Atlantic Tele-Network Inc. Reports $.63 Earnings Per Share for Second Quarter 1998 Results.

ST. THOMAS, U.S. Virgin Islands--(BUSINESS WIRE)--July 30, 1998-- Atlantic Tele-Network, Inc. (AMEX: ANK), today reported second quarter 1998 net income of $3.1 million, or $.63 per share, on revenues of $23.7 million.

Proforma net income for the second quarter of 1997, which gives effect to the split off transaction as if it had been completed as of the beginning of 1997, was $0.2 million, or $.07 per share, on revenues of $27.1 million. The 1997 proforma 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 the expected drop in audiotext traffic at GT&T. Outbound international traffic also declined as a result of higher interim rates instituted in February 1998, but was substantially offset by the associated increase in margins for outbound international traffic, increase in inbound international traffic, and higher interim rates for local service. Net income was further aided by reduced interest expense resulting from significantly reduced indebtedness over 1997 levels. The one-time benefit of the settlement with an international carrier announced on July 2, 1998 is not included in the second quarter results.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. said, "We are pleased with the second full quarter of the split-off Company's results. Earnings and cash flow were strong and the interim rate relief granted earlier in the year has helped to offset the decline we anticipated in audiotext revenues. Nevertheless, our GT&T subsidiary earned only about a 10% return on its rate base compared with the 15% contractually provided. We expect that audiotext traffic will remain at least at the levels experienced in the second quarter for the remainder of 1998."

Atlantic Tele-Network, Inc. is a telecommunications company with headquarters in St. Thomas, U.S. Virgin Islands and has holdings throughout the Caribbean and surrounding regions. Its principal subsidiary, Guyana Telephone and Telegraph Company, Limited, is the national telephone service provider in the Republic of Guyana for all local, long-distance, cellular and international service. ATN also owns 30% of Bermuda Digital Communications Ltd., the sole cellular and PCS competitor to the Bermuda Telephone Company and 75% of Digicom S.A., which services Haiti with wireless telecommunications and paging.

                                                            Schedule A

                      ATLANTIC TELE-NETWORK, INC.
                  Consolidated and Combined Condensed
                       Statements of Operations
        (Columnar Amounts in Thousands, Except Per Share Data)

                                 (Unaudited)              (Unaudited)
                             Three Months Ended        Six Months Ended
                               June 30,                    June 30,

                             ----------     --------------------------
                               1997       1998       1997        1998
                             Combined  Consolidated Combined Consolidated
Revenues:

International
 long-distance
 revenues                   $ 26,255  $  21,081 $  57,117    $ 40,982
Local exchange
 service                         739      2,421     1,385       4,634
Other revenues                   166        240       400         488

  Total revenues              27,160     23,742    58,902      46,104

     Expenses:
International
 long-distance expenses       18,339     10,302    38,593      21,275

Telephone
 operating expenses            5,580      5,612    10,883      10,290

General and
 administrative                2,310      1,318     3,359       2,464

     Total expenses           26,229     17,232    52,835      34,029

     Income from operations      931      6,510     6,067      12,075

Non-operating Revenues
and Expenses:

       Interest expense       (1,010)      (566)   (1,991)     (1,147)
       Interest income           672        454     1,301         692
       Other income               --          0        --       3,750

Non-operating revenues
and expenses, net               (338)      (112)     (690)      3,295

Income before income
 taxes and minority
 interest                        593      6,398     5,377      15,370
     Income taxes                347      2,842     2,391       6,532

Income before
 minority interest               246      3,556     2,986       8,838

     Minority interest            (4)      (461)     (304)       (872)


     Net income              $   242 $    3,095 $   2,682    $  7,966


     Net income per share             $    0.63              $   1.62

Weighted average
 shares outstanding                       4,909                 4,909

Pro forma net
 income                      $   331            $   2,861

Pro forma net
 income per share            $  0.07            $    0.58


Pro forma weighted
 average number
 of shares                     4,909                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 comparable. 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 January 1,
1997.
                                                            Schedule B

                      ATLANTIC TELE-NETWORK, INC.
                    Selected Operations Statistics
       For the Three and Six Months Ended June 30, 1997 and 1998
                (In Thousands, Except Access Line Data)

Guyana Telephone & Telegraph Co., Ltd.

                                        As of      As of      As of
                                       6/30/97    3/31/98    6/30/98
                                     --------------------------------

     Access lines at end of period      51,955     56,323     57,522

International Long-Distance Traffic:

                              For The                        For The
                             Six Months                     Six Months
                               Ended                          Ended
                                    For the Three Months Ended

                               6/30/97    3/31/98   6/30/98    6/30/98

International Minutes of Traffic:

    Inbound                     21,448     11,517    12,371     23,888
    Audiotext                   52,120     15,848    14,884     30,732
                                 ------    ------    ------    ------

              Total inbound     73,568     27,365    27,255     54,620

    Outbound                    12,681      4,092     4,078      8,170
                                 ------    ------    ------    ------

              Total             86,249     31,457    31,333     62,790

International Minutes of Traffic Mix:

    Inbound                      24.9%      36.6%     39.5%      38.0%
    Audiotext                    60.4%      50.4%     47.5%      48.9%
    Outbound                     14.7%      13.0%     13.0%      13.0%
                                 ------    ------    ------    ------

              Total             100.0%     100.0%    100.0%     100.0%

This schedule was originally released July 8, 1998.

    CONTACT:  Atlantic Tele-Networking Inc.
               Cornelius B. Prior, Jr., CEO
               Steve Rohrlick, Vice President,
               340/777-8000
                       or
               Walker Street Assoc.
               Terence F. Leong, 212/343-9013