One Communications LTD. Reports Earnings Company Recognizes Results of Strategic Transactions
Financial Highlights for the period of May 3, 2016 to December 31, 2016:
Revenues: $86.0 million, $68.6 million in Bermuda and $17.4 million in Cayman
Operating income: $4.4 million
Earnings per share: $0.05
August 15, 2017
One Communications Ltd. today announced audited results for the period beginning May 3, 2016 and ending December 31, 2016. Operating income was $4.4 million and net income was $2.1 million. Earnings before interest, depreciation, amortization and one time charges for the period were $21.1 million. Consolidated revenue for the period was $86.0 million and operating expenses were $81.7 million, which included one-time transaction related charges of $5.3 million.
These financial statements present the period following the date on which the Company wholly acquired the ownership of CellOne and received cash consideration in exchange for the issuance of 51% of its shares to ATN International, Inc. (the “ATN Transaction”), through to its new fiscal year end of December 31, 2016. The financial statements also reflect a change of accounting standards from IFRS to U.S. GAAP.
“This has been a busy year for us, as we’ve been executing on our commitment to improve our customers’ experience in a number of ways. We were the first to launch 4G LTE in Bermuda. We continued to build out a state of the art FibreWire internet network that will be finished in Q4 2017 and launched 24/7 call center support for our cable business. We have invested more than $25 million in our network infrastructure and will invest a further $7 million to fully replace our television platform” Frank Amaral, Chief Executive Officer of One said. “We intend to continue this hard work through the rest of this year and into 2018 as we streamline operations for our customers.”
Comprehensive income was $2.9 million which includes a $0.8 million gain on the market value of equity securities. Operating income for the period was $4.4 million which includes one-time charges of $6.0 million. Operating income adjusted for these one-time charges would have been $10.4 million for the eight month period.
Earnings per share for continuing operations for the period ending December 31, 2016 was $0.05 per share.
The Annual General Meeting has been set for September 21, 2017 at 9:00am at 30 Victoria Street.
Media Contact
Jeremy Deacon
Deep Blue Communications
jdeacon@northrock.bm
Tel: 534-2205
Cautionary Language Concerning Forward Looking Statements
This press release contains forward-looking statements relating to, among other matters, future financial performance and results of operations; the competitive environment in key markets, demand for services and industry trends; the pace of network expansion and improvement; and management’s plans and strategy for the future. These forward-looking statements are based on estimates, projections, beliefs, and assumptions and are not guarantees of future events or results. Actual future events and results could differ materially from the events and results indicated in these statements as a result of many factors and the Company undertakes no obligation and has no intention to update these forward-looking statements to reflect actual results, changes in assumptions or changes in other factors that may affect such forward-looking statements.