2010, we have been exploring opportunities to leverage our fixed wireless network in major urban markets to provide other wireless technology solutions and services. Over the past few years, a significant increase in mobile data generated by smartphones, tablets, and other devices has placed tremendous demand on the networks of the carriers. In recent months, we have concluded that the wireless communications industry is experiencing a fundamental shift from its current, macro-cellular architecture to hyper-densified Small Cell architecture where existing cell sites will be supplemented by many smaller base stations operating near street level. We believe that Wi-Fi will be an integral component of Small Cell architecture.
Hetnets plans to offer wireless technology solutions and services including (i) rental of space on street level rooftops for the installation of customer owned Small Cells which includes Wi-Fi antennae, DAS, and Metro and Pico cells, (ii) rental of a channel on Hetnets’ Wi-Fi network for the offloading of mobile data, (iii) rental of cabinets, switch ports, interconnection services, including backhaul or transport, and (iv) rental of power and power backup.
Selected Financial Data and Key Operating Metrics
(All dollars are in thousands except ARPU)
| | | (Unaudited) | |
| | | Three months ended | |
| | | 12/31/2012 | | | 9/30/2012 | | | 12/31/2011 | |
| Selected Financial Data | | | | | | | | | | | | |
| Revenues | | $ | 8,229 | | | $ | 8,127 | | | $ | 7,185 | |
| Gross margin | | | 38 | % | | | 45 | % | | | 64 | % |
| Adjusted gross margin excluding non-core expenses | | | 69 | % | | | 69 | % | | | 72 | % |
| Depreciation and amortization | | | 3,605 | | | | 3,399 | | | | 2,651 | |
| Core operating expenses (1)(2) | | | 5,767 | | | | 5,664 | | | | 5,103 | |
| Operating loss (1) | | | (6,282 | ) | | | (5,380 | ) | | | (3,164 | ) |
| Gain on business acquisition | | | - | | | | - | | | | 1,186 | |
| Net loss (1) | | | (6,442 | ) | | | (5,408 | ) | | | (2,080 | ) |
| Adjusted EBITDA (2) | | | (2,195 | ) | | | (1,424 | ) | | | (63 | ) |
| Non-recurring expenses | | | 87 | | | | 55 | | | | 200 | |
| Non-core expenses | | | 3,770 | | | | 2,973 | | | | 1,490 | |
Adjusted EBITDA excluding non-recurring and non-core expenses (2) | | | 1,662 | | | | 1,605 | | | | 1,627 | |
| Capital expenditures | | | | | | | | | | | | |
| Wireless broadband | | $ | 2,463 | | | $ | 2,416 | | | $ | 3,160 | |
| Rooftop tower sites | | | 2,430 | | | | 3,818 | | | | 963 | |
| Key Operating Metrics | | | | | | | | | | | | |
| Churn rate (2) | | | 1.59 | % | | | 1.54 | % | | | 1.43 | % |
| ARPU (2) | | $ | 717 | | | $ | 714 | | | $ | 710 | |
| ARPU of new customers (2) | | | 542 | | | | 560 | | | | 612 | |
| | | Years ended | |
| | | 12/31/2012 | | | 12/31/2011 | |
| Selected Financial Data | | | | | | | | |
| Revenues | | $ | 32,279 | | | $ | 26,495 | |
| Gross margin | | | 49 | % | | | 69 | % |
| Adjusted gross margin excluding non-core expenses | | | 69 | % | | | 73 | % |
| Depreciation and amortization | | | 13,634 | | | | 9,138 | |
| Core operating expenses (1)(2) | | | 23,012 | | | | 18,331 | |
| Operating loss (1) | | | (20,746 | ) | | | (9,164 | ) |
| Gain (loss) on business acquisition | | | (40 | ) | | | 2,232 | |
| Net loss (1) | | | (20,989 | ) | | | (7,025 | ) |
| Adjusted EBITDA (2) | | | (5,023 | ) | | | 1,161 | |
| Non-recurring expenses | | | 517 | | | | 496 | |
| Non-core expenses | | | 10,875 | | | | 3,581 | |
Adjusted EBITDA excluding non-recurring and non-core expenses (2) | | | 6,370 | | | | 5,238 | |
| Capital expenditures | | | | | | | | |
| Wireless broadband | | $ | 13,224 | | | $ | 9,893 | |
| Rooftop tower sites | | | 11,589 | | | | 5,044 | |
| Key Operating Metrics | | | | | | | | |
| Churn rate (2) | | | 1.59 | % | | | 1.45 | % |
| ARPU (2) | | $ | 717 | | | $ | 710 | |
| ARPU of new customers (2) | | | 531 | | | | 599 | |
(1) Includes stock-based compensation of $305, $438, $419, $1,658 and $1,081, respectively.
(2) See Non-GAAP Measures below for a definition and reconciliation of Adjusted EBITDA, and definitions of Core Operating Expenses, Non-Core Expenses, Churn, ARPU and ARPU of new customers.
Operating Outlook and Guidance
| · | Revenues for the first quarter 2013 are expected to range between $8.3 million to $8.4 million. |
| · | Adjusted EBITDA profitability is expected to range between $1.6 million to $1.7 million. |
Non-GAAP Measures
The terms “Adjusted EBITDA,” “Churn,” “Churn rate,” “ARPU,” and “Market Cash Flow” are measurements used by Towerstream to monitor business performance and are not recognized measures under generally accepted accounting principles (“GAAP”). Accordingly, investors are cautioned in using or relying upon these measures as alternatives to recognized GAAP measures. Our methods of calculating these measures may differ from other issuers and, accordingly, may not be comparable to similar measures presented by other issuers.
We focus on Adjusted EBITDA as a principal indicator of the operating performance of our business. EBITDA represents net income (loss) before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, other non-operating income or expenses, non-core expenses, as well as gain or loss on (i) disposal of property and equipment, (ii) nonmonetary transactions, and (iii) business acquisitions. Adjusted Market EBITDA also excludes corporate overhead expenses and other centralized costs. We believe that Adjusted Market EBITDA trends are insightful indicators of our markets’ relative performance, and whether our markets are able to produce sufficient market cash flow to fund working capital and capital expenditure needs.
The term “Core Operating Expenses” includes customer support services, sales and marketing, and general and administrative expenses, and excludes cost of revenues, depreciation and amortization.
The term "Non-Core Expenses" includes costs related to the our efforts to develop other wireless technology solutions and services.
The terms “Churn” and “Churn rate” refer to the percent of revenue lost on a monthly basis from customers disconnecting from our network or reducing the amount of their bandwidth. The term “ARPU” refers to the monthly average revenue per user, or customer, being generated from those customers under contract at the end of each indicated period. We calculate ARPU by dividing our monthly recurring revenue (“MRR”) at the end of a period by the number of customers generating that MRR. “ARPU of new customers” is calculated in the same manner but only includes new customers who entered into contracts during the indicated period. Market Cash Flow represents the amount of cash generated in a market after deducting a market’s direct operating expenses from that market’s revenues. Market Cash Flow does not include (i) centralized costs which support all markets collectively or (ii) any network related capital expenditures incurred in a market.
The Non-GAAP measure, Adjusted EBITDA, excluding non-recurring and non-core expenses, has been reconciled to Net loss as follows:
(All dollars are in thousands)
| | | Three months ended | |
| | | 12/31/2012 | | | 9/30/2012 | | | 12/31/2011 | |
| Reconciliation of Non-GAAP to GAAP: | | | | | | | | | | | | |
| Adjusted EBITDA, excluding non-recurring and non-core expenses | | $ | 1,662 | | | $ | 1,605 | | | $ | 1,627 | |
| Depreciation and amortization | | | (3,605 | ) | | | (3,399 | ) | | | (2,651 | ) |
| Non-recurring expenses, primarily acquisition-related | | | (87 | ) | | | (55 | ) | | | (200 | ) |
| Non-core expenses | | | (3,770 | ) | | | (2,973 | ) | | | (1,490 | ) |
| Stock-based compensation | | | (305 | ) | | | (438 | ) | | | (419 | ) |
| Loss on property and equipment | | | (99 | ) | | | (48 | ) | | | (16 | ) |
| Loss on nonmonetary transactions | | | (78 | ) | | | (71 | ) | | | (15 | ) |
| Interest expense | | | (29 | ) | | | (37 | ) | | | (8 | ) |
| Gain on business acquisition | | | - | | | | - | | | | 1,186 | |
| Other income (expense), net | | | (6 | ) | | | (2 | ) | | | (1 | ) |
| Interest income | | | 1 | | | | 10 | | | | 25 | |
| Provision for income taxes | | | (126 | ) | | | - | | | | (118 | ) |
| Net loss | | $ | (6,442 | ) | | $ | (5,408 | ) | | $ | (2,080 | ) |
| | | Years ended | |
| | | 12/31/2012 | | | 12/31/2011 | |
| Reconciliation of Non-GAAP to GAAP: | | | | | | | | |
| Adjusted EBITDA, excluding non-recurring and non-core expenses | | $ | 6,370 | | | $ | 5,238 | |
| Depreciation and amortization | | | (13,634 | ) | | | (9,138 | ) |
| Non-recurring expenses, primarily acquisition-related | | | (517 | ) | | | (496 | ) |
| Non-core expenses | | | (10,875 | ) | | | (3,581 | ) |
| Stock-based compensation | | | (1,658 | ) | | | (1,081 | ) |
| Loss on property and equipment | | | (172 | ) | | | (65 | ) |
| Loss on nonmonetary transactions | | | (260 | ) | | | (41 | ) |
| Interest expense | | | (105 | ) | | | (22 | ) |
| Gain (loss) on business acquisition | | | (40 | ) | | | 2,232 | |
| Other income (expense), net | | | (14 | ) | | | (10 | ) |
| Interest income | | | 42 | | | | 57 | |
| Provision for income taxes | | | (126 | ) | | | (118 | ) |
| Net loss | | $ | (20,989 | ) | | $ | (7,025 | ) |
Summary Condensed Consolidated Financial Statements
(All dollars are in thousands except per share amounts)
| Statement of Operations | | (Unaudited) | | | (Audited) | |
| | | Three months ended
December 31, | | | Years ended
December 31, | |
| | | 2012 | | | 2011 | | | 2012 2011 | |
| | | | | | | | | | | | | |
| Revenues | | $ | 8,229 | | | $ | 7,185 | | | $ | 32,279 | | | $ | 26,495 | |
| | | | | | | | | | | | | | | | | |
| Operating Expenses | | | | | | | | | | | | | | | | |
| Cost of revenues (exclusive of depreciation) | | | 5,139 | | | | 2,595 | | | | 16,379 | | | | 8,190 | |
| Depreciation and amortization | | | 3,605 | | | | 2,651 | | | | 13,634 | | | | 9,138 | |
| Customer support services | | | 1,136 | | | | 1,043 | | | | 4,709 | | | | 3,557 | |
| Sales and marketing | | | 1,536 | | | | 1,287 | | | | 6,134 | | | | 5,362 | |
| General and administrative | | | 3,095 | | | | 2,773 | | | | 12,169 | | | | 9,412 | |
| Total Operating Expenses | | | 14,511 | | | | 10,349 | | | | 53,025 | | | | 35,659 | |
| Operating Loss | | | (6,282 | ) | | | (3,164 | ) | | | (20,746 | ) | | | (9,164 | ) |
| Other Income (Expense) | | | | | | | | | | | | | | | | |
| Gain (loss) on business acquisition | | | - | | | | 1,186 | | | | (40 | ) | | | 2,232 | |
| Interest income | | | 1 | | | | 25 | | | | 42 | | | | 57 | |
| Interest expense | | | (29 | ) | | | (8 | ) | | | (105 | ) | | | (22 | ) |
| Other income (expense), net | | | (6 | ) | | | (1 | ) | | | (14 | ) | | | (10 | ) |
| Total Other Income (Expense) | | | (34 | ) | | | 1,202 | | | | (117 | ) | | | 2,257 | |
| Loss before income taxes | | | (6,316 | ) | | | (1,962 | ) | | | (20,863 | ) | | | (6,907 | ) |
| Provision for income taxes | | | (126 | ) | | | (118 | ) | | | (126 | ) | | | (118 | ) |
| Net Loss | | $ | (6,442 | ) | | $ | (2,080 | ) | | $ | (20,989 | ) | | $ | (7,025 | ) |
| | | | | | | | | | | | | | | | | |
| Net loss per common share – basic and diluted | | $ | (0.12 | ) | | $ | (0.04 | ) | | $ | (0.39 | ) | | $ | (0.15 | ) |
| Weighted average common shares outstanding – basic and diluted | | | 54,648 | | | | 53,580 | | | | 54,434 | | | | 47,506 | |
Balance Sheet (Audited)
(All dollars are in thousands) | | | | | | |
| | | December 31, 2012 | | | December 31, 2011 | |
| Assets | | | | | | | | |
| Current Assets | | | | | | | | |
| Cash and cash equivalents | | $ | 15,152 | | | $ | 44,672 | |
| Other | | | 1,553 | | | | 1,216 | |
| Total Current Assets | | | 16,705 | | | | 45,888 | |
| | | | | | | | | |
| Property and equipment, net | | | 41,982 | | | | 27,531 | |
| | | | | | | | | |
| Other assets | | | 8,423 | | | | 10,218 | |
| | | | | | | | | |
| Total Assets | | | 67,110 | | | | 83,637 | |
| | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | |
| Current Liabilities | | | | | | | | |
| Accounts payable and accrued expenses | | | 4,149 | | | | 3,359 | |
| Deferred revenues and other | | | 2,468 | | | | 2,297 | |
| Total Current Liabilities | | | 6,617 | | | | 5,656 | |
| | | | | | | | | |
| Long-Term Liabilities | | | 2,689 | | | | 836 | |
| Total Liabilities | | | 9,306 | | | | 6,492 | |
| | | | | | | | | |
| Stockholders’ Equity | | | | | | | | |
| Common stock | | | 54 | | | | 54 | |
| Additional paid-in-capital | | | 121,118 | | | | 119,470 | |
| Accumulated deficit | | | (63,368 | ) | | | (42,379 | ) |
| Total Stockholders’ Equity | | | 57,804 | | | | 77,145 | |
| Total Liabilities and Stockholders’ Equity | | $ | 67,110 | | | $ | 83,637 | |
| Statement of Cash Flows (Audited) | | Years ended December 31, | |
| | | 2012 | | | 2011 | |
| Cash Flows From Operating Activities | | | | | | | | |
| Net loss | | $ | (20,989 | ) | | $ | (7,025 | ) |
| Non-cash adjustments: | | | | | | | | |
| Depreciation & amortization | | | 13,634 | | | | 9,138 | |
| Stock-based compensation | | | 1,658 | | | | 1,081 | |
| (Gain) loss on business acquisition | | | 40 | | | | (2,232 | ) |
| Other | | | 413 | | | | 349 | |
| Changes in operating assets and liabilities | | | (2,835 | ) | | | (609 | ) |
| Net Cash (Used in) Provided By Operating Activities | | | (8,079 | ) | | | 702 | |
| | | | | | | | | |
| Cash Flows From Investing Activities | | | | | | | | |
| Acquisitions of property and equipment | | | (20,723 | ) | | | (13,620 | ) |
| Acquisition of business | | | - | | | | (4,400 | ) |
| Other | | | (620 | ) | | | (198 | ) |
| Net Cash Used in Investing Activities | | | (21,343 | ) | | | (18,218 | ) |
| | | | | | | | | |
| Cash Flows From Financing Activities | | | | | | | | |
| Repayment of capital leases | | | (492 | ) | | | (175 | ) |
| Proceeds from stock issuances | | | 428 | | | | 355 | |
| Net proceeds from sale of common stock | | | - | | | | 38,835 | |
| Other | | | (34 | ) | | | - | |
| Net Cash (Used in) Provided By Financing Activities | | | (98 | ) | | | 39,015 | |
| | | | | | | | | |
| Net (Decrease) Increase In Cash and Cash Equivalents | | | (29,520 | ) | | | 21,499 | |
| Cash and Cash Equivalents – Beginning | | | 44,672 | | | | 23,173 | |
| Cash and Cash Equivalents – Ending | | $ | 15,152 | | | $ | 44,672 | |
Market data for the three months ended December 31, 2012
(All dollars are in thousands)
| Market | | Revenues | | | Cost of
Revenues(1) | | | Gross Margin (1) | | | Operating Costs | | | Adjusted
Market
EBITDA | |
| Los Angeles | | $ | 2,058 | | | $ | 538 | | | $ | 1,520 | | | | 74 | % | | $ | 361 | | | $ | 1,159 | |
| New York | | | 1,938 | | | | 655 | | | | 1,283 | | | | 66 | % | | | 383 | | | | 900 | |
| Boston | | | 1,688 | | | | 376 | | | | 1,312 | | | | 78 | % | | | 207 | | | | 1,105 | |
| Chicago | | | 961 | | | | 339 | | | | 622 | | | | 65 | % | | | 161 | | | | 461 | |
| Miami | | | 424 | | | | 111 | | | | 313 | | | | 74 | % | | | 80 | | | | 233 | |
| San Francisco | | | 382 | | | | 118 | | | | 264 | | | | 69 | % | | | 80 | | | | 184 | |
| Las Vegas-Reno | | | 347 | | | | 150 | | | | 197 | | | | 57 | % | | | 35 | | | | 162 | |
| Dallas-Fort Worth | | | 155 | | | | 88 | | | | 67 | | | | 43 | % | | | 84 | | | | (17 | ) |
| Providence-Newport | | | 124 | | | | 57 | | | | 67 | | | | 53 | % | | | 23 | | | | 44 | |
| Seattle | | | 110 | | | | 51 | | | | 59 | | | | 54 | % | | | 23 | | | | 36 | |
| Philadelphia | | | 34 | | | | 18 | | | | 16 | | | | 46 | % | | | 28 | | | | (12 | ) |
| Nashville | | | 8 | | | | 16 | | | | (8 | ) | | | -% | | | | 10 | | | | (18 | ) |
| Total | | $ | 8,229 | | | $ | 2,517 | | | $ | 5,712 | | | | 69 | % | | $ | 1,475 | | | $ | 4,237 | |
| Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure | |
| Adjusted market EBITDA | | $ | 4,237 | |
| Centralized costs(1) | | | (861 | ) |
| Corporate expenses | | | (1,957 | ) |
| Non-core expenses | | | (3,791 | ) |
| Depreciation and amortization | | | (3,605 | ) |
| Stock-based compensation | | | (305 | ) |
| Other income (expense) | | | (34 | ) |
| Provision for income taxes | | | (126 | ) |
| Net loss | | $ | (6,442 | ) |
Market data for the three months ended December 31, 2011
(All dollars are in thousands)
| Market | | Revenues | | | Cost of Revenues(1) | | | Gross Margin(1) | | | Operating Costs | | | Adjusted Market EBITDA | |
| Boston | | $ | 1,687 | | | $ | 381 | | | $ | 1,306 | | | | 77 | % | | $ | 226 | | | $ | 1,080 | |
| New York | | | 1,617 | | | | 465 | | | | 1,152 | | | | 71 | % | | | 288 | | | | 864 | |
| Los Angeles | | | 1,387 | | | | 309 | | | | 1,078 | | | | 78 | % | | | 246 | | | | 832 | |
| Chicago | | | 858 | | | | 251 | | | | 607 | | | | 71 | % | | | 140 | | | | 467 | |
| Las Vegas-Reno | | | 434 | | | | 181 | | | | 253 | | | | 58 | % | | | 53 | | | | 200 | |
| San Francisco | | | 386 | | | | 73 | | | | 313 | | | | 81 | % | | | 87 | | | | 226 | |
| Miami | | | 381 | | | | 76 | | | | 305 | | | | 80 | % | | | 96 | | | | 209 | |
| Dallas-Fort Worth | | | 166 | | | | 89 | | | | 77 | | | | 46 | % | | | 61 | | | | 16 | |
| Seattle | | | 126 | | | | 54 | | | | 72 | | | | 57 | % | | | 25 | | | | 47 | |
| Providence-Newport | | | 108 | | | | 43 | | | | 65 | | | | 61 | % | | | 19 | | | | 46 | |
| Philadelphia | | | 26 | | | | 16 | | | | 10 | | | | 39 | % | | | 22 | | | | (12 | ) |
| Nashville | | | 9 | | | | 31 | | | | (22 | ) | | | -% | | | | 8 | | | | (30 | ) |
| Total | | $ | 7,185 | | | $ | 1,969 | | | $ | 5,216 | | | | 73 | % | | $ | 1,271 | | | $ | 3,945 | |
| Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure | |
| | | | | |
| Adjusted market EBITDA | | $ | 3,945 | |
| Centralized costs(1) | | | (790 | ) |
| Corporate expenses | | | (1,757 | ) |
| Non-core expenses | | | (1,492 | ) |
| Depreciation and amortization | | | (2,651 | ) |
| Stock-based compensation | | | (419 | ) |
| Other income (expense) | | | 1,202 | |
| Provision for income taxes | | | (118 | ) |
| Net loss | | $ | (2,080 | ) |
| (1) | Certain expenses are reported as Cost of Revenues for financial statement purposes but are included in other line items in the Market Data table, either because they are not specific to any market or they relate to non-core expenses. |
Conference Call and Webcast
A conference call led by President and Chief Executive Officer, Jeff Thompson, and Chief Financial Officer, Joseph Hernon, will be held on March 18, 2013 at 5:00 p.m.ETto review our financial results and provide an update on current business developments.
Interested parties may participate in the conference by dialing877-755-7423or 678-894-3069 (for international callers). A telephonic replay of the conference may be accessed approximately two hours after the call through March 25, 2013 at 11:59 p.m. ET by dialing855-859-2056or404-537-3406(for international callers) using pass code18993014.
The call will also be webcast and can be accessed in a listen-only mode on the Company’s website athttp://ir.towerstream.com/events.cfm.
About Towerstream Corporation
Towerstream (NASDAQ: TWER) is a leading 4G and Small Cell Rooftop Tower company. The company owns, operates, and leases Wi-Fi and Small Cell rooftop tower locations to cellular phone operators, tower, Internet and cable companies and hosts a variety of customers on its network. Towerstream was originally founded in 2000 to deliver fixed-wireless high-speed Internet access to businesses and to date offers broadband services in over 13 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Nashville, Las Vegas-Reno, and the greater Providence area. For more information on Towerstream services, please visitwww.towerstream.comand/or follow us @Towerstream.
The Towerstream Corporation logo is available at:
http://www.globenewswire.com/newsroom/prs/?pkgid=6570
Safe Harbor
Certain statements contained in this press release are “forward-looking statements” within the meaning of applicable federal securities laws, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the risks and uncertainties set forth from time to time in reports filed by the Company with the Securities and Exchange Commission, including, without limitation, risk related to our ability to deploy and expand small cell rooftop tower locations in the New York City and other key markets. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements contained herein. The Company undertakes no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise.
INVESTOR CONTACT:
Terry McGovern
Vision Advisors
415-902-3001
mcgovern@visionadvisors.net
MEDIA CONTACT:
Todd Barrish
Indicate Media
646-396-6038
todd@indicatemedia.com
