First Quarter 2015 Highlights:
- Revenues increased 14% to $85.3 million
- Adjusted EBITDA1 was $35.3 million, up 20%
- Operating income was $19.2 million, up 18%
- Net loss attributable to ATN's stockholders was $3.3 million,
or $0.21 per share, inclusive of a $19.9 million loss on the
deconsolidation of the Company's holdings in Turks and Caicos
- Exclusive of the one-time loss on the deconsolidation, net
income attributable to ATN's stockholders2 was $9.6 million, or
$0.60 per diluted share
- Cash flow from operating activities was $35.5 million
Atlantic Tele-Network, Inc. (Nasdaq:ATNI), today reported results
for the first quarter ended March 31, 2015. 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.
First Quarter 2015 Results
"First quarter operating performance represented a good start to
2015. We posted strong year-on-year revenue growth driven by our
U.S. wireless business and the addition of the first full quarter
of operating results from our renewable energy acquisition,
completed late last year. These increases more than offset declines
in our International Integrated Telephony segment and flat to
modestly lower year-on-year comparisons in our wireline and
international wireless businesses," noted Michael Prior, Chief
Executive Officer.
"U.S. wireless revenues increased 26%, thanks in large part to
the capital investments we have made over the last two years adding
capacity, coverage and advanced technologies to our rural wireless
network. In 2014 alone, we added nearly 175 base stations and
approximately 115 new sites, and upgraded more than 75 sites to
more advanced mobile data technologies. As previously reported, we
have adjusted prices in order to keep overall costs reasonable for
our carrier customers as data traffic volumes have surged. While
the decline in wholesale rates is expected to more than offset the
usage growth on existing sites this year, we will gain the benefit
of lower risk and longer-term returns.
"Continued solid performance in Bermuda could not offset
weaknesses in our Guyana operations and lower roaming revenues in
several markets, causing a year-over-year decline in international
wireless revenues," Mr. Prior added. "We have taken several steps
to regain wireless market share in Guyana, including enhancing our
array of handsets, re-configuring voice and data plans and
investing in technology upgrades, which we expect will translate
into positive results over time. Also, within the Island Wireless
segment, we made the difficult decision to sell the Company's
holdings in Turks and Caicos in this year's first quarter, as we
concluded that we could not achieve the necessary economies of
scale and market share to earn positive returns on our investment
there.
"The Ahana Renewables acquisition contributed $5.3 million in
revenues to the quarter with an EBITDA margin of approximately 77%
which is consistent with the estimated range provided last quarter
and comparable to our expectations for the remaining quarters of
2015 based on our current portfolio of producing projects. We
continue to evaluate opportunities to add to this distributed solar
power platform with projects that have solid cash flows and the
potential for attractive risk-adjusted returns on invested
capital."
First quarter revenues were $85.3 million, 14% above the $75.2
million reported for the first quarter of 2014. Adjusted EBITDA1
for the 2015 first quarter was $35.3 million, a 20% increase over
the $29.3 million reported for the 2014 first quarter. Operating
income was $19.2 million, up 18% compared to last year's $16.2
million. The Company incurred a net loss from continuing operations
attributable to ATN's stockholders of $3.3 million or $0.21 per
share, which included a $19.9 million loss related to the
deconsolidation of the non-controlling interest from the sale of
its holdings in Turks and Caicos. Exclusive of this one-time loss
on this deconsolidation, net income attributable to ATN's
stockholders2 was $9.6 million, or $0.60 per diluted share. In last
year's first quarter, net income from continuing operations
attributable to ATN stockholders was $7.8 million, or $0.49 per
diluted share.
First Quarter 2015 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 $35.8 million in the
first quarter of 2015, an increase of 26% from the $28.4 million
reported in the first quarter of 2014. This strong revenue
performance was driven by network expansion and increased data
traffic. Data revenues accounted for 58% of U.S. wireless revenues
in the 2015 first quarter compared to 66% in the similar year-ago
period reflecting the initial impact of declining data pricing. The
Company ended the first quarter of 2015 with 786 domestic base
stations in service compared to 605 at the end of last year's first
quarter.
International Wireless
International wireless revenues include retail and wholesale
voice and data wireless revenues from operations in Bermuda and the
Caribbean. International wireless revenues were $21.2 million, a
decrease of 9% from the $23.1 million reported in the first quarter
of 2014, as a result of market share losses in Guyana and lower
wholesale roaming revenues in many of our Island properties due to
anticipated rate declines. Revenues from our wireless operations in
Guyana are flat on a sequential basis and below the similar
year-ago period as a result of a one-time benefit last year. We
expect retail revenues to continue to grow but wholesale revenues
to decline in our international markets over time.
During the first quarter of 2015, the Company sold its holdings
in Turks and Caicos. As a result of this sale, we recorded a loss
of $19.9 million in the quarter on the deconsolidation of this
business resulting from the accumulated prior period net losses
that were previously allocated to non-controlling minority
interests.
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 $20.6 million, down 4% from $21.5 million in
the first quarter of 2014 resulting from decreases in U.S.
wholesale long distance revenue and a decrease in voice traffic in
Guyana offset in part by an increase in broadband subscribers and
revenue and the growth of domestic "on network" fiber related
revenues to enterprise and carrier customers.
Renewable Energy
Renewable energy revenues are generated by our 28 commercial
solar projects operating at 59 sites in select locations in the
United States. Our portfolio provides an aggregate 45.7 megawatts
of electricity generating capacity to customers that include
high-credit quality corporates, utilities, schools and
municipalities pursuant to power purchase agreements with durations
ranging from 10 to 25 years. Revenues are generated principally by
the sale of energy and solar renewable energy credits from our
commercial solar projects in the United States. For the first full
quarter of operations, revenues from our renewable energy business
were $5.3 million and net income attributable to ATN stockholders
was approximately $1.1 million. Our renewable energy business is
expected to be accretive for the full year 2015.
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 (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 March 31, 2015 and 2014 are as follows (in
thousands):
For the three months ended
March 31, 2015: |
|
|
U.S. Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items 3 |
Total |
|
|
|
|
|
|
|
|
Total Revenue |
$ 36,479 |
$ 21,108 |
$ 16,566 |
$ 5,896 |
$ 5,289 |
$ -- |
$ 85,338 |
Adjusted EBITDA |
22,057 |
8,132 |
4,958 |
221 |
4,098 |
(4,161) |
35,305 |
Operating Income (Loss) |
17,910 |
3,766 |
2,413 |
(1,135) |
2,652 |
(6,455) |
19,151 |
|
|
|
|
|
|
|
|
For the three months ended
March 31, 2014: |
|
|
U.S. Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items 3 |
Total |
|
|
|
|
|
|
|
|
Total Revenue |
$ 28,723 |
$ 21,797 |
$ 17,923 |
$ 6,731 |
n/a |
$ -- |
$ 75,174 |
Adjusted EBITDA |
16,892 |
9,948 |
6,034 |
66 |
n/a |
(3,633) |
29,307 |
Operating Income (Loss) |
13,589 |
5,635 |
3,426 |
(1,074) |
n/a |
(5,328) |
16,248 |
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents at March 31, 2015 were $380.3 million.
In addition, the Company holds $5.5 million of restricted cash
related to our renewable energy business. During the first quarter
of 2015, the last of the restricted cash held in an indemnity
escrow account in connection with the sale of our Alltel U.S.
retail wireless business was paid to us. Net cash provided by
operating activities of continuing operations was $35.3 million for
the first quarter of 2015, compared with net cash used in operating
activities of continuing operations of $6.6 million in the first
quarter of 2014. Capital expenditures were $13.8 million in
the first quarter of 2015, 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.
Conference Call Information
ATN will host a conference call on Wednesday, April 29, 2015 at
9:30 a.m. Eastern Time (ET) to discuss its 2015 first 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 32424646. A replay of
the call will be available at ir.atni.com beginning at 1:00 p.m.
(ET) on Wednesday, April 29, 2015.
About ATN
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 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 an 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 renewable energy 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, 2014, filed with the SEC on March 16, 2015 and the other
reports we file from time to time with the SEC. 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 and a net income measure
exclusive of the results of loss on the deconsolidation of
subsidiaries. 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, stock-based compensation,
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. Net income attributable to ATN stockholders excluding
loss on deconsolidation of subsidiary and the related earnings per
diluted share is defined as net income attributable to ATN
stockholders less the loss and tax impact of the deconsolidation of
the subsidiary. The Company believes that the inclusion of
these non-GAAP financial measures helps investors gain a meaningful
understanding of the Company's core operating results and enhances
comparing such performance with prior periods. ATN's management
uses these non-GAAP measures, 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 measures included in this news release are not
meant to be considered superior to or a substitute for results of
operations prepared in accordance with GAAP. Reconciliations of
these non-GAAP financial measures 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) |
|
|
|
|
March 31, |
December 31, |
|
2015 |
2014 |
Assets: |
|
|
Cash and cash equivalents |
$ 380,333 |
$ 326,216 |
Restricted cash |
780 |
39,703 |
Assets of discontinued
operations |
44 |
175 |
Other current assets |
77,839 |
85,280 |
|
|
|
Total current assets |
458,996 |
451,374 |
|
|
|
Long-term restricted cash |
4,763 |
5,475 |
Property, plant and equipment,
net |
363,387 |
369,582 |
Goodwill and other intangible
assets, net |
90,807 |
91,080 |
Other assets |
6,830 |
7,519 |
|
|
|
Total assets |
$ 924,783 |
$ 925,030 |
|
|
|
Liabilities and Stockholders' Equity: |
|
|
Current portion of long-term
debt |
$ 6,150 |
$ 6,083 |
Income taxes payable |
855 |
5,667 |
Liabilities of discontinued
operations |
1,316 |
1,247 |
Other current liabilities |
76,774 |
91,072 |
|
|
|
Total current liabilities |
85,095 |
104,069 |
|
|
|
Long-term debt, net of current
portion |
$ 31,244 |
$ 32,794 |
Deferred income taxes |
30,366 |
30,366 |
Other long-term
liabilities |
28,096 |
19,619 |
|
|
|
Total long-term
liabilities |
89,706 |
82,779 |
|
|
|
Total liabilities |
174,801 |
186,848 |
|
|
|
Total Atlantic Tele-Network,
Inc.'s stockholders' equity |
669,298 |
677,222 |
Non-controlling interests |
80,684 |
60,960 |
|
|
|
Total equity |
749,982 |
738,182 |
|
|
|
Total liabilities and
stockholders' equity |
$ 924,783 |
$ 925,030 |
|
|
Table 2 |
ATLANTIC TELE-NETWORK,
INC. |
Unaudited Condensed
Consolidated Statements of Operations |
(in Thousands, Except
per Share Data) |
|
|
|
|
Three Months Ended |
|
March 31, |
|
2015 |
2014 |
Revenues: |
|
|
U.S. wireless |
$ 35,843 |
$ 28,392 |
International wireless |
21,172 |
23,148 |
Wireline |
20,593 |
21,530 |
Renewable energy |
5,289 |
-- |
Equipment and other |
2,441 |
2,104 |
Total revenue |
85,338 |
75,174 |
|
|
|
Operating expenses: |
|
|
Termination and access
fees |
16,035 |
15,862 |
Engineering and operations |
10,418 |
9,630 |
Sales, marketing and customer
service |
5,236 |
5,020 |
Equipment expense |
3,821 |
2,715 |
General and administrative |
15,747 |
13,698 |
Transaction-related
charges |
179 |
21 |
Depreciation and
amortization |
14,751 |
11,980 |
Total operating expenses |
66,187 |
58,926 |
|
|
|
Operating income |
19,151 |
16,248 |
|
|
|
Other income (expense): |
|
|
Interest expense, net |
(614) |
(186) |
Loss on deconsolidation of
subsidiary |
(19,937) |
-- |
Other income (expense) |
32 |
(109) |
Other income (expense),
net |
(20,519) |
(295) |
|
|
|
Income (Loss) from continuing operations
before income taxes |
(1,368) |
15,953 |
Income tax expense
(benefit) |
(486) |
5,552 |
|
|
|
Net income (loss) from continuing
operations |
(882) |
10,401 |
|
|
|
Income from discontinued operations, net of
tax |
390 |
-- |
|
|
|
Net income (loss) |
(492) |
10,401 |
|
|
|
Net income attributable to non-controlling
interests, net of tax |
(2,777) |
(2,560) |
|
|
|
Net income (loss) attributable to Atlantic
Tele-Network, Inc. stockholders |
$ (3,269) |
$ 7,841 |
|
|
|
Basic net income (loss) per weighted average
share attributable to Atlantic Tele-Network, Inc.
stockholders: |
|
|
Income (Loss) from continuing
operations |
$ (0.23) |
$ 0.50 |
Income from discontinued
operations |
0.02 |
-- |
Net income (loss) |
$ (0.21) |
$ 0.50 |
|
|
|
Diluted net income (loss) per weighted
average share attributable to Atlantic Tele-Network, Inc.
stockholders: |
|
|
Income (Loss) from continuing
operations |
$ (0.23) |
$ 0.49 |
Income from discontinued
operations |
0.02 |
-- |
Net income (loss) |
$ (0.21) |
$ 0.49 |
|
|
|
Weighted average common shares
outstanding: |
|
|
Basic |
15,939 |
15,830 |
Diluted |
15,939 |
15,950 |
|
|
Table 3 |
ATLANTIC TELE-NETWORK,
INC. |
Unaudited Condensed
Consolidated Cash Flow Statement |
(in Thousands) |
|
|
|
Three Months Ended March
31, |
|
2015 |
2014 |
|
|
|
Net income (loss) |
$ (492) |
$ 10,401 |
Depreciation and amortization |
14,751 |
11,980 |
Loss on deconsolidation of subsidiary |
19,937 |
-- |
Change in prepaid and accrued income
taxes |
5,952 |
(23,128) |
Change in other operating assets and
liabilities |
(6,546) |
(7,855) |
Other |
1,653 |
1,996 |
|
|
|
Net cash provided by (used in)
operating activities of continuing operations |
35,255 |
(6,606) |
Net cash provided by (used in)
operating activities of discontinued operations |
199 |
(2,429) |
Net cash provided by (used in)
operating activities |
35,454 |
(9,035) |
|
|
|
Capital expenditures |
(13,812) |
(8,736) |
Acquisition of business |
(2,600) |
-- |
Net proceeds from sale of assets |
5,873 |
1,371 |
Change in restricted cash |
39,635 |
19,204 |
|
|
|
Net cash provided by investing
activities of continuing operations |
29,096 |
11,839 |
|
|
|
Dividends paid on common stock |
(4,618) |
(4,278) |
Distributions to non-controlling
interests |
(3,066) |
(1,482) |
Other |
(2,749) |
(825) |
|
|
|
Net cash used in financing
activities of discontinued operations |
(10,433) |
(6,585) |
|
|
|
Net change in cash and cash equivalents |
54,117 |
(3,781) |
|
|
|
Cash and cash equivalents, beginning of
period |
326,216 |
356,607 |
|
|
|
Cash and cash equivalents, end of period |
$ 380,333 |
$ 352,826 |
|
|
|
|
|
|
Cash paid for income taxes |
$ 3,801 |
$ 32,923 |
|
|
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 March 31,
2014 and 2015 |
|
|
|
|
|
|
|
|
Three Months Ended March
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 |
|
|
|
|
|
|
$ 7,841 |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
2,560 |
Income tax expense |
|
|
|
|
|
|
5,552 |
Other income |
|
|
|
|
|
|
109 |
Interest expense, net |
|
|
|
|
|
|
186 |
Operating income (loss) |
$ 13,589 |
$ 5,635 |
$ 3,426 |
$ (1,074) |
$ -- |
$ (5,328) |
$ 16,248 |
Depreciation and amortization |
3,303 |
4,313 |
2,608 |
1,140 |
-- |
616 |
11,980 |
Stock based compensation |
|
|
|
|
|
1,058 |
1,058 |
Transaction-related charges |
|
|
|
|
-- |
21 |
21 |
Adjusted EBITDA |
$ 16,892 |
$ 9,948 |
$ 6,034 |
$ 66 |
$ -- |
$ (3,633) |
$ 29,307 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March
31, 2015 |
|
|
|
|
|
|
|
|
|
U.S Wireless |
International Integrated
Telephony |
Island Wireless |
U.S. Wireline |
Renewable Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
|
|
Net loss attributable to Atlantic
Tele-Network, Inc. stockholders |
|
|
|
|
|
|
$ (3,269) |
Net income attributable to non-controlling
interests, net of tax |
|
|
|
|
|
|
2,777 |
Income tax benefit |
|
|
|
|
|
|
(486) |
Other (income) |
|
|
|
|
|
|
(32) |
Income from discontinued operations, net of
tax |
|
|
|
|
|
|
(390) |
Loss on deconsolidation of subsidiary |
|
|
|
|
|
|
19,937 |
Interest expense, net |
|
|
|
|
|
|
614 |
Operating income (loss) |
$ 17,910 |
$ 3,766 |
$ 2,413 |
$ (1,135) |
$ 2,652 |
$ (6,455) |
$ 19,151 |
Depreciation and amortization |
4,147 |
4,366 |
2,545 |
1,356 |
1,204 |
1,133 |
14,751 |
Stock based compensation |
|
|
|
|
181 |
1,043 |
1,224 |
Transaction-related charges |
|
|
|
|
61 |
118 |
179 |
Adjusted EBITDA |
$ 22,057 |
$ 8,132 |
$ 4,958 |
$ 221 |
$ 4,098 |
$ (4,161) |
$ 35,305 |
|
|
Table 5 |
ATLANTIC TELE-NETWORK,
INC. |
Reconciliation of
Non-GAAP Measures |
(In
Thousands) |
|
|
|
Reconciliation of
Net Income (Loss) Attributable to Atlantic Tele-Network, Inc
Stockholders and Earnings Per Share to Net Income (Loss)
Attributable to Atlantic Tele-Network, Inc Stockholders Excluding
Loss on Deconsolidation of Subsidiary and Diluted Earnings Per
Share for the Three Months Ended March 31, 2014 and
2015 |
|
|
Three Months Ended March
31, 2014 |
|
|
|
Total |
|
|
Net income (loss) attributable to Atlantic
Tele-Network, Inc. stockholders |
$ 7,841 |
|
|
Adjustments: None |
-- |
|
|
Net income (loss) attributable to Atlantic
Tele-Network, Inc. stockholders excluding loss on
deconsolidation of subsidiary |
$ 7,841 |
|
|
Diluted net income (loss) per weighted
average share attributable to Atlantic Tele-Network, Inc.
stockholder |
$ 0.49 |
|
|
Adjustments: None |
-- |
|
|
Diluted net income (loss) per weighted
average share attributable to Atlantic Tele-Network, Inc.
stockholder excluding loss on deconsolidation of subsidiary |
$ 0.49 |
|
|
|
|
|
Three Months Ended March
31, 2015 |
|
|
|
Total |
|
|
Net income loss attributable to Atlantic
Tele-Network, Inc. stockholders |
$ (3,269) |
|
|
Loss on deconsolidation of subsidiary |
19,937 |
Income tax expense adjustment |
(7,022) |
|
|
Net income attributable to Atlantic
Tele-Network, Inc. stockholders excluding loss on
deconsolidation of subsidiary, net of tax |
$ 9,646 |
|
|
Diluted net loss per weighted average share
attributable to Atlantic Tele-Network, Inc. stockholder |
$ (0.21) |
|
|
Adjustment for loss on deconsolidation,
change in income tax expense and use of 16,068 of diluted
shares |
0.81 |
|
|
Diluted net income (loss) per weighted
average share attributable to Atlantic Tele-Network, Inc.
stockholder excluding loss on deconsolidation of subsidiary |
$ 0.60 |
|
1 See Table 4 for reconciliation of Net Income to Adjusted
EBITDA.
2 See Table 5 for reconciliation of Net Income Attributable
to ATN Stockholders to Net Income Attributable to ATN Stockholders
Excluding Loss on Deconsolidation.
3 Reconciling items are comprised of corporate general and
administrative costs and transaction-related charges
CONTACT: Michael T. Prior
Chief Executive Officer
978-619-1300
Justin D. Benincasa
Chief Financial Officer
978-619-1300
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