Towerstream widens loss in 1Q

By Emily Greenhalgh
PBN Web Editor
Twitter: @EGreenhalgh

MIDDLETOWN – Wireless Internet service provider Towerstream Corp. widened its loss to $4.3 million during the three months ended March 31, compared with a $1.5 million loss in the same 2011 period.

Towerstream’s net loss per common share was 8 cents, compared with 4 cents during the first quarter 2011.

The Middletown-based technology company’s revenue jumped 31 percent during the first quarter, to $7.8 million from $5.9 million.

“We are very pleased with the progress we are making with the carriers with our Wi-Fi and small cell rooftop assets,” Towerstream CEO Jeff Thompson said in a prepared statement.

“We believe that we have positioned the company to become one of the leaders in small cell rooftops leasing and operating during one of the biggest network upgrades in the history of mobile broadband,” said Thompson.

In its sales breakdown by market for 4G service, Los Angeles, Boston and New York led the way, with $1.9 million, $1.7 million and $1.6 million in revenue, respectively.

Its Providence-Newport market revenue slipped to $108,000 for the three months ended March 31, from $119,000 a year earlier.

ARPU – the monthly average revenue per user - for new customers rose to $706 from $688 a year earlier.