ATN International Inc, the Massachusetts-based parent company of One Communications and Fireminds, has reported a net loss attributable to ATN stockholders of $5.9 million in the first quarter of the year.

That compares with a net loss of $0.9 million in the year-ago quarter due primarily to a $5.3 million increase in net interest expense compared with last year.

Operating income increased to $0.6 million, from $0.1 million in the first quarter of 2022.

The year-over-year increase was primarily due to higher revenues, partially offset by an increase in depreciation expense from a recent acquisition and a restructuring charge associated with the company’s legacy wholesale wireless business. Last year’s first-quarter operating income included a loss on the disposal of assets.

Consolidated revenues were $185.8 million, up 8 per cent versus $172 million in the year-ago quarter. This increase primarily reflects increased mobility and fixed revenues, including those from the recent acquisition of New Mexico broadband provider Sacred wind, partially offset by lower legacy roaming and construction revenues.

ATN’s international telecom segment, which includes One Communications and Fireminds, had operating income of $13.8 million in the quarter (2022: $11.8 million).

The segment had total revenue of $90.4 million (2022: $86.8 million).

ATN’s international telecom segment also includes GTT in Guyana, Viya in the USVI, Logic Communications in the Cayman Islands, and ATOC in the Caribbean.

Michael Prior, ATN CEO, said: “The first quarter of 2023 marks the start of the second year of our three-year investment plan. We are already seeing the benefits of our expanded network and its associated customer additions.

“Broadband homes passed by high-speed solutions increased by 56 per cent versus last year, primarily due to fibre-based network expansions in Guyana and Alaska.

“ATN’s first-quarter revenue reached the highest level in more than a decade. As we continue to add subscribers to the network, we expect to strengthen and expand our core base of highly durable revenue and cash flow.”

He added: “We showed consistency of execution in the first quarter and were again rewarded with solid subscriber growth, high levels of customer retention and progress on our key operational and financial metrics.

“We expect our customer base, revenue, and adjusted Ebitda growth trends to continue throughout 2023 and continue to track to our three-year plan.”

Total cash, cash equivalents and restricted cash as of March 31 was $61 million and total debt was $464.7 million, versus $76.8 million of cash, cash equivalents and restricted cash and $352.2 million of total debt at the end of the year-ago quarter.