PR Newswire
WOODLAND PARK, N.J., Aug. 2, 2023
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
[email protected]
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 | — | — | |
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.
