 Generated Double-Digit Operating Income and EBITDA Growth on Stable Revenues International and US Telecom Services Demonstrated Resilience to COVID-19 Pandemic Disruptions Strong Balance Sheet Provides Significant Strength and Financial FlexibilityBEVERLY, Mass., July 29, 2020 GLOBE NEWSWIRE -- ATN International, Inc. Nasdaq: ATNI today reported results for the second quarter ended June 30, 2020.Business Review and OutlookOur second quarter results benefited from past investments and initiatives, which have led to steady operating income and EBITDA performance across our International Telecom and US Telecom segments. Strong year-on-year operating income and EBITDA comparisons in International Telecom reflect increased usage of our broadband services, which we believe are the best in our markets. This demand for our fixed services helped offset the impact of lower mobile revenue and handset sales due to pandemic-related travel and stay-at-home restrictions, said Michael Prior, ATNs Chief Executive Officer.In US Telecom, similar to first quarter segment results, we continued to execute on the carrier and CAFII federal revenue support contracts, which will provide relatively consistent revenues for the year. These contracts include our revenue support around the build-out of broadband services in under-served rural areas of the country as part of the federally funded CAFll program, and increased carrier service revenue as part of the FirstNet transaction. We continue to work through pandemic-related construction delays in our FirstNet network buildout and now expect to complete some FirstNet sites in late 2020. We were pleased with our telecom operations performance and the role we have been able to play in providing essential connectivity and communications during this crisis, thanks to the commitment and dedication of our employees. Both our domestic and international operations showed resilience in a dynamic and uncertain environment. Looking ahead, we are concerned about the economic impact that long delays in the return of tourism and travel could have on international markets and will adjust our course as needed. At the same time, we believe that the pandemic will lead to changes in global business and social behaviors and accelerate a shift to heavy telecom and data reliant activity. This could provide attractive growth opportunities for ATNs established and emerging businesses. We believe that our conservative approach to balance sheet management should provide the resources to manage through any potential downturns and continue to allow us to make investments that position our telecom services platforms for longer term growth, Mr. Prior concluded.Second Quarter ResultsSecond quarter 2020 consolidated revenues of 109.1 million were up 1 compared to the prior year quarters revenue of 107.7 million. Operating income for the quarter was 7.0 million, up 4.2 million compared with the prior year quarters 2.8 million. EBITDA1 was 29.0 million in the second quarter, up by 19 compared to 24.3 million in the prior year period. Net income attributable to ATNs stockholders for the second quarter was 4.7 million, or 0.30 per diluted share, compared with the prior year periods net loss of 0.9 million, or 0.05 loss per share.Second Quarter 2020 Operating HighlightsThe Company has three reportable segments: i International Telecom; ii US Telecom; and iii Renewable Energy. Segment Results in Thousands Three Months Ended June 30, 2020 International TelecomUS TelecomRenewable EnergyCorporate and OtherTotal Revenue80,06428,160874 - 109,098 Operating Income loss14,6171,8266208,7997,024 EBITDA128,7497,5431347,14329,015 Six Months Ended June 30, 2020 Capital Expenditures19,9298,8831,634 1,519 31,965 Segment Results in Thousands Three Months Ended June 30, 2019 International TelecomUS TelecomRenewable EnergyCorporate and OtherTotal Revenue79,85926,4141,448- 107,721 Operating Income11,0571,5211679,9912,754 EBITDA124,6637,0728058,23724,303 Six Months Ended June 30, 2019 Capital Expenditures23,6926,3688174,519 35,396 Beginning in the first quarter of 2020 the Company restructured its presentation of revenue in the Condensed Consolidated Statement of Operations and in the Selected Segment Financial Information tables. This change is intended to better align our reporting of financial performance with views of the Company management, industry competitors, and to facilitate discussions with investors and analysts.International Telecom International Telecom consists of a broad range of communications services including fixed and mobile data, voice and video service revenues from our operations in Bermuda and the Caribbean. International Telecom revenues were 80.1 million for the quarter, a slight increase year-on-year mainly due to increases in fixed broadband revenues and increases in managed services revenues partially offset by lower mobile revenues. Compared to the prior year quarter, operating income increased 32 to 14.6 million and EBITDA1 increased 17 to 28.7 million, respectively, primarily from lower operating costs in the quarter of which approximately 1.0 million was related to one-time expense reductions in the quarter.US Telecom US Telecom revenues consist mainly of carrier services revenues and fixed and mobile communications services from our retail operations in the Southwestern United States, as well as communications services provided to enterprise customers. US Telecom segment revenues were 28.2 million in the quarter, an increase of 7 over the prior year period primarily due to a full quarter of federal support CAF II revenues in the current year quarter and increased FirstNet carrier services revenue. The network build portion of the FirstNet agreement has continued during the pandemic, but the overall timing of the build schedule has been delayed. Subject to ongoing delays caused by the pandemic-related restrictions, we currently expect construction revenues to begin in late 2020 and continue through 2021. As revenues from the build will be largely offset by construction costs, we do not expect a material impact on operating income or EBITDA1 from this delay. Operating income increased by 0.3 million from the prior years quarter to 1.8 million and EBITDA1 for this segment increased by 0.4 million to 7.5 million. The year-over-year profitability improvements were mainly driven by the revenue increases which were partially offset by additional operating costs related to our early stage business operations. Renewable EnergyRenewable Energy segment revenues are principally the result of the generation and sale of energy from our commercial solar projects in India. We ended the second quarter of 2020 with 52 Megawatts MWs of revenue generating solar facilities and expect to begin generating revenue from additional MWs later in the year. The current quarters operating loss was 0.6 million and EBITDA1 was a loss of 0.1 million, both below the prior years quarter due to pandemic-related restrictions which resulted in the temporary suspension of some of our customers operations. Those restrictions lifted late in the quarter, and our customers operations and revenue generation resumed. Absent additional government-mandated closures, we expect most of our customers to be fully operational again in the third quarter.Balance Sheet and Cash Flow HighlightsTotal cash, cash equivalents and restricted cash at June 30, 2020 was 125.9 million. Net cash provided by operating activities was 40.4 million for the six months ended June 30, 2020, compared with 18.5 million for the prior year period. The increase in operating cash flow compared with the prior year is mostly the result of increased net income and lower tax payments over last year. For the six months ended June 30, 2020, the Company used net cash of 76.7 million for investing and financing activities compared to 64.8 million for the prior year period. In the current year, this included 32.0 million in capital expenditures, 20.0 million in purchases of intangible assets, 7.9 million of dividends on common stock and share repurchases, and 5.5 million in minority partner distributions. Management expects full year 2020 capital expenditures to be lower than originally forecasted at the beginning of the year as a result of the pandemic. We expect full year 2020 capital expenditures in International Telecom to be approximately 35.0 - 40.0 million. In the US Telecom segment, we expect capital expenditures to be approximately 25.0 - 30.0 million, including 10.0 million on towers and backhaul to support the FirstNet contract. Conference Call InformationATN will host a conference call on Thursday, July 30, 2020 at 11:30 a.m. Eastern Time ET to discuss its second quarter results and business outlook. The call will be hosted by Michael Prior, Chairman and Chief Executive Officer, and Justin Benincasa, Chief Financial Officer. The dial-in numbers are USCanada: 877 734-4582 and International: 678 905-9376, conference ID 4642926. A replay of the call will be available at ir.atni.com beginning at approximately 2:30 p.m. ET on July 30, 2020.About ATNATN International, Inc. Nasdaq: ATNI, headquartered in Beverly, Massachusetts, invests in and operates communications, energy and technology businesses in the United States and internationally, including the Caribbean region and Asia-Pacific, with a particular focus on markets with a need for significant infrastructure investments and improvements. 