GT&T parent company racks up 12% growth for second quarter

Aug 02, 2008 News

Atlantic Tele-Network (ATN), the parent company of Guyana Telephone and Telegraph Company, on Thursday said that it has recorded a 12 per cent growth for the second quarter of this year.

Revenues topped US$50.4 million for the second quarter ended June 30, 2008, an increase of US$5.2 million as compared to revenue of US$45.2 million reported in the second quarter of 2007.

While there was no mention of GT&T in the news release on tradingmarkets.com, net income was US$10.2 million for the second quarter, as compared to US$9 million for the same period in 2007 — an increase of $1.2 million, or 13 per cent.

According to Michael Prior, CEO of Atlantic Tele-Network, “Our rapid build-out of new markets in the rural US more than made up for the two markets sold last year, as we continue to see promising results from the extensive investment we made in new network coverage and capacity. Our wireless revenue also benefited from a partial quarter of consolidated results from Bermuda.”

Although GT&T on the local market is seeing strong competition from DIGICEL, a regional mobile company, heavy marketing is helping to maintain healthy growth.

On a per share basis, net income for GT&T increased by 14 per cent to $0.67 per diluted share, up from $0.59 per diluted share for the second quarter of 2007.

For the six months ended June 30, 2008, ATN revenue was US$96 million, an increase of US$6.9 million, or eight per cent, as compared to revenue of $89.1 million for the six months ended June 30, 2007.

Net income was US$18.1 million for the six months ended June 30, 2008, as compared to US$15.9 million for the same period in 2007, an increase of $2.2 million, or 14 per cent.

On a per-share basis, net income increased by 13 per cent to US$1.18 per diluted share, up from US$1.04 per diluted share for the six months ended June 30, 2007.

Atlantic Tele-Network, Inc. is a telecommunications company which is headquartered in Salem, Massachusetts.

Its principal subsidiaries include GT&T, which is the national telephone service provider in Guyana for local, long-distance and international service, as well as the largest cellular service provider; Commnet Wireless, LLC, which provides voice and data wireless roaming services for U.S. and international carriers in rural areas throughout the United States; Sovernet Communications, Inc., which provides wireline voice and data services to businesses and homes across Vermont; and Choice Communications, LLC, which provides wireless television and wireless broadband services, as well as dial-up Internet services in the United States Virgin Islands.

The company also owns 43 per cent of Bermuda Digital Communications Ltd., which, under the Cellular One name, is the largest provider of cellular voice and data services in Bermuda.

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