ALSK Alaska Communications Systems Group Inc

Alaska Communications Systems Group, Inc. (NASDAQ: ALSK) today reported financial results for the third quarter of 2018.

“Our results for the quarter and year to date are strong, reflecting solid execution to our plan. Our performance builds on a long-term track record of revenue growth and cost management supporting consistent Adjusted EBITDA and Adjusted Free Cash Flow performance. Looking forward, we see growing opportunities in Carrier & Federal, Education, and Oil & Gas, with the added tailwinds of an improving Alaska economy.

“Historically our capital allocation strategies have prioritized deleveraging, establishing the foundation for future growth. We continue to see material opportunities in the market, giving us great confidence in investing for growth. At the same time, given the strength of our balance sheet, we are committed to appropriately considering returns to our shareholders as part of our organic business plan, while we continue to emphasize strategic actions addressing scale and geographic diversification to amplify and accelerate value creation,” said Anand Vadapalli, president and CEO of Alaska Communications.

Revenue Highlights: Third Quarter 2018 Compared to Third Quarter 2017

• Total revenue:
  • Revenue was $58.2 million, compared to $56.7 million.
  • Total broadband revenue was $31.2 million, compared to $31.3 million.
• Business and Wholesale:
  • Comprised 62.5 percent of total revenue.
  • Revenue was $36.4 million, compared to $34.9 million.
  • Broadband revenue was $24.7 million, compared to $25.0 million.
• Consumer:
  • Comprised 15.9 percent of total revenue.
  • Revenue was $9.3 million in both periods.
  • Broadband revenue was $6.5 million, compared to $6.3 million.
• Regulatory:
  • Comprised 21.6 percent of total revenue.
  • Revenue was $12.6 million, compared to $12.5 million.

Financial Metrics: Third Quarter 2018 compared to Third Quarter 2017

• Operating income was $5.8 million, compared to $3.7 million.
• Net income was $1.8 million, compared to $0.3 million.
• Net cash provided by operating activities was $24.5 million, compared to $8.6 million.
• Capital expenditures were $8.4 million, compared to $13.5 million.

Balance Sheet Metrics: September 30, 2018 compared to December 31, 2017

• Cash and cash equivalents was $18.9 million, compared to $16.2 million.
• Net debt was $159.1 million, compared to $177.2 million.

Non-GAAP Metrics: Third Quarter 2018 compared to Third Quarter 2017

• Adjusted EBITDA was $14.8 million, compared to $13.2 million.
• Adjusted free cash flow was $2.4 million, compared to $4.1 million.

Reconciliations of non-GAAP financial measures to GAAP financial measures can be found in tables at the end of this release.

Laurie Butcher, Alaska Communications senior vice-president of finance, said, “During the third quarter, we received cash payments of $14.5 million associated with the Rural Health Care program, which contributed to the $24.5 million in net cash provided by operating activities. Reflecting the growth opportunities ahead of us, we are modestly increasing our guidance for capital expenditures while reaffirming guidance on all other fronts.”

2018 Guidance

The company reaffirms and amends guidance as follows:

• Total Revenue between $225 million and $230 million is reaffirmed
• Adjusted EBITDA between $55 million and $58 million is reaffirmed
• Capital Expenditures between $37 million and $39 million is increased from $33 million to $35 million
• Adjusted Free Cash Flow between $5 million and $8 million is reaffirmed

Conference Call

The Company will host a conference call and live webcast on Tuesday, November 6, 2018 at 2:00 p.m. Eastern Time to discuss the results. Parties in the United States and Canada can access the call at 1-888-378-4398 and enter pass code 279107. All other parties can access the call at 1-856-344-9295 and use the same code. There will be a live question and answer session after the prepared remarks.

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 December 6, 2018 at 5:00 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 8100091. All other parties can call 1-719-457-0820 and enter pass code 8100091.

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 and computation of these non-GAAP measures are 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. 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 inflows of $10.4 million in the nine-month period of 2018).

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, funding through the rural health care universal service support mechanism and our ability to comply with the regulatory requirements to receive those support payments, 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, employee benefit costs, our ability to control other operating costs, disruption of our supplier’s provisioning of critical products or services, the actions of activist shareholders, 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017     Operating revenues $ 58,229 $ 56,703 $ 173,779 $ 171,970   Operating expenses: Cost of services and sales (excluding depreciation and amortization) 27,220 26,690 79,595 78,286 Selling, general & administrative 16,879 17,108 49,398 52,331 Depreciation and amortization 8,352 9,193 25,336 27,124 Loss on disposal of assets, net   15     40     56     73     Total operating expenses   52,466     53,031     154,385     157,814     Operating income 5,763 3,672 19,394 14,156   Other income and (expense): Interest expense (3,286 ) (3,577 ) (10,191 ) (11,335 ) Loss on extinguishment of debt - (93 ) - (7,527 ) Interest income 36 13 74 27 Other income (expense), net   66     (153 )   79     (461 ) Total other income and (expense)   (3,184 )   (3,810 )   (10,038 )   (19,296 )   Income (loss) before income tax (expense) benefit 2,579 (138 ) 9,356 (5,140 )   Income tax (expense) benefit   (774 )   422     (2,080 )   1,886     Net income (loss) 1,805 284 7,276 (3,254 )   Less net loss attributable to noncontrolling interest   (12 )   (36 )   (84 )   (100 )   Net income (loss) attributable to Alaska Communications $ 1,817   $ 320   $ 7,360   $ (3,154 )   Net income (loss) per share attributable to Alaska Communications: Net income (loss) applicable to common shares $ 1,817   $ 320   $ 7,360   $ (3,154 )   Basic and Diluted $ 0.03   $ 0.01   $ 0.14   $ (0.06 )   Weighted average shares outstanding: Basic   53,184     52,434     52,994     52,159   Diluted   54,116     53,794     53,887     52,159             Schedule 2   ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED BALANCE SHEETS (Unaudited, In Thousands Except Per Share Amounts)   September 30, December 31, Assets 2018 2017   Current assets: Cash and cash equivalents $ 17,292 $ 4,354 Restricted cash 1,634 11,814 Short-term investments 134 - Accounts receivable, net of allowance of $3,939 and $2,729 28,568 32,535 Materials and supplies 6,681 7,046 Prepayments and other current assets   6,940     6,115   Total current assets 61,249 61,864   Property, plant and equipment 1,379,391 1,357,929 Less: accumulated depreciation and amortization   (1,010,821 )   (991,816 ) Property, plant and equipment, net 368,570 366,113   Deferred income taxes 820 3,394 Other assets   19,330     11,415   Total assets $ 449,969   $ 442,786     Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term obligations $ 6,844 $ 17,030 Accounts payable, accrued and other current liabilities 38,431 36,148 Advance billings and customer deposits   4,311     4,213   Total current liabilities 49,586 57,391   Long-term obligations, net of current portion 165,003 168,959 Deferred income taxes 2,233 596 Other long-term liabilities, net of current portion   65,109     61,330   Total liabilities   281,931     288,276   Commitments and contingencies Alaska Communications stockholders' equity: Common stock, $.01 par value; 145,000 authorized 532 525 Additional paid in capital 159,872 158,969 Retained earnings (accumulated deficit) 8,719 (3,579 ) Accumulated other comprehensive loss   (2,032 )   (2,396 ) Total Alaska Communications stockholders' equity 167,091 153,519 Noncontrolling interest   947     991   Total stockholders' equity   168,038     154,510     Total liabilities and stockholders' equity $ 449,969   $ 442,786                     Schedule 3   ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited, In Thousands)   Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Cash Flows from Operating Activities: Net income (loss) $ 1,805 $ 284 $ 7,276 $ (3,254 )

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization 8,352 9,193 25,336 27,124 Loss on the disposal of assets, net 15 40 56 73 Amortization of debt issuance costs and debt discount 333 414 1,022 1,951 Loss on extinguishment of debt - 93 - 7,527 Amortization of deferred capacity revenue (1,067 ) (884 ) (2,997 ) (2,601 ) Stock-based compensation 642 261 1,209 842 Income tax expense (benefit) 774 (422 ) 2,080 (1,886 ) Charge for uncollectible accounts 1,279 929 2,371 2,562 Other non-cash expense, net (13 ) 142 168 430 Income taxes (receivable) payable (1 ) 3 (37 ) 577 Changes in operating assets and liabilities   12,402     (1,430 )   10,395     (7,657 ) Net cash provided by operating activities   24,521     8,623     46,879     25,688     Cash Flows from Investing Activities: Capital expenditures (8,351 ) (13,532 ) (25,432 ) (24,054 ) Capitalized interest (565 ) (309 ) (1,456 ) (772 ) Change in unsettled capital expenditures (179 ) 4,050 (1,811 ) 2,007 Proceeds on sale of assets   1     2     1     6   Net cash used by investing activities   (9,094 )   (9,789 )   (28,698 )   (22,813 )   Cash Flows from Financing Activities: Repayments of long-term debt (8,658 ) (365 ) (29,164 ) (174,378 ) Proceeds from the issuance of long-term debt - - 14,000 183,000 Debt issuance costs and discounts - (51 ) - (5,559 ) Cash paid for debt extinguishment - (243 ) - (5,522 ) Cash proceeds from noncontrolling interest - 75 40 75 Payment of withholding taxes on stock-based compensation - (2 ) (410 ) (601 ) Proceeds from issuance of common stock   -     (3 )   111     116   Net cash used by financing activities   (8,658 )   (589 )   (15,423 )   (2,869 )   Change in cash, cash equivalents and restricted cash 6,769 (1,755 ) 2,758 6   Cash, cash equivalents and restricted cash, beginning of period   12,157     24,906     16,168     23,145     Cash, cash equivalents and restricted cash, end of period $ 18,926   $ 23,151   $ 18,926   $ 23,151     Supplemental Cash Flow Data: Interest paid $ 3,472 $ 3,279 $ 10,723 $ 10,874 Income taxes (refunded) paid, net $ - $ (52 ) $ 4 $ (624 )                   Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED EBITDA (Unaudited, In Thousands)   Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017   Net income (loss) $ 1,805 $ 284 $ 7,276 $ (3,254 ) Add (subtract): Interest expense 3,286 3,577 10,191 11,335 Loss on extinguishment of debt - 93 - 7,527 Interest income (36 ) (13 ) (74 ) (27 ) Depreciation and amortization 8,352 9,193 25,336 27,124 Other (income) expense, net (66 ) 153 (79 ) 461 Loss on the disposal of assets, net 15 40 56 73 Income tax expense (benefit) 774 (422 ) 2,080 (1,886 ) Stock-based compensation 642 261 1,209 842 Net loss attributable to noncontrolling interest   12     36     84     100     Adjusted EBITDA $ 14,784   $ 13,202   $ 46,079   $ 42,295    

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 $10.4 million in the nine-month period ended September 30, 2018).

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, other (income) expense, gain or loss on asset purchases or disposals, income taxes, stock-based compensation, and net loss attributable to noncontrolling interest.

                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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017   Net cash provided by operating activities $ 24,521 $ 8,623 $ 46,879 $ 25,688

Adjustments to reconcile net cash provided by operating activities to adjusted free cash flow:

Capital expenditures (8,351 ) (13,532 ) (25,432 ) (24,054 ) Amortization of deferred capacity revenue 1,067 884 2,997 2,601 Amortization of GCI capacity revenue (522 ) (522 ) (1,549 ) (1,549 ) Amortization of debt issuance costs and debt discount (333 ) (414 ) (1,022 ) (1,951 ) Interest expense 3,286 3,577 10,191 11,335 Interest paid (3,472 ) (3,279 ) (10,723 ) (10,874 ) Interest income (36 ) (13 ) (74 ) (27 ) Income taxes receivable (payable) 1 (3 ) 37 (577 ) Income taxes refunded (paid), net - 52 (4 ) 624 Charge for uncollectible accounts (1,279 ) (929 ) (2,371 ) (2,562 ) Other (income) expense, net (66 ) 153 (79 ) 461 Net loss attributable to noncontrolling interest 12 36 84 100 Other non-cash expense, net 13 (142 ) (168 ) (430 ) Changes in operating assets and liabilities   (12,402 )   1,430     (10,395 )   7,657   Adjusted free cash flow $ 2,439   $ (4,079 ) $ 8,371   $ 6,442                     Schedule 6   ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. ADJUSTED FREE CASH FLOW (Unaudited, In Thousands)   Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017   Adjusted EBITDA $ 14,784 $ 13,202 $ 46,079 $ 42,295   Less: Capital expenditures (8,351 ) (13,532 ) (25,432 ) (24,054 ) Amortization of GCI capacity revenue (522 ) (522 ) (1,549 ) (1,549 ) Income taxes refunded (paid), net - 52 (4 ) 624 Interest paid   (3,472 )   (3,279 )   (10,723 )   (10,874 )   Adjusted free cash flow* $ 2,439   $ (4,079 ) $ 8,371   $ 6,442     * 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, and amortization of GCI capacity revenue. 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 Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Business and wholesale revenue Business broadband $ 15,368 $ 16,026 $ 46,036 $ 49,261 Business voice and other 7,199 6,686 21,088 19,918 Managed IT services 1,480 1,020 3,936 3,078 Equipment sales and installations 1,488 600 3,870 2,717 Wholesale broadband 9,305 8,994 28,221 26,252 Wholesale voice and other   1,525     1,562   4,455     4,803   Total business and wholesale revenue   36,365     34,888   107,606     106,029 Growth in business and wholesale 4.2 % 1.5 % Consumer revenue Broadband 6,539 6,322 19,726 19,200 Voice and other   2,719     2,986   8,355     8,698   Total consumer revenue   9,258     9,308   28,081     27,898   Total business, wholesale, and consumer revenue   45,623     44,196   135,687     133,927 Growth in business, wholesale and consumer revenue 3.2 % 1.3 % Growth in broadband revenue -0.4 % -0.8 %   Regulatory revenue Access 7,682 7,584 23,321 23,273 High cost support   4,924     4,923   14,771     14,770   Total regulatory revenue   12,606     12,507   38,092     38,043   Total revenue $ 58,229   $ 56,703 $ 173,779   $ 171,970 Growth in total revenue 2.7 % 1.1 %               Schedule 8   ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. KEY OPERATING STATISTICS (Unaudited)   Three Months Ended September 30, June 30, September 30, 2018 2018 2017   Voice: Business access lines 70,110 70,494 72,068 Consumer access lines 26,497 27,411 30,361   Voice ARPU business $ 25.35 $ 25.38 $ 23.51 Voice ARPU consumer $ 32.05 $ 31.43 $ 30.68   Broadband: Business connections 15,372 15,368 15,334 Consumer connections 32,741 33,432 34,295   Broadband ARPU business $ 332.33 $ 369.46 $ 345.78 Broadband ARPU consumer $ 65.61 $ 66.23 $ 60.80   Monthly Average Churn: Business voice 1.0 % 1.0 % 1.2 % Consumer broadband 2.5 % 2.5 % 3.1 % Consumer voice 1.4 % 1.4 % 1.7 %           Schedule 9   ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. LONG TERM DEBT AND NET DEBT (Unaudited, In Thousands)   September 30, December 31, 2018 2017 2017 senior secured credit facility due 2023 $ 173,400 $ 178,350 Debt discount - 2017 senior secured credit facilities due 2023 (2,184 ) (2,668 ) Debt issuance costs - 2017 senior secured credit facilities due 2023 (2,353 ) (2,869 ) 6.25% convertible notes due 2018 - 10,044 Debt discount - 6.25% convertible notes due 2018 - (18 ) Debt issuance costs - 6.25% convertible notes due 2018 - (4 ) Capital leases and other long-term obligations   2,984     3,154   Total debt 171,847 185,989 Less current portion   (6,844 )   (17,030 ) Long-term obligations, net of current portion $ 165,003   $ 168,959     Total debt $ 171,847 $ 185,989 Plus debt discounts and debt issuance costs   4,537     5,559   Gross debt 176,384 191,548 Cash and cash equivalents (17,292 ) (4,354 ) Restricted cash held for 6.25% convertible notes due 2018   -     (10,044 ) Net debt $ 159,092   $ 177,150    

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Alaska Communications Systems Group, Inc.Media ContactHeather Cavanaugh, 907-564-7722Director, External Affairs and Corporate CommunicationsorInvestor ContactTiffany Smith, 907-564-7556Manager, Board and Investor Relationsinvestors@acsalaska.com