UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
________________________________________________________________________
|X| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter ended March 31, 2002
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 0-19551
________________________________________________________________________
Atlantic Tele-Network, Inc.
(exact name of issuer as specified in its charter)
Delaware 47-072886
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
19 Estate Thomas/Havensight
P.O. Box 12030
St. Thomas, U.S. Virgin Islands 00801
(340) 777-8000
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No ____
As of March 31, 2002, the registrant had outstanding 4,995,559 shares
of its common stock ($.01 par value).
________________________________________________________________________
ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(Columnar Amounts in Thousands)
- ------------------------------------------------------------------------------------------------------------------
----------------------------
December 31, March 31,
2001 2002
------------ ------------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $17,536 $26,376
Marketable securities 6,385 -
Accounts receivable, net 16,561 9,100
Materials and supplies 4,498 4,253
Prepayments and other current assets 2,784 4,780
------------ ------------
Total current assets 47,764 44,509
------------ ------------
Fixed assets:
Property, plant and equipment 107,603 112,996
Less accumulated depreciation (25,651) (28,180)
------------ ------------
Total fixed assets, net 81,952 84,816
------------ ------------
Investment in and advances to Bermuda Digital Communications, Ltd. 6,700 8,215
Other assets 5,590 3,237
------------ ------------
Total assets $142,006 $140,777
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $7,876 $5,737
Accrued taxes 4,082 8,150
Advance payments and deposits 1,800 2,775
Other current liabilities 4,147 1,792
Current portion of long-term debt 2,402 1,427
------------ ------------
Total current liabilities 20,307 19,881
Deferred income taxes 5,953 6,394
Long-term debt, excluding current portion 5,582 5,150
------------ ------------
Total liabilities 31,842 31,425
------------ ------------
Minority interests 21,221 19,402
------------ ------------
Contingencies and commitments (Notes 7 and 8)
Stockholders' equity:
Preferred stock, par value $.01 per share; 10,000,000 shares authorized;
none issued and outstanding - -
Common stock, par value $.01 per share; 20,000,000 shares authorized;
5,151,424 shares issued 4,995,559 outstanding 52 52
Treasury stock, at cost (1,501) (1,477)
Paid-in capital 55,787 55,787
Retained earnings 34,571 35,588
Unrealized gain on marketable securities 34 -
------------ ------------
Total stockholders' equity 88,943 89,950
------------ ------------
Total liabilities and stockholders' equity $142,006 $140,777
============ ============
The accompanying notes are an integral part of these consolidated
condensed financial statements.
2
ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
THREE MONTHS ENDED MARCH 31, 2001 AND 2002
(Columnar Amounts in Thousands, except per share data)
- -----------------------------------------------------------------------------------------------------------------------
Three months ended March 31,
2001 2002
------------- -------------
(Unaudited)
Telephone operations
Revenues:
International long-distance revenues $14,087 $8,518
Local exchange service revenues 3,542 6,158
Other revenues 743 636
------------- -------------
Total revenues 18,372 15,312
------------- -------------
Operating expenses:
International long-distance expenses 3,973 2,668
Telephone operating expenses 6,094 6,368
General and administrative expenses 1,303 1,143
------------- -------------
Total operating expenses 11,370 10,179
------------- -------------
Income from telephone operations 7,002 5,133
------------- -------------
Other operations:
Revenues of other operations 1,138 1,085
Expenses of other operations 1,853 1,906
------------- -------------
Loss from other operations (715) (821)
------------- -------------
Other income (expense):
Interest expense (179) (155)
Interest income 557 301
Equity in earnings of Bermuda Digital Communications, Ltd. 179 350
Other income (expense), net 98 179
------------- -------------
Other income (expense), net: 655 675
------------- -------------
Income before income taxes and minority interests 6,942 4,987
Income taxes 3,548 2,547
------------- -------------
Income before minority interests 3,394 2,440
Minority interests (628) (423)
------------- -------------
Net income $2,766 $2,017
============= =============
Net income per share:
Basic and diluted $0.55 $0.40
============= =============
Weighted average common stock outstanding:
Basic 4,987 4,992
============= =============
Diluted 4,994 5,047
============= =============
The accompanying notes are an integral part of these consolidated
condensed financial statements.
3
ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2000 AND 2001
(Columnar Amounts in Thousands)
- --------------------------------------------------------------------------------------------------------------------
Three months ended March 31,
2001 2002
----------------------------
(Unaudited)
Net cash flows provided by operating activities: $4,069 $12,649
------------ ------------
Cash flows from investing activities:
Sale (purchase) of Marketable securities (6,080) 6,385
Capital expenditures (2,434) (5,393)
Advances to Bermuda Digital Communications, Ltd. (858) (1,165)
------------ ------------
Net cash flows used in investing activities (9,372) (173)
------------ ------------
Cash flows from financing activities:
Repayment of long-term debt (561) (398)
Purchase of common stock - 24
Dividends paid on common stock (997) (1,012)
Dividend to minority stockholder in GT&T (1,000) (2,250)
------------ ------------
Net cash flows used in financing activities (2,558) (3,636)
------------ ------------
Net change in cash and cash equivalents (7,861) 8,840
Cash and cash equivalents, beginning of period 24,495 17,536
------------ ------------
Cash and cash equivalents, end of period $16,634 $26,376
============ ============
Supplemental cash flow information:
Interest paid $112 $162
============ ============
Income taxes paid $2,386 $2,367
============ ============
Supplemental non cash information:
Depreciation and Amortization Expense $2,041 $2,529
============ ============
The accompanying notes are an integral part of these consolidated
condensed financial statements.
4
Atlantic Tele-Network, Inc. and Subsidiaries
Notes to Consolidated Condensed
Financial Statements
Three Months Ended March 30, 2001 and 2002
1. ORGANIZATION AND BUSINESS OPERATIONS
Atlantic Tele-Network, Inc. (the "Company" or "ATN"), a Delaware
corporation, is engaged principally through its 80%-owned subsidiary, Guyana
Telephone & Telegraph Company, Limited ("GT&T"), in providing
telecommunications services, including local telephone service, long-distance
services, and cellular service in the Cooperative Republic of Guyana
("Guyana") and international telecommunications service to and from Guyana.
The Company wholly owns Wireless World, LLC ("Wireless World"), which holds
Multichannel Multipoint Distribution Service ("MMDS") and Local Multipoint
Distribution Service ("LMDS") licenses for the U.S. Virgin Islands and is
engaged in the U.S. Virgin Islands in the internet service provider,
specialized mobile radio and paging businesses and the wireless cable
television business. The Company owns an 80% interest in ATN (Haiti) S.A.
("ATN (Haiti)") and an 80% interest in Transnet, S.A. ("Transnet"), Haitian
corporations which have been principally engaged in dispatch radio, mobile
telecommunications, paging, and internet access and data services in Haiti
(which the company is in the process of liquidating or selling). Atlantic
Tele-Center, Inc., a wholly owned subsidiary of ATN, is currently developing a
Web-enabled outsourcing call center in Guyana to provide customer support to
companies serving the U.S. and other markets. The Company owns a 44% interest
in Bermuda Digital Communications, Ltd. ("BDC"), providing cellular telephone
services in Bermuda under the name "Cellular One." ATN provides management,
technical, financial, regulatory, and marketing services for its subsidiaries
and affiliates for a management fee equal to 6% of their revenues.
2. BASIS OF PRESENTATION
The consolidated condensed balance sheet of ATN and subsidiaries at
December 31, 2001 has been taken from the audited financial statements at that
date. All of the other accompanying consolidated condensed financial
statements are unaudited. These consolidated condensed financial statements
have been prepared by the management of ATN in accordance with the rules and
regulations of the Securities and Exchange Commission ("SEC"). Accordingly,
certain information and footnote disclosures usually found in financial
statements prepared in accordance with accounting principles generally
accepted in the United States have been condensed or omitted. In the opinion
of the management of the Company, all adjustments (consisting only of normal
recurring adjustments) considered necessary for fair presentation of the
consolidated condensed financial statements have been included, and the
accompanying condensed consolidated financial statements present fairly the
financial position and the results of operations for the interim periods
presented. The consolidated condensed financial statements should be read in
conjunction with the consolidated financial statements and related footnotes
included in the Company's 2001 Annual Report on Form 10-K, as filed with the
SEC.
3. USE OF ESTIMATES
The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
5
4. NET INCOME PER SHARE
In accordance with Statement of Financial Accounting Standard No. 128,
"Earnings Per Share," basic net income per share is computed by dividing net
income available to common shareholders by the weighted-average number of
common shares outstanding during the period and does not include any other
potentially dilutive securities. Diluted net income per share gives effect to
all potentially dilutive securities.
A reconciliation of basic net income per share to diluted net income per
share for the three month periods ended March 30, 2002 and March 31, 2002 is
as follows (in thousands, except per share data):
Three Months Ended
March 31, 2001 March 31, 2002
Weighted Net Weighted Net
Net Average Income Net Average Income
Income Shares Per Share Income Shares Per Share
Basic net income $2,766 4,987 $0.55 $2,017 4,992 $0.40
Dilutive Securities:
Stock Options $0 7 $0.00 $0 55 $0.00
Diluted net income $2,766 4,994 $0.55 $2,017 5,047 $0.40
5. SEGMENT REPORTING
The Company manages and evaluates its operations in four reportable
segments: Telephone Operations which relates to GT&T, Internet and Wireless
Cable which relates to Wireless World, Radio and Paging which primarily
relates to ATN (Haiti) and Wireless World and Call Center which relates to
Atlantic Tele-Center, Inc. The operating segments are managed separately
because each offers different products and serves different markets. The
accounting policies of the operating segments are the same as those described
in the summary of significant accounting policies. All of the revenues for
GT&T were generated in Guyana and are shown in the accompanying consolidated
statements of operations as total operating revenues. For the three month
periods ended March 31, 2001 and March 31, 2002, the Internet and Wireless
Cable segment, the Radio and Paging segment and the Call Center segment are
not material for separate disclosure under SFAS No. 131, "Disclosure About
Segments of an Enterprise and Related Information," and are reported as other
operations in the accompanying condensed consolidated statements of
operations.
6
6. COMPREHENSIVE INCOME
Comprehensive income represents the change in equity of a business during
a period, except for investments by owners and distributions to owners.
Comprehensive income includes net income and other comprehensive income. Other
comprehensive income is classified separately into foreign currency items and
unrealized gains and losses on certain investments in marketable securities.
There was no difference between the Company's net income and comprehensive
income for the three month periods ended March 31, 2001 and 2002,
respectively.
7. NEW ACCOUNTING PRONOUNCEMENTS
On January 1, 2002 the Company adopted, SFAS No. 142 "Goodwill and Other
Intangible Assets," which establishes new accounting and reporting standards
for acquired goodwill and other intangible assets and supersedes APB Opinion
No. 17. It addresses how intangible assets that are acquired individually or
with a group of other assets (but not those acquired in a business
combination) should be accounted for upon acquisition and on an ongoing basis.
Goodwill and intangible assets that have indefinite useful lives will not be
amortized but rather will be tested at least annually for impairment.
Intangible assets that have finite useful lives (whether or not acquired in a
business combination) will continue to be amortized over their useful lives,
which are no longer limited to 40 years.
The Company recorded amortization expense related to goodwill arising
from business combinations (which had an indefinite useful life) of
approximately $54,000 for the three month period ended March 31, 2001. The
adoption of the provisions of SFAS No. 142 has eliminated the goodwill charge
in the first quarter of 2002 and has not had a material impact on the
Company's condensed consolidated financial statements.
January 1, 2002, the Company adopted SFAS No. 144, "Accounting for
Impairment or Disposal of Long-Lived Assets," which establishes a single
accounting method for long-lived assets to be disposed of by sale and broadens
the presentation of discontinued operations. The adoption of this statement
did not have a material impact on the Company's results of operations or
financial position.
8. CONTINGENCIES AND COMMITMENTS
The financial position and results of operations of the Company may be
affected by certain regulatory matters and litigation described in Note 11 to
the Consolidated financial statements included in the Company's 2001 Annual
Report on Form 10-K, as filed with the SEC. There have been no other material
developments in any of the matters described in said Note.
Effective January 1, 2002, the settlement rate for international traffic
between the United States and Guyana was reduced from $0.85 per minute to
$0.23 per minute. This has an adverse impact on the Company's results of
operations since a large portion of GT&T's international traffic consists of
inbound traffic from the United States. In response to this change, GT&T
sought permission from the Guyana PUC for an increase in its rates for local
services, and effective February 1, 2002, the PUC granted GT&T an interim
increase in rates for local service of approximately $2.7 million per year and
an approximately 30% reduction in rates for calls from Guyana to the United
States and certain other countries. The PUC indicated that it planned to hold
further hearings and to make further rate adjustments in June of this year.
7
Atlantic Tele-Network, Inc. and Subsidiaries
Management Discussion and Analysis of Financial
Conditions and Results of Operations
Introduction
Atlantic Tele-Network, Inc. (the "Company" or "ATN"), a Delaware
corporation, is engaged principally through its 80%-owned subsidiary, Guyana
Telephone & Telegraph Company, Limited ("GT&T"), in providing
telecommunications services, including local telephone service, long-distance
services, and cellular service in the Cooperative Republic of Guyana
("Guyana") and international telecommunications service to and from Guyana.
The Company wholly owns Wireless World, LLC ("Wireless World"), which holds
Multichannel Multipoint Distribution Service ("MMDS") and Local Multipoint
Distribution Service ("LMDS") licenses for the U.S. Virgin Islands and is
engaged in the U.S. Virgin Islands in the internet service provider,
specialized mobile radio and paging businesses and the wireless cable
television business. The Company owns an 80% interest in ATN (Haiti) S.A.
("ATN (Haiti)") and an 80% interest in Transnet, S.A. ("Transnet"), Haitian
corporations which have been principally engaged in dispatch radio, mobile
telecommunications, paging, and internet access and data services in Haiti
(which the company is in the process of liquidating or selling). Atlantic
Tele-Center, Inc., a wholly owned subsidiary of ATN, is currently developing a
Web-enabled outsourcing call center in Guyana to provide customer support to
companies serving the U.S. and other markets. The Company owns a 44% interest
in Bermuda Digital Communications, Ltd. ("BDC"), providing cellular telephone
services in Bermuda under the name "Cellular One." ATN provides management,
technical, financial, regulatory, and marketing services for its subsidiaries
and affiliates for a management fee equal to 6% of their revenues.
The principal components of operating expenses for the Company are
international long-distance expenses, telephone operating expenses, and
general and administrative expenses. International long-distance expenses
consist principally of charges from international carriers for outbound
international calls from Guyana. Telephone operating expenses consist of plant
specific operations, plant non-specific (which includes depreciation and
amortization), customer operations, corporate operations expenses of GT&T, and
taxes other than income taxes. General and administrative expenses consist
principally of expenses of the parent company.
The government of Guyana has announced its intention to introduce
competition into Guyana's telecommunications sector. The changes under
consideration include terminating the monopoly provisions of GT&T's license
with appropriate compensation to GT&T, rebalancing rates so that the rates for
each service represent the real economic cost of such services, and shifting
from rate of return regulation to incentive rate-cap regulation. GT&T has
entered into negotiations with the Guyana government on these issues. The
Company is unable at this time to assess the impact of the government's
proposals on the future financial position or results of operations of the
Company.
From the period from inception of GT&T's operations through March 31,
2002, the majority of GT&T's cash receipts and expenditures have been in U.S.
dollars or other hard currencies. Accordingly, the U.S. dollar has been GT&T's
functional currency. With the decline in international settlement rates, the
expansion of GT&T's cellular business and the increases that GT&T has received
and hopes to receive in its rates for local service, the Guyana dollar may
become GT&T's functional currency in the future. If this were to occur, a
decline in value of the Guyana dollar in relation to the U.S. dollar would
give rise to an adverse impact on the Company's reported consolidated results
of operations.
8
RESULTS OF OPERATIONS
Three months ended March 31, 2001 and 2002
The Company had net income of $2.0 million, or $0.40 basic and diluted
per share for the quarter ended March 31, 2002. This compares to earnings of
$2.8 million, or $0.55 per share basic and diluted, for the quarter ended
March 31, 2001.
Telephone operating revenues for the quarter ending March 31, 2002 were
$15.3 million as compared to $18.4 million for the same period of 2001, a
decrease of $3.1 million, or 17%. This decrease in telephone operating
revenues was due primarily to a $5.5 million, (or 53%) decrease in revenues
from regular inbound international traffic where revenues decreased by $5.5
million, or 53%, for the three months ended March 31, 2002 as a result in the
decrease in the settlement rate for traffic between the US and Guyana from
$0.85 to $0.23 per minute effective January 1, 2002. This decrease was
partially offset by an increase in local exchange service revenues of $2.6
million, or 74%, which was due in part to increased cellular and wireline
subscribers and in part to the interim increase in rates for local service
awarded by the PUC in February 2002. Cellular subscribers increased from 9,800
in March 31, 2001 to 51,244 at March 31, 2002, an increase of over 400%, while
wireline subscribers increased from 73,283 to 81,386, or 11%, for the same
period.
Telephone operating expenses were $10.2 million for the first quarter of
2002 as compared with $11.4 million for the corresponding quarter of 2001, a
decrease of $1.2 million, or 10%. This decrease was due primarily to
reductions in outbound international traffic expenses for traffic from Guyana
to the U.S. as a result of the reduced settlement rate for this traffic.
Telephone operating expenses were approximately 66% of telephone operating
revenues for the three months ended March 31, 2002, as compared to 62% for the
same period of the prior year. This proportional increase is principally the
result of the decreased revenues described above, the reductions in
U.S.-Guyana settlement rates and a higher proportion of inbound minutes to
outbound minutes which for the most recent quarter were in the ratio of
approximately 4 to 1.
Income from telephone operations was $5.1 million for the three months
ended March 31, 2002 as compared to $7.0 million for the corresponding period
of 2001. This represents a decrease of $1.9 million, or 27% for the three
months ended March 31, 2002 over the corresponding period of the prior year.
This decrease is a result of the factors affecting revenues and operating
expenses discussed above.
Other operations revenues and expenses represent the operations of
Wireless World, LLC and Atlantic Tele-Center, Inc., for the three months ended
March 31, 2002. Other operations revenues and expenses also include the
operations of ATN (Haiti) for the three months ended March 31, 2001. Revenues
of these operations were $1.1 million for the three months ended March 31,
2002 as compared to $1.1 million for the same period in 2001. Other operations
revenues remained flat in spite of the write off of ATN (Haiti) at December
31, 2001 as revenues for the first quarter of 2002 included the revenues of
Atlantic Tele-Center and revenues for the first quarter of 2001 included the
operations of ATN (Haiti) while revenues of Wireless World remained flat over
the two periods.
9
Expenses of other operations were $1.9 million for the three months ended
March 31, 2002 as compared to $1.9 million for the same period of 2001. This
resulted in no change in expenses of other operations. The components of
expenses changed, however, as Wireless World LLC. was responsible for $1.6
million and Atlantic Tele-Center for $414,000 of the expense in the first
quarter 2002 as compared to the first quarter of 2001, when ATN (Haiti) was
responsible for $359,000 of expense, Wireless World, LLC. for $1.2 million and
Atlantic Tele-Center for $323,000.
Equity in earnings of Bermuda Digital Cellular was $350,000 for the first
quarter of 2002 as compared to $179,000 for the first quarter of 2001 this
represents an increase of $171,000, or 95%. This increase is due primarily to
the increase in cellular subscribers which climbed from 5,646 at March 31,
2001 to 13,722 at March 31, 2002 an increase of 140%.
The U.S. Guyana settlement rate reduction appears to be costing GT&T
about $1.7 million per month, in reduced operating profits at current traffic
volumes. The February 2002 interim rate increase granted by the PUC was
designed to increase GT&T's operating profits by about $2.7 million a year.
The Company expects that during the year 2002 as the reduced settlement rate
is reflected in lower consumer prices in the U.S., increased volumes of
international traffic between the U.S. and Guyana along with the increased
rates for local services should enable GT&T to recover about half of these
lost operating profits.
The Company's effective tax rate for the three months ended March 31,
2002 and March 31, 2001 was 51%
The minority interest in earnings consists primarily of the Guyana
government's 20% interest in GT&T.
Regulatory and Tax Issues
The Company is involved in a number of regulatory and tax proceedings.
See note 11 to the Company's Consolidated Financial Statements included in the
Company's 2001 Annual Report on Form 10-K, as filed with the SEC and note 8 to
the Consolidated Condensed Financial Statements included in this Report. A
material and adverse outcome in one or more of these proceedings could have a
material adverse impact on the Company's financial condition and future
operations.
Liquidity and Capital Resources
The Company believes it has adequate cash and credit facilities to meet
current operating and capital needs. The Company's current primary source of
funds at the parent company level is advisory fees and dividends from GT&T.
The tax and regulatory issues discussed in Note 11 to the Company's
Consolidated Financial Statements included in the Company's 2001 Annual Report
on Form 10-K could have a material adverse impact on the Company's liquidity.
GT&T is not subject to any contractual restrictions on the payment of
dividends.
The continued expansion of GT&T's network is dependent upon the ability
of GT&T to purchase equipment with U.S. dollars. A portion of GT&T's taxes in
Guyana may be payable in U.S. dollars or other hard currencies. As a result of
the rate increases recently awarded to and currently sought by GT&T and the
order of the U.S. FCC which reduced the settlement rate for U.S. - Guyana
traffic and the general trend toward lower international settlement rates, it
is likely that an increasing portion of the Company's revenues will be earned
in Guyana currency. While there are no legal restrictions on the conversion of
Guyana currency into U.S. dollars or other hard currencies, or on the
expatriation of Guyana currency or foreign currency from Guyana, there is
currently little liquidity in the foreign currency markets in Guyana. While
the Company believes that it has, and will continue to have, adequate cash
flows denominated in hard currency to meet its current operating, debt service
and capital requirements, there can be no assurance that GT&T will be able to
convert its Guyana currency earnings into hard currency to meet such
obligations. At March 31, 2002, approximately $4.9 million of the Company's
total cash balances consisted of balances denominated in Guyana dollars.
10
During the three months ended March 31, 2002, the Company collected $10.3
million of accounts receivable from GT&T's foreign administrators. As a
result of cash collections, the GT&T's accounts receivables decreased from
$16.2 million as of December 31, 2001 to $8.7 million as of March 31, 2002.
From time to time the Company explores opportunities to acquire
communications properties or licenses in the Caribbean and elsewhere. Such
acquisitions may require external financing. There can be no assurance as to
whether, when or on what terms the Company will be able to acquire any of the
businesses or licenses it is currently seeking.
Inflation
The effect of devaluation and inflation on the Company's financial
results has not been significant in the periods presented.
11
Atlantic Tele-Network, Inc. and Subsidiaries
Other Information
Item 1. Legal Proceedings
Not applicable.
Item 2. Changes in Securities
Not applicable
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
Item 5. Other Information
Not applicable.
Item 6. Exhibits and Reports on Form 8-K
Not applicable.
12
Atlantic Tele-Network, Inc. and Subsidiaries
Signatures
Pursuant to the Securities Act of 1934, the registrant has caused this
report to be signed on its behalf by the undersigned thereunto duly
authorized.
Atlantic Tele-Network, Inc.
---------------------------
Date: May 3, 2002 /s/ Cornelius B. Prior, Jr.
- ----------------- --- -----------------------
Cornelius B. Prior, Jr.
Chief Executive Officer and Chairman
of the Board
Date: May 3, 2002 /s/ Steven M. Ross
- ----------------- --- --------------
Steven M. Ross
Chief Accounting Officer
13