Atlantic Tele-Network reports 9M15 revenue increase; updates on M&A progress

30 Oct 2015

US-based pan-Caribbean telecoms group Atlantic Tele-Network (ATN) has reported revenues of USD272.5 million for the nine months ended 30 September 2015, up 10% from the USD247.8 million figure recorded in 9M14. Adjusted EBITDA for the period under review also increased by 10%, from USD104.1 million to USD114.3 million, while operating income edged up 7%, to USD70.4 million. Net income attributable to ATN’s stockholders was USD12.8 million, compared with USD35.5 million in the corresponding period of 2014. The telco reported that the reduced bottom line includes a loss of USD19.9 million related to the deconsolidation of its non-controlling interest in Turks & Caicos-based Islandcom. TeleGeography notes that Islandcom was sold to larger rival LIME in February this year, and the network switchover took place on 31 July.

Meanwhile, in an update on ATN’s recent M&A activity in the US Virgin Islands and Bermuda, CEO Michael Prior said: ‘In October, we announced two strategically important transactions that are aligned with our approach of building out our service offerings in geographies where we see the potential to create long term value. With the Innovative acquisition, which we expect to complete in mid-2016 pending regulatory approval, we will significantly increase our footprint in the US Virgin Islands, adding wireline video, broadband and local voice services to our existing mobile services there.’

Regarding the Bermudan deal, he added: ‘Our acquisition of a controlling interest in KeyTech Bermuda pairs our 43% ownership of CellOne with their 42% ownership and adds wireline voice, broadband and video services to our existing mobile services. KeyTech recently received shareholder approval for the transaction and we are now awaiting regulatory approval … In both cases, we are investing in markets and geographies we know well, and where we will have the ability to provide customers with a single connectivity solution for mobile and fixed telecom and media services.’

Bermuda, Turks and Caicos Islands, United States, Virgin Islands (U.S.), ATN International (ATNI), Islandcom (Turks & Caicos), One Communications, Viya