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Alaska Communications Reports First Quarter 2020 Results
- Increased Total Revenue 2.4% compared to First Quarter 2019
- Reported Net Income of $2.4 Million
- Posted Adjusted EBITDA of $16.1 Million and Adjusted Free Cash Flow of $10.1 Million
- Contracted first subsea 100Gb IRU in April
ANCHORAGE, Alaska--(BUSINESS WIRE)--May 6, 2020--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the first quarter of 2020.
“We are pleased with our first quarter 2020 results: Broadband revenues increased 7.2% year over year, and growth revenues continued to outpace declining legacy revenues. This strong business performance strengthens our foundation, and the company is well prepared to manage the challenges related to COVID-19.
“As a premier broadband and managed IT provider in Alaska, we deliver essential services. I am proud of how our employees have responded to the pandemic. They stepped up to serve our customers in this difficult time and continue to drive ahead to achieve our mission. In today’s environment, our customers are negotiating increasing amounts of remote work and our solutions are even more critical. While the small and medium business outlook is unclear, we expect broadband demand for enterprise customers to continue to grow, as demonstrated by the sale of a subsea 100Gb IRU to a carrier customer in April,” said Bill Bishop, president & CEO.
First Quarter 2020 Compared to First Quarter 2019
- Total revenue was $58.3 million, compared to $56.9 million, an increase of 2.4%.
- Business and wholesale revenue was $38.8 million, compared to $36.5 million, up 6.3%.
- Consumer revenue was $9.1 million, compared to $9.2 million, a decrease of 0.7%.
- Regulatory revenue was $10.3 million, compared to $11.2 million, a decrease of 7.8%.
- Operating expenses were $52.4 million, compared to $51.0 million.
- Operating income was $5.8 million, compared to $5.9 million.
- Net income was $2.4 million, compared to $0.2 million.
- Capital expenditures were $7.5 million, compared to $8.6 million.
- Adjusted EBITDA was $16.1 million, compared to $15.2 million.
- Adjusted Free Cash Flow was $10.1 million, compared to $3.0 million.
Balance Sheet Highlights
- Cash was $35.4 million at March 31, 2020, compared to $28.3 million at December 31, 2019.
- Net debt was $143.4 million at March 31, 2020, compared to $153.8 million at December 31, 2019.
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.
Laurie Butcher, Alaska Communications chief financial officer, said, “We met our expectations for the quarter, and growth revenues increased 6.9% compared to last year. Dedicated to meeting the needs of our communities, we developed special internet services offerings to help people with tele-health, distance learning and remote work demands. Recognizing the potential financial impact to some residential and small businesses customers, we are providing flexible payment plans and will continue to monitor the situation. We are evaluating the effect of COVID-19 on our business from supply chain to collections. Although the near-term impact is uncertain, our business is keeping people connected, and we are confident in our long-term business plan and ability to drive shareholder value.”
The following information was filed by Alaska Communications Systems Group Inc (ALSK) on Wednesday, May 6, 2020 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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