Atlantic Tele-Network, Inc. Reports Earnings Increase for the First Quarter of 2001.

    Business Editors

      ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--May 2, 2001--
Atlantic Tele-Network, Inc. (AMEX:ANK), today reported earnings
of $2.8 million, or $0.55 per share on 5 million shares of common
stock for the quarter ended March 31, 2001. This represents a 5%
increase over ATN's earnings of $2.6 million for the quarter ended
March 31, 2000, but a reduction of $.01 in earnings per share due to
an increase in the average number of shares outstanding.
      Telephone operating revenues for the quarter ending March 31, 2001
were $18.4 million as compared to $19.1 million for the first quarter
of 2000, a decrease of $764,000 or 4%. Audiotext revenues declined by
$3.5 million but this decline was substantially offset by an increase
in regular inbound international traffic revenue of $1.2 million, or
13%, and an increase in local exchange service revenue of $1.0
million, or 39%. Total telephone operating expenses were $11.4 million
for the first quarter of 2001 compared with $13.1 million for the
corresponding quarter of 2000, a decrease of $1.7 million or 13%. 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 minutes, the most profitable service of our Guyana subsidiary,
increased 9% over the first quarter of 2000 which itself saw an
increase of 17% over first quarter 1999. We also had a 39% increase in
revenue from domestic services in Guyana primarily as a result of
increased cellular service. GT&T's number of cellular subscribers
increased from 3,469 at March 31, 2000 to 9,800 at March 31, 2001, and
we are expecting further substantial increases when GT&T's new, lower
cellular rates come into effect. Fixed access lines increased from
65,505 to 73,283 lines during the same period. We are still waiting
for PUC action on our long pending application for local rate
increases, as our return on investment was only about 11% and not the
15% return promised in our contract with the government of Guyana."
      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 the
national telephone service provider in the Cooperative Republic of
Guyana for all local, long-distance and international service. ATN
owns 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 an 80% interest in ATN (Haiti) S.A.,
formerly Digicom S.A., which provides dispatch radio, wireless data
network and paging services in Haiti and 46% 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, 2000, which is on file with the
Securities and Exchange Commission.
-0-
*T
                              Schedule A
                      ATLANTIC TELE-NETWORK, INC.
                     Statement of Operations Data
          For the Three Months Ended March 31, 2000 and 2001
                 (In Thousands, Except Per Share Data)



                                                      (Unaudited)
                                                   Three Months Ended
                                                        March 31,
                                                 ---------------------
                                                     2001       2000
                                                  ---------  ---------
Telephone operations:
Revenues:
     Local exchange service revenues               $ 3,542    $ 2,541
        1,001       39.4%
     International long-distance revenues           14,087     16,117
       -2,030      -12.6%
     Other revenues                                    743        478
          265       55.4%
                                                 ---------- ----------
         Total revenues                             18,372     19,136
         -764       -4.0%
                                                 ---------- ----------

Expenses:
     International long-distance expenses            3,973      6,676
       -2,703      -40.5%
     Telephone operating expenses                    6,094      5,256
          838       15.9%
     General and administrative expenses             1,303      1,128
          175       15.5%
                                                 ---------- ----------
         Total operating expenses                   11,370     13,060
       -1,690      -12.9%
                                                 ---------- ----------
         Income from telephone operations            7,002      6,076
          926       15.2%
                                                 ---------- ----------

Other operations:
     Revenues of other operations                    1,138        748
          390       52.1%
     Expenses of other operations                    1,853        916
          937      102.3%
                                                 ---------- ----------
         Loss from other operations                   (715)      (168)
         -547      325.6%
                                                 ---------- ----------

Other income (expense):
     Interest expense                                 (179)      (435)
          256      -58.9%
     Interest income                                   557        627
          -70      -11.2%
     Other income (expense):                           277         46
          231      502.2%
                                                 ---------- ----------
         Other income (expense), net:                  655        238
          417      175.2%
                                                 ---------- ----------

Income before income taxes and minority interest     6,942      6,146
          796       13.0%
Income taxes                                         3,548      3,024
          524       17.3%
                                                 ---------- ----------
Income before minority interest                      3,394      3,122
          272        8.7%
Minority interest                                     (628)      (476)
         -152       31.9%
                                                 ---------- ----------

Net income                                         $ 2,766    $ 2,646
          120      4.535%
                                                 ========== ==========

Net income per share:
     Basic and Diluted                              $ 0.55     $ 0.56
                                                 ========== ==========

      Weighted average common stock outstanding:
     Basic                                           4,987      4,721
                                                 ========== ==========

     Diluted                                         4,994      4,721
                                                 ========== ==========
*T
                              Schedule B
                      ATLANTIC TELE-NETWORK, INC.
                     Selected Operations Statistics
                         For the Quarters Ended
             December 31, 2000 and March 31, 2000 and 2001
                (In Thousands, Except Access Line Data)




Guyana Telephone & Telegraph Co., Ltd.

                                      As of      As of       As of
                                    03/31/01   12/31/00    03/31/00
                                   ----------  ----------  ---------

Access lines (fixed)                  73,283      71,738     65,505
                                   ==========  ==========  =========

Cellular subscribers lines             9,800       7,881      3,469
                                   ==========  ==========  =========


International Long-Distance Traffic:

                                      For the Three Months Ended
                                     ------------------------------
                                       03/31/01       03/31/00
                                    ------------------------------
International Minutes of Traffic:

   Inbound                               16,868         15,408
   Audiotext                                677          6,468
                                      ----------     ----------

           Total inbound                 17,545         21,876

   Outbound                               4,716          4,480
                                      ----------     ----------

           Total                         22,261         26,356

International Minutes of Traffic Mix:

   Inbound                                75.8%          58.5%
   Audiotext                               3.0%          24.5%
   Outbound                               21.2%          17.0%
                                      ----------     ----------

           Total                         100.0%         100.0%
                                      ==========     ==========
*T
    --30--mw/mi

    CONTACT:  Atlantic Tele-Network, Inc., St. Thomas
              Cornelius B. Prior, Jr. or Lewis A. Stern, 340/777-8000
              or Steven M. Ross, 304/636-7496

    KEYWORD: NEW YORK INTERNATIONAL LATIN AMERICA
    INDUSTRY KEYWORD:  TELECOMMUNICATIONS NETWORKING INTERNET CABLE
EARNINGS