WOODLAND PARK, N.J.,
Aug. 2,
2023 /PRNewswire/ -- Anterix (NASDAQ: ATEX) today
announced its first quarter fiscal 2024 results and filed its 10-Q
for the three months ended June 30, 2023.
First quarter fiscal 2024 Financial Highlights
- Cash and cash equivalents of $29.0
million as of June 30,
2023
- Entered into a $30.0 million
spectrum sale agreement with Lower Colorado River Authority
- Exchanged narrowband for broadband licenses in 9 counties and
recorded a gain on exchange of narrowband licenses for broadband
licenses of $10.8 million
- Cash used in operations was $8.2
million
- Incurred spectrum clearing costs of $5.2
million
The Company also issued an update on its Demonstrated Intent
metric which can be found on Anterix's website at
https://www.investors.anterix.com/Q12024.
About Anterix Inc.
At Anterix, we are focused on delivering transformative private
broadband that enables the modernization of critical infrastructure
for the energy, transportation, logistics and other sectors of our
economy. As the largest holder of licensed spectrum in the 900 MHz
band (896-901/935-940 MHz) throughout the contiguous United States, plus Hawaii, Alaska, and Puerto
Rico, we are uniquely positioned to enable the private LTE
solutions that support secure, resilient and customer-controlled
operations. For more information, visit: www.anterix.com.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking statements within the meaning of the federal
securities laws that involve risks and uncertainties.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future
events or achievements such as statements in this press release
related to the Anterix's business or financial results or outlook.
Actual events or results may differ materially from those
contemplated in this press release. Forward-looking statements
speak only as of the date they are made and readers are cautioned
not to put undue reliance on such statements, as they are subject
to a number of risks and uncertainties that could cause Anterix's
actual future results to differ materially from results indicated
in the forward-looking statement. Such statements are based on
assumptions that could cause actual results to differ materially
from those in the forward-looking statements, including: (i) the
timing of payments under customer agreements, (ii) Anterix's
ability to clear the 900 MHz Broadband Spectrum on a timely basis
and on commercially reasonable terms; and (iii) Anterix's ability
to qualify for and timely secure broadband licenses. Actual events
or results may differ materially from those contemplated in this
press release. Anterix's filings with the Securities and Exchange
Commission ("SEC"), which you may obtain for free at the SEC's
website at http://www.sec.gov, discuss some of the important risk
factors that may affect the company's financial outlook, business,
results of operations and financial condition. Anterix undertakes
no obligation to update publicly or revise any forward-looking
statements contained herein.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate
Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
Anterix
Inc.
|
Earnings Release
Tables
|
Consolidated Balance
Sheets
|
June 30,
2023 and March 31, 2023
|
(Unaudited,
thousands, except share data)
|
|
|
June 30, 2023
|
|
March 31, 2023
|
|
|
|
|
ASSETS
|
|
|
|
Current
Assets
|
|
|
|
Cash and cash
equivalents
|
$
29,033
|
|
$
43,182
|
Prepaid expenses and
other current assets
|
14,803
|
|
16,277
|
Total current assets
|
43,836
|
|
59,459
|
Property and equipment,
net
|
2,541
|
|
3,606
|
Right of use assets,
net
|
3,088
|
|
3,371
|
Intangible
assets
|
215,795
|
|
202,044
|
Other assets
|
14,068
|
|
10,078
|
Total assets
|
$
279,328
|
|
$
278,558
|
LIABILITIES AND STOCKHOLDERS'
EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts payable and
accrued expenses
|
$
7,793
|
|
$
6,624
|
Due to related
parties
|
—
|
|
533
|
Operating lease
liabilities
|
1,662
|
|
1,725
|
Contingent
liability
|
20,249
|
|
20,249
|
Deferred
revenue
|
2,896
|
|
2,769
|
Total current liabilities
|
32,600
|
|
31,900
|
Operating lease
liabilities
|
2,597
|
|
2,922
|
Deferred
revenue
|
57,255
|
|
57,990
|
Deferred income
tax
|
5,168
|
|
5,440
|
Other
liabilities
|
513
|
|
513
|
Total liabilities
|
98,133
|
|
98,765
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity
|
|
|
|
Preferred stock,
$0.0001 par value per share, 10,000,000 shares authorized and
no shares outstanding at June 30, 2023 and March 31,
2023
|
—
|
|
—
|
Common stock, $0.0001
par value per share, 100,000,000 shares authorized and 19,047,159
shares issued and outstanding at June 30, 2023 and 18,921,999
shares issued and outstanding at March 31, 2023
|
2
|
|
2
|
Additional paid-in
capital
|
521,680
|
|
518,160
|
Accumulated
deficit
|
(340,487)
|
|
(338,369)
|
Total stockholders' equity
|
181,195
|
|
179,793
|
Total liabilities and stockholders'
equity
|
$
279,328
|
|
$
278,558
|
Anterix
Inc.
|
Earnings Release
Tables
|
Consolidated
Statements of Operations
|
(Unaudited, in
thousands, except share and per share data)
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
Spectrum
revenues
|
$
608
|
|
$
335
|
|
|
|
|
Operating
expenses
|
|
|
|
General and
administrative
|
11,673
|
|
11,359
|
Sales and
support
|
1,275
|
|
1,236
|
Product
development
|
1,069
|
|
1,096
|
Depreciation and
amortization
|
246
|
|
362
|
Operating
expenses
|
14,263
|
|
14,053
|
Gain from disposal of
intangible assets, net
|
(10,785)
|
|
(648)
|
(Gain) loss from
disposal of long-lived assets, net
|
(31)
|
|
2
|
Loss from
operations
|
(2,839)
|
|
(13,072)
|
Interest
income
|
386
|
|
17
|
Other income
|
95
|
|
59
|
Loss before income
taxes
|
(2,358)
|
|
(12,996)
|
Income tax (benefit)
expense
|
(240)
|
|
200
|
Net
loss
|
$
(2,118)
|
|
$
(13,196)
|
|
|
|
|
Net loss per common
share basic and diluted
|
$
(0.11)
|
|
$
(0.71)
|
Weighted-average common
shares used to compute basic and diluted net loss per
share
|
18,951,046
|
|
18,619,459
|
Anterix
Inc.
|
Earnings Release
Tables
|
Consolidated
Statements of Cash Flows
|
(Unaudited, in
thousands)
|
|
|
Three months ended
June 30,
|
|
2023
|
|
2022
|
CASH FLOWS FROM
OPERATING ACTIVITIES
|
|
|
|
Net loss
|
$
(2,118)
|
|
$
(13,196)
|
Adjustments to
reconcile net loss to net cash used in operating
activities
|
|
|
|
Depreciation and
amortization
|
246
|
|
362
|
Non-cash compensation
expense attributable to stock awards
|
4,265
|
|
4,128
|
Deferred income
taxes
|
(272)
|
|
200
|
Gain from disposal of
intangible assets, net
|
(10,785)
|
|
(648)
|
(Gain) loss on
disposal of long-lived assets, net
|
(31)
|
|
2
|
Changes in operating
assets and liabilities
|
|
|
|
Prepaid expenses and
other assets
|
563
|
|
1,180
|
Right of use
assets
|
283
|
|
238
|
Accounts payable and
accrued expenses
|
1,169
|
|
(1,460)
|
Due to related
parties
|
(533)
|
|
24
|
Operating lease
liabilities
|
(388)
|
|
(327)
|
Deferred
revenue
|
(608)
|
|
(335)
|
Net cash used in
operating activities
|
(8,209)
|
|
(9,832)
|
CASH FLOWS FROM
INVESTING ACTIVITIES
|
|
|
|
Purchases of intangible
assets, including refundable deposits
|
(5,170)
|
|
(6,650)
|
Purchases of
equipment
|
(25)
|
|
(6)
|
Net cash used in
investing activities
|
(5,195)
|
|
(6,656)
|
CASH FLOWS FROM
FINANCING ACTIVITIES
|
|
|
|
Proceeds from stock
option exercises
|
7
|
|
872
|
Repurchase of common
stock
|
—
|
|
(2,725)
|
Payments of withholding
tax on net issuance of restricted stock
|
(752)
|
|
(827)
|
Net cash used in
financing activities
|
(745)
|
|
(2,680)
|
Net change in cash and
cash equivalents
|
(14,149)
|
|
(19,168)
|
CASH AND CASH
EQUIVALENTS
|
|
|
|
Beginning of the
period
|
43,182
|
|
105,624
|
End of the
period
|
$
29,033
|
|
$
86,456
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION
|
|
|
|
Cash paid during the
period:
|
|
|
|
Taxes paid
|
$
1
|
|
$
—
|
Non-cash investing
activity:
|
|
|
|
Network equipment
provided in exchange for wireless licenses
|
$
438
|
|
$
4
|
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SOURCE Anterix Inc.