-Operating performance of top and bottom
line growth driven by 11% broadband revenue growth-
-Repurchased $84.0 million, or 89%, of its
outstanding 6.25% Convertible Notes due 2018-
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the first quarter of 2017.
“We continue steady progress on the operating front with top and
bottom line growth, driven primarily by broadband revenue growth of
11.1%. New fiber capacity to the North Slope through our
Quintillion partnership and several new IT partnership
certifications provide opportunities for differentiation and
continued growth,” said Anand Vadapalli, president and CEO of
Alaska Communications.
“With a successful tender for our convertible notes, we are also
pleased with the completion of our refinancing activity extending
our debt maturities. We remain well positioned to drive long term
shareholder value,” concluded Vadapalli.
Revenue Highlights: First Quarter 2017 Compared to First
Quarter 2016
- Total revenues:
- Revenue increased to $56.7 million, up
0.7 percent from $56.3 million.
- Total broadband revenue reached $31.0
million, up 11.1 percent from $27.9 million.
- Business and wholesale:
- Comprised 60.9 percent of total
revenue.
- Revenue grew to $34.5 million, up 2.9
percent from $33.6 million.
- Broadband revenues reached $24.6
million, up 12.9 percent from $21.8 million.
- Consumer:
- Comprised 16.4 percent of total
revenue.
- Revenue was $9.3 million, down 2.1
percent from $9.5 million.
- Broadband revenue was $6.4 million, up
4.5 percent from $6.1 million.
- Regulatory:
- Comprised 22.7 percent of total
revenue.
- Revenue was $12.9 million, down 2.9
percent from $13.3 million.
Financial Metrics: First Quarter 2017 compared to First
Quarter 2016
- Operating income was $4.6 million,
compared to $4.3 million.
- Net loss was $0.7 million, compared to
net income of $0.1 million, including loss on extinguishment of
debt of $2.3 million and $0.3 million, respectively.
- Net cash provided by operating
activities was $5.3 million, compared to $10.2 million. The
difference reflects higher accounts receivable at March 31 2017
over 2016 reflecting several transactions closing late in the
quarter.
- Capital expenditures were $5.1 million,
compared to $5.2 million.
Balance Sheet Metrics: March 31, 2017 compared to December
31, 2016
- Cash was $12.0 million, compared to
$21.2 million. In March, the company entered into a new $180.0
million senior credit facility and placed $94.0 million in
restricted cash designated for the repurchase, or settlement at
maturity, of its 6.25% convertible notes due 2018. The remaining
proceeds, plus cash on hand, were used to repay long-term debt and
related expenses of $93.3 million. On April 17, $84.0 million of
the restricted cash was used to settle 89.3% of the convertible
notes, leaving $10 million in restricted cash for settlement of the
notes.
- Net debt was $171.3 million, compared
to $162.8 million. This increase reflects the utilization of $6.5
million cash in the settlement of the 2015 Senior Credit Facilities
and other changes in working capital.
Non-GAAP Metrics: First Quarter 2017 compared to First
Quarter 2016
- Adjusted EBITDA was $14.1 million,
compared to $13.9 million.
- Adjusted free cash flow was $7.5
million, compared to $8.5 million, which included $2.7 million of
proceeds on the sale of fiber.
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 senior vice-president of
finance, said, “We are pleased with the results of the refinance of
our balance sheet and expect to see the benefits going forward. For
2017, we are on track for our annual revenue guidance, while
providing free cash flow guidance for the year as below. While
timing of revenue and cash flow will fluctuate quarter to quarter,
we believe our full-year 2017 free cash flow performance will
provide a baseline from which we expect to see annual
increases.”
2017 Guidance:
The company updated guidance as follows:
- Confirmed Total Wireline Revenue
between $229 million and $235 million
- Confirmed Adjusted EBITDA between $59
million and $61 million
- Confirmed Capital Expenditures between
$35 million and $38 million
- Adjusted Free Cash Flow between $4
million and $7 million
Conference Call
The Company will host a conference call and live webcast on
Thursday, May 4, 2017 at 3:00 p.m. Eastern Time to discuss the
results. Parties in the United States and Canada can access the
call at 1-855-303-0062 and enter pass code 842937. All other
parties can access the call at 1-719-785-1762 and use the same
code.
The live webcast of the conference call will be accessible from
the "Events Calendar" section of the Company's website
(www.alsk.com). The webcast will be archived for a period of 90
days. A telephonic replay of the conference call will also be
available two hours after the call and will run until June 3, 2017
at 6:00 p.m. Eastern Time. To hear the replay, parties in the U.S.
and Canada can call 1-888-203-1112 and enter pass code 8667848. All
other parties can call 1-719-457-0820 and enter pass code
8667848.
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.
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 of these
non-GAAP measures is 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 and on our website in the investment data section.
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 outflows of $6.0
million in the three-month period of 2017).
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, Federal and Alaska Universal
Service Fund changes, adverse economic conditions, 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, our ability to service our debt and
refinance as required, labor negotiations, including renegotiating
our collective bargaining agreement, employee benefit costs, our
ability to control other operating costs, disruption of our
supplier’s provisioning of critical products or services, the
impact of natural or man-made disasters, changes in Company's
relationships with large customers, unforeseen changes in public
policies, regulatory changes, changes in technology and standards,
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,
2017 2016
Operating revenues $ 56,731 $ 56,328 Operating
expenses: Cost of services and sales (excluding depreciation and
amortization) 25,142 26,128 Selling, general & administrative
18,093 17,340 Depreciation and amortization 8,903 8,520 Loss on
disposal of assets, net
19
24 Total operating expenses
52,157 52,012
Operating income 4,574 4,316 Other income and (expense):
Interest expense (3,845 ) (3,869 ) Loss on extinguishment of debt
(2,276 ) (336 ) Interest income
7
5 Total other income and (expense)
(6,114 ) (4,200
) (Loss) income before income tax benefit
(expense) (1,540 ) 116 Income tax benefit (expense)
832 (63 )
Net (loss) income (708 ) 53 Less net loss
attributable to noncontrolling interest
(32
) (33 ) Net
(loss) income attributable to Alaska Communications
$
(676 ) $ 86
Net (loss) income per share attributable to Alaska
Communications: Basic and Diluted
$ (0.01
) $ 0.00
Weighted average shares outstanding: Basic
52,011 50,742
Diluted
52,011
51,637 Schedule 2
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED
BALANCE SHEETS (Unaudited, In Thousands Except Per Share
Amounts) March 31,
December 31, Assets 2017
2016 Current assets: Cash and cash
equivalents $ 11,978 $ 21,228 Restricted cash 95,917 1,917 Accounts
receivable, net of allowance of $1,089 and $1,115 28,938 25,062
Materials and supplies 5,281 4,917 Prepayments and other current
assets
6,506 5,995
Total current assets 148,620 59,119 Property, plant
and equipment 1,355,147 1,349,899 Less: accumulated depreciation
and amortization
(991,577 )
(983,050 ) Property, plant and equipment,
net 363,570 366,849 Deferred income taxes 15,521 14,718
Other assets
1,621
1,674 Total assets
$
529,332 $ 442,360
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations $ 3,570 $
1,973 Accounts payable, accrued and other current liabilities
37,554 38,180 Advance billings and customer deposits
4,196 4,167 Total
current liabilities 45,320 44,320 Long-term obligations, net
of current portion 265,060 177,626 Other long-term liabilities, net
of current portion
60,569
61,538 Total liabilities
370,949 283,484
Commitments and contingencies Alaska Communications stockholders'
equity: Common stock, $.01 par value; 145,000 authorized 524 515
Additional paid in capital 158,198 159,474 Retained earnings 1,421
752 Accumulated other comprehensive loss
(2,773
) (2,910 ) Total
Alaska Communications stockholders' equity 157,370 157,831
Noncontrolling interest
1,013
1,045 Total stockholders' equity
158,383 158,876
Total liabilities and stockholders' equity
$
529,332 $ 442,360
Schedule 3 ALASKA COMMUNICATIONS
SYSTEMS GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, In Thousands)
Three Months Ended March 31,
2017 2016 Cash Flows
from Operating Activities: Net (loss) income $ (708 ) $ 53
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization 8,903 8,520 Loss on the disposal of
assets, net 19 24 Amortization of debt issuance costs and debt
discount 1,025 1,016 Loss on extinguishment of debt 2,276 336
Amortization of deferred capacity revenue (847 ) (847 ) Stock-based
compensation 610 805 Deferred income tax (benefit) expense (832 )
267 Tax deficiencies from share-based payments - (51 ) Charge
(benefit) for uncollectible accounts 89 (132 ) Other non-cash
expense, net 145 217 Income taxes payable (receivable) 574 (730 )
Changes in operating assets and liabilities
(5,956 ) 703
Net cash provided by operating activities
5,298
10,181 Cash Flows from
Investing Activities: Capital expenditures (5,148 ) (5,175 )
Capitalized interest (243 ) (303 ) Change in unsettled capital
expenditures (1,225 ) (4,225 ) Proceeds on sale of assets
3 2,663 Net cash
used by investing activities
(6,613
) (7,040 )
Cash Flows from Financing Activities: Repayments of long-term debt
(86,806 ) (10,617 ) Proceeds from the issuance of long-term debt
180,000 - Debt issuance costs and discounts (5,217 ) (37 ) Cash
paid for debt extinguishment (1,313 ) (150 ) Payment of withholding
taxes on stock-based compensation
(599
) (472 ) Net cash
provided (used) by financing activities
86,065
(11,276 ) Change in
cash, cash equivalents and restricted cash 84,750 (8,135 )
Cash, cash equivalents and restricted cash, beginning of period
23,145 37,825
Cash, cash equivalents and restricted cash, end of period
$ 107,895 $
29,690 Supplemental Cash Flow Data:
Interest paid $ 1,536 $ 1,797 Income taxes (refunded) paid, net $
(574 ) $ 577
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. ADJUSTED EBITDA (Unaudited, In
Thousands) Three Months
Ended March 31, 2017
2016 Net (loss) income $ (708 ) $
53 Add (subtract): Interest expense 3,845 3,869 Loss on
extinguishment of debt 2,276 336 Interest income (7 ) (5 )
Depreciation and amortization 8,903 8,520 Loss on disposal of
assets, net 19 24 Income tax (benefit) expense (832 ) 63
Stock-based compensation 610 805 Long-term cash incentives - 211
Pension adjustment - 21 Net loss attributable to noncontrolling
interest
32 33
Adjusted EBITDA
$ 14,138
$ 13,930
NonGAAP 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 outflows of $6.0 million in the
three-month period ended March 31, 2017.
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 below is not consistent with the
definition of Consolidated EBITDA referenced in our 2015 Senior
Credit Agreements, and other companies may not calculate Non-GAAP
measures in the same manner we do.
Adjusted EBITDA is defined as net income (loss) before interest,
loss on extinguishment of debt, depreciation and amortization, gain
or loss on asset purchases or disposals, income taxes, stock-based
compensation, pension adjustments, net loss attributable to
noncontrolling interest and expenses under the Company’s long term
cash incentive plan (“LTCI”). LTCI expenses are considered
part of an interim compensation structure, which ended in 2016, to
mitigate the dilutive impact of additional share issuances for
executive compensation.
Schedule 5 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC.
RECONCILIATION OF NET CASH FROM
OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
(Unaudited, In Thousands)
Three Months Ended March 31,
2017 2016 Net
cash provided by operating activities $ 5,298 $ 10,181
Adjustments to reconcile net cash provided
by operating activities to adjusted free cash flow:
Capital expenditures (5,148 ) (5,175 ) Proceeds on sale of fiber to
joint venture partner - 2,650 Amortization of deferred capacity
revenue 847 847 Amortization of GCI capacity revenue (511 ) (509 )
Amortization of debt issuance costs and debt discount (1,025 )
(1,016 ) Interest expense 3,845 3,869 Interest paid (1,536 ) (1,797
) Interest income (7 ) (5 ) Income tax expense (832 ) 63 Income
taxes (payable) receivable (574 ) 730 Income taxes refunded (paid),
net 574 (577 ) Deferred income tax benefit (expense) 832 (267 ) Tax
deficiencies from share-based payments - 51 (Charge) benefit for
uncollectible accounts (89 ) 132 Long-term cash incentives - 211
Pension adjustment - 21 Net loss attributable to noncontrolling
interest 32 33 Other non-cash expense, net (145 ) (217 ) Changes in
operating assets and liabilities
5,956
(703 ) Adjusted free cash flow
$ 7,517 $
8,522 Schedule 6 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED FREE CASH
FLOW (Unaudited, In Thousands)
Three Months Ended March 31,
2017 2016
Adjusted EBITDA $ 14,138 $ 13,930 Less: Capital expenditures
(5,148 ) (5,175 ) Proceeds on sale of fiber to joint venture
partner - 2,650 Amortization of GCI capacity revenue (511 ) (509 )
Income taxes refunded (paid), net 574 (577 ) Interest paid
(1,536 ) (1,797
) Adjusted free cash flow*
$
7,517 $ 8,522
* 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.
NonGAAP 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, and cash receipts and payments associated with the
purchase of the North Slope fiber network and establishment of our
joint venture with QHL. 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 amortized to 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 provided (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 Three Months Ended
March 31, March 31,
2017 2016
2017 2016 Business
and wholesale revenue Business broadband $ 16,281 $ 14,180 $ 16,281
$ 14,180 Business voice and other 6,631 7,090 6,631 7,090 Managed
IT services 907 1,081 907 1,081 Equipment sales and installations
774 1,587 774 1,587 Wholesale broadband 8,317 7,598 8,317 7,598
Wholesale voice and other
1,629
2,015 1,629
2,015 Total business and wholesale revenue
34,539 33,551
34,539 33,551 Growth in
business and wholesale 2.9 % 2.9 % Consumer revenue Broadband 6,418
6,142 6,418 6,142 Voice and other
2,910
3,382 2,910
3,382 Total consumer revenue
9,328
9,524 9,328
9,524 Total business, wholesale, and
consumer revenue
43,867
43,075 43,867
43,075 Growth in business, wholesale and consumer
revenue 1.8 % 1.8 % Growth in broadband revenue 11.1 % 11.1 %
Regulatory revenue Access 7,941 8,172 7,941 8,172 High cost
support
4,923 5,081
4,923 5,081 Total
regulatory revenue
12,864
13,253 12,864
13,253 Total revenue
$ 56,731
$ 56,328
$ 56,731
$ 56,328 Growth in total
revenue 0.7 % 0.7 %
Schedule 8 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. KEY OPERATING
STATISTICS (Unaudited)
Three Months Ended March 31,
December 31, March 31,
2017 2016
2016 Sequential Change
YoY Change Voice: Business
access lines (1) 73,313 73,977 76,262 (664 ) -0.9 % (2,949 ) -3.9 %
Consumer access lines 32,519 33,418 36,567 (899 ) -2.7 % (4,048 )
-11.1 % Voice ARPU business (1) $ 23.21 $ 22.44 $ 23.36 $
0.77 3.4 % $ (0.15 ) -0.6 % Voice ARPU consumer $ 27.66 $ 27.83 $
28.39 $ (0.17 ) -0.6 % $ (0.73 ) -2.6 %
Broadband:
Business connections 15,223 15,239 15,189 (16 ) -0.1 % 34 0.2 %
Consumer connections 34,917 34,603 33,850 314 0.9 % 1,067 3.2 %
Broadband ARPU business $ 356.06 $ 337.98 $ 309.36 $ 18.08
5.3 % $ 46.70 15.1 % Broadband ARPU consumer $ 61.22 $ 61.26 $
60.59 $ (0.04 ) -0.1 % $ 0.63 1.0 %
Churn: Business
voice 0.8 % 1.1 % 1.0 % -0.3 % -27.3 % -0.2 % -20.0 % Consumer
broadband 2.1 % 2.2 % 2.2 % -0.1 % -4.5 % -0.1 % -4.5 % Consumer
voice 1.3 % 1.4 % 1.6 % -0.1 % -7.1 % -0.3 % -18.8 % (1 )
How we calculate broadband and voice connections has changed
to exclude certain connections.
Historical amounts for the period March
31, 2016 have been restated to reflect appropriate comparisons
period over period.
Schedule 9 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. LONG TERM DEBT AND NET DEBT (Unaudited,
In Thousands) March 31,
December 31, 2017
2016 2017 senior secured credit facility due
2023 $ 180,000 $ - Debt discount - 2017 senior secured credit
facilities due 2023 (3,168 ) - Debt issuance costs - 2017 senior
secured credit facilities due 2023 (3,355 ) - 2015 senior secured
credit facilities due 2018 - 86,750 Debt issuance costs - 2015
senior secured credit facilities due 2018 - (1,738 ) 6.25%
convertible notes due 2018 94,000 94,000 Debt discount - 6.25%
convertible notes due 2018 (1,754 ) (2,271 ) Debt issuance costs -
6.25% convertible notes due 2018 (361 ) (467 ) Revolving credit
facility loan - - Capital leases and other long-term obligations
3,268 3,325
Total debt 268,630 179,599 Less current portion
(3,570 ) (1,973
) Long-term obligations, net of current portion
$ 265,060 $
177,626 Total debt $ 268,630 $ 179,599
Plus debt discounts and debt issuance costs
8,638 4,476 Gross
debt 277,268 184,075 Cash and cash equivalents (11,978 ) (21,228 )
Restricted cash held for 6.25% convertible notes due 2018
(94,000 ) -
Net debt
$ 171,290 $
162,847
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170504005605/en/
Alaska CommunicationsInvestor Contact:Tiffany Smith,
907-564-7556Manager, Board and Investor
Relationsinvestors@acsalaska.comorMedia Contact:Hannah Blankenship,
907-564-1326Manager, Corporate
CommunicationsHannah.Blankenship@acsalaska.com
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