Business
ATN Reports Third Quarter 2022 Results and Reiterates Financial Outlook
Third Quarter 2022 Results Revenues increased by 9% year over year to $182.2 million from $166.8 million a year ago.Net loss was $2.8 million versus $2.6
About this update from Atn International, Inc.
[{"type":"text","content":"Third Quarter 2022 Results Revenues increased by 9% year over year to $182.2 million from $166.8 million a year ago.Net loss was $2.8 million versus $2.6 million a year ago.EBITDA1 increased to $38.0 million from $31.4 million a year ago.Adjusted EBITDA2 increased to $41.9 million from $36.8 million a year ago.Capital expenditures were $38.9 million.Total cash, cash equivalents and restricted cash was $77.8 million as of September 30, 2022.Total connectivity grant funding jointly awarded since July 2022 was approximately $144 million. BEVERLY, Mass., Oct. 26, 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 nine months ended September 30, 2022. “We executed well on our strategic growth priorities and achieved a solid financial performance in the third quarter,” said Michael Prior, Chief Executive Officer of ATN. “Consistent with our ‘First-to-Fiber’ and ‘Glass and Steel’ strategies, we remained focused on being first to build and own modern, core digital infrastructure in the markets we serve. As a result, we continued to make steady progress across our key operational metrics, including the numbers of customers connected to and premises passed by our high-speed networks, which were up 13% and 15%, respectively, since the beginning of the year. Additionally, in the quarter we grew our international mobility subscriber base and mobility revenues by 9% and 11%, respectively, year over year. These efforts continue to demonstrate our leadership across our operating areas and lay the foundation for our ongoing expansion in growing markets. “With steady demand for our enterprise and wholesale solutions, Alaska Communications has continued to perform well and add to our topline and adjusted EBITDA2 while furthering our overall network expansion. In addition to the benefit of a full current quarter of Alaska results, both revenue and Adjusted EBITDA2 also demonstrated strong organic growth year over year. In recent months, we collaborated with two native Alaskan corporations to secure federal grants totaling approximately $103 million to connect 25 communities in Alaska’s rural Yukon Delta region, one of the most underserved regions in the U.S. We also received a series of federal gr...