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Atlantic Tele-Network, Inc. Reports Fourth Quarter And Full Year 2013 Results

Stocks in this article: ATNI

Fourth Quarter 2013 Preliminary Financial Highlights:

  • Revenues increased to $76.5 million
  • Adjusted EBITDA was up 14% to $28.6 million
  • Operating income was $16.3 million
  • Net income from continuing operations attributable to ATN's stockholders was $16.2 million, or $1.02 per diluted share

Full Year 2013 Preliminary Financial Highlights:

  • Gain on the sale of Alltel operations attributable to ATN's stockholders was $278.2 million, net of tax
  • Revenues increased 5% to $292.3 million
  • Adjusted EBITDA was up 16% to $114.7 million
  • Operating income increased 14% to $64.4 million
  • Net income from continuing operations attributable to ATN's stockholders was $29.0 million, or $1.83 per diluted share, inclusive of transaction-related and debt repayment charges of $12.8 million

BEVERLY, Mass., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Atlantic Tele-Network, Inc. (Nasdaq:ATNI) today reported results for the fourth quarter and year ended December 31, 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. The Company's results are preliminary and may be subject to adjustment as the results of its International Integrated Telephony segment are finalized. The Company currently does not expect such adjustment, if any, to be material to its consolidated results of operations. Results for all periods presented 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.

Fourth Quarter 2013 Financial Results

"We ended 2013 with another quarter of solid revenue growth driven by the continued strong performance of our domestic wholesale wireless business and our Island wireless operations," said Michael Prior, Chief Executive Officer. "Higher data traffic across our expanded U.S. wholesale wireless network more than compensated for the sale of Midwest U.S. spectrum and related assets that took place in last year's fourth quarter. International wireless revenues benefitted from continued subscriber growth, particularly in our Island Wireless markets, and our wireline revenue remained stable with the comparable year-ago period. All of our business segments posted improved EBITDA performance reflecting an ability to increase volumes without a commensurate increase in costs."

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