MIDDLETOWN – Towerstream Corp. posted a $5.6 million, or 9 cents per share, net loss during the three months ended March 31, widening by 28.4 percent the $4.4 million, or 8 cents per share, loss reported for the first quarter of 2012.
Even as its bottom line fell, the 4G and Wi-Fi/small cell network services provider saw a 6.1 percent rise in sales to $8.3 million for the period.
Customer churn during the first quarter was 1.64 percent, compared with 1.59 percent during the fourth quarter of 2012 and 1.58 percent in the first quarter of 2012.
“We built Towerstream’s fixed wireless business from the ground up and achieved cash flow profitability,” Jeffrey Thompson, president and CEO of Towerstream, said in a statement.
“This is a very exciting milestone for the company and we believe we can attain the same result with Hetnets, our tower subsidiary, while addressing a much larger market opportunity,” said Thompson. “We are very encouraged by the acceleration we are seeing in small cell business activity for Wi-Fi co-location, which gives us confidence in our strategy and market position.”
Towerstream’s Los Angeles market continues to perform strongest, with increased revenue of 5.2 percent year over year to $2.07 million.