Atlantic Tele-Network Board Increases Dividend 17%
Salem, MA (September 18, 2006) -- Atlantic Tele-Network, Inc. (NASDAQ: ATNI) today announced that its Board of Directors has declared a quarterly dividend of $0.14 per share, payable on October 10, 2006 on all common shares outstanding to stockholders of record as of September 29, 2006. This represents an increase of two cents, or 16.7%, in the dividend paid from the previous quarter. If maintained, this equates to an annual increase of eight cents, from $0.48 per share to $0.56 per share.
Michael T. Prior, Chief Executive Officer of the Company, said, “Given the substantial increase in our earnings over the last few quarters, the Board of Directors thought it appropriate to share this success with stockholders. This is the eighth consecutive year that we have increased our dividend and, with this dividend, we will have paid dividends for 31 consecutive quarters.”
About Atlantic Tele-Network
Atlantic Tele-Network, Inc. is a telecommunications company with corporate offices in Salem, Massachusetts and St. Thomas, U.S. Virgin Islands. Its principal subsidiaries include: Guyana Telephone and Telegraph Company, Limited, which is the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service, as well as the largest cellular service provider; 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 across Vermont; and Choice Communications, LLC, which provides wireless television and wireless broadband services, as well as dial-up internet services in the United States Virgin Islands. The Company also owns 44% of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of cellular voice and data services in Bermuda.
Atlantic Tele-Network, Inc.
Michael T. Prior
Chief Executive Officer
Justin D. Benincasa
Chief Financial Officer