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Alaska Communications Reports Third Quarter 2018 Results
ANCHORAGE, Alaska--(BUSINESS WIRE)--November 5, 2018--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the third quarter of 2018.
“Our results for the quarter and year to date are strong, reflecting solid execution to our plan. Our performance builds on a long-term track record of revenue growth and cost management supporting consistent Adjusted EBITDA and Adjusted Free Cash Flow performance. Looking forward, we see growing opportunities in Carrier & Federal, Education, and Oil & Gas, with the added tailwinds of an improving Alaska economy.
“Historically our capital allocation strategies have prioritized deleveraging, establishing the foundation for future growth. We continue to see material opportunities in the market, giving us great confidence in investing for growth. At the same time, given the strength of our balance sheet, we are committed to appropriately considering returns to our shareholders as part of our organic business plan, while we continue to emphasize strategic actions addressing scale and geographic diversification to amplify and accelerate value creation,” said Anand Vadapalli, president and CEO of Alaska Communications.
Revenue Highlights: Third Quarter 2018 Compared to Third Quarter 2017
- Revenue was $58.2 million, compared to $56.7 million.
- Total broadband revenue was $31.2 million, compared to $31.3 million.
Business and Wholesale:
- Comprised 62.5 percent of total revenue.
- Revenue was $36.4 million, compared to $34.9 million.
- Broadband revenue was $24.7 million, compared to $25.0 million.
- Comprised 15.9 percent of total revenue.
- Revenue was $9.3 million in both periods.
- Broadband revenue was $6.5 million, compared to $6.3 million.
- Comprised 21.6 percent of total revenue.
- Revenue was $12.6 million, compared to $12.5 million.
Financial Metrics: Third Quarter 2018 compared to Third Quarter 2017
- Operating income was $5.8 million, compared to $3.7 million.
- Net income was $1.8 million, compared to $0.3 million.
- Net cash provided by operating activities was $24.5 million, compared to $8.6 million.
- Capital expenditures were $8.4 million, compared to $13.5 million.
Balance Sheet Metrics: September 30, 2018 compared to December 31, 2017
- Cash and cash equivalents was $18.9 million, compared to $16.2 million.
- Net debt was $159.1 million, compared to $177.2 million.
Non-GAAP Metrics: Third Quarter 2018 compared to Third Quarter 2017
- Adjusted EBITDA was $14.8 million, compared to $13.2 million.
- Adjusted free cash flow was $2.4 million, compared to $4.1 million.
Reconciliations of non-GAAP financial measures to GAAP financial measures can be found in tables at the end of this release.
Laurie Butcher, Alaska Communications senior vice-president of finance, said, “During the third quarter, we received cash payments of $14.5 million associated with the Rural Health Care program, which contributed to the $24.5 million in net cash provided by operating activities. Reflecting the growth opportunities ahead of us, we are modestly increasing our guidance for capital expenditures while reaffirming guidance on all other fronts.”
The following information was filed by Alaska Communications Systems Group Inc (ALSK) on Monday, November 5, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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