Business
ATN Reports Fourth Quarter and Full Year 2019 Results
Continued growth in domestic and international telecom drives improved underlying operating resultsTelecom businesses well positioned to continue to deliver
About this update from Atn International, Inc.
[{"type":"text","content":"Continued growth in domestic and international telecom drives improved underlying operating resultsTelecom businesses well positioned to continue to deliver strong financial performance in 2020 BEVERLY, Mass., Feb. 19, 2020 (GLOBE NEWSWIRE) -- ATN International, Inc. (Nasdaq: ATNI) today reported results for the fourth quarter and full year ended December 31, 2019.\n Business Review and Outlook “Fourth quarter operating results in our telecom segments improved considerably in most respects from last year’s levels,” said Michael Prior, ATN’s Chief Executive Officer. “Consolidated telecom revenues in the fourth quarter increased at a high single-digit rate, driving higher growth in Adjusted EBITDA1. “Positive fourth quarter comparisons in our International Telecom segment were broad-based, reflective of growth in our broadband services across our markets and the continued recovery of our US Virgin Islands operations, following the 2017 hurricanes. Our scale and investments in expanded fiber coverage and capacity, combined with the improved economic conditions in several of our markets, have put us in a strong position to deliver the data services that are in high demand. “US Telecom operations generated double-digit revenue growth for the quarter due to increased wholesale wireless revenue as part of the FirstNet transaction and our work on the Connect America Fund Phase II (CAF II). This revenue boost and related operating income expansion more than offset additional costs related to our early-stage domestic telecom ventures. “Fourth quarter net income included $5.8 million of charges tied to a revision to the carrying value of our solar operations in India given changing market conditions and delays in execution on certain pipeline assets. We are pleased with recent customer acquisition activities in this market and continue to evaluate potential partnering alternatives to execute on the solar energy platform that we have built in India. “Looking ahead, we believe we have entered 2020 with our core telecom businesses well positioned, and we expect them to continue to increase segment revenue and Adjusted EBITDA1 for the year. Our International Telecom segment has a broadening revenue base, with the potential to participate in macro-economic growth in multiple markets while at the same time increasing share and driving operating ...