-Achieved 2014 Guidance with Adjusted EBITDA
of $92.6 million and revenues of $314.9 million-
-Full year Total Service and Other Revenue
increased 8.0 percent-
-Full year Total Broadband Revenue increased
10.4 percent-
-Recent sale of wireless operations will
bring leverage ratio to one of lowest in industry-
Alaska Communications Systems Group, Inc. (NASDAQ:ALSK) today
reported financial results for its fourth quarter and full year
ended Dec. 31, 2014.
“Our 2014 results reflect stellar performance to a solid
business plan. We have built and continue to expand our broadband
and IT managed service franchise in a growing Alaska market. The
sale of our wireless operations, which closed Feb. 2, 2015, was a
bold strategic move. This transaction has eliminated the wireless
overhang on our valuation, reduced our debt, and will bring our
leverage ratio to one of the lowest in our industry.
“We enter 2015 with good business momentum, continuing our
strong performance in broadband and IT managed services. Our
margins will strengthen through the course of the year as we
achieve synergies and remove costs associated with the wireless
operations. We have turned a page in our journey and look forward
to delivering significant value creation for our shareholders,”
Anand Vadapalli, president and CEO of Alaska Communications,
said.
Revenue Highlights: Year over Year Fourth Quarter
- Total service and other:
- Revenue increased to $53.5 million from
$50.5 million, up 5.9 percent
- Total broadband revenue reached $17.5
million from $16.2 million, up 8.3 percent
- Business and wholesale service:
- Revenue grew to $27.8 million from
$25.6 million, up 8.7 percent
- Broadband revenues reached $11.1 from
$10.5, up 5.8 percent
- Consumer service:
- Revenue grew to $10.3 million from
$10.1 million, increasing 1.7 percent
- Broadband revenues increased to $6.4
million from $5.7 million, up 13.0 percent
Earnings Highlights: Fourth Quarter and Year ended Dec. 31,
2014 compared to Dec. 31, 2013
- Adjusted EBITDA increased 34.0 percent
to $22.3 million from $16.6 million, bringing the year to $92.6
million.
- Total operating revenue increased 1.6
percent to $77.5 million from $76.3 million, bringing the year to
$314.9 million.
- Free Cash Flow was $3.4 million for the
quarter and $16.2 million for the year.
Balance Sheet Highlights
- Cash remained strong at $31.7 million
at Dec. 31, 2014, and with the closing of the wireless transaction,
we are expecting higher cash balances in the first half of
2015.
- Deleveraging continues with total debt
reductions during the year of $24.4 million to $436.4 million at
Dec. 31, 2014.
- On Feb. 2, 2015, debt was further
reduced by an additional $241 million and cash was increased by $10
million from the sale of the wireless operations.
Wayne Graham, Alaska Communications chief financial officer,
said, “We accomplished our goal of positioning the company to
achieve one of the lowest leverage ratios among operators in our
industry by using a substantial portion of the proceeds from the
sale of the wireless operations to pay down debt. We are performing
to a plan to achieve our operational synergies from the sale of the
wireless business, and our outlook for future performance is
strong. Today, we are increasing our target run rate adjusted
EBITDA exiting 2015 from $54 million provided at the time of the
wireless sale to a range of $54 million to $56 million. We are
poised to generate significant value for our shareholders.”
2015 Guidance:
Management’s focus is continued top line performance, steady
deleveraging and achieving run rate adjusted EBITDA exiting 2015
through targeted synergies. Guidance for 2015 is as follows.
- Total Wireline Revenue of approximately
$220 million
- Run rate Adjusted EBITDA exiting 2015
of $54 million to $56 million
- Capital expenditures range of $34
million to $36 million, with $16 million of success based
capital
- Net debt at year end of approximately
$159 million, resulting in our having one of the lowest leverage
ratios in our industry
Investors are encouraged to listen to the earnings conference
call and review page 16 of the earnings call presentation for a
better understanding of guidance during this transition year.
Conference Call
The Company will host a conference call and live webcast on
Thursday, March 5, 2015 at 5:00 p.m. Eastern Time to discuss the
results. The live webcast will include a slide presentation.
Parties in the United States and Canada can access the call at
1-888-554-1422 and enter pass code 563023. All other parties can
access the call at 1-719-457-2663.
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 April 6, 2015
at 4:00 p.m. Eastern Time. To hear the replay, parties in the
United States and Canada can call 1-888-203-1112 and enter pass
code 1673988. All other parties can call 1-719-457-0820 and enter
pass code 1673988.
About Alaska Communications
Alaska Communications (NASDAQ: ALSK) is a leading provider of
advanced broadband and IT managed service solutions for businesses
and consumers in Alaska. The Company operates a highly reliable,
advanced statewide data and voice network with the latest
technology and the most diverse undersea fiber optic system
connecting Alaska to the contiguous United States. For more
information, visit http://www.alaskacommunications.com or
http://www.alsk.com.
Non-GAAP Measures
In an effort to provide investors with additional information
regarding our financial results, in particular with regards to our
liquidity and capital resources, we have disclosed certain non-GAAP
financial information such as Adjusted EBITDA, Adjusted EBITDA
Margin and Free Cash Flow, which management utilizes to assess
performance and believes provides useful information to investors.
The definition of these non-GAAP measures are on Schedules 4 and 5
to this press release. Adjusted EBITDA, Adjusted EBITDA Margin and
Free Cash Flow are non-GAAP measures and should not be considered a
substitute for 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 on our website at http://www.alsk.com in the
investment data section. Other companies may not calculate non-GAAP
measures in the same manner as ACS.
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 ACS' control. Such factors
include, without limitation, Universal Service Fund changes adverse
economic conditions, adverse conditions in the credit markets
impacting the cost, including interest rates, and/or availability
of financing, and the effects of competition in our markets, 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, labor
negotiations, and benefits 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, and
changes in accounting policies, which could result in an impact on
earnings. For further information regarding risks and uncertainties
associated with ACS' 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 Twelve
Months Ended December 31, December
31, 2014
2013 2014
2013 Operating
revenues: Operating revenues, non-affiliates $ 75,886 $ 74,489 $
307,917 $ 345,611 Operating revenues, affiliates *
1,623 1,778
6,946 3,313 Total
operating revenues
77,509
76,267 314,863
348,924 Operating expenses: Cost
of services and sales, non-affiliates 32,580 32,712 123,854 138,124
Cost of services and sales, affiliates * 13,821 13,199 57,116
25,158 Selling, general & administrative 26,472 27,317 101,398
111,034 Depreciation and amortization 6,733 8,900 32,583 42,191
(Gain) loss on disposal of assets, net (486 ) 2,177 126 (207,755 )
Loss on impairment of goodwill 5,986 - 5,986 - Loss on impairment
of equity investment - 1,267 - 1,267 Earnings from equity method
investments
(6,713 )
(9,995 ) (35,960
) (18,056 )
Total operating expenses
78,393
75,577 285,103
91,963 Operating (loss) income
(884 ) 690 29,760 256,961 Other income and (expense):
Interest expense (8,266 ) (9,820 ) (34,410 ) (39,790 ) Loss on
extinguishment of debt - - - (2,370 ) Interest income 41 16 83 53
Other
- -
- (13 )
Total other income and (expense)
(8,225
) (9,804 )
(34,327 )
(42,120 ) Income (loss) before
income tax (expense) benefit (9,109 ) (9,114 ) (4,567 ) 214,841
Income tax (expense) benefit
3,751
4,426 1,787
(56,370 ) Net (loss)
income
$ (5,358 )
$ (4,688 ) $
(2,780 ) $
158,471 Net (loss) income per share: Net
(loss) income applicable to common shares $ (5,358 ) $ (4,688 ) $
(2,780 ) $ 158,471 Tax-effected expense attributable to convertible
notes
- -
- 5,813 Net
(loss) income assuming dilution
$ (5,358
) $ (4,688 )
$ (2,780 ) $
164,284 Basic
$
(0.11 ) $ (0.10
) $ (0.06 )
$ 3.37 Diluted
$
(0.11 ) $ (0.10
) $ (0.06 )
$ 2.78 Basic and Diluted
$ (0.11 ) $
(0.10 ) $ (0.06
) $ 3.37
Weighted average shares outstanding: Basic
49,540 48,577
49,334 47,092
Diluted
49,540
48,577 49,334
59,107 * Affiliate balances are related
to activity with our equity method investees TekMate and AWN. The
remaining interest in TekMate was purchased on January 31, 2014 at
which time it became a wholly owned subsidiary.
Schedule 2 ALASKA COMMUNICATIONS
SYSTEMS GROUP, INC. CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands Except Per Share Amounts)
December 31, December 31, Assets
2014 2013
Current assets: Cash and cash equivalents $ 31,709 $
43,039 Restricted cash 467 467 Accounts receivable-trade,
non-affiliates, net 30,900 34,066 Materials and supplies 4,321
10,131 Prepayments and other current assets 6,575 7,300 Deferred
income taxes 104,245 7,144 Assets held-for-sale
9,565 - Total
current assets 187,782 102,147 Property, plant and equipment
1,333,134 1,344,949 Less: accumulated depreciation and amortization
(976,401 )
(992,936 ) Property, plant and equipment,
net 356,733 352,013 Goodwill - 4,650 Debt issuance costs
4,469 6,929 Deferred income taxes - 14,107 Equity method
investments 252,067 266,972 Non-current assets held-for-sale 14,664
- Other assets
301
502 Total assets
$
816,016 $ 747,320
Liabilities and Stockholders' Equity (Deficit)
Current liabilities: Current portion of long-term obligations $
15,521 $ 14,256 Accounts payable, accrued and other current
liabilities, non-affiliates 54,373 55,475 Accounts payable, accrued
and other current liabilities, affiliates, net * 4,853 14,309
Advance billings and customer deposits 4,490 9,104 Liabilities
held-for-sale
18,728
- Total current liabilities 97,965 93,144
Long-term obligations, net of current portion 418,447
442,001 Deferred income taxes 81,267 - Other long-term liabilities
24,370 16,947 Non-current liabilities held-for-sale 2,107 -
Deferred AWN capacity revenue, net of current portion
56,734 59,965 Total
liabilities
680,890
612,057 Commitments and contingencies
Stockholders' equity (deficit): Common stock, $.01 par value;
145,000 authorized 497 487 Additional paid in capital 154,368
152,193 Accumulated deficit (14,588 ) (11,808 ) Accumulated other
comprehensive loss
(5,151 )
(5,609 ) Total stockholders' equity
135,126 135,263 Total liabilities and stockholders' equity
$ 816,016 $
747,320
* Affiliate balances are related to activity with our equity method
investees TekMate and AWN. The remaining interest in TekMate was
purchased on January 31, 2014 at which time it became a wholly
owned subsidiary.
Schedule 3 ALASKA COMMUNICATIONS SYSTEMS GROUP,
INC. CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, In Thousands) Three Months Ended
Twelve Months Ended December 31,
December 31, 2014
2013
2014 2013
Cash Flows from Operating Activities: Net (loss) income $
(5,358 ) $ (4,688 ) $ (2,780 ) $ 158,471 Adjustments to reconcile
net (loss) income to net cash provided by operating activities:
Depreciation and amortization 6,733 8,900 32,583 42,191 Gain
on sale/contribution of asset to AWN - - - (210,873 ) (Gain) loss
on the disposal of assets, net (486 ) 2,177 126 3,118 Loss on
impairment of goodwill 5,986 - 5,986 - Loss on the impairment of
equity investment - 1,267 - 1,267 Gain on ineffective hedge
adjustment (273 ) - (273 ) (785 ) Amortization of debt issuance
costs and debt discount 1,178 1,178 5,104 6,932 Amortization of
ineffective hedge 337 359 1,613 2,307 Amortization of deferred AWN
capacity revenue (814 ) (774 ) (3,151 ) (1,512 ) Stock-based
compensation 634 592 2,511 2,860 Deferred income tax expense
(benefit) (3,755 ) (3,828 ) (2,047 ) 56,370 Provision for
uncollectible accounts 387 1,042 3,329 1,847 Earnings from equity
method investments (6,713 ) (9,995 ) (35,960 ) (18,056 ) Cash
distribution from equity method investments 6,713 12,455 35,960
17,844 Other non-cash (income) expense, net (82 ) 67 (466 ) 283
Changes in operating assets and liabilities
16,168 (653 )
18,110 5,443
Net cash provided by operating activities
20,655 8,099
60,645 67,707
Cash Flows from Investing Activities: Capital expenditures (12,507
) (20,424 ) (46,423 ) (47,738 ) Capitalized interest (728 ) (635 )
(2,810 ) (1,926 ) Change in unsettled capital expenditures (10,080
) 4,768 (11,380 ) 1,492 Proceeds on sale of assets - - 136 4,747
Proceeds on sale/contribution of asset to AWN - - - 100,000 Return
of capital from equity investment 5,787 - 14,073 - TekMate
acquisition, net of cash received - - (826 ) - Net change in
short-term investments - - - 2,037 Change in unsettled acquisition
costs - - - (3,345 ) Net change in restricted accounts
- 15
- 3,408 Net cash
(used) provided by investing activities
(17,528
) (16,276 )
(47,230 ) 58,675
Cash Flows from Financing Activities: Repayments of
long-term debt (397 ) (2,183 ) (24,419 ) (99,565 ) Debt issuance
costs - - - (206 ) Payment of withholding taxes on stock-based
compensation (7 ) (6 ) (593 ) (638 ) Proceeds from issuance of
common stock
135 110
267 227
Net cash used by financing activities
(269 ) (2,079
) (24,745 )
(100,182 ) Change in cash and cash
equivalents 2,858 (10,256 ) (11,330 ) 26,200 Cash and cash
equivalents, beginning of period
28,851
53,295 43,039
16,839 Cash and cash equivalents,
end of period
$ 31,709
$ 43,039 $
31,709 $ 43,039
Supplemental Cash Flow Data: Interest paid $ 9,526 $
9,986 $ 31,562 $ 35,187 Cash paid on extinguishment of hedging
instrument $ - $ - $ - $ 4,073 Income tax paid $ 40 $ 6 $ 260 $ 6
Supplemental Non-cash Transactions: Property acquired under
capital leases $ 1,487 $ 188 $ 1,877 $ 171 Additions to ARO asset $
63 $ 49 $ 369 $ 229 Exchange of debt with common stock $ - $ - $ -
$ 6,000 Non-cash acquisition purchase price, net of cash received $
- $ - $ 956 $ -
Schedule 4 ALASKA COMMUNICATIONS SYSTEMS GROUP, INC.
ADJUSTED EBITDA (Unaudited, In Thousands)
Three Months Ended Twelve Months Ended
December 31, December 31,
2014
2013 2014
2013 Net (loss)
income $ (5,358 ) $ (4,688 ) $ (2,780 ) $ 158,471 Add (subtract):
Interest expense 8,266 9,820 34,410 39,790 Loss on extinguishment
of debt - - - 2,370 Interest income (41 ) (16 ) (83 ) (53 )
Depreciation and amortization 6,733 8,900 32,583 42,191 Loss on the
impairment of equity investment - 1,267 - 1,267 Loss on impairment
of goodwill 5,986 - 5,986 - Loss on sale of short-term investments
- - - 13 (Gain) loss on disposal of assets, net (486 ) 2,177 126
3,118 (Earnings) loss from equity method investment in TekMate -
(96 ) (12 ) (93 ) Earnings from equity method investment in AWN
(6,713 ) (9,899 ) (35,948 ) (17,963 ) Gain on sale/contribution of
asset to AWN - - - (210,873 ) AWN distributions received 12,500
12,455 50,000 22,011 AWN distributions received for the prior
period (4,167 ) (4,167 ) (4,167 ) (4,167 ) AWN distributions
receivable within 12 days 4,167 4,167 4,167 4,167 Income tax
(benefit) expense (3,751 ) (4,426 ) (1,787 ) 56,370 Stock-based
compensation 634 592 2,511 2,860 Long-term cash incentives 470 149
2,042 631 Earthquake related expense - - 1,228 - Formation of AWN
and wireless sale transaction-related costs
4,057 408
4,297 6,382
Adjusted EBITDA
$ 22,297
$ 16,643 $
92,573 $ 106,492
Revenue 77,509 76,267 314,863 348,924 CETC Revenue
(4,984 )
(4,925 ) (19,565
) (21,018 ) Net
Revenue
$ 72,525 $
71,342 $ 295,298
$ 327,906 Adjusted
EBITDA Margin 30.7 % 23.3 % 31.3 % 32.5 %
Non-GAAP Measures:
In an effort to provide investors with additional information
regarding the Company's results as determined by GAAP, the Company
also discloses certain non-GAAP information which management
utilizes to assess recurring performance and believes provides
useful information to investors regarding baseline operating
results.
The Company has disclosed Adjusted EBITDA as net income before
interest, loss on extinguishment of debt, depreciation and
amortization, loss on the impairment of equity investments or other
assets, loss on sale of short-term investments, gain or loss on
asset purchases or disposals, earnings on equity method
investments, provisions for taxes, transaction-related costs,
stock-based compensation, and expenses under the company’s long
term cash incentive plan (“LTCI”) including adjustments to TekMate
purchase price based upon achieving earn out targets. LTCI expenses
are considered part of an interim compensation structure to
mitigate the dilutive impact of additional share issuances for
executive compensation. Transaction related costs include $1,069 of
inventory write downs associated with the AWN formation and sale
transactions. Distributions from AWN are included in Adjusted
EBITDA. Additionally, in July 2014 an undersea cable serving
Juneau, Alaska was impacted by a service disruption associated with
an earthquake. The costs associated with restoration and repair of
this facility is excluded from Adjusted EBITDA.
Due to the AWN structure, ACS receives certain high cost
revenues ("CETC") which are reported in operating revenue,
non-affiliates, and remits an equal amount to AWN as a component of
our consideration for wholesale wireless services, which is
reported in Cost of services and sales, affiliated. From a
financial reporting perspective CETC grosses up our revenue and
expense and has no impact on Adjusted EBITDA, but impacts our core
margins. We therefore report Adjusted EBITDA Margin to exclude this
impact.
Schedule 5 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. FREE CASH FLOW
(Unaudited, In Thousands) Three Months Ended
Twelve Months Ended December 31,
December 31, 2014
2013
2014 2013
Adjusted EBITDA
$ 22,297
$ 16,643 $
92,573 $ 106,492
Less: Capital spending Incurred capital expenditures
(12,507 ) (20,424 ) (46,423 ) (47,738 ) Milestone billings for
fiber build project for a carrier customer 3,960 - 5,960 - AWN
transaction-related capital costs, net change
-
- -
(41 ) Net capital spending (8,547
) (20,424 ) (40,463 ) (47,779 ) Amortization of AWN capacity
revenue (814 ) (774 ) (3,151 ) (1,512 ) Earthquake related expense
- - (1,228 ) - Cash interest expense
(9,526
) (9,986 )
(31,562 ) (35,187
) Free cash flow
$
3,410 $ (14,541
) $ 16,169
$ 22,014
Non-GAAP Measures:
In an effort to provide investors with additional information
regarding the Company's results as determined by GAAP, the Company
also discloses certain non-GAAP information which management
utilizes to assess recurring performance and believes provides
useful information to investors regarding baseline operating
results.
Free cash flow ("FCF") is defined as Adjusted EBITDA, less
capital expenditures that create an obligation to pay (“incurred
capital expenditures”), plus milestone billings for a fiber build
project for a carrier customer, less AWN transaction-related
capital costs, less amortization of AWN capacity revenue (which is
a non cash revenue item), less earthquake related costs, less cash
interest expense. Note that incurred capital spending includes the
costs associated with a two year fiber build project with a
strategic customer however we are adding back the cash we receive
from the customer for the funding of that project to FCF.
Accordingly, our capital spending will be elevated because of this
project, but the project will be accretive to FCF.
Schedule 6
ALASKA COMMUNICATIONS SYSTEMS GROUP, INC. REVENUE
GROWTH (Unaudited, In Thousands) Three Months
Ended Twelve Months Ended December
31, December 31, Service
revenue: 2014
2013 2014
2013 Business and wholesale
customers Voice $ 5,551 $ 5,644 $ 22,499 $ 22,947 Broadband 11,125
10,518 43,783 40,027 IT Services 952 - 3,492 - Other 1,848 1,690
7,104 7,659 Wholesale
8,320
7,728 33,043
30,047 Business and wholesale service revenue
27,796 25,580
109,921 100,680
Consumer customers Voice 3,533 3,999 14,932 16,818 Broadband 6,400
5,665 24,841 22,108 Other
372
464 1,563
1,739 Consumer service revenue 10,305 10,128 41,336
40,665
Total service revenue
38,101 35,708
151,257
141,345 Growth in service revenue 6.7 % 7.0 %
Growth in broadband service revenue 8.3 % 10.4 %
Other
revenue: Equipment sales 1,900 632 5,321 2,083 Access 8,591
8,977 35,323 37,033 High cost support
4,921
5,218 23,192
18,776 Total service and other
revenue 53,513
50,535 215,093
199,237 Growth in service and other revenue 5.9
% 8.0 % Growth excluding equipment sales 3.4 % 6.4 %
Wireless revenue: Business and consumer service revenue
14,906 17,590 65,504 71,197 Equipment sales 2,000 1,062 6,178 4,847
Other 1,292 1,458 5,302 5,049
AWN related: Foreign
roaming - - - 40,029 Wireless backhaul - (77 ) 70 6,035 CETC 4,984
4,925 19,565 21,018 Amortization of deferred AWN capacity revenue
814 774
3,151 1,512 Total
AWN related 5,798
5,622 22,786
68,594 Total wireless &
AWN related revenue 23,996
25,732
99,770
149,687 Total revenue
$ 77,509
$ 76,267
$ 314,863
$ 348,924
Schedule 7 ALASKA COMMUNICATIONS
SYSTEMS GROUP, INC. KEY OPERATING STATISTICS
(Unaudited) Three Months Ended December
31, September 30, December 31,
2014 2014
2013 Voice: Consumer access lines
43,773 45,177 49,297 Business access lines 79,168 79,563 79,816
Voice ARPU consumer $ 26.48 $ 26.73 $ 26.65 Voice ARPU
business $ 23.31 $ 23.65 $ 23.53
Broadband: Consumer
connections 37,412 38,257 38,677 Business connections (2) 19,234
19,201 18,739 ARPU consumer $ 55.91 $ 54.18 $ 48.59 ARPU
business (1) (2) $ 192.64 $ 190.60 $ 186.92
Wireless:
Postpaid connections 74,839 79,963 85,982 Lifeline connections
7,232 7,637 7,145 Prepaid connections 21,267
21,463 15,721 Total 103,338
109,063 108,848 (1) Business broadband
ARPU was restated to reflect the movement of IT services revenue
into a separate category. (2)
How we calculate broadband connections has
changed to exclude certain internal use circuits. Historical
amounts have been restated to reflect appropriate comparisons
period over period.
Schedule 8 ALASKA
COMMUNICATIONS SYSTEMS GROUP, INC. Long Term Debt
(Unaudited, In Thousands) December 31,
December 31, 2014
2013 2010 senior credit facility term
loan due 2016 $ 322,700 $ 345,900 Debt discount - 2010 senior
credit facility term loan due 2016 (1,014 ) (1,687 ) 6.25%
convertible notes due 2018 114,000 114,000 Debt discount - 6.25%
convertible notes due 2018 (7,242 ) (9,213 ) Capital leases and
other long-term obligations
5,524
7,257 433,968 456,257 Less current portion
(15,521 )
(14,256 ) Long-term obligations, net of
current portion
$ 418,447
$ 442,001
Maturities 2016 $ 15,808 2017 309,078 2018 815 2019
114,618 2020 392 Thereafter
3,907
$ 444,618
Our debt balances exclude $2,394 associated with the capital
leases held-for-sale in conjunction with the sale of our wireless
operations. Our maturity schedule includes these balances.
Alaska Communications Systems Group, Inc.Investor
Contact:Tiffany Dunn, 907-297-3103Manager, Board and Investor
Relationsinvestors@acsalaska.comorMedia Contact:Hannah Blankenship,
907-564-1326Associate Manager, Corporate CommunicationsHannah.Blankenship@acsalaska.com
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