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Atlantic Tele-Network, Inc. Reports Earnings Increases for the Third Quarter and First Nine Months of 2001.

Business Editors

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--Nov. 1, 2001

Atlantic Tele-Network, Inc. (AMEX:ANK), today reported net income of $3.2 million, or $0.65 per share, basic, and $0.64, diluted, for the quarter ended September 30, 2001. This compares to net income of $3.1 million, or $0.63 per share, basic and diluted, for the quarter ended September 30, 2000. For the nine months ended September 30, 2001 ATN had net income of $9.1 million as compared to $9.0 million for the nine months ended September 30, 2000. Per share earnings were $1.82 basic and $1.81 diluted for the nine months ended September 30, 2001 and $1.84 basic and diluted for the first nine months of last year.

Telephone operating revenues for the third quarter of this year were $22.9 million as compared to $18.9 million for the third quarter of 2000, an increase of $4.0 million, or 21%. The increase in revenues from telephone operations was due primarily to increases in inbound international traffic to Guyana reflecting substantial investment by GT&T to increase the number of mobile cellular and fixed access lines in service in Guyana.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. said, "We are pleased at the continued growth in access lines and revenues of our Guyana telephone subsidiary, the Guyana Telephone & Telegraph Company, Ltd. ("GT&T"). We are extremely disappointed, however, that the Guyana PUC has still not acted on GT&T's long-pending application for an increase in local rates, which are the lowest in the Western Hemisphere, despite GT&T's continued investment to expand service in Guyana. During the last quarter GT&T increased its access lines (fixed and mobile) by approximately 9,800, or 10%. Our Bermuda cellular investment also continued to do very well in the last quarter."

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands. Its principal subsidiary, Guyana Telephone and Telegraph Company, Limited, is 80% owned by ATN and is the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service. ATN owns Wireless World, LLC, the largest internet service provider in the United States Virgin Islands, which also provides digital wireless TV service using MMDS technology. ATN owns Atlantic Tele-Center, Inc. which is currently developing a Web-enabled outsourcing call center in Guyana. ATN also owns an 80% interest in ATN (Haiti) S.A., which provides dispatch radio, wireless data network and paging services in Haiti. ATN holds a 46% investment in Bermuda Digital Communications Ltd., which provides cellular telephone services under the name "Cellular One" in Bermuda, and a significant minority interest in LighTrade, Inc. which is developing a network of neutral switching or pooling points to enable telecommunications carriers to interconnect quickly with each other and create a standard location for trading bandwidth between cities.

This release contains forward-looking statements within the meaning of the federal securities laws. Actual results could differ materially from these statements as a result of many factors, including matters discussed in the Company's Form 10K annual report for the year ended December 31, 2000, and Form 10Q quarterly reports for the quarters ended March 31, 2001 and June 30, 2001, which are on file with the Securities and Exchange Commission.

 Schedule A

 ATLANTIC TELE-NETWORK, INC.
 Statement of Operations Data
 For the Three and Nine Months Ended September 30, 2001 and 2000
 (In Thousands, Except Per Share Data)

 (Unaudited) (Unaudited)
 Three Months Ended Nine Months Ended
 September 30, September 30,
 2001 2000 2001 2000

Telephone operations:
Revenues:
 Local exchange
 service revenues $ 5,070 $ 3,076 $ 13,000 $ 8,392
 International long-distance
 revenues 17,276 15,111 47,744 46,941
 Other revenues 551 749 1,964 1,801
 -------- -------- -------- --------
 Total revenues 22,897 18,936 62,708 57,134
 -------- -------- -------- --------
Expenses:
 International long-distance
 expenses 4,527 5,114 12,720 17,395
 Telephone operating
 expenses 6,695 5,511 19,709 16,012
 General and administrative
 expenses 1,558 1,144 4,440 3,258
 -------- -------- -------- --------
 Total operating expenses 12,780 11,769 36,869 36,665
 -------- -------- -------- --------
 Income from telephone
 operations 10,117 7,167 25,839 20,469
 -------- -------- -------- --------
Other operations:
 Revenues of other
 operations 1,165 1,098 3,432 2,765
 Expenses of other
 operations 2,042 1,360 5,726 3,447
 -------- -------- -------- --------
 Loss from other
 operations (877) (262) (2,294) (682)
 -------- -------- -------- --------
Other income (expense):
 Interest expense (199) (324) (545) (1,070)
 Interest income 336 554 1,261 1,700
 Other income (expense): (230) 231 43 465
 -------- -------- -------- --------
 Other income
 (expense), net: (93) 461 759 1,095
 -------- -------- -------- --------
Income before income taxes
 and minority interest 9,147 7,366 24,304 20,882
Income taxes 4,992 3,623 12,841 10,231
 -------- -------- -------- --------
Income before minority
 interest 4,155 3,743 11,463 10,651
Minority interest (934) (603) (2,371) (1,678)
 -------- -------- -------- --------

Net income $ 3,221 $ 3,140 $ 9,092 $ 8,973
 ======== ======== ======== ========
Net income per share:
 Basic $ 0.65 $ 0.63 $ 1.82 $ 1.84
 ======== ======== ======== ========
 Diluted $ 0.64 $ 0.63 $ 1.81 $ 1.84
 ======== ======== ======== ========

Weighted average common
 stock outstanding:
 Basic 4,987 4,982 4,988 4,885
 ======== ======== ======== ========
 Diluted 5,020 4,982 5,011 4,885
 ======== ======== ======== ========

 Schedule B
 ATLANTIC TELE-NETWORK, INC.
 Selected Operations Statistics
 (In Thousands, Except Access Line Data)


Guyana Telephone & Telegraph Co., Ltd.

 As of As of As of As of As of
 09/30/01 06/30/01 03/31/01 12/31/00 09/30/00
 -------- -------- -------- -------- --------

Fixed access lines 77,497 75,136 73,283 71,738 68,794
 ====== ====== ====== ====== ======
Mobile cellular lines 25,862 18,412(A) 9,800 7,881 5,828
 ====== ====== ====== ====== ======

International Long-Distance Traffic:

 For the Three Months For the Nine Months
 Ended Ended
 09/30/01 06/30/01 03/31/01 12/31/00 09/30/00
 -------- -------- -------- -------- --------
 International Minutes
 of Traffic:

 Inbound 20,367 18,699 16,868 55,934 46,879
 Audiotext 812 1,006 677 2,495 11,972
 -------- -------- -------- -------- --------
 Total inbound 21,179 19,705 17,545 58,429 58,851

 Outbound 5,163 4,857 4,716 14,736 14,239
 -------- -------- -------- -------- --------
 Total 26,342 24,562 22,261 73,165 73,090
 ====== ====== ====== ====== ======

 International Minutes
 of Traffic Mix:

 Inbound 77.3% 76.1% 75.8% 76.5% 64.1%
 Audiotext 3.1% 4.1% 3.0% 3.4% 16.4%
 Outbound 19.6% 19.8% 21.2% 20.1% 19.5%
 -------- -------- -------- -------- --------
 Total 100.0% 100.0% 100.0% 100.0% 100.0%
 ====== ====== ====== ====== ======

 (A) Previously published figure omitted prepaid mobile cellular
lines.
COPYRIGHT 2001 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2001, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Geographic Code:1U0VI
Date:Nov 1, 2001
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