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Alaska Communications Reports First Quarter 2021 Results
- Reported total revenue of $60.7 Million, an increase of 4.1% year over year
- Reported Net Income attributable to Alaska Communications of $0.6 Million
- Reported Adjusted EBITDA of $15.4 Million and Adjusted Free Cash Flow of $7.4 Million
- Completed Oregon-based prefunded fiber project in April
ANCHORAGE, Alaska--(BUSINESS WIRE)--May 6, 2021--Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the first quarter of 2021.
“We are pleased with our first quarter 2021 results, showing revenue growth year over year in business and wholesale, consumer and regulatory. Total broadband revenues increased 4.4% year over year, and growth revenues continued to outpace declining legacy revenues. Our fiber footprint and market opportunities continue to increase. In April, we completed our Oregon-based prefunded fiber project, connecting our landing station on the Oregon coast to the main Pacific Northwest fiber corridor. We are currently in the final testing phase of this project. Additionally, we continue to see success in the natural resource sector, with a significant new customer win in the mining industry in Alaska.
“With the approval from our shareholders of the merger agreement, we continue to move forward with the transaction with ATN International, Inc. We anticipate receiving the remaining regulatory approvals over the coming months and expect to close the transaction mid-year,” said Bill Bishop, president & CEO.
First Quarter 2020 Compared to First Quarter 2019
- Total revenue was $60.7 million, compared to $58.3 million, an increase of 4.1%.
- Business and wholesale revenue was $41.0 million, compared to $38.8 million, up 5.6%.
- Consumer revenue was $9.2 million, compared to $9.1 million, an increase of 0.4%.
- Regulatory revenue was $10.5 million, compared to $10.3 million, an increase of 1.7%.
- Operating expenses were $57.7 million, compared to $52.4 million.
- Operating income was $3.0 million, compared to $5.8 million.
- Net income attributable to Alaska Communications was $0.6 million, compared to $2.4 million.
- Capital expenditures were $6.9 million, compared to $7.5 million, or excluding prefunded projects were $6.9 million, compared to $6.8 million.
- Adjusted EBITDA was $15.4 million, compared to $16.1 million.
- Adjusted Free Cash Flow was $7.4 million, compared to $10.1 million, or excluding prefunded projects was $5.8 million in both periods.
Balance Sheet Highlights
- Cash was $23.4 million at March 31, 2021, compared to $21.0 million at December 31, 2020.
- Net debt was $147.2 million at March 31, 2021, compared to $151.9 million at December 31, 2020.
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, “Our first quarter results are in line with our business plan, showing year over year revenue growth in all three of our business lines. Our total revenue showed growth of 4.1%, driven largely by broadband. Net income is lower year over year due in part to the transaction costs incurred in the first quarter of this year. I am pleased with our performance for the quarter, and the foundation that it sets for the year.
Due to the pending transaction, the Company will not hold a conference call.
The following information was filed by Alaska Communications Systems Group Inc (ALSK) on Thursday, May 6, 2021 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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