We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Alaska Communications Systems Group Inc | NASDAQ:ALSK | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 3.40 | 3.39 | 3.40 | 0 | 00:00:00 |
From Nov 2019 to Nov 2024
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
Balance Sheet Highlights
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.
Conference Call
Due to the pending transaction, the Company will not hold a conference call.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is the leading provider of advanced broadband and managed IT services for businesses and consumers in Alaska. The Company operates a highly reliable, advanced statewide data network with the latest technology and the most diverse undersea fiber optic system connecting Alaska to the contiguous U.S. For more information, visit www.alaskacommunications.com or www.alsk.com.
Revenue Category Definitions
Growth Revenues are defined as business broadband, managed IT services, equipment sales and installations, wholesale broadband and consumer broadband. Legacy Revenues are defined as business voice and other, Wholesale voice and other, consumer voice and other, and Access. CAF II Revenues are defined as high cost support.
Non-GAAP Measures
In an effort to provide investors with additional information regarding our financial results, we have provided certain non-GAAP financial information, including Adjusted EBITDA, Adjusted Free Cash Flow and Net Debt. Adjusted EBITDA eliminates the effects of period to period changes in costs that are not directly attributable to the underlying performance of the Company’s business operations and is used by Management and the Company’s Board of Directors to evaluate current operating financial performance, analyze and evaluate strategic and operational decisions and better evaluate comparability between periods. Adjusted Free Cash Flow is a non-GAAP liquidity measured used by Management and the Company’s Board of Directors to assess the Company’s ability to generate cash and plan for future operating and capital actions. Adjusted EBITDA and Adjusted Free Cash Flow are common measures utilized by our peers (other telecommunications companies) and we believe they provide useful information to investors and analysts about the Company’s operating results, financial condition and cash flows. Net Debt provides Management and the Company’s Board of Directors with a measure of the Company’s current leverage position. The definition and computation of these non-GAAP measures are provided on Schedules 4, 6 and 9 to this press release. Adjusted EBITDA and Adjusted Free Cash Flow should not be considered a substitute for Net Income, Net Cash Provided by Operating Activities and other measures of financial performance recorded in accordance with GAAP. Reconciliations of our non-GAAP measures to our nearest GAAP measures can be found in the tables in this release. Other companies may not calculate non-GAAP measures in the same manner as Alaska Communications. The Company does not provide reconciliations of guidance for Adjusted EBITDA to Net Income, and Adjusted Free Cash Flow to Net Cash from Operating Activities, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company does not forecast certain items required to develop the comparable GAAP financial measures. These items are charges and benefits for uncollectible accounts, certain other non-cash expenses, unusual items typically excluded from Adjusted EBITDA and Adjusted Free Cash Flow, and changes in operating assets and liabilities (generally the most significant of these items, representing cash inflows of $4.8 million in the three-month period of 2021).
Forward-Looking Statements
This press release includes certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's beliefs as well as on a number of assumptions concerning future events made using information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside the Company’s control. Such factors include, without limitation changes in technology and related standards, the impacts of the COVID-19 pandemic on the economy of Alaska and on the Company, the impact of natural or man-made disasters and accidents, Federal and Alaska Universal Service Fund changes and our current and historical compliance with the obligations of those programs, structural declines for voice and other legacy services, maintenance or IT issues, third-party intellectual property claims, potential pension shortfalls, the success or failure of future strategic transactions, funding through the rural health care universal service support mechanism and our ability to comply and our history of compliance with the regulatory requirements to receive those support payments, our ability to service our debt and refinance as required, adverse economic conditions, our success in providing broadband services on the North Slope and Western Alaska, the effects of competition in our markets, our relatively small size compared with our competitors, the Company’s ability to compete, manage, integrate, market, maintain, and attract sufficient customers for its products and services, adverse changes in labor matters, including workforce levels, labor negotiations, employee benefit costs, our ability to control other operating costs, disruption of our supplier’s provisioning of critical products or services, the actions of activist shareholders, changes in Company's relationships with large customers, unforeseen changes in public policies, regulatory changes, our internal control over financial reporting, and changes in accounting standards or policies, which could affect reported financial results. For further information regarding risks and uncertainties associated with the Company’s business, please refer to the Company's SEC filings, including, but not limited to, the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of the Company's SEC filings may be obtained by contacting its investor relations department at (907) 564-7556 or by visiting its investor relations website at www.alsk.com.
Schedule 1
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED SCHEDULE OF OPERATIONS (Unaudited, In Thousands Except Per Share Amounts) Three Months Ended March 31,2021
2020
Operating revenues$
60,668
$
58,266
Operating expenses: Cost of services and sales (excluding depreciation and amortization)
27,366
27,114
Selling, general & administrative
18,289
15,394
Transaction and termination costs
923
-
Depreciation and amortization
11,048
9,840
Loss on disposal of assets, net
84
86
Total operating expenses
57,710
52,434
Operating income
2,958
5,832
Other income and (expense): Interest expense
(2,652
)
(2,959
)
Interest income
3
75
Other income, net
393
381
Total other income and (expense)
(2,256
)
(2,503
)
Income before income tax expense
702
3,329
Income tax expense
(118
)
(960
)
Net income
584
2,369
Less net loss attributable to noncontrolling interest
(22
)
(18
)
Net income attributable to Alaska Communications$
606
$
2,387
Net income per share attributable to Alaska Communications: Net income applicable to common shares
$
606
$
2,387
Basic
$
0.01
$
0.04
Diluted
$
0.01
$
0.04
Weighted average shares outstanding: Basic
54,145
53,186
Diluted
54,872
54,237
Schedule 2
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited, In Thousands Except Per Share Amounts) March 31, December 31, Assets2021
2020
Current assets: Cash and cash equivalents$
22,114
$
19,644
Restricted cash
1,326
1,326
Short-term investments
434
434
Accounts receivable, net of allowance of $4,290 and $4,060
40,284
41,893
Materials and supplies
9,093
7,624
Prepayments and other current assets
7,217
6,404
Total current assets
80,468
77,325
Property, plant and equipment
1,457,458
1,452,943
Less: accumulated depreciation and amortization
(1,070,449
)
(1,062,027
)
Property, plant and equipment, net
387,009
390,916
Operating lease right of use assets
88,135
89,821
Other assets
11,873
11,370
Total assets
$
567,485
$
569,432
Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term obligations
$
9,071
$
9,067
Accounts payable, accrued and other current liabilities
51,355
49,700
Operating lease liabilities - current
3,276
3,392
Total current liabilities
63,702
62,159
Long-term obligations, net of current portion
157,630
159,641
Deferred income taxes
6,109
5,846
Operating lease liabilities - noncurrent
79,631
81,103
Other long-term liabilities, net of current portion
93,821
94,764
Total liabilities
400,893
403,513
Commitments and contingencies Alaska Communications stockholders' equity: Common stock, $.01 par value; 145,000 authorized
553
549
Treasury stock, 1,000 shares at cost
(1,812
)
(1,812
)
Additional paid in capital
163,038
163,317
Retained earnings
10,048
9,442
Accumulated other comprehensive loss
(5,976
)
(6,340
)
Total Alaska Communications stockholders' equity
165,851
165,156
Noncontrolling interest
741
763
Total stockholders' equity
166,592
165,919
Total liabilities and stockholders' equity
$
567,485
$
569,432
Schedule 3 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, In Thousands) Three Months Ended March 31,
2021
2020
Cash Flows from Operating Activities: Net income$
584
$
2,369
Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization
11,048
9,840
Loss on disposal of assets, net
84
86
Amortization of debt issuance costs and debt discount
258
350
Amortization of deferred capacity revenue
(1,741
)
(1,360
)
Stock-based compensation
389
309
Deferred income tax expense
118
954
Charge for uncollectible accounts
396
(229
)
Amortization of ROU assets
836
578
Other non-cash income, net
(27
)
(33
)
Changes in operating assets and liabilities
4,765
9,498
Net cash provided by operating activities
16,710
22,362
Cash Flows from Investing Activities: Capital expenditures
(6,902
)
(7,463
)
Capitalized interest
(161
)
(316
)
Change in unsettled capital expenditures
(4,248
)
(3,759
)
Net cash used by investing activities
(11,311
)
(11,538
)
Cash Flows from Financing Activities: Repayments of long-term debt
(2,265
)
(3,240
)
Payment of withholding taxes on stock-based compensation
(664
)
(439
)
Net cash used by financing activities
(2,929
)
(3,679
)
Change in cash, cash equivalents and restricted cash
2,470
7,145
Cash, cash equivalents and restricted cash, beginning of period
20,970
27,993
Cash, cash equivalents and restricted cash, end of period
$
23,440
$
35,138
Supplemental Cash Flow Data: Interest paid
$
2,544
$
2,919
Dividends payable at March 31
$
16
$
4,852
Income taxes refunded
$
(349
)
$
-
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED EBITDA (Unaudited, In Thousands) Three Months Ended March 31,
2021
2020
Net income$
584
$
2,369
Add (subtract): Interest expense
2,652
2,959
Interest income
(3
)
(75
)
Depreciation and amortization
11,048
9,840
Other income, net
(393
)
(381
)
Loss on disposal of assets, net
84
86
Income tax expense
118
960
Stock-based compensation
389
309
Transaction-related costs
923
-
Net loss attributable to noncontrolling interest
22
18
Adjusted EBITDA
$
15,424
$
16,085
Non-GAAP Measures:
The Company provides certain non-GAAP financial information, including Adjusted EBITDA, Adjusted Free Cash Flow and Net Debt. Adjusted EBITDA eliminates the effects of period to period changes in costs that are not directly attributable to the underlying performance of the Company’s business operations and is used by Management and the Company’s Board of Directors to evaluate current operating financial performance, analyze and evaluate strategic and operational decisions and better evaluate comparability between periods. Adjusted Free Cash Flow is a non-GAAP liquidity measure used by Management to assess the Company’s ability to generate cash and plan for future operating and capital actions. Adjusted EBITDA and Adjusted Free Cash Flow are common measures utilized by our peers (other telecommunications companies) and we believe they provide useful information to investors and analysts about the Company’s operating results, financial condition and cash flows. Net Debt provides Management and the Board of Directors with a measure of the Company’s current leverage position.
The Company does not provide reconciliations of guidance for Adjusted EBITDA to Net Income, and Adjusted Free Cash Flow to Net Cash Provided by Operating Activities, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company does not forecast certain items required to develop the comparable GAAP financial measures. These items are charges and benefits for uncollectible accounts, certain other non-cash expenses, unusual items typically excluded from Adjusted EBITDA and Adjusted Free Cash Flow, and changes in operating assets and liabilities (generally the most significant of these items, representing cash inflows of $4.8 million in the three-month period ended March 31, 2021).
Adjusted EBITDA and Adjusted Free Cash Flow are not GAAP measures and should not be considered a substitute for net income, net cash provided by operating activities, or net cash provided or used. Adjusted EBITDA as computed above is not consistent with the definition of Consolidated EBITDA referenced in our 2019 Senior Credit Facility, and other companies may not calculate Non-GAAP measures in the same manner we do.
Adjusted EBITDA is defined as net income before interest expense and income, depreciation and amortization, other income and expense, gain or loss on asset purchases or disposals, provision for income taxes, stock-based compensation, transaction-related costs, and net loss attributable to noncontrolling interest.
Schedule 5
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (Unaudited, In Thousands) Three Months Ended March 31,2021
2020
Net cash provided by operating activities$
16,710
$
22,362
Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow: Capital expenditures excluding prefunded projects
(6,902
)
(6,836
)
Capital expenditures for prefunded projects
-
(627
)
Milestone payments received for prefunded projects
2,500
5,140
Milestone payments made for prefunded projects
(600
)
-
Deferred cost of sales for prefunded projects
175
-
Amortization of revenue for prefunded projects
(524
)
(227
)
Amortization of deferred capacity revenue
1,741
1,360
Amortization of GCI capacity revenue
(511
)
(516
)
Amortization of debt issuance costs and debt discount
(258
)
(350
)
Interest expense
2,652
2,959
Interest paid
(2,544
)
(2,919
)
Interest income
(3
)
(75
)
Deferred income tax expense
(118
)
(954
)
Income tax expense
118
960
Income taxes refunded
349
-
Charge for uncollectible accounts
(396
)
229
Amortization of ROU assets
(836
)
(578
)
Transaction-related costs
923
-
Other income, net
(393
)
(381
)
Net loss attributable to noncontrolling interest
22
18
Other non-cash income, net
27
33
Changes in operating assets and liabilities
(4,765
)
(9,498
)
Adjusted free cash flow$
7,367
$
10,100
Schedule 6 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED FREE CASH FLOW (Unaudited, In Thousands) Three Months Ended March 31,
2021
2020
Adjusted EBITDA$
15,424
$
16,085
Less: Capital expenditures excluding prefunded projects
(6,902
)
(6,836
)
Amortization of GCI capacity revenue
(511
)
(516
)
Income taxes refunded
349
-
Interest paid
(2,544
)
(2,919
)
5,816
5,814
Impact of prefunded projects: Capital expenditures for prefunded projects
-
(627
)
Milestone payments received for prefunded projects
2,500
5,140
Milestone payments made for prefunded projects
(600
)
-
Deferred cost of sales for prefunded projects
175
-
Amortization of revenue for prefunded projects
(524
)
(227
)
1,551
4,286
Adjusted free cash flow*
$
7,367
$
10,100
* Quarterly Adjusted Free Cash Flow fluctuates and should not be viewed as an indicator of annual performance. Onetime events, seasonality of capital spend and the timing of interest payments may result in negative Adjusted Free Cash Flow in one or more quarters.
Non-GAAP Measures:
Adjusted Free Cash Flow is a non-GAAP liquidity measure and is defined as Adjusted EBITDA, less recurring operating cash requirements which include capital expenditures, cash income taxes refunded or paid, cash interest paid, amortization of GCI capacity revenue, cash severance expense for the Company's former Chief Executive Officer, and cash receipts and payments, deferred costs and amortized revenue and expense associated with certain prefunded special projects as defined in the 2019 Senior Credit Facility. Amortization of deferred revenue associated with our interconnection agreement with GCI is excluded from Adjusted Free Cash Flow because no cash was received by the Company in connection with this agreement. Amortization of all other deferred revenue, including that associated with other IRU capacity arrangements, is included in Adjusted Free Cash Flow because cash was received by the Company, typically at contract inception, and is being recognized as revenue over the term of the relevant agreement.
See Schedule 3 for Net cash provided by operating activities, Net cash used by investing activities, and Net cash used by financing activities.
See Schedule 5 for the reconciliation of net cash provided by operating activities to Adjusted Free Cash Flow.
Schedule 7
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
REVENUE BY CUSTOMER GROUP(Unaudited, In Thousands)
Three Months Ended March 31,2021
2020
Business and wholesale revenue Business broadband$
16,242
$
15,639
Business voice and other
7,137
7,236
Managed IT services
1,217
1,227
Equipment sales and installations
2,618
1,414
Wholesale broadband
12,636
11,979
Wholesale voice and other
1,121
1,288
Total business and wholesale revenue
40,971
38,783
Growth in business and wholesale
5.6
%
Consumer revenue Broadband
6,945
6,692
Voice and other
2,230
2,449
Total consumer revenue
9,175
9,141
Total business, wholesale, and consumer revenue
50,146
47,924
Growth in business, wholesale and consumer revenue
4.6
%
Growth in broadband revenue
4.4
%
Regulatory revenue Access
5,599
5,418
High cost support
4,923
4,924
Total regulatory revenue
10,522
10,342
Total revenue$
60,668
$
58,266
Growth in total revenue
4.1
%
Growth Revenues: Business broadband, Managed IT services, Equipment sales and installations, Wholesale broadband, and Consumer broadband
Legacy Revenues: Business voice and other, Wholesale voice and other, Consumer voice and other, and Access
Schedule 8
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
LONG TERM DEBT AND NET DEBT
(Unaudited, In Thousands)
March 31,
December 31,
2021
2020
2019 senior secured credit facility due 2024$
166,646
$
168,896
Debt discount - 2019 senior secured credit facilities due 2024
(1,384
)
(1,523
)
Debt issuance costs - 2019 senior secured credit facilities due 2024
(1,222
)
(1,341
)
Capital leases and other long-term obligations
2,661
2,676
Total debt
166,701
168,708
Less current portion
(9,071
)
(9,067
)
Long-term obligations, net of current portion$
157,630
$
159,641
Total debt
$
166,701
$
168,708
Plus debt discounts and debt issuance costs
2,606
2,864
Gross debt
169,307
171,572
Cash and cash equivalents
(22,114
)
(19,644
)
Net debt$
147,193
$
151,928
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005431/en/
Media Contact Heather Cavanaugh, 907-564-7722 Director, External Affairs and Corporate Communications
Investor Contact Tiffany Smith, 907-564-7556 Manager, Board and Investor Relations investors@acsalaska.com
1 Year Alaska Communications Sy... Chart |
1 Month Alaska Communications Sy... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
