Published on 14 Feb 2024 on GuruFocus.com via Yahoo Finance
Anterix Inc (ATEX) Posts Mixed Q3 Fiscal 2024 Results with Notable Spectrum Lease Agreement
Cash Position: Cash and cash equivalents increased to $62.0 million as of December 31, 2023.Spectrum Lease Agreement: Executed a new spectrum lease agreement valued at $34.5 million, receiving $6.9 million in December 2023.License Exchange Gain: Recorded a gain of $13.7 million from exchanging narrowband for broadband licenses.Share Repurchase: Repurchased $8.0 million of ATEX stock, with $242.0 million remaining under the repurchase program.Spectrum Clearing Costs: Incurred $4.7 million in costs related to spectrum clearing.Net Income: Reported a net income of $328,000 for the quarter, a significant improvement from a net loss of $8.0 million in the same period last year.
Warning! GuruFocus has detected 3 Warning Signs with ATEX.
On February 14, 2024, Anterix Inc (NASDAQ:ATEX) released its third quarter fiscal year 2024 results, showcasing a complex financial landscape with both gains and expenditures that reflect the company's strategic initiatives. The detailed financials can be found in the company's 8-K filing. Anterix Inc is a pivotal player in the telecommunication services industry, focusing on delivering broadband necessary to modernize infrastructure across various sectors through Private LTE solutions.