Projo Biz Blog

MIDDLETOWN, R.I. --Towerstream Corp., [NASDAQ: TWER] a provider of high-speed Internet service has laid off several employees, a company spokeswoman confirmed Wednesday.

The spokeswoman did not have the total number of employees at Towerstream, nor would she disclose the number of people laid off. She characterized the reduction as "minor layoffs," and due to "an adjustment to their sales strategy," and did not offer any further explanation.

The spokeswoman said the company eliminated staffers in sales positions mostly.

Towerstream Chief Executive Officer Jeffrey Thompson could not be reached for comment.

According to its December 2008 annual report, Towerstream's total assets are $32.9 million.

The company's first quarter revenues for 2009 of $3.42 million was a 64 percent increase from the same quarter a year earlier, when the company took in $2.08 million. But, the company failed to turn a profit in each of those quarters, showing losses of $3.71 million in 2008 and $2.19 million in 2009.

Headquartered in Middletown, Towerstream started in December 1999, and first offered service to Boston and Providence. In January of the following year, Towerstream merged with a newly formed subsidiary of University Girls Calendar Ltd., a publicly traded shell company.

The company provides broadband services to commercial customers, and delivers access over a fixed wireless network which transmits over both regulated and unregulated radio spectrum.

The company provides service to 1,400 business customers in New York, Boston, Chicago, Los Angeles, San Francisco, Seattle, Miami, Dallas-Fort Worth, Providence and Newport.

 Tags  broadband Internet middletown Middletown R.I. wireless

---