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Alaska Communications Reports First Quarter 2019 Results
ANCHORAGE, Alaska--(BUSINESS WIRE)--May 6, 2019--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the first quarter of 2019.
“We are pleased to report another quarter of solid performance, consistent with our plan and expectations. Market demand for our Enterprise and Carrier business is strong, reflected in our quarterly Business and Wholesale broadband revenue performance, up 9.9% year over year. Cost management is receiving continued attention as evidenced by reduction in the executive team and proposed reductions to the Board of Directors.
“Growth revenues, combined with stable high cost support revenues, now stand at 69% of total revenues for the quarter. These combined revenues continue to outpace declines in legacy revenues, as reflected in our total revenue growth. This positions us to deliver Adjusted EBITDA expansion over the long-term. We look forward to reporting progress over the upcoming quarters,” said Anand Vadapalli, president and CEO of Alaska Communications.
Revenue Highlights: First Quarter 2019 Compared to First Quarter 2018
- Revenue was $56.9 million, compared to $56.0 million.
- Total broadband revenue was $32.0 million, compared to $29.7 million.
Business and wholesale:
- Comprised 64.1 percent of total revenue.
- Revenue was $36.5 million, compared to $33.8 million.
- Broadband revenue was $25.5 million, compared to $23.2 million.
- Comprised 16.2 percent of total revenue.
- Revenue was $9.2 million, compared to $9.4 million.
- Broadband revenue was flat at $6.5 million.
- Comprised 19.7 percent of total revenue.
- Revenue was $11.2 million, compared to $12.8 million.
Financial Metrics: First Quarter 2019 compared to First Quarter 2018
- Operating income was $5.9 million, compared to $5.3 million.
- Net income, including $2.8 million loss on extinguishment of debt, was $0.2 million, compared to net income of $2.1 million.
- Net cash provided by operating activities was $15.5 million, compared to $13.4 million.
- Capital expenditures were $8.6 million, compared to $8.7 million.
Balance Sheet Metrics: March 31, 2019 compared to December 31, 2018
- Cash was $24.5 million, compared to $15.0 million.
- Net debt was $159.9 million, compared to $161.2 million.
- Reflects additional assets and liabilities of $81.5 and $81.2 million, respectively, from adoption of the new lease accounting standard in the first quarter.
Non-GAAP Metrics: First Quarter 2019 compared to First Quarter 2018
- Adjusted EBITDA was $15.2 million, compared to $14.4 million.
- Adjusted free cash flow was $3.0 million, compared to $1.8 million.
Reconciliations of non-GAAP financial measures to GAAP financial measures can be found in tables at the end of this release and on the company’s website at http://www.alsk.com in the investment data section.
The following information was filed by Alaska Communications Systems Group Inc (ALSK) on Monday, May 6, 2019 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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