Third Quarter Financial Highlights:
- Pre-tax Gain on the Sale of Alltel Operations was $503.6 Million
- Revenues Increased 8% to $79.4 Million
- Adjusted EBITDA was Up 22% to $35.0 Million
- Operating Income Increased 24% to $20.0 Million
- Net Income from Continuing Operations Attributable to ATN's Stockholders was $1.6 Million, or $0.10 Per Diluted Share, Inclusive of Transaction-Related Charges and Other Charges Related to Debt Repayment
- Cash flow from Continuing Operating Activities for the Nine Months was $58.8 Million
BEVERLY, Mass., Nov. 4, 2013 (GLOBE NEWSWIRE) -- Atlantic Tele-Network, Inc. (Nasdaq:ATNI), today reported results for the third quarter and nine months ended September 30, 2013. 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. Results reflect classification of the Company's U.S. retail wireless business operated under the "Alltel" name as discontinued operations as a result of the completion of the Company's sale of this business to AT&T Mobility LLC on September 20, 2013. Unaudited results from continuing operations for the four quarters of 2012 and the first two quarters of 2013 have been posted on the Company's website at ir.atni.com.
Third Quarter 2013 Financial Results"In the third quarter, we completed the sale of our Alltel domestic retail wireless business. While we had planned to operate this business over the longer term, we made an opportunistic decision that we believe was in the best interests of our customers and shareholders," said Michael Prior, Chief Executive Officer. "We are pleased with the significant pre-tax gain on the sale of $503.6 million, and we have utilized $261.0 million of the net proceeds to retire our long-term debt while we consider opportunities to invest in new and existing businesses. Consistent with our long-term strategy, our focus is on acquisitions and investments that have the potential for significant growth in cash flow over time.