ATNI - ATN International Board of Directors Expands Share Repurchase Program to $25 Million and Increases Dividend by 14% | Benzinga
BEVERLY, Mass., Dec. 14, 2023 (GLOBE NEWSWIRE) -- ATN International, Inc. ("ATN" or the "Company") (NASDAQ:ATNI), today announced that the Company's Board of Directors has authorized the expansion of the share repurchase program to $25 million of common stock and approved a quarterly dividend increase of 14% to $0.24 from $0.21 per share. The quarterly dividend will be payable on January 5, 2024, on all common shares outstanding to stockholders of record as of December 31, 2023.
"As we approach 2024, we are moving into the final and smallest phase of ATN's three-year infrastructure expansion plan, positioning us to increase direct capital returns to shareholders," said Michael Prior, ATN's Chairman and Chief Executive Officer. "The Board's decision to expand the share repurchase plan and increase our quarterly dividend reflects their continued confidence in our ability to execute our strategic plan that has produced strong and reliable operating cash flows, sustainable growth across our markets, and a healthy balance sheet. Going forward, we remain committed to a balanced capital allocation strategy. This includes seeking the highest total return opportunities for shareholders across acquisitions, internal investments, share repurchases and dividends, while remaining prudent in how we manage our net debt position."
The refresh of the plan brings the aggregate amount available for share repurchases to $25.0 million. The timing and amount of any repurchases of common stock will be determined by ATN's management based on its evaluation of market conditions and other factors, including price, regulatory requirements, capital availability and other potential uses of the Company's cash.
About ATN
ATN International, Inc. (NASDAQ:ATNI), headquartered in Beverly, Massachusetts, is a provider of digital infrastructure and communications services in the United ...