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ANCHORAGE, Alaska--(BUSINESS WIRE)--November 6, 2019--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the third quarter of 2019.
“We are committed to superior service and network solutions that our customers require in Alaska and the markets we serve in the Lower 48. By emphasizing our customer centric approach, we expect to deliver sustainable long-term growth for our shareholders. For the third quarter, we are pleased to report that we grew total broadband revenue by 7.8% over last year. In addition, we grew net income 11.3% over last year and increased our Adjusted EBITDA margin to 26.7% for the quarter,” said Bill Bishop, President & CEO.
“We are making progress on our deployment of a 5G fiber backhaul network and are on track with provisioning the first route for our 100% prefunded project for one of our strategic customers. In mass market, we grew on-base multi-dwelling units (MDUs) by an additional 2,000 units and added our largest non-military MDU complex to date. We are very excited about our expansion projects and technical capabilities to stay on the forefront of requirements for our advanced products including, our broadband satellite offering, IP voice, and robust data and FiWi networks,” continued Mr. Bishop.
Third Quarter 2019 Compared to Third Quarter 2018
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.
“As expected, our strong sales funnel translated into significant revenue growth for the quarter in key areas, offsetting the anticipated decline in regulatory revenue. We are committed to maintaining tight financial controls, also contributing to increases in both Adjusted EBITDA and Adjusted Free Cash Flow. In the quarter, we completed a modest stock repurchase of one million shares at an average price of $1.81. Additionally, the Board determined that it was reasonable to discontinue the Section 382 tax preservation plan on October 18, 2019. We will continue to align with our shareholders and consider ways to pursue actions that return capital to shareholders, while staying committed to investing in high ROI projects,” says Laurie Butcher, Chief Financial Officer.
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Alaska Communications Systems Group Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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To do this we will continue to: We believe we can create value for our shareholders by: Driving revenue growth through increasing business broadband and managed IT service revenues, Generating Adjusted EBITDA and Adjusted Free Cash Flow growth through margin management, and Careful allocation of capital, including selectively investing success based capital into opportunities that generate appropriate returns on investments.
However, our ability to make such an assessment is dependent upon our future financial performance, which is subject to future economic conditions and to financial, business, regulatory, competitive entry and many other factors, many of which are beyond our control and could impact us during the time period of this assessment.
These revenue increases are driven by continued demand for broadband as businesses migrate their IT infrastructure to the cloud, deployment of small cell networks, expansion into managed IT services, investments by Federal agencies in long haul broadband infrastructure and continued progress in serving new school districts.
Regulatory Regulatory revenue of $11.1 million decreased $1.5 million year over year due to lower access revenue resulting from reduced funding from the Alaska Universal Service Fund.
Regulatory Regulatory revenue of $33.3 million decreased $4.8 million year over year due to lower access revenue resulting from reduced funding from the Alaska Universal Service Fund.
Fixed Charge Coverage Ratio: The...Read more
Our objective is to continue...Read more
If we fail to effectively...Read more
Rural health care revenue in...Read more
All statements other than statements...Read more
We are responding to these...Read more
We are focused on expanding...Read more
In general, we believe that...Read more
Regulatory access revenue declined $1.5...Read more
Business and wholesale revenue increased...Read more
New Accounting Pronouncements See Note...Read more
However, because the charges are...Read more
Our results of operations, financial...Read more
Cost of Services and Sales...Read more
Business services have experienced significant...Read more
Estimates involved in developing these...Read more
Employment levels in the state...Read more
Business broadband average monthly revenue...Read more
Effective in 2019, the COLR...Read more
Cost of Services and Sales...Read more
Driven by our network investments...Read more
Interest expense of $3.0 million...Read more
Management considers employee relations to...Read more
These will include approximately 26,000...Read more
Selling, General and Administrative Selling,...Read more
The decrease reflects cash generated...Read more
Business and Wholesale Business and...Read more
Wholesale broadband revenue increased $2.0...Read more
Wholesale broadband revenue increased $3.8...Read more
Among the significant estimates affecting...Read more
This increase reflects a $5.1...Read more
Depreciation and Amortization Depreciation and...Read more
Selling, General and Administrative Selling,...Read more
$ 6,896 13.6 % 2.9...Read more
Interest expense of $9.1 million...Read more
These rules were transmitted to...Read more
In January, 2018, the RCA...Read more
Continued emphasis on employee engagement...Read more
Our Master Collective Bargaining Agreement...Read more
We are involved in various...Read more
Given the demand from our...Read more
We have a dedicated sales...Read more
Prior to changes to the...Read more
We experienced consistent growth in...Read more
Business and Wholesale Business and...Read more
We expect to see continued...Read more
Maximum Net Total Leverage Ratio:...Read more
Ignite success in the Consumer...Read more
Providing services to Business and...Read more
This is consistent with our...Read more
Business broadband revenue increased $0.3...Read more
Depreciation and Amortization Depreciation and...Read more
Additional risks that we may...Read more
Business broadband connections of 14,942...Read more
minus (to the extent included...Read more
Principal payments on the Initial...Read more
In its August 2019 Rural...Read more
Income tax expense and the...Read more
Equipment sales and installations were...Read more
Equipment sales and installations were...Read more
These policies and estimates are...Read more
Given that our primary competitor...Read more
We are continuing to work...Read more
We believe our network differentiates...Read more
We are a fiber broadband...Read more
Income tax expense and the...Read more
Words such as "anticipates", "believes",...Read more
Accordingly, we have significant capacity...Read more
On April 19, 2018, the...Read more
Rural Health Care Support Program...Read more
The net loss attributable to...Read more
A final order was issued...Read more
Income tax expense and the...Read more
In response, we have advocated...Read more
Investors should also be aware...Read more
We believe that higher NPS...Read more
Financial Statements, Disclosures and Schedules
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Alaska Communications Systems Group Inc provided additional information to their SEC Filing as exhibits
Ticker: ALSK
CIK: 1089511
Form Type: 10-Q Quarterly Report
Accession Number: 0001437749-19-022093
Submitted to the SEC: Fri Nov 08 2019 7:50:02 AM EST
Accepted by the SEC: Fri Nov 08 2019
Period: Monday, September 30, 2019
Industry: Telephone Communications No Radiotelephone