-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    

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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