Fourth Quarter 2014 Highlights:
- Revenues increased 15% to $88.5 million
- Adjusted EBITDA1 was $35.7 million, up 26%
- Operating Income, exclusive of transaction-related charges of
$2.6 million, was $22.2 million, up 38%
- Net Income attributable to ATN's stockholders was $12.6
million, or $0.79 per diluted share
Full Year 2014 Highlights:
- Revenues increased 15% to $336.3 million
- Adjusted EBITDA1 was $139.8 million, up 22%
- Operating income, exclusive of transaction-related charges of
$3.0 million, was $88.5 million, up 33%
- Net income attributable to ATN's stockholders was $48.2
million, or $3.01 per diluted share
- Net cash provided by operating activities was $82.0
million
- Cash position at year-end was $371.4 million
Entered Distributed Solar Energy Market with Fourth
Quarter Acquisition of 46MW of Producing Projects
Atlantic Tele-Network, Inc. (Nasdaq:ATNI), today reported results
for the fourth quarter and year ended December 31, 2014. Unless
otherwise indicated, the discussion of the Company's results is
focused on its continuing operations, and comparisons are to the
same period in the prior year. Results for all periods presented
reflect classification of the Company's U.S. retail wireless
business operated under the "Alltel" name as discontinued
operations as a result of the completion of the Company's sale of
this business to AT&T Mobility LLC on September 20, 2013.
Fourth Quarter 2014 Results
"This was another very strong quarter for ATN, led by more
double-digit growth in our domestic wireless business," said
Michael Prior, Chief Executive Officer. "Growth in data volumes,
which more than doubled overall, continued to be driven by the
capital investments we have made over the last two years to expand
the number of sites and upgrade our technologies. We have spent
over $68.0 million on U.S. wireless network expansion and
improvements over that time frame and we are pleased with the
resulting growth. This strong performance in our largest business
more than offset flat year-on-year results in our international
wireless and U.S. wireline businesses, where growth in U.S. fiber
network sales and broadband in Guyana was balanced by stable
Bermuda wireless results and declines in legacy voice-related
revenue across most of our operations and markets, particularly in
the wireline segments.
"Late in the fourth quarter, we announced ATN's entrance into
the distributed generation solar power market through an
acquisition that provides growth potential as well as the
opportunity to generate attractive returns for investors. Similar
to our initial investments in wholesale wireless and fiber
operations, Ahana Renewables represents a high quality
infrastructure-based business with solid cash flows from long-term
Power Purchase Agreements (PPAs) with high-credit quality
counterparties and offers the potential for expansion through
additional investments or acquisition opportunities."
Fourth quarter revenues were $88.5 million, 15% above the $77.0
million reported for the fourth quarter of 2013. Adjusted EBITDA1
for the 2014 fourth quarter was $35.7 million, a 26% increase over
the $28.3 million reported for the 2013 fourth quarter. Operating
income was $19.6 million, up 22% compared to last year's $16.1
million. Net income from continuing operations attributable to
ATN's stockholders was $11.5 million or $0.72 per diluted share,
compared to $16.2 million, or $1.02 per diluted share, for the
fourth quarter of 2013. The net income comparison was impacted by
some significant one-time items. Net income from continuing
operations for the fourth quarter of 2013 included an income tax
benefit of approximately $8.4 million and net income for the fourth
quarter of 2014 was inclusive of $2.6 million in
transaction-related charges mostly incurred with the distributed
generation solar power operations acquired in December 2014.
Full Year 2014 Financial Results and
Outlook
Commenting on full year results, Mr. Prior stated, "We expanded
our U.S. wireless network coverage by over 25% in 2014. ATN now has
a significant network presence in the western United States and
owns and operates wireless network assets in eleven total states.
There are good opportunities to continue to earn solid returns on
our investments in this segment, and we anticipate a level of
capital spending in 2015 in domestic wireless that is similar to
that of 2014."
Full year revenues were $336.3 million, 15% above the $292.8
million reported for the same period in 2013. Adjusted EBITDA was
$139.8 million, up 22% from $114.5 million in the prior year
period; operating income increased 34% to $85.6 million; and net
income from continuing operations attributable to ATN's
stockholders was $47.0 million, or $2.94 per diluted share, as
compared with the same period in 2013 of $1.83 per diluted share.
2014 is inclusive of $3.0 million in transaction-related charges.
2013 is inclusive of $2.7 million in transaction-related charges,
as well as $10.1 million of interest rate swap contract termination
charges and the write-off of deferred financing costs related to
the pre-payment of the Company's long term debt under its credit
facility.
"In the 2015 first quarter, we expect to finalize a new,
long-term contract with a major carrier offering a significant
reduction in the rates we charge and other enhanced features to
ensure we are able to continue to deliver an attractive value
proposition to our major customers, while earning reasonable
risk-adjusted returns on our extensive capital investments. This
reduced contract pricing is expected to lead to a decline in U.S.
wireless revenues, beginning in the second quarter of 2015, which
will be partially offset by expanded network capabilities, reach
and capacity. We believe that this new model is much lower risk in
that the extended term and reduced pricing create a long-lived
shared infrastructure solution that increases the ultimate value of
our wholesale business.
"In addition to expanding and upgrading our U.S wireless
business in 2015, we are also making network investments to add to
the capabilities of our other telecommunications businesses,
including expansion of our fiber networks and expansions and
upgrades to some of our international wireless networks. Also, we
expect to make further investments in our new renewables business
in 2015, where we are evaluating opportunities to expand upon the
Ahana Renewables acquisition by developing or acquiring new
revenue-producing projects. Excluding the effect of any such
investments, we expect this business to produce revenues of
approximately $19-$22 million in 2015 and EBITDA margins of 70% to
75%. At year-end, our balance sheet remained strong with over $371
million of cash and a significant amount of borrowing capacity, and
we continue to look at ways to put these resources to work in 2015
and over the long term."
Fourth Quarter 2014 Operating Highlights
U.S. Wireless
U.S. wireless revenues primarily consist of voice and data
revenues from the Company's wholesale roaming operations. Total
revenues from the U.S. wireless business were $43.3 million in the
fourth quarter of 2014, an increase of 57% from the $27.6 million
reported in the fourth quarter of 2013. This strong revenue
performance was driven by increased data traffic across the
Company's expanded domestic wireless network. Data revenues
accounted for 71% of U.S. wireless revenues in the 2014 fourth
quarter compared to 61% in the similar year-ago period.
The Company ended the fourth quarter with 764 domestic
base stations in service compared to 598 at the end of last year's
fourth quarter.
International Wireless
International wireless revenues include retail and wholesale
voice and data wireless revenues from international operations in
Bermuda and the Caribbean. International wireless revenues were
$21.5 million, a decrease of 15% from the $25.3 million reported in
the fourth quarter of 2013, as a result of market share losses in
Guyana and lower wholesale roaming revenues in many of our Island
properties resulting from anticipated rate declines. Guyana
wireless operation's revenues, while flat on a sequential basis,
were below the similar year-ago period as a result of a one-time
benefit last year. We continue to expect retail revenues to
continue to grow but wholesale revenues to decline in our
international markets over
time.
Wireline
Wireline revenues are generated by the Company's wireline
operations in Guyana, including international telephone calls into
and out of that country, by its integrated voice and data and
wholesale transport operations in New England and New York State,
and by its U.S. based wholesale long-distance voice services.
Wireline revenues were $20.9 million, down 3% from $21.6
million in the fourth quarter of 2013 resulting from decreases in
U.S. wholesale transport revenue following the sale of our Alltel
business and a decrease in voice traffic in Guyana offset in part
by an increase in broadband revenue and subscribers and the growth
of domestic "on network" fiber related revenues to enterprise and
carrier customers.
Reportable Operating Segments
The Company has five reportable segments: (i) U.S. Wireless;
(ii) International Integrated Telephony, which operates in Guyana;
(iii) Island Wireless, which generates its revenues and has its
assets located in Bermuda and the Caribbean (including the U.S.
Virgin Islands), (iv) U.S. Wireline; and (v) Renewable Energy,
which provides distributed generation solar power to corporate,
utility and municipal customers in the United
States. Financial data on our reportable operating segments
for the three months ended December 31, 2014 and 2013 are as
follows (in thousands):
For the three months ended
December 31, 2014: |
|
|
|
|
|
|
|
|
|
U.S. Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy 2 |
Reconciling Items 3 |
Total |
|
|
|
|
|
|
|
|
Total Revenue |
$ 43,319 |
$ 21,906 |
$ 16,720 |
$ 6,117 |
$ 449 |
$ -- |
$ 88,511 |
Adjusted EBITDA |
29,295 |
8,631 |
3,698 |
49 |
384 |
(6,395) |
35,662 |
Operating Income (Loss) |
25,362 |
4,334 |
837 |
(1,157) |
(2,218) |
(7,596) |
19,562 |
|
|
|
|
|
|
|
|
For the three months ended
December 31, 2013: |
|
|
|
|
|
|
|
|
|
U.S. Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy 2 |
Reconciling Items 3 |
Total |
|
|
|
|
|
|
|
|
Total Revenue |
$ 27,638 |
$ 25,473 |
$ 17,352 |
$ 6,565 |
N/A |
$ -- |
$ 77,028 |
Adjusted EBITDA |
16,584 |
12,565 |
3,983 |
641 |
N/A |
(5,453) |
28,320 |
Operating Income (Loss) |
12,978 |
8,066 |
1,384 |
(289) |
N/A |
(6,076) |
16,063 |
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents at December 31, 2014 were $322.2
million. In addition, the Company holds $49.2 million of
restricted cash, of which $39.0 is related to proceeds from the
sale of Alltel in an indemnity escrow account as of December 31,
2014, $9.9 million is related to our recent solar acquisition, and
$0.3 million is related to security deposits. Net cash
provided by operating activities of continuing operations was $86.7
million for the full year of 2014, compared to net cash used in
operating activities of continuing operations of $131.4 million in
2013. Cash used to acquire the solar business in 2014 was
$54.4 million. Capital expenditures were $58.3 million in
2014, and the Company expects full year 2015 telecom capital
expenditures in the range of $65.0 million to $75.0 million, which
includes the network expansions noted above. Capital expenditures
in the Renewable Energy segment are more difficult to project, but
for planning purposes, the Company currently estimates investments
of approximately $30.0 million in this sector in 2015.
1 See Table 4 for reconciliation of Net Income to Adjusted
EBITDA.
2 Reflects results of operations from the date of acquisition,
December 24, 2014, to December 31, 2014.
3 Reconciling items are comprised of corporate general and
administrative costs and transaction-related charges
Conference Call Information
Atlantic Tele-Network will host a conference call on Thursday,
February 26, 2015 at 9:30 a.m. Eastern Time (ET) to discuss its
2014 fourth quarter results. The call will be hosted by Michael
Prior, President and Chief Executive Officer, and Justin Benincasa,
Chief Financial Officer. The dial-in numbers are US/Canada: (877)
734-4582 and International: (678) 905-9376, conference ID 88457555.
A replay of the call will be available at ir.atni.com beginning at
1:00 p.m. (ET) on Thursday, February 26, 2015.
About Atlantic Tele-Network
Atlantic Tele-Network, Inc. (Nasdaq:ATNI), headquartered
in Beverly, Massachusetts, provides telecommunications
services to rural, niche and other under-served markets and
geographies in the United States, Bermuda and
the Caribbean and owns and operates solar power systems
in select locations in the United States. Through our
operating subsidiaries, we (i) provide both wireless and wireline
connectivity to residential and business customers, including a
range of mobile wireless solutions, local exchange services and
broadband internet services, (ii) provide distributed solar
electric power to corporate, utility and municipal customers and
(iii) are the owner and operator of terrestrial and submarine fiber
optic transport systems. For more information, please
visit www.atni.com.
Cautionary Language Concerning Forward Looking
Statements
This press release contains forward-looking statements relating
to, among other matters, our future financial performance and
results of operations; the competitive environment in our key
markets, demand for our services and industry trends; the outcome
of regulatory matters; the pace of our network expansion and
improvement, including our level of estimated future capital
expenditures and our realization of the benefits of these
investments; and management's plans and strategy for the future.
These forward-looking statements are based on estimates,
projections, beliefs, and assumptions and are not guarantees of
future events or results. Actual future events and results
could differ materially from the events and results indicated in
these statements as a result of many factors, including, among
others, (1) the general performance of our operations,
including operating margins, revenues, and the future growth and
retention of our subscriber base and consumer demand for solar
power; (2) government regulation of our businesses, which may
impact our FCC and other telecommunications licenses or our
renewables business; (3) economic, political and other risks facing
our foreign operations; (4) our ability to maintain favorable
roaming arrangements; (5) our ability to efficiently and
cost-effectively upgrade our networks and IT platforms to
address rapid and significant technological changes in the
telecommunications industry; (6) the loss of or our inability to
recruit skilled personnel in our various jurisdictions, including
key members of management; (7) our ability to find investment or
acquisition or disposition opportunities that fit our strategic
goals for the Company; (8) increased competition; (9) our ability
to operate in the solar industry; (10) our reliance on a limited
number of key suppliers and vendors for timely supply of equipment
and services relating to our network infrastructure; (11) the
adequacy and expansion capabilities of our network capacity and
customer service system to support our customer growth; (12) the
occurrence of weather events and natural catastrophes; (13) our
continued access to capital and credit markets; and (14) our
ability to realize the value that we believe exists in our
businesses. These and other additional factors that may cause
actual future events and results to differ materially from the
events and results indicated in the forward-looking statements
above are set forth more fully under Item 1A "Risk Factors" of the
Company's Annual Report on Form 10-K for the year ended December
31, 2013, filed with the SEC on March 17, 2014 and the other
reports we file from time to time with the SEC, including our
Quarterly Report on Form 10-Q filed with
the SEC on November 11, 2014. The Company undertakes
no obligation and has no intention to update these forward-looking
statements to reflect actual results, changes in assumptions or
changes in other factors that may affect such forward-looking
statements.
Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with
generally accepted accounting principles (GAAP), this news release
also contains non-GAAP financial measures. Specifically, ATN has
presented an Adjusted EBITDA measure. Adjusted EBITDA is defined as
net income attributable to ATN stockholders before income from
discontinued operations, gain on disposal of discontinued
operations, interest, taxes, depreciation and amortization,
transaction-related charges, gain on disposition of long-lived
assets, other income or expense, unrealized loss on interest rate
swap contracts and net income attributable to non-controlling
interests. The Company believes that the inclusion of this non-GAAP
financial measure helps investors to gain a meaningful
understanding of the Company's core operating results and enhances
comparing such performance with prior periods. ATN's management
uses this non-GAAP measure, in addition to GAAP financial measures,
as the basis for measuring our core operating performance and
comparing such performance to that of prior periods. The non-GAAP
financial measure included in this news release is not meant to be
considered superior to or a substitute for results of operations
prepared in accordance with GAAP. Reconciliations of the non-GAAP
financial measure used in this news release to the most directly
comparable GAAP financial measure is set forth in the text of, and
the accompanying tables to, this press release.
Table 1 |
ATLANTIC TELE-NETWORK,
INC. |
Unaudited Condensed
Consolidated Balance Sheets |
(in Thousands) |
|
|
|
|
December 31, |
December 31, |
|
2014 |
2013 |
Assets: |
|
|
Cash and cash equivalents |
$ 322,216 |
$ 356,607 |
Restricted cash |
43,703 |
39,000 |
Assets of discontinued operations |
175 |
4,748 |
Other current assets |
82,786 |
71,648 |
|
|
|
Total current assets |
448,880 |
472,003 |
|
|
|
Long-term restricted cash |
5,475 |
39,000 |
Property, plant and equipment, net |
369,582 |
254,632 |
Goodwill and other intangible assets,
net |
91,080 |
86,988 |
Other assets |
7,519 |
7,096 |
|
|
|
Total assets |
$ 922,536 |
$ 859,719 |
|
|
|
Liabilities and Stockholders' Equity: |
|
|
Current portion of long-term debt |
$ 6,083 |
$ -- |
Income taxes payable |
5,667 |
36,081 |
Liabilities of discontinued
operations |
1,247 |
11,187 |
Other current liabilities |
91,072 |
73,805 |
|
|
|
Total current liabilities |
104,069 |
121,073 |
|
|
|
Long-term debt, net of current
portion |
32,794 |
-- |
Deferred income taxes |
27,872 |
26,007 |
Other liabilities |
19,619 |
12,784 |
|
|
|
Total liabilities |
184,354 |
159,864 |
|
|
|
Total Atlantic Tele-Network, Inc.'s
stockholders' equity |
677,222 |
643,330 |
Non-controlling interests |
60,960 |
56,525 |
|
|
|
Total equity |
738,182 |
699,855 |
|
|
|
Total liabilities and stockholders'
equity |
$ 922,536 |
$ 859,719 |
|
|
|
Table 2 |
ATLANTIC TELE-NETWORK,
INC. |
Unaudited Condensed
Consolidated Statements of Operations |
(in Thousands, Except
per Share Data) |
|
|
|
|
Three Months Ended |
Year Ended |
|
December 31, |
December 31, |
|
2014 |
2013 (a) |
2014 |
2013 (a) |
Revenues: |
|
|
|
|
U.S. wireless |
$ 42,887 |
$ 27,333 |
$ 153,040 |
$ 107,930 |
International wireless |
21,522 |
25,270 |
88,650 |
91,432 |
Wireline |
20,941 |
21,640 |
85,284 |
84,585 |
Equipment and other |
3,161 |
2,785 |
9,373 |
8,888 |
Total revenue |
88,511 |
77,028 |
336,347 |
292,835 |
|
|
|
|
|
Operating expenses: |
|
|
|
|
Termination and access fees |
16,067 |
14,979 |
64,177 |
55,747 |
Engineering and operations |
11,330 |
10,555 |
40,269 |
38,904 |
Sales, marketing and customer
service |
5,554 |
4,111 |
20,994 |
17,757 |
Equipment expense |
4,393 |
4,826 |
13,290 |
12,876 |
General and administrative |
15,505 |
14,237 |
57,848 |
53,093 |
Transaction-related charges |
2,618 |
38 |
2,959 |
2,712 |
Depreciation and amortization |
13,482 |
12,219 |
51,234 |
48,737 |
Impairment of intangible assets |
-- |
-- |
-- |
-- |
Gain on disposal of long-lived
assets |
-- |
-- |
-- |
(1,076) |
Total operating expenses |
68,949 |
60,965 |
250,771 |
228,750 |
|
|
|
|
|
Operating income |
19,562 |
16,063 |
85,576 |
64,085 |
|
|
|
|
|
Other income (expense): |
|
|
|
|
Interest income (expense), net |
(200) |
193 |
(420) |
(11,933) |
Gain (loss) on interest rate swap
contracts |
-- |
267 |
-- |
(5,408) |
Other income (expense) |
710 |
(74) |
1,012 |
(271) |
Other income (expense), net |
510 |
386 |
592 |
(17,612) |
|
|
|
|
|
Income from continuing operations before
income taxes |
20,072 |
16,449 |
86,168 |
46,473 |
Income tax expense (benefit) |
5,688 |
(1,758) |
28,148 |
9,536 |
|
|
|
|
|
Income from continuing operations |
14,384 |
18,207 |
58,020 |
36,937 |
|
|
|
|
|
Income from discontinued operations, net of
tax |
-- |
-- |
-- |
5,166 |
Gain on disposal of discontinued operations,
net of tax |
1,102 |
1,905 |
1,102 |
307,102 |
|
|
|
|
|
Net income |
15,486 |
20,112 |
59,122 |
349,205 |
|
|
|
|
|
Net income attributable to non-controlling
interests, net of tax: |
|
|
|
|
Continuing operations |
(2,854) |
(2,055) |
(10,970) |
(7,989) |
Discontinued operations |
-- |
-- |
-- |
(601) |
Disposal of discontinued operations |
-- |
(200) |
-- |
(28,899) |
Net income attributable to
non-controlling interests, net |
(2,854) |
(2,255) |
(10,970) |
(37,489) |
|
|
|
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders |
$ 12,632 |
$ 17,857 |
$ 48,152 |
$ 311,716 |
|
|
|
|
|
Basic net income per weighted average share
attributable to Atlantic Tele-Network, Inc. stockholders: |
|
|
|
|
Income from continuing operations |
$ 0.72 |
$ 1.02 |
$ 2.96 |
$ 1.84 |
Income from discontinued operations |
-- |
-- |
-- |
0.29 |
Gain on disposal of discontinued
operations |
0.07 |
0.11 |
0.07 |
17.72 |
Net income |
$ 0.79 |
$ 1.13 |
$ 3.03 |
$ 19.85 |
|
|
|
|
|
Diluted net income per weighted average share
attributable to Atlantic Tele-Network, Inc. stockholders: |
|
|
|
|
Income from continuing operations |
$ 0.72 |
$ 1.02 |
$ 2.94 |
$ 1.83 |
Income from discontinued operations |
-- |
-- |
-- |
0.29 |
Gain on disposal of discontinued
operations |
0.07 |
0.11 |
0.07 |
17.59 |
Net income |
$ 0.79 |
$ 1.13 |
$ 3.01 |
$ 19.71 |
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
Basic |
15,923 |
15,783 |
15,898 |
15,704 |
Diluted |
16,049 |
15,896 |
16,014 |
15,817 |
|
|
|
|
|
a) All previously reported
amounts have been reclassified to reflect the Company's Alltel
business as a discontinued operation |
|
|
|
|
|
Table 3 |
ATLANTIC TELE-NETWORK,
INC. |
Unaudited Condensed
Consolidated Cash Flow Statement |
(in Thousands) |
|
|
|
Year ended December
31, |
|
2014 |
2013 |
|
|
|
Net income |
$ 59,122 |
$ 349,205 |
Gain on disposal of discontinued
operations |
(1,102) |
(307,102) |
Income from discontinued operations |
-- |
(5,166) |
Loss on interest rate swap contracts |
-- |
5,408 |
Depreciation and amortization |
51,234 |
48,737 |
Gain on disposal of long-lived
assets |
-- |
(1,076) |
Deferred income taxes |
-- |
53,707 |
Change in prepaid and accrued income
taxes |
(18,270) |
(301,252) |
Change in other operating assets and
liabilities |
(12,565) |
13,957 |
Other |
8,280 |
12,186 |
|
|
|
Net cash provided by (used in) operating
activities of continuing operations |
86,699 |
(131,396) |
Net cash provided by (used in) operating
activities of discontinued operations |
(4,719) |
19,394 |
Net cash provided by (used in) operating
activities |
81,980 |
(112,002) |
|
|
|
Capital expenditures |
(58,300) |
(69,316) |
Acquisition of business net of operating
cash acquired of $6,571 |
(54,361) |
-- |
Change in restricted cash |
38,707 |
-- |
Restricted cash from acquisition of
business |
(9,884) |
-- |
Proceeds from disposition of long-lived
assets |
1,371 |
1,500 |
|
|
|
Net cash used in investing activities of
continuing operations |
(82,467) |
(67,816) |
Net cash provided by investing
activities of discontinued operations |
-- |
710,934 |
Net cash provided by (used in) investing
activities |
(82,467) |
643,118 |
|
|
|
Principal repayments of term loans |
-- |
(272,137) |
Dividends paid on common stock |
(17,488) |
(12,096) |
Distributions to non-controlling
interests |
(16,331) |
(26,155) |
Other |
(85) |
1,592 |
|
|
|
Net cash used in financing activities of
continuing operations |
(33,904) |
(308,796) |
Net cash used in financing activities of
discontinued operations |
-- |
(1,678) |
Net cash used in financing
activities |
(33,904) |
(310,474) |
|
|
|
Effect of foreign currency exchange rates on
cash and cash equivalents |
-- |
(682) |
|
|
|
Net change in cash and cash equivalents |
(34,391) |
219,960 |
|
|
|
Cash and cash equivalents, beginning of
period |
356,607 |
136,647 |
|
|
|
Cash and cash equivalents, end of period |
$ 322,216 |
$ 356,607 |
|
|
|
|
|
|
Cash paid for income taxes |
$ 48,943 |
$ 256,819 |
|
|
|
Table 4 |
ATLANTIC TELE-NETWORK,
INC. |
Reconciliation of
Non-GAAP Measures |
(In
Thousands) |
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBITDA for the Three Months Ended December
31, 2013 and 2014 |
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2013 |
|
U.S Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders |
|
|
|
|
|
|
$ 17,857 |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
2,255 |
Gain on disposal of discontinued operations,
net of tax |
|
|
|
|
|
|
(1,905) |
Income tax benefit |
|
|
|
|
|
|
(1,758) |
Other expense |
|
|
|
|
|
|
74 |
Gain on interest rate swap contracts |
|
|
|
|
|
|
(267) |
Interest expense, net |
|
|
|
|
|
|
(193) |
Operating income (loss) |
$ 12,978 |
$ 8,066 |
$ 1,384 |
$ (289) |
N/A |
$ (6,076) |
$ 16,063 |
Depreciation and amortization |
3,606 |
4,499 |
2,599 |
930 |
N/A |
585 |
12,219 |
Transaction-related charges |
-- |
-- |
-- |
-- |
N/A |
38 |
38 |
Adjusted EBITDA |
$ 16,584 |
$ 12,565 |
$ 3,983 |
$ 641 |
N/A |
$ (5,453) |
$ 28,320 |
|
|
|
|
|
|
|
|
Three Months Ended
December 31, 2014 |
|
U.S Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders |
|
|
|
|
|
|
$ 12,632 |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
2,854 |
Gain on disposal of discontinued operations,
net of tax |
|
|
|
|
|
|
(1,102) |
Income tax expense |
|
|
|
|
|
|
5,688 |
Other income |
|
|
|
|
|
|
(710) |
Interest expense, net |
|
|
|
|
|
|
200 |
Operating income (loss) |
$ 25,362 |
$ 4,334 |
$ 837 |
$ (1,157) |
$ (2,218) |
$ (7,596) |
$ 19,562 |
Depreciation and amortization |
3,933 |
4,297 |
2,861 |
1,206 |
105 |
1,080 |
13,482 |
Transaction-related charges |
-- |
-- |
-- |
-- |
2,497 |
121 |
2,618 |
Adjusted EBITDA |
$ 29,295 |
$ 8,631 |
$ 3,698 |
$ 49 |
$ 384 |
$ (6,395) |
$ 35,662 |
|
|
|
|
|
|
|
|
Reconciliation of
Net Income to Adjusted EBITDA for the Years Ended December 31, 2013
and 2014 |
|
|
|
|
|
|
|
|
Year Ended December 31,
2013 |
|
U.S Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders |
|
|
|
|
|
|
$ 311,716 |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
37,489 |
Gain on disposal of discontinued operations,
net of tax |
|
|
|
|
|
|
(307,102) |
Income from discontinued operations, net of
tax |
|
|
|
|
|
|
(5,166) |
Income tax expense |
|
|
|
|
|
|
9,536 |
Other income |
|
|
|
|
|
|
271 |
Loss on interest rate swap contracts |
|
|
|
|
|
|
5,408 |
Interest expense, net |
|
|
|
|
|
|
11,933 |
Operating income (loss) |
$ 54,867 |
$ 27,662 |
$ 8,610 |
$ (1,076) |
N/A |
$ (25,978) |
$ 64,085 |
Depreciation and amortization |
14,308 |
17,975 |
10,305 |
3,182 |
N/A |
2,967 |
48,737 |
Transaction-related charges |
-- |
-- |
-- |
-- |
N/A |
2,712 |
2,712 |
Gain on disposal of long-lived assets |
(1,076) |
-- |
-- |
-- |
N/A |
-- |
(1,076) |
Adjusted EBITDA |
$ 68,099 |
$ 45,637 |
$ 18,915 |
$ 2,106 |
N/A |
$ (20,299) |
$ 114,458 |
|
|
|
|
|
|
|
|
Year Ended December 31,
2014 |
|
U.S Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders |
|
|
|
|
|
|
$ 48,152 |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
10,970 |
Gain on disposal of discontinued operations,
net of tax |
|
|
|
|
|
|
(1,102) |
Income tax expense |
|
|
|
|
|
|
28,148 |
Other income |
|
|
|
|
|
|
(1,012) |
Interest expense, net |
|
|
|
|
|
|
420 |
Operating income (loss) |
$ 89,187 |
$ 19,628 |
$ 9,046 |
$ (3,668) |
$ (2,218) |
$ (26,399) |
$ 85,576 |
Depreciation and amortization |
14,345 |
17,408 |
10,671 |
4,725 |
105 |
3,980 |
51,234 |
Transaction-related charges |
-- |
-- |
-- |
-- |
2,497 |
462 |
2,959 |
Adjusted EBITDA |
$ 103,532 |
$ 37,036 |
$ 19,717 |
$ 1,057 |
$ 384 |
$ (21,957) |
$ 139,769 |
CONTACT: Michael T. Prior
Chief Executive Officer
978-619-1300
Justin D. Benincasa
Chief Financial Officer
978-619-1300
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