Towerstream Reports Upon 2016 Financial Results and Vision for 2017
"
During those years, the Company exited its unprofitable Hetnets business, implemented a 31% reduction in headcount, significantly reduced overall operating costs throughout all departments, converted
As a result of the actions described above, total net losses from continuing and
discontinuing operations for the years ended
"These actions have enabled us to right size 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 2017 and beyond," he continued, "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. We will achieve this objective through our recently developed Three Year Plan which included rationalization of our product portfolio, restructuring our sales organization and leveraging our existing reliable high-capacity multi-city network. I am happy to report to you that each of those major initiatives have already been implemented and we are beginning to see positive results."
In closing,
| Summary Statement of Operations for the Year Ended | ||||||||||
| (Amounts in millions except loss per share) | ||||||||||
| 2016 | 2015 | |||||||||
| Revenues | $ | 26.9 | $ | 27.9 | ||||||
| Operating expenses | 40.4 | 40.5 | ||||||||
| Operating loss | (13.5 | ) | (12.6 | ) | ||||||
| Interest expense | (6.6 | ) | (6.6 | ) | ||||||
| Provision for income taxes | (0.1 | ) | - | |||||||
| Loss from continuing operations | (20.2 | ) | (19.2 | ) | ||||||
| Loss from discontinued operations | (0.3 | ) | (21.3 | ) | ||||||
| Net loss | (20.5 | ) | ($ | 40.5 | ) | |||||
| Deemed dividend to preferred stockholders | (1.7 | ) | - | |||||||
| Net loss attributable to common stockholders | ($ | 22.2 | ) | ($ | 40.5 | ) | ||||
| Loss per share (basic and diluted): | ||||||||||
| Continuing operations | ($ | 3.65 | ) | ($ | 5.65 | ) | ||||
| Discontinued operations | (0.04 | ) | (6.26 | ) | ||||||
| Total | ($ | 3.69 | ) | ($ | 11.91 | ) | ||||
| Summary Balance Sheets as of | ||||||||||
| (Amounts in millions) | ||||||||||
| 2016 | 2015 | |||||||||
| Cash | $ | 12.3 | $ | 15.1 | ||||||
| Other current assets | 1.1 | 7.4 | ||||||||
| Total current assets | 13.4 | 22.5 | ||||||||
| Property and equipment (net) | 15.3 | 21.2 | ||||||||
| Intangibles, goodwill, and other | 5.7 | 3.3 | ||||||||
| Total assets | $ | 34.4 | $ | 47.0 | ||||||
| Current liabilities - Continuing operations | $ | 3.3 | $ | 5.1 | ||||||
| Current liabilities - Discontinued operations | 1.2 | 3.9 | ||||||||
| Total current liabilities | 4.5 | 9.0 | ||||||||
| Long-term liabilities - Note payable (net) | 31.5 | 33.0 | ||||||||
| Long-term liabilities - Other | 1.3 | 2.5 | ||||||||
| Total liabilities | 37.3 | 44.5 | ||||||||
| Equity (deficit) | (2.9 | ) | 2.5 | |||||||
| Total liabilities and equity (deficit) | $ | 34.4 | $ | 47.0 | ||||||
About
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
Investor ContactFrederick Larcombe Chief Financial OfficerTowerstream 401-608-8223 flarcombe@towerstream.com
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