Towerstream Corporation announced consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported revenues of $6,734,000 compared to $7,172,000 a year ago. Operating loss was $3,654,000 compared to $2,997,000 a year ago. Loss from continuing operations was $5,261,000 or $0.08 per basic and diluted share compared to $4,661,000 or $0.07 per basic and diluted share a year ago. Operating loss was $2,910,000 compared to $4,262,000 a year ago. Net loss was $6,993,000 or $0.10 per basic and diluted share compared to $8,923,000 or $0.13 per basic and diluted share a year ago. Capital expenditures during the first quarter of 2016 were approximately $625,000 compared to approximately $1.5 million in the first quarter of 2015. This represented a decrease of 59% as successfully redeployed backhaul equipment from the HetNets buildings to light new on-net buildings.

The company provided earnings guidance for the second quarter and full year of 2016. The company expects second quarter of 2016 operating expenses to be markedly lower.

The company expects to enjoy the first quarter of 2016's capex benefit for the remainder of 2016.