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.
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ATLANTIC TELE-NETWORK, INC. |
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Unaudited Condensed Consolidated Balance Sheets |
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(in Thousands) |
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December 31, |
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2006 |
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2007 |
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Assets: |
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Cash and Cash Equivalents |
$ 60,543 |
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$ 71,173 |
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Other Current Assets |
30,596 |
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47,202 |
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Total Current Assets |
91,139 |
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118,375 |
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Fixed Assets, net |
138,573 |
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155,753 |
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Goodwill and Other Intangible Assets, net |
59,733 |
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56,431 |
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Other Assets |
13,169 |
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14,067 |
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Total Assets |
$ 302,614 |
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$ 344,626 |
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Liabilities and Stockholders' Equity: |
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Current Liabilities |
$ 35,041 |
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$ 44,879 |
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Long Term Debt |
50,000 |
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50,000 |
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Other Liabilities |
12,871 |
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13,540 |
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Total Liabilities |
97,912 |
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108,419 |
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Minority Interests |
25,932 |
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27,236 |
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Stockholders' Equity |
178,770 |
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208,971 |
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Total Liabilities and Stockholders' Equity |
$ 302,614 |
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$ 344,626 |
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ATLANTIC TELE-NETWORK, INC. |
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Unaudited Condensed Consolidated Statements of Operations |
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(in Thousands, Except per Share Data) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2006 |
2007 |
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2006 |
2007 |
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Revenue: |
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Wireless |
$ 18,129 |
$ 22,796 |
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$ 63,038 |
$ 83,458 |
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Local Telephone and Data |
10,943 |
12,450 |
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42,718 |
46,598 |
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International Long Distance |
12,151 |
13,326 |
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46,663 |
52,635 |
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Other Revenues |
963 |
997 |
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3,646 |
4,050 |
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Total Revenue |
42,186 |
49,569 |
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156,065 |
186,741 |
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Operating Expenses: |
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Termination and Access Fees |
5,599 |
7,178 |
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23,394 |
29,379 |
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Internet and Programming |
934 |
856 |
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3,504 |
3,379 |
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Engineering and Operations |
5,654 |
6,144 |
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19,691 |
23,037 |
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Sales, Marketing and Customer Services |
3,760 |
3,174 |
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10,088 |
15,526 |
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General and Administrative |
5,237 |
5,845 |
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21,892 |
23,136 |
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Depreciation and Amortization |
6,477 |
6,711 |
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24,510 |
26,686 |
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Impairment of Long Lived Assets |
- |
4,400 |
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- |
4,400 |
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Gain on Disposition of Long Lived Assets, net |
- |
(5,043) |
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- |
(5,961) |
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Total Operating Expenses |
27,661 |
29,265 |
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103,079 |
119,582 |
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Operating Income |
14,525 |
20,304 |
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52,986 |
67,159 |
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Other Income (Expense): |
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Interest Income (Expense), net |
(274) |
(46) |
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(2,147) |
172 |
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Other Income |
106 |
189 |
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725 |
2,239 |
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Other Income (Expense), net |
(168) |
143 |
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(1,422) |
2,411 |
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Income Before Income Taxes, Minority Interests and Equity in Earnings of Unconsolidated Affiliates |
14,357 |
20,447 |
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51,564 |
69,570 |
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Income Taxes |
6,562 |
7,152 |
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25,538 |
28,929 |
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Income Before Minority Interests and Equity in Earnings of Unconsolidated Affiliates |
7,795 |
13,295 |
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26,026 |
40,641 |
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Equity in Earnings of Unconsolidated Affiliates |
457 |
515 |
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2,467 |
2,281 |
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Minority Interests |
(1,379) |
(1,219) |
(4,993) |
(4,982) |
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Net Income |
$ 6,873 |
$ 12,591 |
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$ 23,500 |
$ 37,940 |
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Net Income Per Share |
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Basic |
$ 0.46 |
$ 0.83 |
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$ 1.73 |
$ 2.50 |
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Diluted |
$ 0.45 |
$ 0.82 |
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$ 1.72 |
$ 2.48 |
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Weighted Average Common Shares Outstanding |
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Basic |
15,095 |
15,182 |
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13,568 |
15,168 |
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Diluted |
15,247 |
15,352 |
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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