Atlantic Tele-Network, Inc. Reports Earnings Increases for the Third Quarter and First Nine Months of 2001.Business EditorsST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--Nov. 1, 2001 Atlantic Tele-Network, Inc. (AMEX AMEX See: American Stock Exchange :ANK ANK Ankara (Turkey) ANK Attempted, Not Known ANK Alphanumeric Keyboard ANK Anunaki (ancient Sumerian Gods) ), today reported net income of $3.2 million, or $0.65 per share, basic, and $0.64, diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , for the quarter ended September September: see month. 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 ATN Acute tubular necrosis, see there 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 operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. 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 in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound international traffic to Guyana Guyana (gīăn`ə, –än`–), officially Co-operative Republic of Guyana, republic (2005 est. pop. 765,000), 83,000 sq mi (214,969 sq km), NE South America. 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 telegraph, term originally applied to any device or system for distant communication by means of visible or audible signals, now commonly restricted to electrically operated devices. Attempts at long-distance communication date back thousands of years (see signaling). Company, Ltd. ("GT&T"). We are extremely disappointed, however, that the Guyana PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). 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 Western Hemisphere Part of Earth comprising North and South America and the surrounding waters. Longitudes 20° W and 160° E are often considered its boundaries. , 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 See telecom 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 (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the largest internet service provider Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Virgin Islands, which also provides digital wireless TV service using MMDS (Multichannel Multipoint Distribution Service or Microwave Multipoint Distribution Service) A digital wireless transmission system that works in the 2.2-2.4 GHz range. technology. ATN owns Atlantic Tele-Center, Inc. which is currently developing a Web-enabled outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. call center in Guyana. ATN also owns an 80% interest in ATN (Haiti) S.A., which provides dispatch radio See two-way radio. , wireless data network and paging services in Haiti. ATN holds a 46% investment in Bermuda Digital Communications Transmitting text, voice and video in binary form. See 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 Communicating information, including data, text, pictures, voice and video over long distance. See communications. carriers to interconnect (1) To attach one device to another. (2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another. quickly with each other and create a standard location for trading bandwidth between cities. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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.
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