Atlantic Tele-Network, Inc. (NASDAQ: ATNI), today reported results for the fourth quarter and year ended December 31, 2011.
“This was our first full quarter without the burden of overlapping transition expenses associated with the Alltel asset acquisition, and we are pleased to have posted a significant year-over-year increase in Adjusted EBITDA,” said Michael Prior, Chief Executive Officer. “Additionally, we saw improvement in certain of our subscriber metrics, including increased gross additions and ARPU, and reduced churn. We are encouraged by the positive customer response to the new value plans we launched during the fourth quarter, but there is still room for improvement in this business. Among the priorities for 2012, we need to increase gross customer additions and maintain or improve churn, while at the same time reducing retail operating expenses.
“Fourth quarter results also benefited from an 88% year-over-year increase in our Island Wireless segment revenues, primarily reflecting the increased strength of our Bermuda operations following the merger we completed there in the second quarter of 2011,” Mr. Prior said.
Total revenues for the fourth quarter were $182.9 million, a 6% decline from the $194.7 million reported for the fourth quarter of 2010, reflecting net subscriber attrition that the Company experienced since the Alltel acquisition as the Company transitioned distribution channels, subscriber contracts and credit policies, systems and networks.Adjusted EBITDA 1 for the 2011 fourth quarter was $40.7 million, an increase of 30% over the $31.3 million reported in last year’s fourth quarter, and reflected improved performance in all four of ATN’s reportable segments. Total operating income was $10.9 million, an increase of 18% from the $9.3 million reported in last year’s fourth quarter. Fourth quarter 2011 operating income was negatively impacted by a $3.1 million increase in depreciation and amortization expenses over the prior year’s fourth quarter, as well as a $2.4 million intangible asset impairment charge related to the Company’s Island Wireless segment. Fourth quarter 2010 operating income also included a net benefit of $2.1 million in acquisition-related charges due to a final settlement of estimated Alltel acquisition costs.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV