-Total Revenue of $58.5 million, a 4.0%
increase-
- Business and Wholesale Revenue growth of
8.1%-
-Total Broadband Revenue growth of
13.9%-
Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today
reported financial results for the second quarter of 2017.
“I am pleased to report steady progress to our operating plan,
reporting 4% increase in total revenues driven by business and
wholesale revenue growth of 8.1% and total broadband growth of
13.9%. From an operating and strategic perspective, Alaska
Communications is well positioned to create value, and we look
forward to reporting continued progress in upcoming quarters,” said
Anand Vadapalli, president and CEO of Alaska Communications.
Revenue Highlights: Second Quarter 2017 Compared to Second
Quarter 2016
- Total revenues:
- Revenue increased to $58.5 million, up
4.0 percent from $56.3 million.
- Total broadband revenue reached $32.4
million, representing 55 percent of total revenue and up 13.9
percent from $28.4 million.
- Business and wholesale:
- Comprised 62.5 percent of total
revenue.
- Revenue grew to $36.6 million, up 8.1
percent from $33.9 million.
- Broadband revenues reached $25.9
million, up 16.7 percent from $22.2 million.
- Consumer:
- Comprised 15.8 percent of total
revenue.
- Revenue was $9.3 million, down 2.4
percent from $9.5 million.
- Broadband revenue was $6.5 million, up
3.6 percent from $6.2 million.
- Regulatory:
- Comprised 21.7 percent of total
revenue.
- Revenue was $12.7 million, down 1.8
percent from $12.9 million.
Financial Metrics: Second Quarter 2017 compared to Second
Quarter 2016
- Operating income was $5.6 million,
compared to $4.4 million.
- Net loss was $2.8 million, including
extinguishment of debt of $5.2 million and accounts receivable
reserves of $1.5 million, compared to net income of $0.3
million.
- Net cash provided by operating
activities was $11.8 million, compared to $8.7 million. The
increase reflects improved operating performance.
- Capital expenditures were $5.4 million,
compared to $8.5 million.
Balance Sheet Metrics: June 30, 2017 compared to December 31,
2016
- Cash was $13.0 million, compared to
$21.2 million, reflecting the utilization of cash in the
refinancing transactions and other changes in working capital.
- Net debt was $171.0 million, compared
to $162.8 million. This increase reflects the change in cash noted
above.
Non-GAAP Metrics: Second Quarter 2017 compared to Second
Quarter 2016
- Adjusted EBITDA was $14.6 million,
compared to $14.0 million.
- Adjusted free cash flow was $2.7
million, compared to ($5.0) million.
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, “Solid Adjusted EBITDA performance includes certain
accounts receivable reserves made as we navigate shifts in funding
levels for the Rural Health Care program. Strong sales performance
in the first half of the year with a robust delivery funnel and
continued attention to cost management are all levers we have at
hand to target the guidance range we have provided for 2017.”
2017 Guidance:
The company reaffirms guidance:
- Total Wireline Revenue between $229
million and $235 million
- Adjusted EBITDA between $59 million and
$61 million
- 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, August 3, 2017 at 3:00 p.m. Eastern Time to discuss the
results. Parties in the United States and Canada can access the
call at 1-888-632-5004 and enter pass code 816759. All other
parties can access the call at 1-323-701-0223 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 September 2,
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
6699171. All other parties can call 1-719-457-0820 and enter pass
code 6699171.
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 $6.2
million in the six-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 including Rural Healthcare Program funding
limitations, 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 Six Months Ended June 30,
June 30, 2017
2016 2017
2016 Operating revenues $ 58,536
$ 56,262 $ 115,267 $ 112,590 Operating expenses: Cost of
services and sales (excluding depreciation and amortization) 26,454
25,543 51,596 51,671 Selling, general & administrative 17,438
17,586 35,531 34,926 Depreciation and amortization 9,028 8,640
17,931 17,160 Loss on disposal of assets, net
14 128
33 152 Total
operating expenses
52,934
51,897 105,091
103,909 Operating income 5,602
4,365 10,176 8,681 Other income and (expense): Interest
expense (3,913 ) (3,852 ) (7,758 ) (7,721 ) Loss on extinguishment
of debt (5,158 ) - (7,434 ) (336 ) Interest income
7 6
14 11 Total other
income and (expense)
(9,064 )
(3,846 )
(15,178 ) (8,046
) (Loss) income before income tax benefit
(expense) (3,462 ) 519 (5,002 ) 635 Income tax benefit
(expense)
632 (236
) 1,464
(299 ) Net (loss) income (2,830 )
283 (3,538 ) 336 Less net loss attributable to
noncontrolling interest
(32 )
(34 ) (64
) (67 ) Net
(loss) income attributable to Alaska Communications
$
(2,798 ) $ 317
$ (3,474 )
$ 403 Net (loss) income per
share attributable to Alaska Communications: Basic and Diluted
$ (0.05 ) $
0.01 $ (0.07
) $ 0.01
Weighted average shares outstanding: Basic
52,341 51,231
52,177 50,986
Diluted
52,341
52,138 52,177
52,006
Schedule 2 ALASKA COMMUNICATIONS SYSTEMS
GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited,
In Thousands Except Per Share Amounts) June 30,
December 31, Assets 2017
2016 Current assets: Cash and cash
equivalents $ 12,982 $ 21,228 Restricted cash 11,924 1,917 Accounts
receivable, net of allowance of $2,365 and $1,115 22,240 25,062
Materials and supplies 5,577 4,917 Prepayments and other current
assets
7,340 5,995
Total current assets 60,063 59,119 Property, plant
and equipment 1,357,723 1,349,899 Less: accumulated depreciation
and amortization
(996,459 )
(983,050 ) Property, plant and equipment,
net 361,264 366,849 Deferred income taxes 16,266 14,718
Other assets
1,773
1,674 Total assets
$
439,366 $ 442,360
Liabilities and Stockholders' Equity Current
liabilities: Current portion of long-term obligations $ 15,958 $
1,973 Accounts payable, accrued and other current liabilities
30,917 38,180 Advance billings and customer deposits
4,351 4,167 Total
current liabilities 51,226 44,320 Long-term obligations, net
of current portion 171,708 177,626 Other long-term liabilities, net
of current portion
60,949
61,538 Total liabilities
283,883 283,484
Commitments and contingencies Alaska Communications stockholders'
equity: Common stock, $.01 par value; 145,000 authorized 524 515
Additional paid in capital 157,929 159,474 (Accumulated deficit)
retained earnings (1,377 ) 752 Accumulated other comprehensive loss
(2,574 )
(2,910 ) Total Alaska Communications
stockholders' equity 154,502 157,831 Noncontrolling interest
981 1,045 Total
stockholders' equity
155,483
158,876 Total liabilities and
stockholders' equity
$ 439,366
$ 442,360
Schedule 3
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, In
Thousands) Three Months Ended Six Months
Ended June 30, June 30,
2017 2016
2017 2016 Cash Flows from
Operating Activities: Net (loss) income $ (2,830 ) $ 283 $ (3,538 )
$ 336
Adjustments to reconcile net (loss) income
to net cash provided by operating activities:
Depreciation and amortization 9,028 8,640 17,931 17,160 Loss on the
disposal of assets, net 14 128 33 152 Amortization of debt issuance
costs and debt discount 512 1,005 1,537 2,021 Loss on
extinguishment of debt 5,158 - 7,434 336 Amortization of deferred
capacity revenue (870 ) (855 ) (1,717 ) (1,702 ) Stock-based
compensation (29 ) 642 581 1,447 Deferred income tax (benefit)
expense (634 ) 228 (1,466 ) 495 Tax deficiencies from share-based
payments - - - (51 ) Charge for uncollectible accounts 1,544 209
1,633 77 Other non-cash expense, net 143 197 288 414 Income taxes
payable (receivable) - 8 574 (722 ) Changes in operating assets and
liabilities
(269 )
(1,780 ) (6,225
) (1,077 ) Net cash
provided by operating activities
11,767
8,705 17,065
18,886 Cash Flows from Investing
Activities: Capital expenditures (5,374 ) (8,487 ) (10,522 )
(13,662 ) Capitalized interest (220 ) (245 ) (463 ) (548 ) Change
in unsettled capital expenditures (818 ) (4,931 ) (2,043 ) (9,156 )
Proceeds on sale of assets
1
- 4
2,663 Net cash used by investing activities
(6,411 )
(13,663 ) (13,024
) (20,703 )
Cash Flows from Financing Activities: Repayments of long-term debt
(87,207 ) (869 ) (174,013 ) (11,486 ) Proceeds from the issuance of
long-term debt 3,000 - 183,000 - Debt issuance costs and discounts
(291 ) (7 ) (5,508 ) (44 ) Cash paid for debt extinguishment (3,966
) - (5,279 ) (150 ) Cash proceeds from noncontrolling interest - 75
- 75 Payment of withholding taxes on stock-based compensation - -
(599 ) (472 ) Proceeds from issuance of common stock
119 128
119 128 Net cash
used by financing activities
(88,345
) (673 )
(2,280 ) (11,949
) Change in cash, cash equivalents and
restricted cash (82,989 ) (5,631 ) 1,761 (13,766 ) Cash,
cash equivalents and restricted cash, beginning of period
107,895 29,690
23,145 37,825
Cash, cash equivalents and restricted cash, end of period
$ 24,906 $
24,059 $ 24,906
$ 24,059
Supplemental Cash Flow Data: Interest paid $ 6,059 $ 4,562 $ 7,595
$ 6,359 Income taxes paid (refunded), net $ 2 $ - $ (572 ) $ 577
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED EBITDA (Unaudited, In Thousands)
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016
2017 2016 Net (loss)
income $ (2,830 ) $ 283 $ (3,538 ) $ 336 Add (subtract): Interest
expense 3,913 3,852 7,758 7,721 Loss on extinguishment of debt
5,158 - 7,434 336 Interest income (7 ) (6 ) (14 ) (11 )
Depreciation and amortization 9,028 8,640 17,931 17,160 Loss on
disposal of assets, net 14 128 33 152 Income tax (benefit) expense
(632 ) 236 (1,464 ) 299 Stock-based compensation (29 ) 642 581
1,447 Long-term cash incentives - 194 - 405 Pension adjustment - 20
- 41 Net loss attributable to noncontrolling interest
32 34
64 67
Adjusted EBITDA
$ 14,647
$ 14,023 $
28,785 $ 27,953
Non-GAAP 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 $6.2 million in the
six-month period ended June 30, 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 above is not consistent with the definition of
Consolidated EBITDA referenced in our 2017 Senior Credit Agreement
and 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 PROVIDED BY
OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW
(Unaudited, In Thousands) Three Months Ended
Six Months Ended June 30, June
30, 2017 2016
2017 2016 Net cash
provided by operating activities $ 11,767 $ 8,705 $ 17,065 $ 18,886
Adjustments to reconcile net cash provided
by operating activities to adjusted free cash flow:
Capital expenditures (5,374 ) (8,487 ) (10,522 ) (13,662 ) Payment
for North Slope fiber network - (5,500 ) - (5,500 ) Proceeds on
sale of fiber to joint venture partner - - - 2,650 Amortization of
deferred capacity revenue 870 855 1,717 1,702 Amortization of GCI
capacity revenue (516 ) (516 ) (1,027 ) (1,025 ) Amortization of
debt issuance costs and debt discount (512 ) (1,005 ) (1,537 )
(2,021 ) Interest expense 3,913 3,852 7,758 7,721 Interest paid
(6,059 ) (4,562 ) (7,595 ) (6,359 ) Interest income (7 ) (6 ) (14 )
(11 ) Income tax (benefit) expense (632 ) 236 (1,464 ) 299 Income
taxes (payable) receivable - (8 ) (574 ) 722 Income taxes (paid)
refunded, net (2 ) - 572 (577 ) Deferred income tax benefit
(expense) 634 (228 ) 1,466 (495 ) Tax deficiencies from share-based
payments - - - 51 Charge for uncollectible accounts (1,544 ) (209 )
(1,633 ) (77 ) Long-term cash incentives - 194 - 405 Pension
adjustment - 20 - 41 Net loss attributable to noncontrolling
interest 32 34 64 67 Other non-cash expense, net (143 ) (197 ) (288
) (414 ) Changes in operating assets and liabilities
269 1,780
6,225 1,077 Adjusted
free cash flow
$ 2,696
$ (5,042 ) $
10,213 $ 3,480
Schedule 6 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. ADJUSTED FREE CASH FLOW (Unaudited, In
Thousands) Three Months Ended Six Months
Ended June 30, June 30,
2017 2016
2017 2016 Adjusted
EBITDA $ 14,647 $ 14,023 $ 28,785 $ 27,953 Less: Capital
expenditures (5,374 ) (8,487 ) (10,522 ) (13,662 ) Payment for
North Slope fiber network - (5,500 ) - (5,500 ) Proceeds on sale of
fiber to joint venture partner - - - 2,650 Amortization of GCI
capacity revenue (516 ) (516 ) (1,027 ) (1,025 ) Income taxes
(paid) refunded, net (2 ) - 572 (577 ) Interest paid
(6,059 ) (4,562
) (7,595 )
(6,359 ) Adjusted free cash flow*
$ 2,696 $
(5,042 ) $
10,213 $ 3,480
* 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.
Non-GAAP 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
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 Six Months Ended June
30, June 30,
2017 2016
2017 2016 Business and
wholesale revenue Business broadband $ 16,954 $ 14,392 $ 33,235 $
28,572 Business voice and other 6,601 7,022 13,232 14,112 Managed
IT services 1,151 818 2,058 1,899 Equipment sales and installations
1,343 2,097 2,117 3,684 Wholesale broadband 8,941 7,791 17,258
15,389 Wholesale voice and other
1,612
1,743 3,241
3,758 Total business and wholesale revenue
36,602 33,863
71,141 67,414 Growth in
business and wholesale 8.1 % 5.5 % Consumer revenue Broadband 6,460
6,234 12,878 12,376 Voice and other
2,802
3,259 5,712
6,641 Total consumer revenue
9,262 9,493
18,590 19,017 Total
business, wholesale, and consumer revenue
45,864 43,356
89,731 86,431 Growth in
business, wholesale and consumer revenue 5.8 % 3.8 % Growth in
broadband revenue 13.9 % 12.5 % Regulatory revenue Access
7,748 7,986 15,689 16,158 High cost support
4,924 4,920
9,847 10,001 Total
regulatory revenue
12,672
12,906 25,536
26,159 Total revenue
$
58,536 $ 56,262
$ 115,267 $
112,590 Growth in total revenue 4.0 % 2.4 %
Schedule 8
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. KEY
OPERATING STATISTICS (Unaudited) Three Months
Ended June 30, March 31, June 30,
2017 2017
2016 Voice: Business access lines
72,972 73,313 75,646 Consumer access lines 31,542 32,519 35,600
Voice ARPU business $ 23.20 $ 23.21 $ 23.79 Voice ARPU
consumer $ 27.81 $ 27.66 $ 28.61
Broadband: Business
connections 15,475 15,223 15,347 Consumer connections 34,675 34,917
33,913 Broadband ARPU business $ 367.93 $ 356.06 $ 313.92
Broadband ARPU consumer $ 61.57 $ 61.22 $ 60.91
Churn: Business voice 1.0 % 0.8 % 1.0 % Consumer broadband
2.7 % 2.1 % 2.5 % Consumer voice 1.5 % 1.3 % 1.5 %
Schedule 9 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. LONG TERM DEBT AND NET
DEBT (Unaudited, In Thousands) June 30,
December 31, 2017
2016 2017 senior secured credit facility due
2023 $ 180,000 $ - Debt discount - 2017 senior secured credit
facilities due 2023 (3,000 ) - Debt issuance costs - 2017 senior
secured credit facilities due 2023 (3,176 ) - 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 10,044 94,000 Debt discount - 6.25%
convertible notes due 2018 (131 ) (2,271 ) Debt issuance costs -
6.25% convertible notes due 2018 (27 ) (467 ) Capital leases and
other long-term obligations
3,956
3,325 Total debt 187,666 179,599 Less current
portion
(15,958 )
(1,973 ) Long-term obligations, net of
current portion
$ 171,708
$ 177,626 Total debt $
187,666 $ 179,599 Plus debt discounts and debt issuance costs
6,334 4,476
Gross debt 194,000 184,075 Cash and cash equivalents (12,982 )
(21,228 ) Restricted cash held for 6.25% convertible notes due 2018
(10,044 ) -
Net debt
$ 170,974
$ 162,847
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170803005360/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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