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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 10, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B><U>Towerstream
Corporation</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Delaware</P></TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">001-33449</P></TD>
    <TD STYLE="width: 5%; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">20-8259086</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">(State or other jurisdiction<BR> of incorporation)</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">(Commission File Number)</TD>
    <TD STYLE="vertical-align: top; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">(IRS Employer<BR> Identification No.)</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<TR>
    <TD STYLE="width: 65%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">55 Hammarlund
        Way</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Middletown, RI</P></TD>
    <TD STYLE="width: 5%; vertical-align: top; padding-right: 5.4pt; padding-left: 6pt; text-align: center; text-indent: -6pt">&nbsp;</TD>
    <TD STYLE="width: 30%; vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; border-bottom: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 6pt; text-align: center; text-indent: -6pt">02842</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Address of principal executive offices)</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">(Zip Code)</TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&rsquo;s telephone number, including
area code: (401) 848-5848</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed
        since last report)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 27pt">Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR></TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD>Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 2.02.&#9;Results of Operations and Financial Condition.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">&#9;On May 10, 2012, Towerstream Corporation
(the &ldquo;Company&rdquo;) issued a press release announcing results for the three months ended March 31, 2012. A copy of the
press release is attached to this report as Exhibit 99.1 and is being furnished pursuant to Item 2.02 of Form 8-K and shall not
be deemed incorporated by reference into any of the Registrant&rsquo;s registration statements or other filings with the Securities
and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The press release includes EBITDA calculations,
which is not a generally accepted accounting principles (&ldquo;GAAP&rdquo;) financial measure. It is presented in the press release
because the Registrant&rsquo;s management uses this information in evaluating the operating efficiency and overall financial performance
of its business. The Registrant&rsquo;s management also believes that this information provides the users of the Registrant&rsquo;s
financial statements with valuable insight into its operating results. EBITDA is calculated as net income (loss) before interest,
income taxes, depreciation and amortization. The Company defines adjusted EBITDA as net income (loss) before interest, income taxes,
depreciation and amortization expenses, excluding when applicable, stock-based compensation, other non-operating income or expenses,
as well as gain or loss on (i) disposal of property and equipment, (ii) nonmonetary transactions, and (iii) business acquisitions.
It is important to note, however, that non-GAAP financial measures as presented do not represent cash provided by or used in operating
activities and may not be comparable to similarly titled measures reported by other companies. Neither should be considered in
isolation or as a substitute for measures of performance prepared in accordance with GAAP. A reconciliation of adjusted EBITDA,
excluding non-recurring expenses and Wi-Fi network expenses, as compared to the most directly comparable GAAP financial measure,
net loss, is presented in a reconciliation table in the attached press release.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 24pt">The information contained in this Form 8-K
contains forward-looking statements, including certain statements regarding intent, beliefs, expectations, projections, forecasts
and plans, which are subject to numerous assumptions, risks, and uncertainties. A number of factors described from time to time
in our periodic filings with the Securities and Exchange Commission could cause actual conditions, events, or results to differ
significantly from those described in the forward-looking statements. All forward-looking statements included in this Form 8-K
are based on information available at the time of the report. We assume no obligation to update any forward-looking statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Item 9.01.&#9;Financial Statements and Exhibits.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d) Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 0; padding-left: 0; font-size: 10pt">99.1</TD>
    <TD STYLE="width: 92%; padding-right: 0; padding-left: 0; font-size: 10pt">Press Release, dated May 10, 2012&#9;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 0; padding-left: 0; font-size: 10pt"><B>TOWERSTREAM CORPORATION</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: none">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; padding-right: 0; padding-left: 0; font-size: 10pt">Dated: May 10, 2012</TD>
    <TD STYLE="width: 1%; padding-right: 0; padding-left: 0; font-size: 10pt">By:</TD>
    <TD STYLE="width: 30%; padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: none; border-bottom: Black 1pt solid">/s/ Joseph P. Hernon</TD>
    <TD STYLE="width: 14%; padding-right: 0; padding-left: 0; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;<FONT STYLE="font-size: 10pt">Joseph P. Hernon</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;<FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-right: 0; padding-left: 0">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 16%; padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: underline; text-align: center">Exhibit No.</TD>
    <TD STYLE="width: 84%; padding-right: 0; padding-left: 0; font-size: 10pt; text-decoration: underline">Description</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt; text-align: center">99.1</TD>
    <TD STYLE="padding-right: 0; padding-left: 0; font-size: 10pt">Press Release, dated May 10, 2012</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in; text-indent: -0.25in"></P>

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{"company-data": {"conformed-name": "TOWERSTREAM CORP", "cik": "0001349437", "assigned-sic": "4899", "irs-number": "000000000", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33449", "film-number": "12830186"}, "business-address": {"street1": "55 HAMMARLUND WAY", "city": "MIDDLETOWN", "state": "RI", "zip": "02842", "phone": "(401) 848-5848"}, "mail-address": {"street1": "55 HAMMARLUND WAY", "city": "MIDDLETOWN", "state": "RI", "zip": "02842"}, "former-company": {"former-conformed-name": "University Girls Calendar LTD", "date-changed": "20060111"}}
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
_________________
Date of Report (Date of earliest event reported):
May 10, 2012
Towerstream
Corporation
(Exact Name of Registrant as Specified in Charter)
Delaware
001-33449
20-8259086
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
55 Hammarlund
        Way
Middletown, RI
02842
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including
area code: (401) 848-5848
_________________________________________________
(Former name or former address, if changed
        since last report)
Check the appropriate box below if the Form
8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.	Results of Operations and Financial Condition.
On May 10, 2012, Towerstream Corporation
(the "Company") issued a press release announcing results for the three months ended March 31, 2012. A copy of the
press release is attached to this report as Exhibit 99.1 and is being furnished pursuant to Item 2.02 of Form 8-K and shall not
be deemed incorporated by reference into any of the Registrant's registration statements or other filings with the Securities
and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.
The press release includes EBITDA calculations,
which is not a generally accepted accounting principles ("GAAP") financial measure. It is presented in the press release
because the Registrant's management uses this information in evaluating the operating efficiency and overall financial performance
of its business. The Registrant's management also believes that this information provides the users of the Registrant's
financial statements with valuable insight into its operating results. EBITDA is calculated as net income (loss) before interest,
income taxes, depreciation and amortization. The Company defines adjusted EBITDA as net income (loss) before interest, income taxes,
depreciation and amortization expenses, excluding when applicable, stock-based compensation, other non-operating income or expenses,
as well as gain or loss on (i) disposal of property and equipment, (ii) nonmonetary transactions, and (iii) business acquisitions.
It is important to note, however, that non-GAAP financial measures as presented do not represent cash provided by or used in operating
activities and may not be comparable to similarly titled measures reported by other companies. Neither should be considered in
isolation or as a substitute for measures of performance prepared in accordance with GAAP. A reconciliation of adjusted EBITDA,
excluding non-recurring expenses and Wi-Fi network expenses, as compared to the most directly comparable GAAP financial measure,
net loss, is presented in a reconciliation table in the attached press release.
The information contained in this Form 8-K
contains forward-looking statements, including certain statements regarding intent, beliefs, expectations, projections, forecasts
and plans, which are subject to numerous assumptions, risks, and uncertainties. A number of factors described from time to time
in our periodic filings with the Securities and Exchange Commission could cause actual conditions, events, or results to differ
significantly from those described in the forward-looking statements. All forward-looking statements included in this Form 8-K
are based on information available at the time of the report. We assume no obligation to update any forward-looking statement.
Item 9.01.	Financial Statements and Exhibits.
(d) Exhibits
99.1
Press Release, dated May 10, 2012
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TOWERSTREAM CORPORATION
Dated: May 10, 2012
By:
/s/ Joseph P. Hernon
Joseph P. Hernon
Chief Financial Officer
EXHIBIT INDEX
Exhibit No.
Description
99.1
Press Release, dated May 10, 2012