Atlantic Tele-Network, Inc. Reports 33% Earnings Per Share Increase For The First Quarter of 2000.

Business Editors

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--April 27, 2000

Atlantic Tele-Network, Inc. (AMEX:ANK), today reported earnings of $0.56 per share for the quarter ended March 31, 2000 on net income of $2.6 million. This represents a 33% increase over ATN's earnings per share of $0.42 for the quarter ended March 31, 1999.

Telephone operating revenues for the quarter ending March 31, 2000 were $19.1 million as compared to $20.7 million for 1999, a decrease of $1.6 million or 7.7%. Audiotext revenues declined by $4.0 million as a result of reduced traffic. However, this decline was substantially offset by increases in regular inbound international traffic and in revenues from local exchange service. Total telephone operating expenses were $13.1 million for the first quarter of 2000 compared with $15.9 million for the corresponding quarter of 1999, a decrease of $2.8 million or 17.6%. This decrease was due primarily to reductions in audiotext traffic which resulted in reduced international long-distance expense.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. said, "I am pleased to report that, in the first quarter of this year, regular inbound international traffic, the most profitable service of our Guyana subsidiary, increased 17% over the first quarter of 1999, and we also had a 31% increase in revenue from domestic services in Guyana as a result of increased domestic metered traffic and increased lines in service. These two factors combined to generate a 25% increase in income from telephone operations for the first quarter of this year as compared to the first quarter of 1999, despite a substantial decline in audiotext traffic and revenues."

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands. The Company's principal subsidiary, Guyana Telephone & Telegraph Company, Limited, is the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service. ATN recently acquired Wireless World, LLC the largest internet service provider in the United States Virgin Islands and Antilles Wireless Cable TV Company, which provides St. Thomas with wireless TV service using MMDS technology. ATN also owns a 80% interest in Digicom S.A., which provides dispatch radio, wireless data network and paging services in Haiti, and 30% of Bermuda Digital Communications Ltd., which operates under the name "Cellular One" and is the sole cellular and PCS competitor to the Bermuda Telephone Company.

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, 1999, which is on file with the Securities and Exchange Commission.

                                                         Schedule A

                     Schedule A
                       ATLANTIC TELE-NETWORK, INC.
                       Statement of Operations Data
            For the Three Months Ended March 31, 1999 and 2000
                   (In Thousands, Except Per Share Data)

                                                    (Unaudited)
                                                Three Months Ended
                                                      March 31,
                                                --------------------
                                                 2000          1999
                                                -------       -------
    Telephone operations:
    Revenues:
        Local exchange service revenues        $ 2,541       $ 1,943
        International long-distance revenues    16,117        18,452
        Other revenues                             478           346
                                                -------       -------
             Total revenues                     19,136        20,741
                                                -------       -------


    Expenses:
        International long-distance expenses     6,676         9,410
        Telephone operating expenses             5,256         5,093
        General and administrative expenses      1,128         1,365
                                                -------       --------
             Total operating expenses           13,060        15,868
                                                -------       --------
             Income from telephone operations    6,076         4,873
                                                -------       --------

    Other operations:
        Revenues of other operations               748           332
        Expenses of other operations               916           460
                                                --------      --------
             Loss from other operations           (168)         (128)
                                                --------      --------

    Other income (expense):
        Interest expense                          (435)         (480)
        Interest income                            627           550
        Other income (expense):                     46          (105)
                                                ---------      -------
             Other income (expense), net:          238           (35)
                                                ---------      -------

    Income before income taxes and minority
     interest                                    6,146         4,710
    Income taxes                                 3,024         2,418
                                                ---------      -------
    Income before minority interest              3,122         2,292
    Minority interest                             (476)         (279)
                                                ---------      -------

    Net income                                 $ 2,646       $ 2,013
                                                ==========     =======

    Net income per share:
        Basic and Diluted                       $ 0.56        $ 0.42
                                                ==========     =======

    Weighted average common stock outstanding:
        Basic and Diluted                        4,721         4,757
                                                ==========     =======



                                                     Schedule B

                       ATLANTIC TELE-NETWORK, INC.
                 Selected Operations Statistics For the
     Quarters Ended December 31, 1999 and March 31, 1999 and 2000
                 (In Thousands, Except Access Line Data)




Guyana Telephone & Telegraph Co., Ltd.
                                         As of     As of      As of
                                        03/31/00  12/31/99   03/31/99
                                        --------  --------   --------

    Access lines at end of period        65,505    64,034     62,075
                                        ========  ========   ========


    International Long-Distance Traffic:

                                 For the Three         For the Twelve
                                  Months Ended          Months Ended
                                 --------------------   ------------
                         03/31/00  12/31/99  03/31/99    12/31/99
                         --------  --------  --------   ------------

International Minutes
 of Traffic:

          Inbound         15,408    16,869     13,220      59,509
          Audiotext        6,468    11,189     11,819      41,500
                         --------- --------  --------   ------------

           Total inbound  21,876    28,058     25,039     101,009

          Outbound         4,480     4,040      3,895      16,061
                         --------- --------  --------   ------------

           Total          26,356    32,098     28,934     117,070

International Minutes
 of Traffic Mix:

          Inbound           58.5%     52.6%      45.7%       50.8%
          Audiotext         24.5%     34.9%      40.8%       35.4%
          Outbound          17.0%     12.6%      13.5%       13.7%
                         ---------  --------  --------   -----------

           Total           100.0%    100.0%     100.0%      100.0%



This schedule was previously released on April 12, 2000.