Exhibit 99.1

 

Towerstream Reports 2015 Financial Results

and Corporate Update

 

Time Warner Cable Agreement Lowers Cash Burn Significantly

 

MIDDLETOWN, R.I., March 15, 2016 –

Towerstream Corporation (NASDAQ: TWER) (the “Company”), a leading Fixed Wireless Fiber Alternative company, announced results for the year ended December 31, 2015.

 

2015 Operating Highlights and Corporate Update

 

 

HetNets Tower Corporation has closed its operations effective immediately.

 

Company signed an agreement with Time Warner Cable to immediately take over $7mm worth of annual lease obligations.

 

Company has entered into a 3-year agreement with renewal options to provide backhaul services for $1.6mm/year with Time Warner Cable.

 

Valuable backhaul equipment will be redeployed for On-Net installations and expected to significantly lower future capital expenditures.

 

Cash burn for Q2 2016 expected to be under $2.9mm.

 

Management Comments

 

“Our immediate focus is to reduce cash burn, and to ignite the On-Net sales model,” stated Philip Urso, interim CEO.

 

Selected Financial Data and Key Operating Metrics

(All dollars are in thousands except ARPU information)

 

   

Years Ended

 
   

12/31/2015

   

12/31/2014

 

Selected Financial Data

               

Revenues

               

Continuing

  $ 27,905     $ 29,936  

Discontinued

    3,370       3,100  

Gross margin

               

Continuing

    62 %     66 %

Capital expenditures

               

Continuing

  $ 6,951     $ 5,950  

Discontinued

    240       2,221  

Churn rate (1)

    1.88 %     1.85 %

ARPU (1)

  $ 764     $ 772  

ARPU of new customers (1)

    640       639  

Cash and cash equivalents

    15,116       38,027  

 

 

(1)

See Non-GAAP Measures below for the definitions of Churn, ARPU and ARPU of new customers.

 

 

Page 1 of 5

 
 

The following information was filed by Towerstream Corp (TWER) on Tuesday, March 15, 2016 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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