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ATN Reports Second Quarter 2017 Results

Second Quarter Financial Highlights:

  • Revenues: $123.2 million
  • Adjusted EBITDA1: $38.2 million
  • Operating income: $15.8 million
  • Net income attributable to ATN’s stockholders: $5.9 million, or $0.36 per diluted share
  • Cash flow from operating activities was $65.5 million for the first six months of 2017

BEVERLY, Mass., July 27, 2017 (GLOBE NEWSWIRE) -- ATN (NASDAQ:ATNI) today reported results for the second quarter and six months ended June 30, 2017. 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.

Business Review and Outlook

“Our financial results continue to reflect the benefits of our strategy of managing a diversified infrastructure services portfolio, developed through acquisitions and organic growth,” noted Michael Prior, Chief Executive Officer.  “Year-on-year revenue growth was driven by the integration of our 2016 international telecom acquisitions, which more than offset decreases in U.S. Telecom revenues from the sale of our U.S. wireline business last quarter and continued pricing pressures in our wholesale business. Additionally, our legacy international telecom businesses continued to make progress in the second quarter, benefitting from ongoing initiatives to enhance customer offerings and improve operating margins.

“Adjusted EBITDA, as expected, was ahead of last year but lagged revenue growth due to the consolidation of the lower margin 2016 acquisitions and lower margins in our domestic wholesale business.

“In renewable energy, performance of our domestic solar business was similar to the first quarter despite weather related production decreases in the Northeast.  In India, we have 40 megawatts operational and are awaiting final regulatory approval before booking the attendant revenues.

“Revenue caps now included in all of our major domestic wireless contracts preclude our ability to offset reduced pricing with growing data usage.  As a result, we expect third quarter U.S. Telecom revenues to be similar to those of the second quarter and the fourth quarter to be lower given the typical seasonality.   In early 2018 we expect one of our carrier customers to exercise its purchase option to acquire 100 of our sites.  The sale of these sites, which is our only remaining option arrangement, together with the impact of the revenue caps and a current lack of footprint expansion opportunities, is expected to result in 2018 revenue for the segment of $105 to $115 million.  The impact on 2018 results should be offset in part by reduced operating expenses and lower capital expenditures in both the U.S. and International Telecom segments. The resulting cash flows will provide us with additional balance sheet capacity as we explore opportunities to further build and diversify our portfolio of operating companies.”

Second Quarter 2017 Financial Results

Second quarter 2017 revenues were $123.2 million, a 23% increase from the $100.0 million reported for the second quarter of 2016. Revenue growth for the quarter was primarily from a $31.0 million increase in our International Telecom segment revenues which in turn was mainly due to the impact of the 2016 Bermuda and U.S. Virgin Islands acquisitions. Adjusted EBITDA1 for the second quarter was $38.2 million, 11% above the prior year period, also from the impact of our 2016 acquisitions and improved operating results in existing International Telecom businesses, partially offset by a decline in U.S. Telecom and Renewable Energy operating results.  Operating income for the second quarter was $15.8 million which included an additional $5.8 million of depreciation and amortization mostly related to the 2016 acquisitions. Operating income is up $13.9 million over the same quarter last year which included the impact of transaction-related expenses, asset impairments and a bargain purchase gain.

Net income attributable to ATN’s stockholders for the second quarter was $5.9 million or $0.36 per diluted share, an increase over the prior year loss which included the one-time items noted above.

Revenues for the first six months of 2017 were $251.4 million, a 33% increase from the $189.7 million reported for the same period in 2016.  Adjusted EBITDA1 for the first six months of 2017 was $80.3 million, an increase of 17% from the prior year.  Operating income of $33.6 million for the first six months of 2017 improved from the prior year’s $17.8 million as a result of the impact of the 2016 acquisitions and the transaction-related charges, impairments of assets and restructuring charges that reduced comparable 2016 results.  Net income attributable to ATN stockholders was $12.7 million or $0.78 per diluted share, an improvement from the $3.0 million and $0.19 per diluted share for the prior year period.

Second Quarter 2017 Operating Highlights

The Company has three reportable segments: (i) U.S. Telecom; (ii) International Telecom; and (iii) Renewable Energy. 

U.S. Telecom

U.S. Telecom revenues consist mainly of wireless revenues from our voice and data wholesale roaming operations and our smaller retail operations in the Southwestern United States, as well as enterprise and wholesale wireline revenues.  Total U.S. Telecom segment revenues were $37.0 million in the second quarter of 2017, a 16% decrease from the $43.9 million reported in the second quarter of 2016. U.S. Wireless revenues declined 8% to $34.5 million compared with $37.7 million in the prior year quarter, due mostly to lower contractual wholesale roaming rates and revenue caps. U.S. Wireline revenues decreased to $2.1 million from $5.8 million in the prior year as a result the sale of our Northeastern U.S. wireline business in early March 2017. The Company ended the second quarter of 2017 with 1,041 domestic base stations in service compared to 905 at the end of last year’s second quarter. 

U.S. Telecom Adjusted EBITDA1 of $19.4 million in the second quarter of 2017 decreased 10% compared to the prior year’s $21.5 million.  The decrease was mainly due to the reduction in wireless revenues and to a lesser extent the sale of our wireline business partially offset by reductions in wireless operating expenses.  

/EIN News/ -- International Telecom

International Telecom consists of a broad range of information and communications services including wireline and wireless data, internet, voice and video service revenues from our operations in Bermuda and the Caribbean including the U.S. Virgin Islands. International Telecom revenues were $81.4 million in the second quarter of 2017, a 62% increase from the $50.4 million reported in the second quarter of 2016.  Our acquisitions in Bermuda and the U.S. Virgin Islands in 2016 together added $30.6 million of incremental revenues during the current quarter and were responsible for this increase.

International Telecom Adjusted EBITDA1 of $23.9 million in the second quarter increased 55% from $15.4 million in the prior year period.  The increase is the result of the impact of the 2016 acquisitions and improved year over year operating results in some legacy markets.    

Renewable Energy

Renewable Energy segment revenues are generated principally by the sale of energy and solar renewable energy credits from our 28 commercial solar projects in the United States.  For the second quarter of 2017, revenues from our renewable energy business were $4.9 million, down 14% from the $5.7 million in the prior year mostly due to the expiration of certain renewable energy credits.  Adjusted EBITDA1 for the Renewable Energy segment was $2.7 million in the second quarter, down $1.1 million from the prior year quarter due to the expiration of the renewable energy revenue credits and increased operating expenses from the ramp up of our solar business in India ahead of the offsetting revenue.   

Balance Sheet and Cash Flow Highlights

Cash and cash equivalents at June 30, 2017 were $231.6 million.  In addition, the Company held $7.8 million of short-term investments and $16.9 million of restricted cash.  Net cash provided by operating activities was $65.5 million for the first six months of 2017, compared with $50.7 million for the first six months of 2016.    The increase in net cash provided by operating activities is due to the 2017 growth in revenue as a result of the 2016 acquisitions in the U.S. Virgin Islands and Bermuda, partially offset by the net impact of 2016 transaction-related charges and impairments of assets, and changes in working capital.  During the first six months of 2017, the Company received $22.6 million from the sale of its U.S. wireline business as well as the sales of other smaller international telecom business lines and paid an additional $36.8 million to purchase U.S. spectrum licenses.  Capital expenditures were $78.5 million for the first six months of 2017. The Company expects full year 2017 capital expenditures for its domestic and international telecom businesses to be between the $95 million to $115 million range estimated at the end of last year.  Expenditures include major network expansions and upgrades in multiple markets, including the recently acquired Bermuda and U.S. Virgin Islands businesses, and therefore are higher than what we would consider to be ordinary course capital expenditures.  These projects include extensive fiber builds and upgrades as well as market-wide mobile data network upgrades.  Once complete, we expect aggregate capital expenditures in existing telecom markets to decline significantly in 2018.  In addition, capital expenditures for our renewable energy business are expected to be in the range of $30 million to $45 million for the full year 2017, primarily related to ongoing construction of our solar projects in India.

Conference Call Information

ATN will host a conference call on Friday, July 28, 2017 at 8:15 a.m. Eastern Time (ET) to discuss its second quarter 2017 results. The call will be hosted by Michael Prior, President and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are US/Canada: (877) 734-4582 and International: (678) 905-9376, conference ID 55443462. A replay of the call will be available at ir.atni.com beginning at 1:00 p.m. (ET) on Friday, July 28, 2017.

About ATN

ATN International, Inc. (Nasdaq:ATNI), headquartered in Beverly, Massachusetts, provides telecommunications services to rural, niche and other under-served markets and geographies in the United States, Bermuda and the Caribbean and owns and operates solar power systems in various locations in the United States and India. Through our operating subsidiaries, we (i) provide both wireless and wireline connectivity to residential and business customers, including a range of mobile wireless solutions, high speed internet services, video services and local exchange services, (ii) provide distributed solar electric power to corporate, utility and municipal customers and (iii) are the owner and operator of terrestrial and submarine fiber optic transport systems. For more information, please visit www.atni.com.

Cautionary Language Concerning Forward Looking Statements

This press release contains forward-looking statements relating to, among other matters, our future financial performance and results of operations; the competitive environment in our key markets, demand for our services and industry trends; the pace of expansion and improvement of our telecommunications network and renewable energy operations including our level of estimated future capital expenditures and our realization of the benefits of these investments; the anticipated timing of our build schedule and the commencement of energy production of our India renewable energy projects; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results.  Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors, including, among others, (1)  our ability to operate our newly acquired businesses in Bermuda and the U.S. Virgin Islands and both integrate these operations into our existing operations and execute planned network expansions and upgrades; (2) the general performance of our operations, including operating margins, revenues, capital expenditures, and the future growth and retention of our major customers and subscriber base and consumer demand for solar power; (3) government regulation of our businesses, which may impact our FCC and other telecommunications licenses or our renewables business; (4) economic, political and other risks facing our operations; (5) our ability to maintain favorable roaming arrangements; (6) our ability to efficiently and cost-effectively upgrade our networks and IT platforms to address  rapid and significant technological changes in the telecommunications industry; (7) the loss of or an inability to recruit skilled personnel in our various jurisdictions, including key members of management; (8) our ability to find investment or acquisition or disposition opportunities that fit our strategic goals for the Company; (9) increased competition; (10) our ability to expand our renewable energy business; (11) our reliance on a limited number of key suppliers and vendors for timely supply of equipment and services relating to our network infrastructure; (12) the adequacy and expansion capabilities of our network capacity and customer service system to support our customer growth; (13) the occurrence of weather events and natural catastrophes; (14) our continued access to capital and credit markets; (15) the risk of currency fluctuation for those markets in which we operate and (16) our ability to realize the value that we believe exists in our businesses.  These and other additional factors that may cause actual future events and results to differ materially from the events and results indicated in the forward-looking statements above are set forth more fully under Item 1A “Risk Factors” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 1, 2017 and the other reports we file from time to time with the SEC.  The Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements.

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), this press release also contains non-GAAP financial measures. Specifically, ATN has presented an Adjusted EBITDA measure.  Adjusted EBITDA is defined as net income attributable to ATN stockholders before bargain purchase gain, impairment of long-lived assets, restructuring charges, interest, taxes, depreciation and amortization, transaction-related charges, other income or expense, and net income attributable to non-controlling interests.    The Company believes that the inclusion of this non-GAAP financial measure helps investors gain a meaningful understanding of the Company's core operating results and enhances comparing such performance with prior periods. ATN’s management uses these non-GAAP measures, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measure included in this press release is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of these non-GAAP financial measures used in this press release to the most directly comparable GAAP financial measure is set forth in the text of, and the accompanying tables to, this press release.

1 See Table 5 for reconciliation of Net Income to Adjusted EBITDA.

 

   
  Table 1
  ATN International, Inc.
  Unaudited Condensed Consolidated Balance Sheets
  (in Thousands)
         
    June 30,   December 31,
  2017 2016
  Assets:      
  Cash and cash equivalents $ 231,640   $ 269,721
  Restricted cash   714     524
  Short-term investments   7,755     9,237
  Other current assets   104,226     87,887
         
  Total current assets   344,335     367,369
         
  Long-term restricted cash   16,157     18,113
  Property, plant and equipment, net   649,734     647,712
  Goodwill and other intangible assets, net   171,945     126,193
  Other assets   19,305     38,831
         
  Total assets $ 1,201,476   $ 1,198,218
         
  Liabilities and Stockholders’ Equity:      
  Current portion of long-term debt $ 9,850   $ 12,440
  Taxes payable   8,326     13,531
  Other current liabilities   133,715     124,134
         
  Total current liabilities   151,891     150,105
         
  Long-term debt, net of current portion $ 149,832   $ 144,383
  Deferred income taxes   48,526     46,622
  Other long-term liabilities   30,777     47,939
         
  Total long-term liabilities   229,135     238,944
         
  Total liabilities   381,026     389,049
         
  Total ATN International, Inc.’s stockholders’ equity   681,709     677,055
  Non-controlling interests   138,741     132,114
         
  Total equity   820,450     809,169
         
  Total liabilities and stockholders’ equity $ 1,201,476   $ 1,198,218
         

 

                         
                      Table 2  
  ATN International, Inc.  
  Unaudited Condensed Consolidated Statements of Operations  
  (in Thousands, Except per Share Data)  
                       
        Three Months Ended     Six Months Ended  
      June 30,     June 30,  
          2017       2016         2017       2016    
  Revenues:                      
  Wireless   $ 54,460     $ 57,088       $ 110,690     $ 115,965    
  Wireline     61,459       33,976         125,259       56,421    
  Renewable energy       4,891       5,562         9,791       11,151    
  Equipment and other     2,435       3,365         5,620       6,139    
  Total revenue     123,245       99,991         251,360       189,676    
                       
  Operating expenses:                    
  Termination and access fees     27,915       23,797         58,372       43,514    
  Engineering and operations     19,362       10,739         39,029       21,249    
  Sales, marketing and customer service     8,715       7,681         17,737       13,437    
  Equipment expense     3,008       4,133         5,553       7,362    
  General and administrative     26,000       19,298         50,349       35,670    
  Transaction-related charges     148       10,410         826       14,065    
  Restructuring charges       -       1,785         -       1,785    
  Depreciation and amortization       22,254       16,493         44,747       31,047    
  Impairment of long-lived asset       -       11,076         -       11,076    
  Bargain purchase gain       -       (7,304 )       -       (7,304 )  
  (Gain) Loss on disposition of long-lived assets     -       (29 )       1,111       (29 )  
  Total operating expenses     107,402       98,079         217,724       171,872    
                       
  Operating income     15,843       1,912         33,636       17,804    
                       
  Other income (expense):                    
  Interest expense, net     (1,806 )     (716 )       (3,836 )     (1,194 )  
  Loss on deconsolidation of subsidiary     -       -         (529 )     -    
  Other expense     (532 )     (137 )       (1,053 )     (123 )  
  Other expense, net     (2,338 )     (853 )       (5,418 )     (1,317 )  
                       
  Income before income taxes     13,505       1,059         28,218       16,487    
  Income tax expense     2,596       2,945         5,724       7,576    
                       
  Net Income (Loss)     10,909       (1,886 )       22,494       8,911    
                         
  Net Income (Loss) attributable to non-controlling interests, net     (5,026 )     (1,200 )       (9,751 )     (5,877 )  
                         
  Net Income (Loss) attributable to ATN International, Inc. stockholders   $ 5,883     $ (3,086 )     $ 12,743     $ 3,034    
                       
  Basic net income per weighted average share attributable to ATN International, Inc. stockholders:                      
                         
  Net Income (Loss)     $ 0.36     $ (0.19 )     $ 0.79     $ 0.19    
                       
  Diluted net income per weighted average share attributable to ATN International, Inc. stockholders:                      
                       
  Net Income (Loss)   $ 0.36     $ (0.19 )     $ 0.78     $ 0.19    
                       
  Weighted average common shares outstanding:                    
  Basic       16,195       16,145         16,176       16,118    
  Diluted       16,274       16,145         16,263       16,221    
                         

 

   
  Table 3
  ATN International, Inc.
  Unaudited Condensed Consolidated Cash Flow Statement
  (in Thousands)
     
    Six Months Ended June 30,
      2017       2016  
         
  Net income $ 22,494     $ 8,911  
  Depreciation and amortization   44,747       31,047  
  Stock-based compensation   3,786       3,633  
  Loss (Gain) on disposition of long-lived assets   1,111       (29 )
  Loss on deconsolidation of subsidiary   529       -  
  Equity in earnings   2,033       -  
  Bargain purchase gain   -       (7,304 )
  Impairment of long-lived assets   -       11,076  
  Deferred income taxes   -       (8,775 )
  Change in prepaid and accrued income taxes   (4,502 )     15,294  
  Change in other operating assets and liabilities   (6,370 )     (3,469 )
  Other non-cash activity   1,639       336  
         
  Net cash provided by operating activities   65,467       50,720  
         
  Capital expenditures   (78,549 )     (42,727 )
  Acquisition of businesses, net of acquired cash of $0 and $8.3 million   (1,178 )     (29,719 )
  Sale of business, net of transferred cash of $2.1 million   22,597       -  
  Purchases of spectrum licenses and other intangible assets, including deposits   (36,832 )     (10,860 )
  Purchase of securities   -       (2,000 )
  Acquisition of non-controlling interest in subsidiary   -       (7,045 )
  Proceeds from sale of investments   2,761       -  
  Change in restricted cash   1,756       1,134  
         
         
  Net cash used in investing activities   (89,445 )     (91,217 )
         
  Dividends paid on common stock   (10,992 )     (10,311 )
  Distributions to non-controlling interests   (3,373 )     (4,302 )
  Principal repayments of term loan   (5,447 )     (4,759 )
  Proceeds from new borrowings   8,571       -  
  Purchases of common stock   (2,186 )     (1,986 )
  Investments made by minority shareholders in consolidated affiliates   122       21,904  
  Other   (1,005 )     164  
         
  Net cash provided by (used in) financing activities   (14,310 )     710  
         
  Effect of foreign currency exchange rates on cash and cash equivalents   207       -  
         
  Net change in cash and cash equivalents   (38,081 )     (39,787 )
         
  Cash and cash equivalents, beginning of period   269,721       392,045  
         
  Cash and cash equivalents, end of period $ 231,640     $ 352,258  
         

 

            Table 4  
  ATN International, Inc.  
  Selected Segment Financial Information  
  (In Thousands)  
               
  For the three months ended June 30, 2017 is as follows:  
               
    U.S. 
Telecom 
International
Telecom
 
Renewable
Energy
 
Corporate and Other * Total  
               
  Statement of Operations Data:            
  Revenue            
  Wireless $ 34,505   $ 19,955   $ -   $ -   $ 54,460    
  Wireline   2,057     59,402     -     -     61,459    
  Renewable Energy   -     -     4,891     -     4,891    
  Equipment and Other   416     2,013     6     -     2,435    
  Total Revenue $ 36,978   $ 81,370   $ 4,897   $ -   $ 123,245    
               
  Operating Income (Loss) $ 13,147   $ 10,805   $ 846   $ (8,955 ) $ 15,843    
               
  Non-controlling interest ( net income or (loss) ) $ (1,756 ) $ (3,024 ) $ (246 ) $ -   $ (5,026 )  
               
  Non GAAP measure:            
  Adjusted EBITDA $ 19,393   $ 23,939   $ 2,676   $ (7,763 ) $ 38,245    
               
  Balance Sheet Data (at June 30, 2017):            
  Cash, cash equivalents and investments $ 14,353   $ 98,684   $ 18,679   $ 107,679   $ 239,395    
  Total current assets   43,730     152,351     27,209     121,045     344,335    
  Fixed assets, net   102,532     374,748     156,503     15,951     649,734    
  Total assets   205,968     602,990     201,785     190,733     1,201,476    
  Total current liabilities   44,733     76,896     15,134     15,128     151,891    
  Total debt   -     95,446     64,236     -     159,682    
               
               
  ATN International, Inc.  
  Selected Segment Financial Information  
  (In Thousands)  
               
  For the three months ended June 30, 2016 is as follows:  
               
    U.S. 
Telecom 
International
Telecom
 
Renewable
Energy
 
Corporate and Other * Total  
               
  Statement of Operations Data:            
  Revenue            
  Wireless $ 37,655   $ 19,433   $ -   $ -   $ 57,088    
  Wireline   5,811     28,165     -     -     33,976    
  Renewable Energy   -     -     5,562     -     5,562    
  Equipment and Other   480     2,765     120     -     3,365    
  Total Revenue $ 43,946   $ 50,363   $ 5,682   $ -   $ 99,991    
               
  Operating Income (Loss) $ 4,797   $ 9,259   $ (3,618 ) $ (8,526 ) $ 1,912    
               
  Non-controlling interest ( net income or (loss) ) $ (1,266 ) $ 478   $ (412 ) $ -   $ (1,200 )  
               
  Non GAAP measure:            
  Adjusted EBITDA $ 21,482   $ 15,420   $ 3,809   $ (6,368 ) $ 34,343    
               
               
  *  Corporate and Other refer to corporate overhead expenses and consolidating adjustments      
               
               
               
  ATN International, Inc.  
  Selected Segment Financial Information  
  (In Thousands)  
               
  For the six months ended June 30, 2017 is as follows:  
               
    U.S. 
Telecom 
International
Telecom
 
Renewable
Energy
 
Corporate and Other * Total  
               
  Statement of Operations Data:            
  Revenue            
  Wireless $ 71,668   $ 39,022   $ -   $ -   $ 110,690    
  Wireline   8,108     117,151     -     -     125,259    
  Renewable Energy   -     -     9,791     -     9,791    
  Equipment and Other   995     4,487     138     -     5,620    
  Total Revenue $ 80,771   $ 160,660   $ 9,929   $ -   $ 251,360    
               
  Operating Income (Loss) $ 28,533   $ 20,771   $ 2,287   $ (17,955 ) $ 33,636    
               
  Non-controlling interest ( net income or (loss) ) $ (4,153 ) $ (5,033 ) $ (565 ) $ -   $ (9,751 )  
               
  Non GAAP measure:            
  Adjusted EBITDA $ 42,561   $ 46,901   $ 5,571   $ (14,713 ) $ 80,320    
               
  Statement of Cash Flow Data:            
  Capital expenditures $ 12,602   $ 37,119   $ 25,535   $ 3,293   $ 78,549    
               
               
  ATN International, Inc.  
  Selected Segment Financial Information  
  (In Thousands)  
               
  For the six months ended June 30, 2016 is as follows:  
               
    U.S. 
Telecom 
International
Telecom
 
Renewable
Energy
 
Corporate and Other * Total  
               
  Statement of Operations Data:            
  Revenue            
  Wireless $ 77,119   $ 38,846   $ -   $ -   $ 115,965    
  Wireline   11,857     44,564     -     -     56,421    
  Renewable Energy   -     -     11,151     -     11,151    
  Equipment and Other   1,169     4,850     120     -     6,139    
  Total Revenue $ 90,145   $ 88,260   $ 11,271   $ -   $ 189,676    
               
  Operating Income (Loss) $ 21,579   $ 16,959   $ (3,555 ) $ (17,179 ) $ 17,804    
               
  Non-controlling interest ( net income or (loss) ) $ (2,853 ) $ (1,875 ) $ (1,149 ) $ -   $ (5,877 )  
               
  Non GAAP measure:            
  Adjusted EBITDA $ 43,884   $ 29,497   $ 8,051   $ (12,988 ) $ 68,444    
               
  Statement of Cash Flow Data:            
  Capital expenditures $ 16,447   $ 22,283   $ 242   $ 3,755   $ 42,727    
               
               
  *  Corporate and Other refer to corporate overhead expenses and consolidating adjustments      
               
               
               
  ATN International, Inc.  
  Selected Segment Financial Information  
  (In Thousands)  
  At December 31, 2016 is as follows:  
               
    U.S. 
Telecom 
International
Telecom
 
Renewable
Energy
 
Corporate and Other * Total  
               
  Balance Sheet Data:            
  Cash, cash equivalents and investments $ 22,235   $ 97,681   $ 27,378   $ 131,664   $ 278,958    
  Total current assets   50,983     143,201     37,440     135,745     367,369    
  Fixed assets, net   129,274     372,741     130,268     15,429     647,712    
  Total assets   240,006     597,454     190,253     170,505     1,198,218    
  Total current liabilities   23,162     95,502     12,603     18,838     150,105    
  Total debt   -     91,316     65,507     -     156,823    
               
               
  *  Corporate and Other refer to corporate overhead expenses and consolidating adjustments      
               
               
  ATN International, Inc.  
  Selected Segment Operational Data  
               
    Quarter ended      
    December 31, March 31, June 30,      
    2016 *  2017   2017       
               
  U.S. Telecom Operational Data:            
  Wireless - Total Domestic Base Stations   1,006     1,019     1,041        
               
               
  International Telecom Operational Data:            
  Wireline - Voice / Access lines   179,700     176,900     174,600        
  Wireline - Data Subscribers   97,400     99,900     101,700        
  Wireline - Video Subscribers   54,600     53,800     52,900        
  Wireless - Subscribers   304,700     302,900     302,900        
               
               
  * Adjusted subscriber counts for the sale of St Maarten and transfer of ownership of Aruba business      
               

 

            Table 5  
  ATN International, Inc.  
  Reconciliation of Non-GAAP Measures  
  (In Thousands)  
               
  Reconciliation of Net Income to Adjusted EBITDA for the Three Months Ended June 30, 2017 and 2016  
               
  Three Months Ended June 30, 2017  
    U.S.  Telecom    Renewable Energy Corporate
and Other *
Total  
  International Telecom  
               
  Net Income attributable to ATN International, Inc. stockholders         $ 5,883    
  Net Income (Loss) attributable to non-controlling interests, net of tax           5,026    
  Income tax expense           2,596    
  Other expense, net           532    
  Interest expense, net           1,806    
  Operating income $ 13,147 $ 10,805   $ 846   $ (8,955 ) $ 15,843    
  Depreciation and amortization   6,246   13,134     1,830     1,044     22,254    
  Transaction-related charges   -   -     -     148     148    
  Adjusted EBITDA $ 19,393 $ 23,939   $ 2,676   $ (7,763 ) $ 38,245    
               
               
  Three Months Ended June 30, 2016  
    U.S.  Telecom    Renewable Energy Corporate
and Other *
Total  
  International Telecom  
               
  Net Income (Loss) attributable to ATN International, Inc. stockholders         $ (3,086 )  
  Net Income (Loss) attributable to non-controlling interests, net of tax           1,200    
  Income tax expense           2,945    
  Other expense, net           137    
  Interest expense, net           716    
  Operating income $ 4,797 $ 9,259   $ (3,618 ) $ (8,526 ) $ 1,912    
  Depreciation and amortization   5,609   8,209     1,207     1,468     16,493    
  Impairment of long-lived asset   11,076   -     -     -     11,076    
  Bargain purchase gain   -   (7,304 )   -     -     (7,304 )  
  Gain on disposition of long-lived assets   -   (29 )   -     -     (29 )  
  Restructuring charges   -   1,785     -     -     1,785    
  Transaction-related charges   -   3,500     6,220     690     10,410    
  Adjusted EBITDA $ 21,482 $ 15,420   $ 3,809   $ (6,368 ) $ 34,343    
               
               
  *  Corporate and Other refer to corporate overhead expenses and consolidating adjustments    
               
               
  Reconciliation of Net Income to Adjusted EBITDA for the Six Months Ended June 30, 2017 and 2016  
               
  Six Months Ended June 30, 2017  
    U.S.  Telecom    Renewable Energy Corporate
and Other *
Total  
  International Telecom  
               
  Net Income attributable to ATN International, Inc. stockholders         $ 12,743    
  Net Income (Loss) attributable to non-controlling interests, net of tax           9,751    
  Income tax expense           5,724    
  Loss on deconsolidation of subsidiary           529    
  Other expense, net           1,053    
  Interest expense, net           3,836    
  Operating income $ 28,533 $ 20,771   $ 2,287   $ (17,955 ) $ 33,636    
  Depreciation and amortization   12,797   26,250     3,284     2,416     44,747    
  (Gain) loss on disposition of long-lived asset   1,231   (120 )   -     -     1,111    
  Transaction-related charges   -   -     -     826     826    
  Adjusted EBITDA $ 42,561 $ 46,901   $ 5,571   $ (14,713 ) $ 80,320    
               
               
               
  Six Months Ended June 30, 2016  
    U.S. 
Telecom 
  Renewable
Energy
Corporate
and Other *
Total  
  International
Telecom
 
               
  Net Income (Loss) attributable to ATN International, Inc. stockholders         $ 3,034    
  Net Income (Loss) attributable to non-controlling interests, net of tax           5,877    
  Income tax expense           7,576    
  Other income, net           123    
  Interest expense, net           1,194    
  Operating income $ 21,579 $ 16,959   $ (3,555 ) $ (17,179 ) $ 17,804    
  Depreciation and amortization   11,229   14,586     2,415     2,817     31,047    
  Impairment of long-lived asset   11,076   -     -     -     11,076    
  Bargain purchase gain   -   (7,304 )   -     -     (7,304 )  
  Gain on disposition of long-lived assets   -   (29 )   -     -     (29 )  
  Restructuring charges   -   1,785     -     -     1,785    
  Transaction-related charges   -   3,500     9,191     1,374     14,065    
  Adjusted EBITDA $ 43,884 $ 29,497   $ 8,051   $ (12,988 ) $ 68,444    
               
               
               
  *  Corporate and Other refer to corporate overhead expenses and consolidating adjustments    


Contact:

978-619-1300
Michael T. Prior
Chief Executive Officer

Justin D. Benincasa
Chief Financial Officer

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