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May 1, 2009

Atlantic Tele-Network Q1 revenue up 23%

Net income attributable to company stockholders increases 12% to $8.8m

By CBR Staff Writer

Atlantic Tele-Network, a provider of wireless and wireline telecommunications services, has reported revenue of $56m for the first quarter ended March 31, 2009, an increase of $10.4m, or 23%, compared to $45.6m for the same period in 2008.

The company has posted a net income attributable to stockholders of $8.8m for the first quarter of 2009, as compared to $7.9m for the same period in 2008, an increase of 11%. On a per share basis, net income attributable to stockholders increased by 14% to $0.58 per diluted share from $0.51 per diluted share for the three months ended March 31, 2008.

According to the company, operating income increased by $1.1m, or 7%, from $15.7m to $16.8m for the quarter. It said that operating expenses increased by $9.2m, or 31%, from $30m to $39.2m for the first quarter of 2008 and 2009, respectively. Of this increase, $5m represents operating expenses of BDC which the company began consolidating as of May 2008.

Michael Prior, CEO at Atlantic Tele-Network, said: We were pleased to continue our revenue growth in the first quarter and also to deliver steady operating and net income gains. The double-digit revenue growth reflects the same factors behind our growth in 2008: the expansion of the territory covered and minutes and megabytes served by our US wireless business and our ownership of the leading wireless provider in Bermuda.

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