Press Releases

Mar 12, 2008

Atlantic Tele-Network Announces Corrections of 2007 Results;

Salem, MA (March 12, 2008) – Atlantic Tele-Network, Inc. (NASDAQ: ATNI) today announced certain corrections to its press release issued February 28, 2008 announcing its results for the quarter and year ended December 31, 2007. The corrections consisted of reducing income taxes by $1.8 million for both the quarter and year ended December 31, 2007, resulting in a $1.8 million increase in net income for each period. Earnings per basic share increased by $0.12 and $0.11 for the quarter and year ended December 31, 2007 respectively, while earnings per diluted share increased by $0.11 and $0.12 for the quarter and year ended December 31, 2007, respectively. This correction as well as other certain balance sheet reclassifications are reflected in the corrected financial statements attached below.

The Company also announced that its Board of Directors declared a quarterly dividend of $0.16 per share, payable on April 10, 2008 on all common shares outstanding to stockholders of record as of March 31, 2008.

About Atlantic Tele-Network

Atlantic Tele-Network, Inc. (NASDAQ:ATNI) is a telecommunications company headquartered in Salem, Massachusetts. Its principal subsidiaries include: Guyana Telephone and Telegraph Company, Limited, which is the national telephone service provider for all local, long-distance and international service, as well as the largest wireless service provider, in Guyana; Commnet Wireless, LLC, which provides voice and data wireless roaming services for U.S. and international carriers in rural areas throughout the United States; Sovernet, Inc., which provides wireline voice and data services to businesses and homes in New England; and Choice Communications, LLC, which provides wireless television and wireless broadband services, as well as dial-up internet services in the U.S. Virgin Islands. The Company also owns 43% of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of wireless voice and data services in Bermuda.

ATLANTIC TELE-NETWORK, INC.

Unaudited Condensed Consolidated Balance Sheets

(in Thousands)

 

December 31,

 

2006

 

2007

Assets:

 

 

 

Cash and Cash Equivalents

$ 60,543

 

$ 71,173

Other Current Assets

30,596

 

47,202

Total Current Assets

91,139

 

118,375

Fixed Assets, net

138,573

 

155,753

Goodwill and Other Intangible Assets, net

59,733

 

56,431

Other Assets

13,169

 

14,067

Total Assets

$ 302,614

 

$ 344,626

Liabilities and Stockholders' Equity:

 

 

 

Current Liabilities

$ 35,041

 

$ 44,879

Long Term Debt

50,000

 

50,000

Other Liabilities

12,871

 

13,540

Total Liabilities

97,912

 

108,419

Minority Interests

25,932

 

27,236

Stockholders' Equity

178,770

 

208,971

Total Liabilities and Stockholders' Equity

$ 302,614

 

$ 344,626

ATLANTIC TELE-NETWORK, INC.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

 

 

Three Months Ended

December 31,

 

Year Ended

December 31,

 

2006

2007

 

2006

2007

Revenue:

 

 

 

 

 

Wireless

$ 18,129

$ 22,796

 

$ 63,038

$ 83,458

Local Telephone and Data

10,943

12,450

 

42,718

46,598

International Long Distance

12,151

13,326

 

46,663

52,635

Other Revenues

963

997

 

3,646

4,050

Total Revenue

42,186

49,569

 

156,065

186,741

 

Operating Expenses:

 

 

 

 

 

Termination and Access Fees

5,599

7,178

 

23,394

29,379

Internet and Programming

934

856

 

3,504

3,379

Engineering and Operations

5,654

6,144

 

19,691

23,037

Sales, Marketing and Customer Services

3,760

3,174

 

10,088

15,526

General and Administrative

5,237

5,845

 

21,892

23,136

Depreciation and Amortization

6,477

6,711

 

24,510

26,686

Impairment of Long Lived Assets

-

4,400

 

-

4,400

Gain on Disposition of Long Lived Assets, net

-

(5,043)

 

-

(5,961)

Total Operating Expenses

27,661

29,265

 

103,079

119,582

Operating Income

14,525

20,304

 

52,986

67,159

 

Other Income (Expense):

 

 

 

 

 

Interest Income (Expense), net

(274)

(46)

 

(2,147)

172

Other Income

106

189

 

725

2,239

Other Income (Expense), net

(168)

143

 

(1,422)

2,411

Income Before Income Taxes, Minority Interests and

Equity in Earnings of Unconsolidated Affiliates

14,357

20,447

 

51,564

69,570

Income Taxes

6,562

7,152

 

25,538

28,929

Income Before Minority Interests and Equity in Earnings of Unconsolidated Affiliates

7,795

13,295

 

26,026

40,641

Equity in Earnings of Unconsolidated Affiliates

457

515

 

2,467

2,281

Minority Interests

(1,379)

(1,219)

(4,993)

(4,982)

Net Income

$ 6,873

$ 12,591

 

$ 23,500

$ 37,940

Net Income Per Share

 

 

 

 

 

Basic

$ 0.46

$ 0.83

 

$ 1.73

$ 2.50

Diluted

$ 0.45

$ 0.82

 

$ 1.72

$ 2.48

Weighted Average Common Shares Outstanding

 

 

 

 

 

Basic

15,095

15,182

 

13,568

15,168

Diluted

15,247

15,352

13,672

15,304

Atlantic Tele-Network, Inc.
Michael T. Prior
Chief Executive Officer
978-619-1300

Justin D. Benincasa
Chief Financial Officer
978-619-1300