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Atlantic Tele-Network, Inc. Reports Second Quarter 2012 Results

Stocks in this article: ATNI

Total revenues for the first six months of 2012 were $368.2 million compared to $381.9 in last year’s first half, a decrease of 4%. Adjusted EBITDA was $94.8 million, up 41% year-over-year; operating income increased 147% to $41.2 million; and net income attributable to ATN’s stockholders was $19.9 million, or $1.27 per diluted share, more than three times the $6.3 million or $0.41 per diluted share reported for last year’s first half.

Second Quarter 2012 Operating Highlights

U.S. Wireless Service Revenues

U.S. wireless service revenues include voice and data service revenues from the Company's prepaid and postpaid retail operations as well as its wholesale roaming operations. Total service revenues from the U.S. wireless businesses were $135.6 million compared to $147.3 million in the second quarter of 2011.

U.S. Retail wireless service revenues were $84.1 million, 12% below the $95.4 million reported in the 2011 second quarter. This decrease was due to net subscriber attrition that the Company experienced during the post-acquisition period in 2011. At the end of the 2012 second quarter, the Company had approximately 584,000 U.S. retail subscribers, a decrease of 9% from the approximately 639,000 subscribers the Company had at the end of last year’s second quarter. This quarter marked the first in which the Company experienced net subscriber additions since acquiring its U.S. retail wireless business in April 2010. The Company is entering a period of higher than normal contract expirations, which in conjunction with a seasonal decline in subscriber additions, will likely lead to somewhat lower subscriber levels for the third quarter of 2012. Of the total subscribers at June 30, 2012, approximately 442,000 were postpaid subscribers and approximately 142,000 were prepaid subscribers. Additional operating data on the Company’s U.S. retail wireless business can be found in Table 4 of this release.

U.S. Wholesale wireless revenues were $51.6 million, comparable to the $51.9 million reported in the second quarter of 2011. Data revenues accounted for 51% of wholesale wireless revenues for the quarter, compared to 42% a year earlier. Data volume growth has continued to largely offset the impact of the decline in the minutes of use for voice traffic, consistent with industry trends.

International Wireless Revenues

International wireless revenues include retail and wholesale voice and data wireless revenues from international operations in Bermuda and the Caribbean, including the U.S. Virgin Islands. International wireless revenues were $20.3 million, an increase of 10% over the $18.4 million reported in the second quarter of 2011. This increase primarily resulted from the Company’s merger of its Bermuda operations with another wireless carrier in May 2011 and subscriber growth in the U.S. Virgin Islands.

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