ATNI ATN International Inc

Second Quarter 2016 Financial Highlights:

ATN (NASDAQ:ATNI), today reported results for the second quarter and six months ended June 30, 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 changed 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.

Second Quarter 2016 Financial Results and Business Review

“We completed several key elements of our strategic plan in the second quarter, strengthening and broadening our domestic and international telecom services and expanding our renewables business,” said Michael Prior, Chief Executive Officer. “While the net effect of the transactional and restructuring charges related to these activities reduced our reported financial results for the period, these actions and transactions have created important platforms for us to build value and generate significant returns over the long term.

“In U.S. Telecom, we were able to make additional progress within our wholesale wireless business on re-pricing and extending terms with our major carrier customers, supporting our previous guidance for U.S. Telecom revenues and Adjusted EBITDA margin for full year 2016.  In addition, we recently began a review of strategic alternatives for our U.S. Wireline business in the Northeast.  Given that exercise, as well as recent consolidation, the competitive environment and other activity in that market, we concluded that the assets of this business were overvalued.  As a result, we recorded an impairment charge this quarter to write down the value of these assets.  

“In International Telecom, we significantly expanded our business with the completion of the KeyTech Bermuda combination in early May, and the purchase of the Innovative group in the U.S. Virgin Islands that closed in July. Both of these transactions strengthen our position in markets we know well, provide revenue synergy potential and opportunities to improve operating efficiencies.

“Our renewable energy business generated revenue and cash flows a bit ahead of our expectations. In India, we have staffed up quickly and now expect to have our first 10 MW facility operational around the end of the third quarter, with additional facilities coming on line soon thereafter, “ Mr. Prior noted.

Second quarter 2016 revenues were $100.0 million, an 11% increase from the $90.3 million reported for the second quarter of 2015. Revenue growth resulted primarily from a 34% increase in our International Telecom segment revenues. Adjusted EBITDA[1] for the second quarter was $34.3 million, 15% below the prior year resulting primarily from the anticipated decline in U.S Telecom.    

The Company incurred an operating loss for the second quarter of $5.4 million compared to last year’s operating income of $28.7 million in the same period.  The operating loss for this period resulted from $23.2 million in special charges, which included $10.4 million of acquisition related transaction costs. A significant portion of these costs are related to payments made as part of the acquisition consideration of our India renewable energy platform and a lesser amount related to the KeyTech Bermuda combination.  We expect to incur additional transaction-related charges in the third quarter of 2016 of between $1.0 and $2.0 million primarily associated with the early July closing of our acquisition of Caribbean Asset Holdings LLC, the holding company for the Innovative group of companies operating cable TV, Internet and landline services primarily in the U.S. Virgin Islands.

Also contributing to the second quarter 2016 operating loss was a non-cash $11.1 million charge for the impairment of goodwill and other assets of our U.S. Telecom wireline business and $1.8 million in restructuring charges as part of the integration of our businesses in Bermuda.

Net loss attributable to ATN’s stockholders for the second quarter was $3.1 million or $0.19 per share, compared with the prior year net income attributable to ATN’s stockholders of $9.5 million, or $0.59 per diluted share. The loss was due to the previously-mentioned current year charges for transaction-related activities, impairments of intangible and other assets and restructuring, partially offset by a bargain purchase gain of $7.3 million as part of our acquisition of KeyTech Limited.

Revenues for the first six months of 2016 were $189.7 million, an 8% increase from the $175.7 million reported for the same period of 2015.   Adjusted EBITDA[1] for the first six months of 2016 was $68.4 million, down 8% from the prior year.  Operating income of $10.5 million for the first six months of 2016 declined from the prior year’s $47.9 million, and net income attributable to ATN’s stockholders was $3.0 million or $0.19 per diluted share, compared with the prior year’s $6.2 million, or $0.38 per diluted share.  

Second 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 $43.9 million in the second quarter of 2016, a 7% decrease from the $47.5 million reported in the second quarter of 2015.  U.S. Wireless revenues declined 6% to $37.7 million compared with $40.1 million in the prior year quarter, due mostly to lower wholesale roaming rates, partially offset by growth in data traffic volume.   U.S. Wireline revenues were $5.8 million, down from the $6.7 million in the prior year due to a drop in our wholesale long-distance voice service revenue.  The Company ended the second quarter of 2016 with 905 domestic base stations in service compared to 840 at the end of last year’s second quarter. 

U.S. Telecom Adjusted EBITDA1 of $21.5 million in the second quarter of 2016 represented a 17% decrease compared to the prior year’s $26.0 million.  This decrease was due in part to lower wholesale wireless revenues in the current year quarter and increased direct expenses associated with our retail wireless 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 revenue for our U.S. Telecom segment will range from $165 million to $175 million and Adjusted EBITDA1 margin will be in the mid-40s%.  

International Telecom

International Telecom consists of a broad range of information and communications services including wireline and wireless data, internet, voice and media service revenues from our operations in Bermuda and the Caribbean including the USVI. International Telecom revenues were $50.4 million in the second quarter of 2016, a 34% increase from the $37.6 million reported in the second quarter of 2015.  The increased revenues are the result of our acquisition of KeyTech during the quarter which added $14.0 million for the two months of operations in the quarter.

International Telecom Adjusted EBITDA1 of $15.4 million in the second quarter declined 8% from $16.7 million in the prior year, reflecting increased targeted promotional marketing spend in Guyana, partially offset by the favorable impact of the KeyTech acquisition.  We expect Adjusted EBITDA for this segment to increase substantially in the third quarter as a result of a full quarter of KeyTech results and the addition of the U.S. Virgin Islands acquisition for the full quarter.   

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 second quarter of 2016, revenues from our renewable energy business were $5.7 million, up 7% from the $5.3 million in the prior year mostly due to better than expected production and certain contract escalations taking effect.  Renewable Energy Adjusted EBITDA1  of $3.8 million in the second quarter declined 2% from $3.9 million in the prior year.  The decline in Adjusted EBITDA reflects operating expenses associated with the building of our India operations and platform and we still are targeting having a total of approximately 50 MWs of solar production facilities in India operational in the first quarter of 2017.   

Reportable Operating Segments

Financial data on our reportable operating segments for the three months ended June 30, 2016 and 2015 are as follows (in thousands):

For the three months ended June 30, 2016:
	U.S.  Telecom			International Telecom			Renewable Energy			Reconciling Items			Total
Revenue
Wireless	$	37,655		$	19,433		$	-		$	-		$	57,088
Wireline		5,811			28,165			-			-			33,976
Renewable Energy		-			-			5,562			-			5,562
Equipment and Other		480			2,765			120			-			3,365
Total Revenue	$	43,946		$	50,363		$	5,682		$	-		$	99,991
Adjusted EBITDA		21,482			15,420			3,809			(6,368	)		34,343
Operating Income (Loss)		4,797			1,955			(3,618	)		(8,526	)		(5,392	)
For the three months ended June 30, 2015:
	U.S.  Telecom			International Telecom			Renewable Energy			Reconciling Items			Total
Revenue
Wireless	$	40,103		$	20,223		$	-		$	-		$	60,326
Wireline		6,679			15,410			-			-			22,089
Renewable Energy		-			-			5,290			-			5,290
Equipment and Other		698			1,923			-			-			2,621
Total Revenue	$	47,480		$	37,556		$	5,290		$	-		$	90,326
Adjusted EBITDA		25,956			16,731			3,895			(6,064	)		40,518
Operating Income (Loss)		23,122			10,332			2,691			(7,413	)		28,732

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents at June 30, 2016 were $352.3 million.  In addition, the Company held $6.6 million of restricted cash primarily related to our renewable energy business.  Net cash provided by operating activities was $50.7 million for the first six months of 2016, compared with net cash provided by operating activities of $81.1 million for the first six months of 2015.  The decrease in net cash provided by operating activities is due to the impact of lower operating income in the first six months of 2016, including the transaction and restructuring charges along with changes in accrued taxes and other working capital items.  Capital expenditures were $42.7 million for the first six months of 2016, and the Company expects full year 2016 capital expenditures for its Telecom businesses, including the recent Bermuda and USVI acquisitions, to be in the range of $80 million to $95 million, which includes an additional $20 million to $25 million for post-acquisition network investments in Bermuda and the USVI.   In addition, capital expenditures for Renewable Energy are still expected to be in the range of $40 million to $50 million.

Conference Call Information

ATN will host a conference call on Thursday, July 28, 2016 at 9:30 a.m. Eastern Time (ET) to discuss its second 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 50221899. A replay of the call will be available at ir.atni.com beginning at 1:00 p.m. (ET) on Thursday, July 28, 2016.

About ATN

ATN International (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 and India. 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. 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, bargain purchase gain, impairment of long-lived assets, restructuring charges, 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 (Loss) to Adjusted EBITDA.

 

Table 1
ATN International, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in Thousands)
	June 30,				December 31,
		2016				2015
Assets:
Cash and cash equivalents	$	352,258			$	392,045
Restricted cash		1,430				824
Other current assets		81,223				75,623
Total current assets		434,911				468,492
Long-term restricted cash		5,161				5,477
Property, plant and equipment, net		486,729				373,503
Goodwill and other intangible assets, net		95,168				90,043
Other assets		23,415				7,489
Total assets	$	1,045,384			$	945,004
Liabilities and Stockholders’ Equity:
Current portion of long-term debt	$	5,933			$	6,284
Taxes payable		14,144				9,181
Other current liabilities		81,542				68,890
Total current liabilities		101,619				84,355
Long-term debt, net of current portion	$	57,525			$	26,575
Deferred income taxes		36,631				45,406
Other long-term liabilities		44,178				26,944
Total long-term liabilities		138,334				98,925
Total liabilities		239,953				183,280
Total ATN International, Inc.’s stockholders’ equity		670,666				680,299
Non-controlling interests		134,765				81,425
Total equity		805,431				761,724
Total liabilities and stockholders’ equity	$	1,045,384			$	945,004

Table 2
ATN International, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in Thousands, Except per Share Data)
		Three Months Ended								Six Months Ended
		June 30,								June 30,
			2016				2015				2016				2015
Revenues:
Wireless		$	57,088			$	60,326			$	115,965			$	117,341
Wireline			33,976				22,089				56,421				42,681
Renewable energy			5,562				5,290				11,151				10,579
Equipment and other			3,365				2,621				6,139				5,069
Total revenue			99,991				90,326				189,676				175,670
Operating expenses:
Termination and access fees			25,197				19,525				46,110				39,723
Engineering and operations			8,907				8,363				18,745				16,020
Sales, marketing and customer service			7,073				4,895				12,227				10,156
Equipment expense			4,063				2,833				7,322				6,661
General and administrative			20,408				14,192				36,828				28,502
Transaction-related charges			10,410				137				14,065				316
Restructuring charges			1,785				-				1,785				-
Depreciation and amortization			16,493				14,472				31,047				29,223
Impairment of long-lived assets			11,076				-				11,076				-
Gain on disposition of long-lived assets			(29	)			(2,823	)			(29	)			(2,823	)
Total operating expenses			105,383				61,594				179,176				127,778
Operating income (loss)			(5,392	)			28,732				10,500				47,892
Other income (expense):
Interest expense, net			(716	)			(742	)			(1,194	)			(1,359	)
Loss on deconsolidation of subsidiary			-				-				-				(19,937	)
Bargain purchase gain			7,304				-				7,304				-
Other income (expense), net			(137	)			36				(123	)			61
Other expense, net			6,451				(706	)			5,987				(21,235	)
Income from continuing operations before income taxes			1,059				28,026				16,487				26,657
Income tax expense			2,945				13,008				7,576				12,521
Net income (loss) from continuing operations			(1,886	)			15,018				8,911				14,136
Income from discontinued operations, net of tax			-				-				-				390
Net income (loss)			(1,886	)			15,018				8,911				14,526
Net income attributable to non-controlling interests, net			(1,200	)			(5,568	)			(5,877	)			(8,345	)
Net income (loss) attributable to ATN International, Inc. stockholders		$	(3,086	)		$	9,450			$	3,034			$	6,181
Basic net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:
Income (loss) from continuing operations		$	(0.19	)		$	0.59			$	0.19			$	0.36
Income from discontinued operations			-				-				-				0.02
Net income		$	(0.19	)		$	0.59			$	0.19			$	0.38
Diluted net income (loss) per weighted average share attributable to ATN International, Inc. stockholders:
Income (loss) from continuing operations		$	(0.19	)		$	0.59			$	0.19			$	0.36
Income from discontinued operations			-				-				-				0.02
Net income		$	(0.19	)		$	0.59			$	0.19			$	0.38
Weighted average common shares outstanding:
Basic			16,145				16,038				16,118				15,988
Diluted			16,145				16,150				16,221				16,109

Table 3
ATN International, Inc.
Unaudited Condensed Consolidated Cash Flow Statement
(in Thousands)
	Six Months Ended June 30,
		2016				2015
Net income	$	8,911			$	14,526
Income from discontinued operations		-				(390	)
Depreciation and amortization		31,047				29,223
Loss on deconsolidation of business		-				19,937
Bargain purchase gain		(7,304	)			-
Gain on disposition of long-lived assets		(29	)			(2,823	)
Impairment of long-lived assets		11,076				-
Deferred income taxes		(8,775	)			-
Change in prepaid and accrued income taxes		15,294				18,553
Change in other operating assets and liabilities		(3,462	)			(1,681	)
Other non-cash activity		3,962				3,197
Net cash provided by operating activities of continuing operations		50,720				80,542
Net cash provided by operating activities of discontinued operations		-				603
Net cash provided by operating activities		50,720				81,145
Capital expenditures		(42,727	)			(28,031	)
Acquisition of businesses and non-controlling interests, net of acquired cash of $8,320 and $6,571		(36,764	)			(11,968	)
Purchases of spectrum licenses, including deposits		(10,860	)			-
Sale of short-term investments		-				5,873
Purchase of securities		(2,000	)			-
Change in restricted cash		(290	)			39,001
Other		1,424				-
Net cash provided by (used in) investing activities		(91,217	)			4,875
Dividends paid on common stock		(10,311	)			(9,267	)
Distributions to non-controlling interests		(4,302	)			(9,160	)
Repayments of long-term debt - term loans		(4,759	)			(2,997	)
Investments made by minority shareholders		21,904				905
Other		(1,822	)			88
Net cash provided by (used in) financing activities		710				(20,431	)
Net change in cash and cash equivalents		(39,787	)			65,589
Cash and cash equivalents, beginning of period		392,045				326,216
Cash and cash equivalents, end of period	$	352,258			$	391,805

Table 4
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
Reconciliation of Net Income (Loss) to Adjusted EBITDA for the Three Months Ended June 30, 2016 and 2015
Three Months Ended June 30, 2016
	U.S. Telecom						Renewable Energy			Reconciling Items			Total
				International elecom
Net income (loss) attributable to ATN International, Inc. stockholders													$	(3,086	)
Net income attributable to non-controlling interests, net of tax														1,200
Income tax expense														2,945
Other income (expense)														137
Bargain purchase gain														(7,304	)
Interest expense, net														716
Operating income (loss)	$	4,797		$	1,955		$	(3,618	)	$	(8,526	)	$	(5,392	)
Depreciation and amortization		5,609			8,209			1,207			1,468			16,493
Gain on disposition of long-lived asset		-			(29	)		-			-			(29	)
Impairment of long-lived assets		11,076			-			-			-			11,076
Restructuring charges		-			1,785			-			-			1,785
Transaction-related charges		-			3,500			6,220			690			10,410
Adjusted EBITDA	$	21,482		$	15,420		$	3,809		$	(6,368	)	$	34,343
Three Months Ended June 30, 2015
	U.S. Telecom						Renewable Energy			Reconciling Items			Total
				International Telecom
Net income (loss) attributable to ATN International, Inc. stockholders													$	9,450
Net income attributable to non-controlling interests, net of tax														5,568
Income tax expense														13,008
Other income (expense)														(36	)
Interest expense, net														742
Operating income (loss)	$	23,122		$	10,332		$	2,691		$	(7,413	)	$	28,732
Depreciation and amortization		5,657			6,399			1,204			1,212			14,472
Gain on disposition of long-lived asset		(2,823	)		-			-			-			(2,823	)
Transaction-related charges		-			-			-			137			137
Adjusted EBITDA	$	25,956		$	16,731		$	3,895		$	(6,064	)	$	40,518
Reconciliation of Net Income (Loss) to Adjusted EBITDA for the Six Months Ended June 30, 2016 and 2015
Six Months Ended June 30, 2016
	U.S. Telecom						Renewable Energy			Reconciling Items			Total
				International Telecom
Net income (loss) attributable to ATN International, Inc. stockholders													$	3,034
Net income attributable to non-controlling interests, net of tax														5,877
Income tax expense														7,576
Other income (expense)														123
Bargain purchase gain														(7,304	)
Interest expense, net														1,194
Operating income (loss)	$	21,579		$	9,655		$	(3,555	)	$	(17,179	)	$	10,500
Depreciation and amortization		11,229			14,586			2,415			2,817			31,047
Gain on disposition of long-lived asset		-			(29	)		-			-			(29	)
Impairment of long-lived assets		11,076			-			-			-			11,076
Restructuring charges		-			1,785			-			-			1,785
Transaction-related charges		-			3,500			9,191			1,374			14,065
Adjusted EBITDA	$	43,884		$	29,497		$	8,051		$	(12,988	)	$	68,444
Six Months Ended June 30, 2015
	U.S. Telecom						Renewable Energy			Reconciling Items			Total
				International Telecom
Net income (loss) attributable to ATN International, Inc. stockholders													$	6,181
Net income attributable to non-controlling interests, net of tax														8,345
Income tax expense														12,521
Other income (expense)														(61	)
Income from discontinued operations, net of tax														(390	)
Loss on deconsolidation of subsidiary														19,937
Interest expense, net														1,359
Operating income (loss)	$	39,896		$	16,520		$	5,343		$	(13,867	)	$	47,892
Depreciation and amortization		11,160			13,310			2,408			2,345			29,223
Gain on disposition of long-lived asset		(2,823	)		-			-			-			(2,823	)
Transaction-related charges		-			-			61			255			316
Adjusted EBITDA	$	48,233		$	29,830		$	7,812		$	(11,267	)	$	74,608

									Table 5
ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
Reconciliation of Net Income (loss) Attributable to ATN International, Inc. Stockholders and Earnings Per Share to Net
Income (loss) Attributable to ATN International, Inc. Stockholders Excluding Loss on Deconsolidation of Subsidiary and
Diluted Earnings Per Share for the Three Months Ended June 30, 2015 and 2016
Three Months Ended June 30, 2016
									Total
Net loss attributable to ATN International, Inc. stockholders									$	(3,086	)
Adjustments: None										-
Net loss attributable to ATN International, Inc. stockholders excluding loss on deconsolidation of subsidiary									$	(3,086	)
Net loss per weighted average share attributable to ATN International, Inc. stockholder									$	(0.19	)
Adjustments: loss on deconsolidation of subsidiary										-
Net loss per weighted average share attributable to ATN International, Inc.
stockholder excluding loss on deconsolidation of subsidiary									$	(0.19	)
Three Months Ended June 30, 2015
									Total
Net income attributable to ATN International, Inc. stockholders									$	9,450
Adjustments: None										-
Net income attributable to ATN International, Inc. stockholders excluding loss on deconsolidation of subsidiary									$	9,450
Diluted net income per weighted average share attributable to ATN International, Inc. stockholder									$	0.59
Adjustments: None										-
Diluted net income per weighted average share attributable to ATN International, Inc.
stockholder excluding loss on deconsolidation of subsidiary									$	0.59

 

ATN International, Inc.
Reconciliation of Non-GAAP Measures
(In Thousands)
Reconciliation of Net Income Attributable to ATN International, Inc Stockholders and Earnings Per Share to Net
Income Attributable to ATN International, Inc Stockholders Excluding Loss on Deconsolidation of Subsidiary and
Diluted Earnings Per Share for the Six Months ended June 30, 2015 and 2016
Six Months Ended June 30, 2016
									Total
Net income attributable to ATN International, Inc. stockholders									$	3,034
None										-
Net income attributable to ATN International, Inc. stockholders excluding loss
on deconsolidation of subsidiary, net of tax									$	3,034
Diluted net income per weighted average share attributable to ATN International, Inc.
stockholder									$	0.19
Adjustment for loss on deconsolidation										-
Diluted net income per weighted average share attributable to ATN International, Inc.
stockholder excluding loss on deconsolidation of subsidiary									$	0.19
Six Months Ended June 30, 2015
									Total
Net income attributable to ATN International, Inc. stockholders									$	6,181
Loss on deconsolidation of subsidiary										19,937
Net income attributable to ATN International, Inc. stockholders excluding loss
on deconsolidation of subsidiary									$	26,118
Diluted net income per weighted average share attributable to ATN International, Inc.
stockholder									$	0.38
Adjustments: None										1.24
Diluted net income per weighted average share attributable to ATN International, Inc.
stockholder excluding loss on deconsolidation of subsidiary									$	1.62

 

Contact:
978-619-1300
Michael T. Prior
Chief Executive Officer


Justin D. Benincasa
Chief Financial Officer