- Revenues increased 16% to $75.2 million
- Adjusted EBITDA was up 23% to $28.2 million
- Operating income reached $16.2 million, up 35%
- Net income from continuing operations attributable to ATN's stockholders was $7.8 million, or $0.49 per diluted share
BEVERLY, Mass., April 29, 2014 (GLOBE NEWSWIRE) -- Atlantic Tele-Network, Inc. (Nasdaq:ATNI), today reported results for the first quarter ended March 31, 2014. 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 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.
First Quarter 2014 Financial Results
"This was a period of strong operating performance for ATN," said Michael Prior, Chief Executive Officer. "Double-digit revenue growth and higher margins were driven by our domestic wholesale wireless operation, which produced a 34% annual revenue increase. This exceptional performance was due to markedly higher data traffic volumes resulting from our investments in expanding mobile data capabilities and coverage. While we expect to see continued growth in domestic data traffic in 2014, year-on-year comparisons in the remaining quarters will be significantly below that of the first quarter due to anticipated lower pricing. In our international business, wireless revenues were up 8% compared to last year's first quarter thanks to improved performance and expanding market share across key island markets. Domestic and island wireless revenue gains were offset in part by a decline in our international wireline operations."Economies of scale resulted in substantial operating leverage in the first quarter," Mr. Prior added. "Capital expenditures in the period were primarily allocated to further expand our domestic wireless network, particularly mobile data coverage and capacity. Despite this high level of ongoing investment in our existing businesses, our balance sheet capacity remains robust and puts us in a position to execute on our strategy of investing in additional business platforms that have the potential to create long-term value for our shareholders."