Atlantic Tele-Network, Inc. Announces Earnings for Fourth Quarter and the Year Ended December 31, 2000 Annual Earnings Up 22% Over 1999.Business Editors/Technology Editors ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--March 6, 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 its operating results for the fourth quarter and year ended December 31, 2000. Net income for the year 2000 was $12.3 million, or $2.51 per share, on 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. of $76.6 million. Net income for the year 1999 was $9.7 million, or $2.05 per share, on telephone operating revenues of $84.0 million. For the fourth quarter of 2000, net income was $3.4 million, or $.67 per share, on revenues of $19.4 million as compared to net income of $4.1 million, or $.86 per share, on revenues of $26.2 million for the fourth quarter of 1999. Fourth quarter 1999 included a net gain of $293,000, or $.06 per share, from the settlement of a dispute with an international telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. carrier. The principal contributing factors to the increase in ATN's net income for 2000 were an $8.3 million increase in revenues from regular inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound international traffic at ATN's 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 (GT&T), a $3.0 million increase in local (including cellular) revenues at GT&T, an $800,000 increase in ATN's equity in the earnings of its affiliate, Bermuda Digital Communications Transmitting text, voice and video in binary form. See communications. , Ltd., and a $1.7 million decrease in general and administrative expense. GT&T's access lines in service increased to 71,738 from 64,034 during the year, bringing Guyana close to a 10% teledensity rate without counting about 5,000 additional cellular phones. Cornelius B. Prior Jr., CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ATN ATN Acute tubular necrosis, see there , said: "While we are pleased at our improved operating results, GT&T only earned about an 11% return on its rate base of $115 million in 2000. Since GT&T is contractually entitled en·ti·tle tr.v. en·ti·tled, en·ti·tling, en·ti·tles 1. To give a name or title to. 2. To furnish with a right or claim to something: to 15% return on rate base, this left a shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. in earnings of $4.4 million. We have had pending for some time applications before the Guyana Public Utilities Commission for an increase in landline Land based. Refers to standard telephone and data communications systems that use in-ground and telephone pole cables in contrast to wireless cellular and satellite services. rates and a decrease in cellular rates which are designed to enable GT&T to earn the minimum 15% return promised in our contract with the government of Guyana. We are cautiously optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that we may see some favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. action on these applications during the current year." 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 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, and Antilles Wireless Cable TV Company, which provides St. Thomas with 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 also owns an 80% interest in ATN (Haiti) S.A., formerly Digicom S.A., which provides dispatch radio See two-way radio. , wireless data network and paging services in Haiti and 45% of Bermuda Digital Communications Ltd., which operates under the name "Cellular One" and is the sole cellular and PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. competitor to the Bermuda Telephone Company. 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 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999, and in the Company's Form 10-Q Form 10-Q See 10-Q. for the quarters ended March 31, June 30, and September 30, 2000 which are on file with the Securities and Exchange Commission. Financial Tables Follow
Schedule A
ATLANTIC TELE-NETWORK, INC.
Statement of Operations Data
For the Three and Twelve Months Ended December 31, 1999 and 2000
(In Thousands, Except Per Share Data)
(Unaudited) (Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
----------------- -----------------
2000 1999 2000 1999
------- ------- ------- -------
Telephone operations:
Revenues:
Local exchange service
revenues $ 3,332 $ 2,373 $11,724 $ 8,692
International long-distance
revenues 15,429 23,465 62,370 73,737
Other revenues 679 398 2,480 1,602
------- ------- ------- -------
Total revenues 19,440 26,236 76,574 84,031
------- ------- ------- -------
Expenses:
International long-distance
expenses 2,963 8,476 20,358 33,319
Telephone operating
expenses 6,818 5,862 22,830 20,708
General and administrative
expenses 1,224 1,980 4,482 6,138
------- ------- ------- -------
Total operating
expenses 11,005 16,318 47,670 60,165
------- ------- ------- -------
Income from telephone
operations 8,435 9,918 28,904 23,866
------- ------- ------- -------
Other operations:
Revenues of other
operations 1,061 743 3,826 1,741
Expenses of other
operations 1,618 962 5,065 2,340
------- ------- ------- -------
Loss from other
operations (557) (219) (1,239) (599)
------- ------- ------- -------
Other income (expense):
Interest expense (410) (487) (1,480) (1,875)
Interest income 597 682 2,297 2,321
Other income (expense): 209 (109) 674 (474)
------- ------- ------- -------
Other income (expense),
net: 396 86 1,491 (28)
------- ------- ------- -------
Income before income taxes
and minority interest 8,274 9,785 29,156 23,239
Income taxes 4,172 4,835 14,403 11,898
------- ------- ------- -------
Income before minority
interest 4,102 4,950 14,753 11,341
Minority interest (750) (877) (2,428) (1,676)
------- ------- ------- -------
Net income $ 3,352 $ 4,073 $12,325 $ 9,665
======= ======= ======= =======
Net income per share:
Basic and Diluted $ 0.67 $ 0.86 $ 2.51 $ 2.05
======= ======= ======= =======
Weighted average common
stock outstanding:
Basic 4,987 4,750 4,912 4,705
======= ======= ======= =======
Diluted 4,988 4,760 4,913 4,715
======= ======= ======= =======
ATLANTIC TELE-NETWORK, INC.
Selected Operations Statistics
For the Quarters Ended December 31, 2000, September 30, 2000,
June 30, 2000, March 31, 2000 and December 31, 1999
(In Thousands, Except Access Line Data)
Guyana Telephone & Telegraph Co., Ltd.
As of As of As of As of As of
-------- -------- -------- -------- --------
12/31/00 09/30/00 06/30/00 03/31/00 12/31/99
-------- -------- -------- -------- --------
Access lines at end
of period 71,738 68,794 67,186 65,505 64,034
International
Long-Distance
Traffic:
For the Twelve
Months Ended For the Three Months Ended
------------------- --------------------------
12/31/00 12/31/99 12/31/00 09/30/00
-------- -------- -------- --------
International
Minutes of
Traffic:
Inbound 64,097 59,509 17,218 15,581
Audiotext 12,975 41,500 1,003 2,017
-------- -------- -------- --------
Total
inbound 77,072 101,009 18,221 17,598
Outbound 19,004 16,061 4,765 5,133
-------- -------- -------- --------
Total 96,076 117,070 22,986 22,731
======== ======== ======== ========
International
Minutes of
Traffic
Mix:
Inbound 66.7% 50.8% 74.9% 68.5%
Audiotext 13.5% 35.4% 4.4% 8.9%
Outbound 19.8% 13.7% 20.7% 22.6%
-------- -------- -------- --------
Total 100.0% 100.0% 100.0% 100.0%
======== ======== ======== ========
For the Three Months Ended
-------------------------------
06/30/00 03/31/00 12/31/99
-------- -------- --------
International
Minutes of
Traffic:
Inbound 15,890 15,408 16,869
Audiotext 3,487 6,468 11,189
-------- -------- --------
Total
inbound 19,377 21,876 28,058
-------- -------- --------
Outbound 4,626 4,480 4,040
-------- -------- --------
Total 24,003 26,356 32,098
======== ======== ========
International
Minutes of
Traffic
Mix:
Inbound 66.2% 58.5% 52.6%
Audiotext 14.5% 24.5% 34.9%
Outbound 19.3% 17.0% 12.6%
-------- -------- --------
Total 100.0% 100.0% 100.0%
======== ======== ========
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