Total revenues for the fourth quarter were $184.4 million, 1% above the $182.9 million reported for 2011. The year-over-year increase resulted from higher international wireless revenues and equipment sales, which were largely offset by lower U.S. retail wireless service revenues.
Adjusted EBITDA 1 for the 2012 fourth quarter was $47.0 million, 15% above the $40.7 million reported in 2011, led by our U.S. Wireless and Island Wireless segments, where adjusted EBITDA increased by $5.4 million and $2.6 million, respectively. Operating income for the fourth quarter of 2012 was $28.6 million, a 161% increase over the $10.9 million reported in last year's fourth quarter. Operating income in the 2012 fourth quarter included an $11.6 million gain on the sale of spectrum and related assets used in the Company’s U.S. wholesale wireless business. Net income attributable to ATN's stockholders was $13.1 million, or $0.84 per diluted share, more than triple the $4.1 million, or $0.27 per diluted share, reported in last year’s fourth quarter.
Total revenues for the full year 2012 were $741.4 million compared to $759.2 million for 2011, a decline of 2%. Adjusted EBITDA was $197.6 million, up 23% year-over-year; operating income increased 80% to $99.5 million; and net income attributable to ATN’s stockholders was $48.9 million, or $3.13 per diluted share, more than double the $21.8 million, or $1.41 per diluted share, reported for 2011.
Commenting on full year results, Mr. Prior said, “Amidst a challenging operating environment, we continued to build the value of our assets in 2012, reporting record operating cash flow of $187.5 million and further strengthening our balance sheet. This performance supports our strategy of investing for the long term with a keen focus on delivering steady cash returns on our investments.”Recent Corporate Developments
- On January 22, 2013, the Company announced a definitive agreement to sell its U.S. retail wireless business operating under the Alltel name to AT&T. Under the terms of the agreement, AT&T will purchase the operations in an all-cash transaction valued at approximately $780 million. The acquisition, which is currently expected to be completed in the second half of 2013, is subject to customary closing conditions, including completion of the required reviews and approvals by the Department of Justice and Federal Communications Commission. This business is reported as part of the U.S. Wireless segment, and for the fourth quarter of 2012 it generated revenues, operating income and adjusted EBITDA of approximately $114.7 million, $7.1 million and $21.9 million, respectively. For the year, revenues, operating income and adjusted EBITDA were approximately $464.4 million, $41.4 million and $98.5 million, respectively.
- On December 7, 2012, the Company declared a quarterly dividend of $0.25 per share, payable on December 31, 2012, on all common shares outstanding to stockholders of record as of December 20, 2012. The quarterly dividend was raised 8.7% to $0.25 per share on September 14, 2012, which represented the Company’s 14 th consecutive annual dividend increase.
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