First Quarter 2016 Financial
Highlights:
ATN (NASDAQ:ATNI), today reported results for the first quarter
ended March 31, 2016. 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. The
Company recently announced a change in its segment reporting
structure and an unaudited recast of financial information for the
last eight quarterly periods can be found in the Company’s Form 8-K
filing, dated April 12, 2016.
First Quarter 2016 Financial
Results and Business Review
“First quarter results represented the continued
execution of our strategic growth plan,” said Michael Prior, Chief
Executive Officer. “As expected, consolidated revenue and
EBITDA results were affected by the ongoing transition of our U.S.
wholesale wireless business to a long term, alternative outsourced
model. The revenue impact of this transition was partially offset
by growth in rural retail wireless within our wholesale network
footprint, and wireline gains in our International Telecom segment.
We reported modestly higher year-on-year adjusted EBITDA
improvement in each of our business segments.
Transaction-related expenses, mainly related to renewables, reduced
both operating and net income.
“We continue to advance in expanding the scope
of our operations and investing our balance sheet to increase
returns. This quarter, however, largely reflects the cost of
those activities with the benefits expected in future periods as
the planned investments move forward.
“We are working diligently on securing the
necessary regulatory approvals for the two pending telecom
acquisitions we announced last year, and expect to complete the
Bermuda transaction shortly.
“In April, our subsidiary Ahana Renewables
completed the purchase of the development business of Armstrong
Energy Global, a developer and owner of solar farms in India.
Together with Armstrong, we have established Vibrant Energy, which
will oversee the development, construction and operations of
photovoltaic solar projects in Southern India. We currently
expect Vibrant Energy to have 20 - 25 MW on line and generating
revenue by early in the fourth quarter of this year, 45 MW by
January 2017, and we are targeting the development of at least
250MW in solar energy projects in that market through the end of
2018,” concluded Mr. Prior.
First quarter 2016 revenues were $89.7 million,
a 5% increase from the $85.3 million reported for the first quarter
of 2015. This was the result of a 9% increase in our U.S.
Telecom segment revenues, a 1% increase in International Telecom
segment revenues and a 6% increase in Renewable Energy segment
revenues.
Adjusted EBITDA1 for the first quarter was
$34.1 million, which was flat to the prior year. First
quarter Adjusted EBITDA1 for U.S. Telecom increased 1% over the
prior year. International Telecom Adjusted EBITDA1 increased 8%
over the prior year, and Adjusted EBITDA1 for Renewable Energy
increased 8% over the prior year. Offsetting individual
segment gains were incremental overhead costs incurred in
preparation for the pending acquisitions.
Operating income for the first quarter was $15.9
million, down 17% compared to last year’s $19.2 million in the same
period. Operating income for this period was negatively
impacted by $3.7 million of transaction-related charges incurred
this quarter, most of which stem from our investment activities in
India. We expect high transaction-related charges to continue
in the current quarter. In the second quarter of 2016 we expect
transaction related charges of $7.5 million to $9.0 million,
reflecting the accounting treatment of certain elements of the
India purchase, as well as banker fees related to any telecom
acquisitions that close.
Net income attributable to ATN’s stockholders
for the first quarter was $6.1 million or $0.38 per diluted share,
a significant increase over the prior year due to the Q1 2015 $19.9
million loss related to the deconsolidation of the non-controlling
interest from the sale of our holdings in Turks and Caicos.
First Quarter 2016 Operating
Highlights
The Company has three reportable segments: (i)
U.S. Telecom; (ii) International Telecom; and (iii) Renewable
Energy, consistent with how management views the structure and
manages business operations in 2016.
U.S. Telecom
U.S. Telecom revenues consist of wireless
revenues from our voice and data wholesale roaming operations and
our smaller retail operations in the southwestern U.S. states and
wireline revenues from our wholesale transport operations in the
Northeastern United States. Total U.S. Telecom segment
revenues were $46.2 million in the first quarter of 2016, a 9%
increase from the $42.4 million reported in the first quarter of
2015. Wireless revenues, which represented 85% of this
segment’s revenues for both the first quarter of 2016 and 2015,
increased by 10% in the first quarter of 2016 compared with the
first quarter of 2015. This increase was the result of
increased wholesale roaming revenues due to growth in data traffic
volumes partially offset by rate declines, network expansions and
increased wireless revenues in our retail operations.
Wireline revenues in the U.S. Telecom segment were $6.0
million and flat to the prior year. The Company ended the
first quarter of 2016 with 883 domestic base stations in service
compared to 836 at the end of last year’s first quarter.
U.S. Telecom Adjusted EBITDA1 of $22.4 million
in the first quarter of 2016 represented a 1% increase over the
prior year $22.3 million. Current year revenue increases in
this segment were partially offset by increases in roaming costs
and other direct expenses associated with our wireless retail
operations. In addition, the prior year benefited from
expense offsets related to a transition services agreement
associated with the sale of a subsidiary.
For full year 2016, we reaffirm our expectation
that U.S. wireless business revenues will range from $140 million
to $150 million and that Adjusted EBITDA1 margins will be 50% to
55%. Adjusted for the new reporting segments that became effective
in 2016, this is equivalent to revenue guidance for U.S. Telecom of
$165 million to $175 million and mid-40s% Adjusted EBITDA1
margins.
International Telecom
International Telecom revenues consist of
wireline revenues from our operations in the Caribbean and retail
and wholesale voice and data wireless revenues from operations in
Bermuda and the Caribbean including the USVI. International Telecom
revenues were $37.9 million in the first quarter of 2016, a 1%
increase from the $37.7 million reported in the first quarter of
2015. The increase was due to growth in wireline broadband
revenues partially offset by a decline in wireless revenues due to
the sale of the Turks and Caicos operations at the end of the first
quarter of 2015.
International Telecom Adjusted EBITDA1 of $14.1
million in the first quarter increased 8% from $13.1 million in the
prior year. The increase in Adjusted EBITDA1 reflects
economies of scale benefits, expense efficiencies realized in some
smaller operations, and the benefit from the sale of our Turks and
Caicos operations at the end of the first quarter of 2015.
Renewable Energy
Renewable energy segment revenues are generated
principally by the sale of energy and solar renewable energy
credits from our 28 commercial solar projects in the United
States. For the first quarter of 2016, revenues from our
renewable energy business were $5.6 million, up 6% from the $5.3
million in the prior year mostly due to the impact of heavy
snowfall in Massachusetts on last year’s energy production.
Reportable Operating
Segments
Financial data on our reportable operating
segments for the three months ended March 31, 2016 and 2015 are as
follows (in thousands):
|
|
|
|
|
|
For the
three months ended March 31, 2016: |
|
|
|
|
|
|
|
U.S.
Telecom |
International
Telecom |
Renewable
Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Wireless |
$ |
39,464 |
|
$ |
19,414 |
|
$ |
- |
|
$ |
- |
|
$ |
58,878 |
|
Wireline |
|
6,046 |
|
|
16,399 |
|
|
- |
|
|
- |
|
|
22,445 |
|
Renewable Energy |
|
- |
|
|
- |
|
|
5,589 |
|
|
- |
|
|
5,589 |
|
Equipment and Other |
|
688 |
|
|
2,086 |
|
|
- |
|
|
- |
|
|
2,774 |
|
Total Revenue |
$ |
46,198 |
|
$ |
37,899 |
|
$ |
5,589 |
|
$ |
- |
|
$ |
89,686 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
22,400 |
|
|
14,078 |
|
|
4,242 |
|
|
(6,618 |
) |
|
34,102 |
|
|
|
|
|
|
|
Operating Income (Loss) |
|
16,746 |
|
|
7,737 |
|
|
63 |
|
|
(8,653 |
) |
|
15,893 |
|
|
|
|
|
|
|
For the
three months ended March 31, 2015: |
|
|
|
|
|
|
|
U.S.
Telecom |
International
Telecom |
Renewable
Energy |
Reconciling Items |
Total |
|
|
|
|
|
|
Revenue |
|
|
|
|
|
Wireless |
$ |
35,843 |
|
$ |
21,172 |
|
$ |
- |
|
$ |
- |
|
$ |
57,015 |
|
Wireline |
|
5,993 |
|
|
14,600 |
|
|
- |
|
|
- |
|
|
20,593 |
|
Renewable Energy |
|
- |
|
|
- |
|
|
5,289 |
|
|
- |
|
|
5,289 |
|
Equipment and Other |
|
540 |
|
|
1,907 |
|
|
- |
|
|
- |
|
|
2,447 |
|
Total Revenue |
$ |
42,376 |
|
$ |
37,679 |
|
$ |
5,289 |
|
$ |
- |
|
$ |
85,344 |
|
|
|
|
|
|
|
Adjusted EBITDA |
|
22,278 |
|
|
13,090 |
|
|
3,917 |
|
|
(5,204 |
) |
|
34,081 |
|
|
|
|
|
|
|
Operating Income (Loss) |
|
16,775 |
|
|
6,179 |
|
|
2,652 |
|
|
(6,455 |
) |
|
19,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet and Cash Flow Highlights
Cash and cash equivalents at March 31, 2016 were
$391.1 million. In addition, the Company held $5.6 million of
restricted cash primarily related to our renewable energy
business. Net cash provided by operating activities was $28.3
million for the first quarter of 2016, compared with net cash
provided by operating activities of $35.5 million for the first
quarter of 2015. The decrease was due to legal and other
transaction related expenses in the first quarter of 2016 and
current year changes in working capital. Capital expenditures
were $16.4 million for the first quarter of 2016, and the Company
expects full year 2016 capital expenditures for the telecom
businesses to be in the range of $65 million to $75 million
and in addition, capital expenditures for Renewable Energy to be in
the range of $40 million to $50 million.
Conference Call Information
ATN will host a conference call on Thursday,
April 28, 2016 at 9:30 a.m. Eastern Time (ET) to discuss its first
quarter 2016 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 91134710.
A replay of the call will be available at ir.atni.com beginning at
1:00 p.m. (ET) on Thursday, April 28, 2016.
About ATN
ATN (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; (14) our ability to
realize the value that we believe exists in our businesses; and
(15) our ability to receive requisite regulatory consents and
approvals and satisfy other conditions needed to complete our
proposed acquisitions. 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, 2015, filed with the SEC on February 29, 2016 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,
transaction-related charges, other income or expense, 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.
1 See Table 4 for reconciliation of Net Income to Adjusted
EBITDA.
|
Table 1 |
ATLANTIC TELE-NETWORK, INC. |
Unaudited Condensed Consolidated Balance
Sheets |
(in Thousands) |
|
|
|
|
|
March 31, |
|
December 31, |
|
2016 |
|
|
2015 |
|
Assets: |
|
|
|
Cash and cash equivalents |
$ |
391,102 |
|
|
$ |
392,045 |
|
Restricted cash |
|
846 |
|
|
|
824 |
|
Other current assets |
|
86,772 |
|
|
|
75,623 |
|
|
|
|
|
Total current assets |
|
478,720 |
|
|
|
468,492 |
|
|
|
|
|
Long-term restricted cash |
|
4,802 |
|
|
|
5,477 |
|
Property, plant and equipment,
net |
|
375,295 |
|
|
|
373,503 |
|
Goodwill and other intangible
assets, net |
|
89,820 |
|
|
|
90,043 |
|
Other assets |
|
9,376 |
|
|
|
7,489 |
|
|
|
|
|
Total assets |
$ |
958,013 |
|
|
$ |
945,004 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity: |
|
|
|
Current portion of long-term
debt |
$ |
6,341 |
|
|
$ |
6,284 |
|
Taxes payable |
|
12,881 |
|
|
|
9,181 |
|
Other current liabilities |
|
68,262 |
|
|
|
68,890 |
|
|
|
|
|
Total current liabilities |
|
87,484 |
|
|
|
84,355 |
|
|
|
|
|
Long-term debt, net of current
portion |
$ |
24,983 |
|
|
$ |
26,575 |
|
Deferred income taxes |
|
45,406 |
|
|
|
45,406 |
|
Other long-term liabilities |
|
35,909 |
|
|
|
26,944 |
|
|
|
|
|
Total long-term liabilities |
|
106,298 |
|
|
|
98,925 |
|
|
|
|
|
Total liabilities |
|
193,782 |
|
|
|
183,280 |
|
|
|
|
|
Total Atlantic Tele-Network, Inc.’s
stockholders’ equity |
|
681,218 |
|
|
|
680,299 |
|
Non-controlling interests |
|
83,013 |
|
|
|
81,425 |
|
|
|
|
|
Total equity |
|
764,231 |
|
|
|
761,724 |
|
|
|
|
|
Total liabilities and stockholders’
equity |
$ |
958,013 |
|
|
$ |
945,004 |
|
|
|
|
|
Table 2 |
ATLANTIC TELE-NETWORK, INC. |
Unaudited Condensed Consolidated Statements of
Operations |
(in Thousands, Except per Share
Data) |
|
|
|
|
|
|
Three Months Ended |
|
March 31, |
|
|
|
2016 |
|
|
|
2015 |
|
Revenues: |
|
|
|
|
Wireless |
$ |
58,878 |
|
|
$ |
57,015 |
|
Wireline |
|
22,445 |
|
|
|
20,593 |
|
Renewable energy |
|
|
5,589 |
|
|
|
5,289 |
|
Equipment and
other |
|
2,774 |
|
|
|
2,447 |
|
Total revenue |
|
89,686 |
|
|
|
85,344 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Termination and access
fees |
|
20,913 |
|
|
|
20,197 |
|
Engineering and
operations |
|
9,837 |
|
|
|
7,656 |
|
Sales, marketing and
customer service |
|
5,154 |
|
|
|
5,261 |
|
Equipment expense |
|
3,259 |
|
|
|
3,828 |
|
General and
administrative |
|
16,421 |
|
|
|
14,321 |
|
Transaction-related
charges |
|
3,655 |
|
|
|
179 |
|
Depreciation and amortization |
|
|
14,554 |
|
|
|
14,751 |
|
Total
operating expenses |
|
73,793 |
|
|
|
66,193 |
|
|
|
|
|
Operating
income |
|
15,893 |
|
|
|
19,151 |
|
|
|
|
|
Other
income (expense): |
|
|
|
Interest expense,
net |
|
(478 |
) |
|
|
(614 |
) |
Loss on deconsolidation
of subsidiary |
|
- |
|
|
|
(19,937 |
) |
Other income |
|
14 |
|
|
|
32 |
|
Other expense, net |
|
(464 |
) |
|
|
(20,519 |
) |
|
|
|
|
Income
(loss) from continuing operations before income taxes |
|
15,429 |
|
|
|
(1,368 |
) |
Income tax expense
(benefit) |
|
4,631 |
|
|
|
(486 |
) |
|
|
|
|
Net income (loss) from continuing operations |
|
10,798 |
|
|
|
(882 |
) |
|
|
|
|
|
Income from discontinued operations, net of tax |
|
- |
|
|
|
390 |
|
|
|
|
|
|
Net
income (loss) |
|
|
10,798 |
|
|
|
(492 |
) |
Net income attributable to non-controlling interests, net |
|
(4,678 |
) |
|
|
(2,777 |
) |
|
|
|
|
|
Net income (loss) attributable to Atlantic Tele-Network, Inc.
stockholders |
$ |
6,120 |
|
|
$ |
(3,269 |
) |
|
|
|
|
Basic net income (loss) per weighted average share attributable
to Atlantic Tele-Network, Inc. stockholders: |
|
|
|
Income from continuing
operations |
$ |
0.38 |
|
|
$ |
(0.23 |
) |
Income from
discontinued operations |
|
- |
|
|
|
0.02 |
|
Net income |
|
$ |
0.38 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
Diluted net income (loss) per weighted average share
attributable to Atlantic Tele-Network, Inc. stockholders: |
|
|
|
Income from continuing
operations |
$ |
0.38 |
|
|
$ |
(0.23 |
) |
Income from
discontinued operations |
|
- |
|
|
|
0.02 |
|
Net income |
|
$ |
0.38 |
|
|
$ |
(0.21 |
) |
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
Basic |
|
16,092 |
|
|
|
15,939 |
|
Diluted |
|
16,198 |
|
|
|
15,939 |
|
|
|
|
|
|
Table 3 |
ATLANTIC TELE-NETWORK, INC. |
Unaudited Condensed Consolidated Cash Flow
Statement |
(in Thousands) |
|
|
|
Three Months Ended March 31, |
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
Net income (loss) |
$ |
10,798 |
|
|
$ |
(492 |
) |
Depreciation and amortization |
|
14,554 |
|
|
|
14,751 |
|
Loss on deconsolidation of
business |
|
- |
|
|
|
19,937 |
|
Change in prepaid and accrued
income taxes |
|
4,363 |
|
|
|
5,952 |
|
Change in other operating assets
and liabilities |
|
(3,304 |
) |
|
|
(6,546 |
) |
Other |
|
1,918 |
|
|
|
1,263 |
|
|
|
|
|
Net cash provided by operating
activities of continuing operations |
|
28,329 |
|
|
|
34,865 |
|
Net cash provided by operating
activities of discontinued operations |
|
- |
|
|
|
589 |
|
Net cash provided by operating
activities |
|
28,329 |
|
|
|
35,454 |
|
|
|
|
|
Capital expenditures |
|
(16,445 |
) |
|
|
(13,812 |
) |
Acquisition of business, net of
acquired cash of $6,571 |
|
- |
|
|
|
(2,600 |
) |
Net proceeds from sale of
assets |
|
- |
|
|
|
5,873 |
|
Purchase of securities |
|
(2,000 |
) |
|
|
- |
|
Change in restricted cash |
|
653 |
|
|
|
39,635 |
|
|
|
|
|
Net cash provided by (used in)
investing activities |
|
(17,792 |
) |
|
|
29,096 |
|
|
|
|
|
Dividends paid on common stock |
|
(5,145 |
) |
|
|
(4,618 |
) |
Distributions to non-controlling
interests |
|
(3,036 |
) |
|
|
(3,066 |
) |
Other |
|
(3,299 |
) |
|
|
(2,749 |
) |
|
|
|
|
Net cash used in financing
activities |
|
(11,480 |
) |
|
|
(10,433 |
) |
|
|
|
|
Net change in cash and
cash equivalents |
|
(943 |
) |
|
|
54,117 |
|
|
|
|
|
Cash and cash
equivalents, beginning of period |
|
392,045 |
|
|
|
326,216 |
|
|
|
|
|
Cash and cash
equivalents, end of period |
$ |
391,102 |
|
|
$ |
380,333 |
|
|
|
|
|
|
|
|
|
|
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, 2016 and
2015 |
|
|
|
|
|
|
Three Months Ended March 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Telecom |
|
International Telecom |
|
Renewable Energy |
|
|
Reconciling Items |
|
|
Total |
|
|
|
|
|
|
|
Net income attributable to Atlantic Tele-Network, Inc.
stockholders |
|
|
|
|
$ |
6,120 |
|
Net income attributable to non-controlling interests, net of
tax |
|
|
|
|
|
4,678 |
|
Income tax expense |
|
|
|
|
|
4,631 |
|
Other income |
|
|
|
|
|
(14 |
) |
Interest expense, net |
|
|
|
|
|
478 |
|
Operating income (loss) |
$ |
16,746 |
|
$ |
7,737 |
|
$ |
63 |
|
$ |
(8,653 |
) |
$ |
15,893 |
|
Depreciation and amortization |
|
5,654 |
|
|
6,341 |
|
|
1,207 |
|
|
1,352 |
|
|
14,554 |
|
Transaction-related charges |
|
- |
|
|
- |
|
|
2,972 |
|
|
683 |
|
|
3,655 |
|
Adjusted EBITDA |
$ |
22,400 |
|
$ |
14,078 |
|
$ |
4,242 |
|
$ |
(6,618 |
) |
$ |
34,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Telecom |
|
|
International Telecom |
|
|
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) |
$ |
16,775 |
|
$ |
6,179 |
|
$ |
2,652 |
|
$ |
(6,455 |
) |
$ |
19,151 |
|
Depreciation and amortization |
|
5,503 |
|
|
6,911 |
|
|
1,204 |
|
|
1,133 |
|
|
14,751 |
|
Transaction-related charges |
|
- |
|
|
- |
|
|
61 |
|
|
118 |
|
|
179 |
|
Adjusted EBITDA |
$ |
22,278 |
|
$ |
13,090 |
|
$ |
3,917 |
|
$ |
(5,204 |
) |
$ |
34,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 |
ATLANTIC TELE-NETWORK, INC. |
Reconciliation of Non-GAAP
Measures |
(In Thousands) |
|
|
|
|
|
|
Reconciliation of Net Income Attributable to
Atlantic Tele-Network, Inc. Stockholders and
Earnings Per Share to Net |
Income 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, 2016 and 2015 |
|
|
|
Three Months Ended March 31, 2016 |
|
|
Total |
|
|
|
Net income attributable
to Atlantic Tele-Network, Inc. stockholders |
|
$ |
6,120 |
|
|
|
|
Adjustments: None |
|
|
- |
|
|
|
|
Net income
attributable to Atlantic Tele-Network, Inc. stockholders excluding
loss on deconsolidation of subsidiary |
$ |
6,120 |
|
|
|
|
|
|
|
Diluted net income per
weighted average share attributable to Atlantic Tele-Network, Inc.
stockholder |
|
$ |
0.38 |
|
|
|
|
Adjustments: None |
|
|
- |
|
|
|
|
Diluted net income per
weighted average share attributable to Atlantic Tele-Network,
Inc. |
|
|
stockholder excluding
loss on deconsolidation of subsidiary |
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2015 |
|
|
|
|
|
Total |
|
|
|
Net loss attributable
to Atlantic Tele-Network, Inc. stockholders |
|
$ |
(3,269 |
) |
|
|
|
Loss on deconsolidation
of subsidiary |
|
|
19,937 |
|
Income tax expense
adjustment |
|
|
- |
|
|
|
|
Net income
attributable to Atlantic Tele-Network, Inc. stockholders excluding
loss on deconsolidation of subsidiary |
$ |
16,668 |
|
|
|
|
Diluted net loss per
weighted average share attributable to Atlantic Tele-Network, Inc.
stockholder |
|
$ |
(0.21 |
) |
|
|
|
Adjustments: loss on
deconsolidation of subsidiary |
|
|
1.25 |
|
|
|
|
Diluted net income per
weighted average share attributable to Atlantic Tele-Network,
Inc. |
|
|
stockholder excluding
loss on deconsolidation of subsidiary |
|
$ |
1.04 |
|
|
|
|
|
|
|
CONTACT:
978-619-1300
Michael T. Prior
Chief Executive Officer
Justin D. Benincasa
Chief Financial Officer
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