Business
ATN Reports Second Quarter 2022 Results and Reiterates Financial Outlook
Second Quarter 2022 Results Revenues increased to $179.5 million from $123.9 million a year ago, primarily due to the successful acquisition of Alaska
About this update from Atn International, Inc.
[{"type":"text","content":"Second Quarter 2022 Results Revenues increased to $179.5 million from $123.9 million a year ago, primarily due to the successful acquisition of Alaska Communications.Net loss was $0.5 million versus net income of $2.0 million a year ago.EBITDA1 increased to $38.8 million from $23.1 million a year ago.Adjusted EBITDA2 increased to $39.2 million from $25.2 million a year ago.Capital expenditures were $40.6 million.Total cash, cash equivalents and restricted cash was $72.2 million as of June 30, 2022. BEVERLY, Mass., July 27, 2022 (GLOBE NEWSWIRE) -- ATN International, Inc. (“ATN” or the “Company”) (Nasdaq: ATNI), a leading provider of digital infrastructure and communications services, today reported results for the three and six months ended June 30, 2022. “We delivered solid revenues in the second quarter while at the same time managing a slight uptick in labor expenses and increased development costs as we continued to invest in advancing our long-term growth strategy,” said Michael Prior, Chief Executive Officer of ATN. “After one full year of operating Alaska Communications, we have expanded our overall U.S. infrastructure footprint, strengthened our base of recurring revenues, and increased our topline segment revenues by more than 50% year over year. In addition, by combining forces with the Alaska team, we have won several significant awards to bring increased, and more affordable, connectivity to some of the state’s more rural locations. “Our Commnet Broadband subsidiary announced separately today, that we entered into an agreement this week to acquire Sacred Wind Enterprises, the largest privately owned broadband company in New Mexico. We view this transaction as a next step in the transformation of Commnet's legacy wholesale roaming business. When complete, the combination will expand our core digital infrastructure footprint, and development pipeline, and increase the scale of our wholesale carrier, residential, and business broadband services in the rural Southwest. We expect to utilize approximately $25.0 million of cash and assume approximately $32.0 million in debt to close the transaction after we have obtained regulatory approvals. We do not expect this business combination to have a meaningful impact on our 2022 operating results, as its closing is currently anticipated to occur in the fourth quarter of this yea...