Q2 2016 Operating Highlights
- Adjusted EBITDA from continuing operations was
$414Kexcluding non-recurring expenses.
- OnNet customers increased by 48% in Q2 over Q1. 71% of OnNet customers added in Q2 were secondary installs.
- Q2 Revenue increased 2% over Q1 to
$6.9M, the Company's first quarter over quarter increase since Q4 2013.
- Added 42 OnNet buildings in Q2 totaling 265 OnNet buildings at the end of Q2.
- Company increasing the forecast from 400 OnNet buildings to 440 OnNet buildings by year end.
Consolidated Statement of Operations
(All dollars are in thousands except per share amounts)
|Three Months Ended ||Six Months Ended |
|Infrastructure and access||2,631||2,491||5,183||5,049|
|Depreciation and amortization||3,044||2,393||5,572||4,741|
|Sales and marketing||884||1,545||2,378||2,876|
|General and administrative||1,604||1,562||3,584||3,486|
|Total Operating Expenses||9,947||10,014||20,335||20,183|
|Interest expense, net||(1,588||)||(1,670||)||(3,195||)||(3,335||)|
|Loss from continuing operations||(4,663||)||(4,654||)||(9,924||)||(9,315||)|
|Loss from discontinued operations|
|Gain on sale of assets||-||-||1,178||-|
|Total loss from discontinued operations||(68||)||(4,197||)||(1,799||)||(8,459||)|
|(Loss) gain per share - basic and diluted|
|Gain on sale of assets||-||-||0.35||-|
|Net loss per common share - Basic and diluted||$||(1.38||)||$||(2.65||)||$||(3.46||)||$||(5.33||)|
|Weighted average common shares outstanding - Basic and diluted||3,432||3,336||3,387||3,335|
Summary Condensed Balance Sheet
(All dollars are in thousands)
|Cash and cash equivalents||$||9,977||$||15,116|
|Current assets of discontinued operations||238||1,249|
|Current assets held for sale||-||5,315|
|Total Current Assets||11,382||22,463|
|Property and equipment, net||18,546||21,235|
|Liabilities and Stockholders' Equity|
|Accounts payable and accrued expenses||1,656||2,506|
|Deferred revenues and other||2,189||2,543|
|Current liabilities of discontinued operations||3,007||3,907|
|Total Current Liabilities||6,852||8,956|
|Total Long-Term Liabilities||36,099||35,528|
|Stockholders' (Deficit) Equity||(6,472||)||2,546|
|Total Liabilities and Stockholders' (Deficit) Equity||$||36,479||$||47,030|
We use certain Non-GAAP measures to monitor the Company's business performance and that of our segments. These Non-GAAP measures are not recognized under generally accepted accounting principles ("GAAP"). Accordingly, investors are cautioned about using or relying on these measures as alternatives to recognized GAAP measures. Our methods of calculating these measures may not be comparable to similar measures presented by other companies.
A definition of the Non-GAAP measures that we employ, and how we use them to monitor business performance, are as follows:
"Adjusted EBITDA" represents net income (loss) before interest, income taxes, depreciation and amortization expenses, excluding, when applicable, stock-based compensation, deferred rent expense, other non-operating income or expenses, as well as gain or loss on nonmonetary transactions.
A reconciliation of a non-GAAP measure to GAAP financial measure is as follows (amounts in thousands):
| Three Months Ended|
|Depreciation and amortization||(3,044||)|
|Loss on nonmonetary transactions||(4||)|
|Operating Income (Loss)||$||(3,075||)|
|Loss on discontinued operations||(68||)|
|Interest expense, net||(1,588||)|
Conference Call and Webcast
A conference call led by Interim Chief Executive Officer
The call will also be webcast and can be accessed in a listen-only mode on the Company's website at http://ir.towerstream.com/events.cfm.
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
Terry McGovern Vision Advisors415-902-3001 email@example.com
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