ATN International, Inc. (NASDAQ:ATNI), a company specializing in telephone communications, announced the results of its Annual Meeting of Stockholders held on June 18, 2024. The meeting, detailed in a recent SEC filing, led to the election of directors, approval of executive compensation, and ratification of the company's independent auditor for the upcoming fiscal year.
Shareholders elected eight nominees to the board of directors. Bernard J. Bulkin received 12,713,700 votes in favor, Richard J. Ganong received 12,257,067, April V. Henry garnered 11,280,105, Derek Hudson (NYSE:HUD) had a favorable count of 13,067,264, Patricia Jacobs received 12,035,364, Pamela F. Lenehan was favored with 12,639,559 votes, Brad W. Martin received 13,080,463, and Michael T. Prior had 12,641,892 votes in favor. Each director will serve until the next annual meeting or until their successors are duly elected and qualified.
Additionally, the compensation paid to named executive officers was approved in a non-binding advisory vote. The approval saw 11,769,428 votes for, 1,284,034 against, and 32,008 abstentions.
In the third proposal, stockholders ratified the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The ratification received strong support with 13,835,185 votes for, 416,060 against, and 3,727 abstentions.
In other recent news, ATN International has reported a mixed Q1 2024 performance, leading to a revision of its full-year guidance for 2024. The company experienced a 1% increase in revenue but a 3% decrease in adjusted EBITDA year-over-year. The U.S. telecom segment faced challenges due to project delays and slower business growth, while the international segment saw growth in high-speed broadband services and business customer revenue.
As a result, ATN International now expects 2024 revenue between $730 million and $750 million, and adjusted EBITDA between $190 million and $200 million. Despite these adjustments, the company remains committed to its First-to-Fiber and Glass & Steel strategies for digital infrastructure improvement. These are recent developments as the company continues to focus on cost management, revenue acceleration, and new leadership hires to support growth and operational efficiency.
InvestingPro Insights
As ATN International (NASDAQ:ATNI) shareholders show confidence in the company’s leadership and financial practices, a look at the real-time data from InvestingPro provides additional context for investors. The company currently holds a market capitalization of $335.97 million and is trading at a price-to-book ratio of 0.64, suggesting that its stock is potentially undervalued compared to the company's book value. Despite a challenging environment that analysts predict will not yield profitability this year, ATNI has demonstrated a commitment to shareholders by maintaining dividend payments for 27 consecutive years, currently offering an attractive dividend yield of 4.38%.
Investors should note that the stock has experienced significant price volatility, with a six-month price total return of -39.96% and a year-to-date return of -43.26%. These figures highlight the importance of examining both the long-term dividend consistency and the short-term market performance when evaluating investment opportunities. For those considering ATNI, InvestingPro offers additional insights, including an "InvestingPro Fair Value" estimate of $23.82, which may serve as a useful benchmark for assessing the stock's current trading price of $21.94. For a deeper analysis and more "InvestingPro Tips," visit https://www.investing.com/pro/ATNI, and don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 6 additional tips available on InvestingPro, investors can gain a comprehensive understanding of ATNI's financial health and market position.
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