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Onecomm parent has net loss

ATN International Inc, the Massachusetts-based parent company of One Communications and Fireminds, has reported a net loss of $500,000 for the second quarter of the year.

That compares with net income of $2 million in the second quarter of 2021.

The company said consolidated revenues increased to $179.5 million from $123.9 million a year ago, primarily due to the successful acquisition of Alaska Communications.

In the international telecom segment, of which One and Fireminds are a part, revenues were $88.4 million for the quarter, up three per cent year-over-year.

This increase was mainly due to mobile subscriber growth and higher carrier services revenue, which resulted from increased travel and tourism in Bermuda and the US Virgin Islands.

The increase in segment revenues was partially offset by a scheduled step down in federal high-cost support subsidies for the US Virgin Islands.

Operating expenses for the quarter increased incrementally year-over-year as the company invested in expanding and enhancing its networks and sales and marketing capabilities to expand its subscriber base.

Operating income was $11.6 million and adjusted EBITDA was $27.1 million in the quarter, compared with operating income of $14.6 million and adjusted EBITDA of $28.4 million in the prior year period.

The year-over-year changes in operating income and adjusted EBITDA were mainly due to higher operating expenditures, which offset the increase in total segment revenues.

“We delivered solid revenues in the second quarter while at the same time managing a slight uptick in labour expenses and increased development costs as we continued to invest in advancing our long-term growth strategy,” said Michael Prior, chief executive officer of ATN.

“We remain committed to building more core digital infrastructure and expanding our fibre footprint in the communities we serve.

“By focusing on our growth strategy and putting our customers first, we have continued to advance many of our key metrics, including homes passed by broadband services, total broadband customers, and broadband customers served by networks with speeds of 100 MBPs or greater.

“On this point, we saw our broadband homes passed by high-speed networks increase to nearly 200,000, and are now able to offer more than half of our broadband customer base high-speed services, driven primarily by expansion in our international telecom markets.

“Overall, we expect our investments from the first half of 2022 to support our annual and multi-year revenue and EBITDA growth projections, and we continue to see ample demand for our cutting-edge solutions.”

Michael Prior, chief executive officer of ATN (File photograph)

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Published August 01, 2022 at 3:36 pm (Updated August 01, 2022 at 3:36 pm)

Onecomm parent has net loss

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