Towerstream Corporation
Aug 4, 2010

Towerstream Reports Sequential Revenue Growth of 15%

Company Reaches Adjusted EBITDA Profitability

MIDDLETOWN, R.I., Aug 4, 2010 (GlobeNewswire via COMTEX News Network) -- Towerstream (Nasdaq:TWER), a leading 4G service provider delivering high-speed wireless Internet access to businesses in 11 major metropolitan areas in the U.S., announced results for the second quarter ended June 30, 2010.

Second Quarter Operating Highlights

  --  Revenues increased 33% to $4.9 million during the second quarter 2010
      compared to the same period last year and increased 15% compared to the
      first quarter 2010
  --  Customer churn for the second quarter 2010 was 1.15% compared to 1.29%
      during the first quarter 2010 and 1.90% in the second quarter 2009
  --  Adjusted EBITDA profitability totaled $0.05 million for the second
      quarter 2010 compared to an Adjusted EBITDA loss of $0.2 million and
      $0.7 million for the first quarter 2010 and second quarter 2009,
      respectively
  --  Adjusted Market EBITDA increased to $2.4 million in the second quarter
      2010 as compared to $2.1 million for the first quarter 2010 and $1.5
      million for the second quarter 2009
  --  Gross margin remained strong at 75% during the second quarter 2010


Management Comments

"Strong organic growth and the successful integration of Sparkplug's Chicago and Nashville business assets resulted in a 15% sequential increase in revenues," stated Jeff Thompson, Chief Executive Officer. "We will continue to seek acquisition opportunities which are synergistic with our business model and accretive to our operating results."

"Our churn rate improved for the fourth consecutive quarter," added Mr. Thompson. "While ARPU of all customers decreased in connection with the Sparkplug acquisition, we increased our customer base by 21% during the quarter. ARPU of new customers increased by 9% sequentially due to higher average prices for higher capacity links."

"We accomplished our objective of reaching Adjusted EBITDA profitability on a corporate level during the second quarter," stated Joseph Hernon, Chief Financial Officer. "We expect the strength of our monthly recurring revenue model and a continued focus on managing operating expenses will result in consistent increases in Adjusted EBITDA during the second half of 2010."

  Selected Financial Data and Key Operating Metrics
  (All dollars are in thousands except ARPU)

                                             (Unaudited)
                                         Three months ended

                                   6/30/2010   3/31/2010  6/30/2009
                                  -----------  ---------  ---------
  Selected Financial Data
  Revenues                            $ 4,869    $ 4,244    $ 3,673
  Gross margin                            75%        75%        75%
  Depreciation and amortization         1,454      1,101        982
  Core operating expenses
   (1)(2)(3)                            3,893      3,620      3,665
  Operating loss (1)(2)               (1,685)    (1,552)    (1,889)
  Net loss (1)(2)                     (1,306)    (1,532)    (2,100)
  Adjusted EBITDA (1)(3)                   46      (234)      (660)

  Capital expenditures                $ 1,778    $ 1,374    $ 1,071

  Key Operating Metrics
  Churn rate (3)                        1.15%      1.29%      1.90%
  ARPU (3)                              $ 671      $ 703      $ 769
  ARPU of new customers (3)               550        503        547

  (1) Includes non-recurring expenses of $245, $150 and $8,
   respectively.
  (2) Includes stock-based compensation of $264, $194 and $229,
   respectively.
  (3) See Non-GAAP Measures below for a definition and
   reconciliation of Adjusted EBITDA,
  and definitions of Core Operating Expenses, Churn, ARPU and ARPU
   of new customers.

Analysis of Results of Operations and Financial Condition

Second Quarter 2010 Results of Operations

Revenues for the second quarter 2010 increased 15% from the first quarter 2010 and increased 33% compared to the second quarter 2009. These increases were driven by 56% growth in our customer base from approximately 1,600 customers at the end of the second quarter 2009 to approximately 2,500 at the end of the second quarter 2010.

ARPU of new customers increased 9% in the second quarter 2010 compared to the first quarter 2010 and increased 1% compared to the second quarter 2009. The increase in ARPU of new customers was partly attributable to increased average prices for higher capacity services.

ARPU of all customers in the second quarter 2010 decreased 5% compared to the first quarter 2010 and decreased 13% compared to the second quarter 2009. The decrease in ARPU of all customers compared to the first quarter 2010 primarily related to the effect of the customer base acquired from Sparkplug. Customers acquired from Sparkplug had an ARPU of $463 compared to $703 for Towerstream's customers prior to the acquisition. The decrease in ARPU of all customers compared to the second quarter of 2009 also reflects the adverse effect of the long economic recession on customer purchasing decisions.

Customer churn during the second quarter 2010 was 1.15% compared to 1.29% during the first quarter 2010 and 1.90% during the second quarter 2009. The lower churn reflects our ongoing focus to improve customer retention and reduce churn.

Gross margin remained stable at 75% in the second quarter 2010 compared to 75% for both the first quarter 2010 and second quarter 2009.

Depreciation and amortization expense increased 32% in the second quarter 2010 compared to the first quarter 2010 and increased 48% compared to the second quarter 2009. The increases are consistent with a higher base of depreciable assets primarily related to our network and customer premise equipment. Gross depreciable assets totaled $29.9 million at the end of the second quarter 2010 compared to $27.6 million and $23.7 million at the end of the first quarter 2010 and second quarter 2009, respectively. Amortization expense totaled $0.3 million in the second quarter 2010 related to a customer contract based intangible asset recorded in connection with the Sparkplug acquisition which closed in April 2010.

Customer support expenses increased 16% in the second quarter 2010 compared to the first quarter 2010 and increased 39% compared to the second quarter 2009. The increases reflect staffing additions and other costs incurred to support our growing customer base which increased 21% compared to the first quarter 2010 and 56% compared to the second quarter 2009.

Sales and marketing expenses increased 7% in the second quarter 2010 compared to the first quarter 2010 and decreased 5% compared to the second quarter 2009. The sequential increase reflects higher sales commission expense. The decrease from second quarter 2009 related to lower department headcount which averaged 62 in the second quarter 2010 compared to 100 in the second quarter 2009. During 2009, the Company's sales and marketing strategy evolved towards the enhanced use of Internet-based marketing programs which has both increased qualified leads and enabled the Company to reduce headcount. Sales and marketing headcount includes marketing, direct sales which includes account executives and sales managers, and indirect sales which includes sales operations, support and administration.

General and administrative expenses increased 5% in the second quarter 2010 compared to the first quarter 2010 and increased 6% compared to the second quarter 2009. These increases were primarily attributable to approximately $245,000 of non-recurring professional services costs related to the Sparkplug acquisition.

Net loss decreased 15% in the second quarter 2010 compared to the first quarter 2010 and decreased 38% compared to the second quarter 2009. The sequential improvement during the second quarter 2010 related to a 15% increase in revenues and a gain on business acquisition of approximately $356,000, offset by a 13% increase in operating expenses. The year-over-year improvement related to a 33% increase in revenues offset by an 18% increase in operating expenses.

Capital expenditures totaled $1.8 million for the second quarter 2010 as compared to $1.4 million for the first quarter 2010 and $1.1 million for the second quarter 2009. During the second quarter 2010, we spent $0.6 million related to the construction of a smart phone offload network in New York City compared with $0.2 million in the first quarter 2010, and zero in the second quarter 2009.

Operating Outlook and Guidance

  --  Revenues for the third quarter 2010 are expected to range between $5.0
      million to $5.2 million


  --  Adjusted EBITDA profitability is expected to range between $0.2 million
      to $0.5 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 as well as gain or loss on (i) disposal of property and equipment, (ii) derivative instruments, 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 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, has been reconciled to Net loss as follows:

(All dollars are in thousands)

                                            Three months ended

                                     6/30/2010  3/31/2010  6/30/2009
                                     ---------  ---------  ---------
  Reconciliation of Non-GAAP to
   GAAP:
  Adjusted EBITDA                         $ 46    $ (234)    $ (660)
  Interest expense                          --         --      (186)
  Interest income                            1         --          9
  Gain on business acquisition             356         --         --
  Other income (expense), net               22         20         --
  Loss on derivative financial
   instruments                              --         --       (34)
  Loss on property and equipment          (13)       (23)       (18)
  Depreciation and amortization        (1,454)    (1,101)      (982)

  Stock-based compensation               (264)      (194)      (229)
                                     ---------  ---------  ---------

  Net loss                           $ (1,306)  $ (1,532)  $ (2,100)
                                     ---------  ---------  ---------


  Summary Condensed Consolidated Financial
   Statements
  (All dollars are in thousands except per share
   amounts)

                             (Unaudited)  (Audited)

                                           December
  Balance Sheet               June 30,       31,
                                2010         2009
                             -----------  ---------
  Assets
  Current Assets
   Cash and cash
    equivalents                $   9,666   $ 14,041
   Accounts receivable, net          492        403

   Other                             316        258
                             -----------  ---------
    Total Current Assets          10,474     14,702

  Property and equipment,
   net                            15,055     13,635


  Other assets                     2,390      1,166
                             -----------  ---------


    Total Assets                  27,919     29,503
                             ===========  =========

  Liabilities and
   Stockholders' Equity
  Current Liabilities
   Accounts payable                  871      1,056
   Accrued expenses                1,492      1,086
   Deferred revenues               1,212      1,029

   Other                              84         79
                             -----------  ---------
    Total Current
     Liabilities                   3,659      3,250

  Long-Term Liabilities
   Derivative liabilities             --        567

   Other                             233        275
                             -----------  ---------
    Total Long-Term
     Liabilities                     233        842
                             -----------  ---------
    Total Liabilities              3,892      4,092

  Stockholders' Equity
   Common stock                       35         35
   Additional
    paid-in-capital               56,581     55,127

   Accumulated deficit          (32,589)   (29,751)
                             -----------  ---------
    Total Stockholders'
     Equity                       24,027     25,411
                             -----------  ---------
    Total Liabilities and
     Stockholders' Equity       $ 27,919   $ 29,503
                             ===========  =========


  Statement of Operations
                                              Three months ended                        Six months ended
  (Unaudited)                                     June 30,                                  June 30,

                                          2010                2009                 2010                 2009
                                   ------------------  -------------------  -----------------  ---------------------

  Revenues                                    $ 4,869            $   3,673            $ 9,113              $   7,090

  Operating Expenses
   Cost of revenues (exclusive of
    depreciation)                               1,207                  915              2,282                  1,741
   Depreciation and amortization                1,454                  982              2,555                  1,930
   Customer support services                      672                  484              1,250                  1,034
   Sales and marketing                          1,314                1,385              2,547                  2,961

   General and administrative                   1,907                1,796              3,716                  3,518
                                   ------------------  -------------------  -----------------  ---------------------

    Total Operating Expenses                    6,554                5,562             12,350                 11,184
                                   ------------------  -------------------  -----------------  ---------------------

    Operating Loss                            (1,685)              (1,889)            (3,237)                (4,094)
                                   ------------------  -------------------  -----------------  ---------------------
  Other Income (Expense)
   Interest income                                  1                    9                  1                     22
   Interest expense                                --                (186)                 --                  (369)
   Gain on business acquisition                   356                   --                356                     --
   Loss on derivative financial
    instruments                                    --                 (34)                 --                   (75)

   Other income (expense), net                     22                   --                 42                     --
                                   ------------------  -------------------  -----------------  ---------------------

    Total Other Income (Expense)                  379                (211)                399                  (422)
                                   ------------------  -------------------  -----------------  ---------------------

    Net Loss                                $ (1,306)          $   (2,100)          $ (2,838)            $   (4,516)
                                   ==================  ===================  =================  =====================

    Net loss per common share                $ (0.04)           $   (0.06)           $ (0.08)             $   (0.13)
    Net loss per common share
     excluding
     stock-based compensation              $   (0.03)           $   (0.05)          $  (0.07)            $    (0.12)
    Weighted average common
     shares
     outstanding -- basic and
     diluted                                   34,915               34,595             34,792                 34,591


                                              Six months ended
  Statement of Cash Flows (Unaudited)             June 30,

                                               2010       2009
                                            ---------  ---------
  Cash Flows From Operating Activities
   Net loss                                 $ (2,838)  $ (4,516)
   Non-cash adjustments:
    Depreciation & amortization                 2,555      1,930
    Stock-based compensation                      458        386
    Gain on business acquisition                (356)         --
    Other                                          72        366
   Changes in operating assets and
    liabilities                                    59      (662)
                                            ---------  ---------

  Net Cash Used In Operating Activities          (50)    (2,496)
                                            ---------  ---------

  Cash Flows From Investing Activities
    Acquisitions of property and equipment    (3,152)    (2,026)
    Acquisition of a business                 (1,170)         --

    Other                                         (3)        (3)
                                            ---------  ---------
  Net Cash Used In Investing Activities       (4,325)    (2,029)

  Cash Flows From Financing Activities
   Repayment of capital leases                     --       (19)

   Repayment of short-term debt                    --        (8)
                                            ---------  ---------

  Net Cash Used In Financing Activities            --       (27)
                                            ---------  ---------

  Net Decrease In Cash and Cash
   Equivalents                                (4,375)    (4,552)

  Cash and Cash Equivalents -- Beginning       14,041     24,740
                                            ---------  ---------

  Cash and Cash Equivalents -- Ending       $   9,666   $ 20,188
                                            =========  =========


  Market data for the three months ended June 30, 2010
  (All dollars are in thousands)


                                                                  Operating   Adjusted
                                      Cost of         Gross                    Market
  Market                  Revenues  Revenues(1)     Margin(1)       Costs      EBITDA
  ----------------------  --------  -----------  ---------------  ---------  ----------
  New York                 $ 1,459        $ 285    $ 1,174   80%      $ 353       $ 821
  Boston                     1,084          171        913   84%        164         749
  Los Angeles                  754          137        617   82%        258         359
  Chicago                      650          203        447   69%        155         292
  San Francisco                276           61        215   78%         81         134
  Miami                        255           85        170   67%         89          81
  Providence/Newport           125           39         86   69%         28          58
  Seattle                      131           57         74   56%         32          42
  Nashville                     21           14          7   33%          7          --
  Dallas-Fort Worth            113           82         31   27%         62        (31)

  Philadelphia                   1           13       (12)    0%         54        (66)
                          --------  -----------  ---------  ----  ---------  ----------
  Total                    $ 4,869      $ 1,147    $ 3,722   76%    $ 1,283     $ 2,439


  Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
  -------------------------------------------------------------------------------------
  Adjusted market EBITDA                                                        $ 2,439
  Centralized costs (1)                                                           (763)
  Corporate expenses                                                            (1,643)
  Depreciation and
   amortization                                                                 (1,454)
  Stock-based
   compensation                                                                   (264)

  Other income (expense)                                                            379
                                                                             ----------

  Net loss                                                                   $  (1,306)
                                                                             ==========


  Market data for the three months ended June 30, 2009


                                                                     Operating   Adjusted
                                       Cost of          Gross                     Market
  Market                   Revenues  Revenues(1)      Margin(1)        Costs    EBITDA (2)
  -----------------------  --------  -----------  -----------------  ---------  ----------
  New York                  $ 1,322       $  228    $ 1,094     83%    $   279       $ 815
  Boston                      1,008          166        842     84%        195         647
  Los Angeles                   442           82        360     81%        238         122
  San Francisco                 235           56        179     76%         99          80
  Providence/Newport            126           37         89     71%         62          27
  Chicago                       220           87        133     60%        116          17
  Miami                         150           66         84     56%        110        (26)
  Seattle                       107           59         48     45%         87        (39)

  Dallas-Fort Worth              63           60          3      5%        118       (115)
                           --------  -----------  ---------  ------  ---------  ----------
  Total                     $ 3,673        $ 841    $ 2,832     77%    $ 1,304     $ 1,528


  Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
  ----------------------------------------------------------------------------------------
  Adjusted market EBITDA                                                           $ 1,528
  Centralized costs (1)                                                              (639)
  Corporate expenses                                                               (1,567)
  Depreciation                                                                       (982)
  Stock-based
   compensation                                                                      (229)

  Other income (expense)                                                             (211)
                                                                                ----------

  Net loss                                                                      $  (2,100)
                                                                                ==========

  (1) Certain expenses are reported as Cost of Revenues for financial statement purposes
   but are included
  in Centralized costs in the Market Data table because they are not specific to any
   market. These costs
  totaled $60 and $74 respectively for the three months ended June 30, 2010 and 2009.

  (2) Certain accounts have been reclassified for comparative purposes to conform to
   current year
  presentation. These reclassifications have no effect on the previously reported total
   Adjusted Market EBITDA.


  Market data for the six months ended June 30, 2010
  (All dollars are in thousands)


                                                                  Operating   Adjusted
                                      Cost of         Gross                   Market
  Market                  Revenues  Revenues(3)     Margin(3)       Costs     EBITDA
  ----------------------  --------  -----------  ---------------  ---------  ---------
  New York                 $ 2,853        $ 557    $ 2,296   80%    $   643    $ 1,653
  Boston                     2,136          346      1,790   84%        338      1,452
  Los Angeles                1,429          270      1,159   81%        547        612
  Chicago                      942          315        627   67%        250        377
  San Francisco                545          118        427   78%        146        281
  Miami                        455          155        300   66%        176        124
  Providence/Newport           253           83        170   67%         63        107
  Seattle                      253          109        144   57%         63         81
  Nashville                     21           14          7   33%          7         --
  Dallas-Fort Worth            225          164         61   27%        116       (55)

  Philadelphia                   1           28       (27)    0%        105      (132)
                          --------  -----------  ---------  ----  ---------  ---------
  Total                    $ 9,113      $ 2,159    $ 6,954   76%    $ 2,454    $ 4,500


  Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
  ------------------------------------------------------------------------------------
  Adjusted market EBITDA                                                       $ 4,500
  Centralized costs (3)                                                        (1,466)
  Corporate expenses                                                           (3,258)
  Depreciation and
   amortization                                                                (2,555)
  Stock-based
   compensation                                                                  (458)

  Other income (expense)                                                           399
                                                                             ---------

  Net loss                                                                   $ (2,838)
                                                                             =========


  Market data for the six months ended June 30, 2009


                                                                                  Adjusted
                                                                      Operating   Market
                                       Cost of           Gross                    EBITDA
  Market                   Revenues  Revenues(3)       Margin(3)        Costs       (2)
  -----------------------  --------  -----------  ------------------  ---------  ---------
  New York                  $ 2,559        $ 426    $ 2,133      83%      $ 626    $ 1,507
  Boston                      1,969          335      1,634      83%        398      1,236
  Los Angeles                   848          149        699      82%        510        189
  San Francisco                 459          100        359      78%        228        131
  Providence/Newport            267           74        193      72%        114         79
  Chicago                       422          168        254      60%        243         11
  Miami                         260          126        134      52%        217       (83)
  Seattle                       204          126         78      38%        187      (109)

  Dallas-Fort Worth             102          114       (12)    (12)%        243      (255)
                           --------  -----------  ---------  -------  ---------  ---------
  Total                     $ 7,090      $ 1,618    $ 5,472      77%    $ 2,766    $ 2,706


  Reconciliation of Non-GAAP Financial Measure to GAAP Financial Measure
  ----------------------------------------------------------------------------------------
  Adjusted market EBITDA                                                           $ 2,706
  Centralized costs (3)                                                            (1,352)
  Corporate expenses                                                               (3,132)
  Depreciation                                                                     (1,930)
  Stock-based
   compensation                                                                      (386)

  Other income (expense)                                                             (422)
                                                                                 ---------

  Net loss                                                                       $ (4,516)
                                                                                 =========

  (3) Certain expenses are reported as Cost of Revenues for financial statement purposes
   but are included
  in Centralized costs in the Market Data table because they are not specific to any
   market. These costs
  totaled $123 for both the six months ended June 30, 2010 and 2009.


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 August 4, 2010 at 5:00 p.m. ET to review our financial results and provide an update on current business developments.

Interested parties may participate in the conference by dialing 877-755-7423 or 678-894-3069 (for international callers). A telephonic replay of the conference may be accessed approximately two hours after the call through August 11, 2010 at 11:59 p.m. ET by dialing 800-642-1687 or 706-645-9291 (for international callers) using pass code 87769181.

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/eventdetail.cfm?eventid=83667.

About Towerstream Corporation

Towerstream is a leading 4G service provider in the U.S., delivering high-speed wireless Internet access to businesses. Founded in 2000, the Company has established networks in 11 markets including New York City, Boston, Los Angeles, Chicago, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Philadelphia, Nashville and the greater Providence area where the Company is based. For more information, visit our website at www.towerstream.com or follow us on Twitter @Towerstream.

The Towerstream Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6570

Towerstream's wireless broadband solution network delivers high-speed Internet access supporting VoIP, bandwidth on demand, wireless redundancy, VPNs, disaster recovery, bundled data, and video services, and can be delivered in days. Unlike cable Internet and DSL, Towerstream connections are symmetrical, which means that the upload and download speeds are identical. This creates a more stable connection, suitable for VoIP and web hosting, as well as many other business applications. Companies utilizing multiple appliances simultaneously, such as streaming video and VoIP, can prioritize their bandwidth to secure mission-critical activities. All of Towerstream's products are backed by its Service Level Agreement (SLA) and the ability to be up and running within a week.

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. 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.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Towerstream Corporation

CONTACT:  ICR Inc.
Investor Contact:
Seth Potter
646-277-1230
Seth.Potter@icrinc.com
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