Exhibit 99.1

 

Towerstream Reports Fourth Quarter and Year End 2013 Results

 

MIDDLETOWN, R.I., March 17, 2014 –

Towerstream Corporation (NASDAQ: TWER) (the “Company”), a leading 4G and Small Cell Rooftop Tower company, announced results for the fourth quarter and year ended December 31, 2013.

 

Fourth Quarter and Annual Operating Highlights

 

HetNets Tower Corporation Subsidiary

 

 

Revenues increased to $0.7 million in the fourth quarter 2013 compared to $0.5 million in the third quarter 2013.

 

Completed first full quarter of Wi-Fi lease agreement with major cable operator.

 

Towerstream Corporation

 

 

Average revenue per user (“ARPU”) of new customers (excluding acquisitions) increased to $752 during the fourth quarter 2013 compared to $648 for the third quarter 2013 and $542 for the fourth quarter 2012.

 

Total customer ARPU increased for the seventh consecutive quarter and totaled $761 at the end of 2013 as compared to $710 at the end of 2011.

 

Company remained in a strong financial position as cash balances totaled approximately $28 million at December 31, 2013 with cash used in the quarter ended December 31, 2013 of approximately $4.6 million.

 

Launched new 100 megabyte offering in select building locations in the fourth quarter.

 

Management Comments

 

"We are pleased to report that HetNets revenue grew 21% sequentially driven by our first full quarter of rent-based Wi-Fi revenue,” stated Jeffrey Thompson, President and Chief Executive Officer. “We expect HetNets Wi-Fi revenue to continue to grow at a double digit rate sequentially, while we position the company for carrier small cell deployments in the second half of the year.”

 

"Strong customer upgrade activity continued to drive growth in ARPU for our fixed wireless segment and our recently launched 100 Mbps offering is gaining traction among new customers" stated Joseph Hernon, Chief Executive Financial Officer. "We expect to grow our fixed wireless segment during 2014 and are beginning to see acquisition opportunities emerge which could potentially drive growth and be accretive."

 

 
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The following information was filed by Towerstream Corp (TWER) on Monday, March 17, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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