Atlantic Tele-Network, Inc. Reports $.54/Share for First Quarter 1998 Results.

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--April 28, 1998--Atlantic Tele-Network, Inc. (AMEX: ANK), today reported first quarter 1998 net income of $2.7 million, or $.54 per share, on revenues of $22.4 million.

Proforma net income for the first quarter of 1997, which gives effect to the split off transaction as if it had been completed as of the beginning of 1997, was $2.5 million, or $.52 per share, on revenues of $31.7 million. The 1997 results exclude the U.S. Virgin Islands operations, which were split off into a separate company on December 30, 1997.

The decrease in revenues was due primarily to a drop in audiotext traffic at GT&T. Outbound international traffic also declined. However, higher rates for outbound international traffic and local service, which have been in effect since February 1, 1998, and reduced interest expense substantially offset the decline in the contribution from audiotext traffic in the quarter.

As has been previously announced, on December 31, 1997 GT&T applied to the Guyana Public Utilities Commission (PUC) for a $26 million annual increase in local rates (including outbound international). The PUC promptly awarded GT&T an interim increase in rates effective February 1, 1998 which was designed to produce approximately $18 million in additional annual revenues. Subsequently, on March 27, 1998, the PUC modified the interim rate increase effective in part on April 1, 1998 and in part on May 1, 1998. As modified, GT&T's interim rates are designed to produce an annual increase in revenues of approximately $14 million over the rates in effect in 1997.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. noted, "While the interim rates awarded GT&T are less than the full increase to which we believe GT&T is legally entitled, we are pleased that the PUC has given GT&T a significant measure of immediate rate relief while it considers GT&T's application on the merits."

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands. Its sole subsidiary, Guyana Telephone and Telegraph Company, Limited, is the national telephone service provider in the Republic of Guyana for all local, long distance and international service.

This release contains forward-looking statements within the meaning of the federal securities laws, including estimates of the revenues to be derived from GT&T's rates and statements of management's expectations and beliefs. 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 fiscal year ended December 31, 1997 which is on file with the Securities and Exchange Commission. -0-

Editors: See attached schedules. -0-

                                                           Schedule A
 Schedule A
                      ATLANTIC TELE-NETWORK, INC.
                     Statement of Operations Data
          For the Three Months Ended March 31, 1997 and 1998
                 (In Thousands, Except Per Share Data)

                                                     (Unaudited)
                                                  Three Months Ended
                                                       March 31,
                                                 1997 (1)        1998

Revenues:
  International long-distance  - inbound      $26,681         $16,664
  International long-distance  - outbound       4,181           3,237
  Local exchange service                          646           2,213
  Other revenues                                  234             248

     Total revenues                            31,742          22,362

Expenses:
  International long-distance expenses         20,254          10,973
  Operating expenses                            6,352           5,768

     Total expenses                            26,606          16,741

Income from operations before interest
 expense, income taxes, and minority
 interest                                       5,136           5,621

Interest expense, net                             352             278

Income before income taxes and minority
 interest                                       4,784           5,343

Income taxes                                    2,044           2,343

Income before minority interest                 2,740           3,000

Minority interest                                 300             328

Net Income                                     $2,440          $2,672

Net Income per share                                            $0.54

Weighted average number of shares                               4,909

Pro Forma Net Income                           $2,530

Pro Forma Net Income per share                 $0.52

Pro Forma weighted average number
 of shares                                      4,909


(1)  As a result of the split off transaction, historical net income
     per share amounts have not been presented as this information is
     not considered meaningful. The pro forma earnings, earnings per
     share and weighted average shares outstanding presented assume
     that the split off transaction had been completed as of the
     beginning of 1997.

-0-

                                                           Schedule B                       Schedule
 B
                      ATLANTIC TELE-NETWORK, INC.
                    Selected Operations Statistics
          For the Three Months Ended March 31, 1997 and 1998
                (In Thousands, Except Access Line Data)


Guyana Telephone & Telegraph Co., Ltd.
                                               As of            As of
                                              3/31/97          3/31/98

Access lines at end of period                  51,587          56,323


International Long-Distance Traffic:
                                                   Three Months Ended
                                                       March 31,
                                                 1997            1998

International Minutes of Traffic:

  Inbound                                      10,374          11,517
  Audiotext                                    26,392          15,848

    Total inbound                              36,766          27,365

  Outbound                                      6,716           4,092

    Total                                      43,482          31,457

International Minutes of Traffic Mix:

  Inbound                                        23.9%           36.6%
  Audiotext                                      60.7%           50.4%
  Outbound                                       15.4%           13.0%

    Total                                       100.0%          100.0%


This schedule was originally released April 8, 1998.

CONTACT: Company Contact:

Cornelius B. Prior, Jr., CEO

Craig A. Knock, CFO

[phone]

or

Financial Relations Contact:

Terence F. Leong

[phone]