"First-to-Fiber" and "Glass & Steel™" Strategies Drive Continued Year-Over-Year Growth in High-Speed Data Subscribers and Network Reach First quarter revenues increased 1% to $186.8 million Total high-speed broadband subscribers increased by 12% Broadband homes passed by high-speed data services expanded by 28% Capital expenditures were $36.0 million (net of $13.5 million reimbursements) First Quarter Results Impacted by Delays in Certain US Segment Carrier Services Projects and Lower Domestic Business Revenues First quarter net loss increased to $(6.3) million, or a $(0.50) loss per share, including restructuring expenses of $1.2 million Operating income increased to $4.6 million Adjusted EBITDA1 decreased 3% to $43.5 million Revises 2024 Outlook Revenue for the full year 2024 is now expected to be in the range of $730 million to $750 million, excluding construction revenue Adjusted EBITDA2 for the full year 2024 is now expected to be in the range of $190 million to $200 million Capital Expenditures for the full year 2024 are now expected to be in the range of $100 million to $110 million, net of reimbursements Net Debt Ratio3 is now expected to be in the range of 2.25x to 2.50x exiting 2024 Earnings Conference Call Thursday, April 25, 2024, at 10:00 a.m. ET; web participant link:https://edge.media-server.com/mmc/p/b2afayou/ BEVERLY, Mass., April 24, 2024 (GLOBE NEWSWIRE) -- ATN International, Inc. ("ATN" or the "Company") (NASDAQ:ATNI), a leading provider of digital infrastructure and communications services, today reported financial results for the quarter ended March 31, 2024. Remarks by Brad Martin, ATN Chief Executive Officer"The ATN team continues to execute on our First-to-Fiber and Glass & Steel™ strategies to expand our fiber-rich digital infrastructure and next generation fixed wireless capabilities. While we saw growth in our operational metrics year-over-year, our first quarter financial results were below our expectations. In the International Telecom segment, we saw revenue and Adjusted EBITDA growth of 3%, respectively, reflecting the growth in our high-speed broadband subscribers. This growth was offset by a 2% decline in US Telecom revenues and a 9% decline in Adjusted EBITDA for the segment. The US Telecom results reflect delays in major carrier services projects and weaker than expected business revenues. "We are revising our Fiscal Year 2024 guidance to reflect the softer than expected first quarter results and our current expectations for the balance of the year. While our International Telecom segment is expected to show continued year-on-year growth, the carrier services project delays from the first quarter are expected to create headwinds impacting the US Telecom segment throughout the year. To address this shortfall, our priorities are working to recover the project delivery schedule, pursuing and closing business revenue pipeline opportunities, and accelerating actions to drive the Company toward higher margin levels. Additionally, we are reducing our capital expenditures for 2024 in line with the delays in certain projects and lowering our Adjusted EBITDA expectations as we prioritize improving operating cash flow. We believe that our investments are important to expand the longevity of our network and position us to enhance shareholder value over time." First Quarter 2024 Financial Results Consolidated revenues were $186.8 million, up 1% versus $185.8 million in the year-ago quarter. This increase primarily reflects higher fixed revenues in the International segment, as well as higher construction and other revenues, which were largely offset by lower carrier services revenue in the US Telecom Segment and a decline in consumer mobile revenue. Operating income was $4.6 million in the first quarter versus $0.6 million in the year-ago quarter. The increase was primarily due to lower restructuring expenses and a reduction in depreciation and amortization expenses year-over-year. Net loss attributable to ATN stockholders in the first quarter of 2024 was $(6.3) million, or a loss of $(0.50) per share compared with a net loss attributable to ATN stockholders of $(5.9) million, or $(0.44) loss per share, in the year-ago quarter. The increase in the net loss attributable to ATN stockholders was the result of an increase in interest and income tax expenses, partially offset by decreases in depreciation, amortization and restructuring expenses. In all periods, the loss per share calculation includes the impact of preferred dividends that are not included in the net loss calculation. Adjusted EBITDA1 decreased to $43.5 million in the first quarter of 2024 from $44.8 million in the year-ago quarter due to higher costs of services and other, which more than offset the increase in revenue. Segment Operating Results (in Thousands) The Company recorded financial results in three categories: (i) International Telecom; (ii) US Telecom; and (iii) Corporate and Other.                   For Three Months Ended March 31, 2024 and 2023                     2024 2023 2024 2023 2024 2023 2024 2023   International International US US Corporate and Corporate and Total Total   Telecom Telecom Telecom Telecom Other* Other* ATN ATN Total Revenue: $ 93,059 $ 90,408 $ 93,735 $ 95,366   $ -   $ -   $ 186,794 $ 185,774 Mobility   26,037   26,107   838   1,159     -     -     26,875   27,266 Fixed   61,321   58,891   57,884   58,902     -     -     119,205   117,793 Carrier Services   3,574   3,690   30,052   32,084     -     -     33,626   35,774 Construction   -   -   1,586   590     -     -     1,586   590 All other   2,127   1,720   3,375   2,631     -     -     5,502   4,351                   Operating Income (Loss) $ 11,685 $ 13,825 $ 597 $ (4,342 ) $ (7,708 ) $ (8,847 ) $ 4,574 $ 636 EBITDA2 $ 28,060 $ 28,391 $ 20,463 $ 20,012   $ (7,630 ) $ (8,116 ) $ 40,893 $ 40,287 Adjusted EBITDA1 $ 29,273 $ 28,458 $ 20,703 $ 22,809   $ (6,458 ) $ (6,469 ) $ 43,518 $ 44,798 Capital Expenditures** $ 16,915 $ 21,463 $ 17,759 $ 29,135   $ 1,341   $ -   $ 36,015 $ 50,598                   * Corporate and Other refer to corporate overhead expenses and consolidating adjustments.**Excludes government capital program amounts disbursed and amounts received. ATN's Strategic Plan and Key Performance Indicators To address the growing need for more bandwidth and reliable connectivity across all markets in which we operate, the Company initiated a three-year strategic investment plan in 2021 to accelerate investments in its high-speed data footprint and grow high speed broadband subscribers. As the Company enters the third and final year of the plan, it has begun reducing capital expenditures and expects to augment further network expansion with previously announced grant funding. Operating Metrics Operating Metrics                 2024 2023 2023 2023 2023 Q1 2024   Q1 Q4 Q3 Q2 Q1  vs. Q1 2023 Broadband Homes Passed 789,700   768,900   746,600   746,800   736,300   7% Broadband Homes Passed by HSD* 386,300   367,200   333,500   330,500   301,600   28%               Broadband Customers 214,000   214,400   213,900   215,500   213,900   0% HSD* Broadband Customers 137,700   135,900   132,900   129,100   122,600   12%               Fiber Route Miles 11,692   11,655   11,575   11,561   11,099   5%               International Mobile Subscribers                Pre-Paid 347,000   351,300   346,100   340,200   328,800   6%    Post-Paid 57,300   57,000   55,600   58,600   56,400   2%    Total 404,300   408,300   401,700   398,800   385,200   5%                  Blended Churn 3.34 % 3.33 % 3.76