ATN International reports 9M17 revenues of USD374m; updates on USVI damage

31 Oct 2017

US-based multi-country telecoms group ATN International (ATNI) has reported revenues of USD373.5 million for the nine months ended 30 September 2017, up 14% from USD328.5 million year-on-year. The group notes that revenue increases for the period under review are mostly attributable to the impact of ATNI’s 2016 acquisitions in Bermuda (KeyTech) and the US Virgin Islands (Innovative Telephone). Adjusted EBITDA for the first nine months of 2017 was USD118.0 million, an increase of 3% from the prior year, while the net loss attributable to ATN stockholders was USD12.0 million, compared to net income of USD10.2 million in 9M16.

CEO Michael Prior commented: ‘ATN’s operating performance in the third quarter was broadly in line with our expectations excluding the impact of the September hurricanes on the US Virgin Islands … Approximately half of the decline in wireline revenues from last year related to the sale of our US wireline business this past March. The other half of the decline reflected the impact from Hurricanes Irma and Maria, which significantly impacted the customers and damaged the network of Viya, our USVI subsidiary, in September.’ (Note: Viya was created via the merger of Innovative and Choice Wireless.)

Providing an update on Viya’s network status in the USVI, Mr Prior added: ‘We have been able to restore wireless coverage to a large part of St. Thomas and expect to bring up wireless service on St. Croix over the next few weeks. St. John, the smallest of the main islands, is being serviced with hot spots. Our damage assessment has been hampered by the still devastating island conditions and lack of commercial power and therefore is not yet complete. We currently estimate that approximately one third of our wireline plant sustained significant damage, but only a very small percentage of our wireline customers are currently receiving service, due to the lack of commercial power as well as the damage to many residences. Until commercial electricity is restored to more of the territory, it is difficult to assess the timeline for restoring wireline services, which currently comprise most of our revenue in the USVI.’

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