Atlantic Tele-Network, Inc. - AMEX:ANK - Reports Earnings Increase of 13% for 2001 Over 2000 Before Writing Off Haiti and LighTrade.

Business Editors

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--Mar. 7, 2002

Atlantic Tele-Network, Inc. (AMEX:ANK) today reported its operating results

for the fourth quarter and full year 2001. Before one-time charges, net income for the year would have been $13.9 million ($2.78 per share) compared to $12.3 million ($2.51 per share) for 2000, an increase of $1.6 million or 13%. Income from telephone operations was $33.8 million in 2001, as compared to $28.9 million in 2000, an increase of $4.9 million or 17%. Telephone operating revenues were $83.7 million in 2001, as compared to $76.6 million for 2000, an increase of $7.1 million or 9%. These revenue increases were due primarily to increases in the number of mobile cellular subscribers in Guyana.

In the fourth quarter ATN recognized certain one time impairment charges and write-offs amounting to approximately $3.3 million net of tax. These charges were (i) a $1.9 million net of tax charge to write off ATN's equity investment in LighTrade, Inc., a start-up company which was seeking to develop a network of neutral switching points to enable telecommunications carriers to interconnect quickly with each other and which filed for Chapter 7 bankruptcy protection last Friday and (ii) a $1.4 million net of tax charge to the Company's investment in its subsidiary, ATN (Haiti) Inc., as a result of the Company curtailing its operations. As a result of these charges, ATN's net income was reduced to $99,000 ($0.02 per share, basic and diluted) for the fourth quarter of 2001 and to $9.2 million ($1.84 per share, basic, and $1.83 per share, diluted) for the full year 2001.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of ATN said, "The year 2001 was one in which we significantly strengthened our core telephone business in Guyana. In addition our investment in a cellular business in Bermuda continues to show growth and we recognized $1.2 million as our portion of net income in the unconsolidated subsidiary. We also decided to put behind us investments in Haiti and a new technology company which did not succeed. Our challenges for the current year include negotiating with the Government of Guyana, which we commenced last week, to adjust local rates to maintain our 15% return on investment of over $100 million in light of a reduction in the settlement rate for traffic between Guyana and the United States. We will also be trying to work out fair and reasonable compensation for the Government's desire to take back our right to exclusive provision of local and international telephone service by opening the market to competition. In 2002 we will be focusing on expansion of our call center in Guyana and our ISP and wireless cable T.V. business in the Virgin Islands. During the past year we looked closely at a number of acquisition opportunities and we will continue to do so this year, as our balance sheet is very strong and many telecom properties are in trouble."

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 100% of Wireless World, LLC, the largest internet service provider, and the only wireless T.V. provider in the U.S.V.I., as well as 100% of Atlantic Tele-Center, Inc., a web-enabled outsourcing call center in Guyana. ATN also holds a 46% investment in Bermuda Digital Communications Ltd., the non-wireline cellular company in Bermuda operating under the name "Cellular One".

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 10-Q quarterly reports for the quarters ended March 31, 2001, June 30, 2001 and September 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 Twelve Months Ended December 31, 2001 and 2000
                 (In Thousands, Except Per Share Data)

                                  (Unaudited)           (Unaudited)
                              Three Months Ended   Twelve Months Ended
                                 December 31,          December 31,
                              -------------------- -------------------
                                 2001       2000      2001      2000
                              ---------  ---------  --------  --------
Telephone operations:
Revenues:
 Local exchange service
  revenues                    $   5,538  $   3,332  $ 18,538  $ 11,724
 International long-distance
  revenues                       14,723     15,429    62,467    62,370
 Other revenues                     693        679     2,657     2,480
                              ---------  ---------  --------  --------
       Total revenues            20,954     19,440    83,662    76,574
                              ---------  ---------  --------  --------

Expenses:
 International long-distance
  expenses                        3,935      2,963    16,655    20,358
 Telephone operating expenses     7,815      6,818    27,524    22,830
 General and administrative
  expenses                        1,292      1,224     5,732     4,482
                              ---------  ---------  --------  --------
     Total operating expenses    13,042     11,005    49,911    47,670
                              ---------  ---------  --------  --------
     Income from telephone
      operations                  7,912      8,435    33,751    28,904
                              ---------  ---------  --------  --------

Other operations:
 Revenues of other operations     1,055      1,061     4,487     3,826
 Expenses of other operations     2,212      1,618     7,938     5,065
 Impairment  Charge               3,037          -     3,037         -
                              ---------  ---------  --------  --------
     Loss from other
      operations                 (4,194)      (557)   (6,488)   (1,239)
                              ---------  ---------  --------  --------

Other income (expense):
 Interest expense                   (31)      (410)     (576)   (1,480)
 Interest income                    296        597     1,557     2,297
 Other income (expense):            437        209     1,832       674
 Loss on investment in
  LighTrade                      (1,898)         -    (3,250)        -
                              ---------  ---------  --------  --------
     Other income
     (expense), net:             (1,196)       396      (437)    1,491
                              ---------  ---------  --------  --------

Income before income
 taxes and minority interest      2,522      8,274    26,826    29,156
Income taxes                      1,716      4,172    14,557    14,403
                              ---------  ---------  --------  --------
Income before minority
 interest                           806      4,102    12,269    14,753
Minority interest                  (707)      (750)   (3,078)   (2,428)
                              ---------  ---------  --------  --------

Net income                    $      99  $   3,352  $  9,191  $ 12,325
                              =========  =========  ========  ========

Net income per share:
   Basic                      $    0.02  $    0.67  $   1.84  $   2.51
                              =========  =========  ========  ========

   Diluted                    $    0.02  $    0.67  $   1.83  $   2.51
                              =========  =========  ========  ========

Weighted average common
 stock outstanding:
   Basic                          4,988      4,987     4,987     4,912
                              =========  =========  ========  ========

   Diluted                        5,021      4,988     5,013     4,913
                              =========  =========  ========  ========


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

Fixed access lines      79,913   77,497    75,136    73,283   71,738
                      ========= ========= ========= ======== ========

Mobile cellular lines   39,206   25,862    18,412(a)  9,800    7,881
                      ========= ========= ========= ======== ========


International Long-Distance Traffic:

               For the Three Months Ended  For the Twelve Months Ended
               -------------------------------------------------------
                 12/31/01 09/30/01 06/30/01 03/31/01 12/31/01 12/31/00
                 -------- -------- -------- -------- -------- --------

International Minutes
 of Traffic:

 Inbound            18,057   20,367   18,699  16,868   73,991   64,097
 Audiotext           1,194      812    1,006     677    3,689   12,975

                    ------   ------   ------  ------   ------   ------
    Total inbound   19,251   21,179   19,705  17,545   77,680   77,072

 Outbound            4,817    5,163    4,857   4,716   19,553   19,004
                    ------   ------   ------  ------   ------   ------

    Total           24,068   26,342   24,562  22,261   97,233   96,076
                    ======   ======   ======  ======   ======   ======

International Minutes of Traffic Mix:

Inbound        75.0%     77.3%     76.1%     75.8%     76.1%     66.7%
Audiotext       5.0%      3.1%      4.1%      3.0%      3.8%     13.5%
Outbound       20.0%     19.6%     19.8%     21.2%     20.1%     19.8%
             -------- --------- --------- --------- --------- --------

        Total 100.0%    100.0%    100.0%    100.0%    100.0%    100.0%
             ======== ========= ========= ========= ========= ========

(a) Previously published figure omitted prepaid mobile cellular lines.