One Communications Net Income: $2.1 Million
In a filing with the Bermuda Stock Exchange [BSX], One Communications released their audited results for the period beginning May 3, 2016 and ending December 31, 2016, saying that operating income was $4.4 million and net income was $2.1 million.
“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,” One CEO Frank Amaral said.
“We have invested more than $25 million in our network infrastructure and will invest a further $7 million to fully replace our television platform.”
The full filing stated:
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
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.
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