This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Atlantic Tele-Network, Inc. Reports First Quarter 2011 Results

Stocks in this article: ATNI

Atlantic Tele-Network, Inc. (NASDAQ: ATNI), today reported results for the first quarter ended March 31, 2011.

First Quarter 2011 Financial Results

“As expected, first quarter operating results continued to be impacted by transition initiatives and overlapping expenses related to our acquisition of certain former Alltel wireless assets. However, we were pleased that certain metrics, including Adjusted EBITDA and operating income, showed sequential improvement over fourth quarter 2010 levels. This reflected reductions in several expense categories related to our U.S. wireless business and resulted in the expansion of our Adjusted EBITDA margin for this segment from 16% in the fourth quarter of 2010 to 18% this quarter,” said Michael T. Prior, Chief Executive Officer. “Looking ahead, we believe that second quarter 2011 results are likely to be our most challenging of the year, as we absorb the full expense of the final stage of our transition efforts, continue to experience customer attrition, and we work through any short-term difficulties that may arise during the systems conversion which is scheduled to be completed in the middle of this year. By contrast, second half 2011 operating results are expected to show marked improvement, demonstrating our ability to generate significantly improved EBITDA margins once the transition is completed.”

Total revenues for the first quarter were $188.2 million, compared to $54.8 million for the first quarter of 2010, an increase of 243%. Total wireless service revenues represented $159.3 million, or 85% of total revenue. This significant increase over last year’s first quarter total revenues was primarily a result of the Company’s acquisition of certain former Alltel wireless assets, which was completed on April 26, 2010. U.S. Wireless service revenues were $144.4 million, or 77% of total revenues, for the quarter.

Adjusted EBITDA 1 for the 2011 first quarter was $35.4 million compared to $22.3 million in the 2010 first quarter and $31.3 million in the 2010 fourth quarter. Consistent with the past several quarters, first quarter 2011 U.S. Wireless segment results were impacted by significant costs associated with the transition of the recently acquired Alltel wireless assets. We estimate that duplicate transition-related expenses and the net impact of other one-time items were approximately $9.3 million this quarter.

Total operating income for the first quarter of 2011 was $10.4 million compared to $7.4 million in last year’s first quarter and $9.3 million in the 2010 fourth quarter. First quarter 2011 operating income included a $14.7 million increase in depreciation and amortization expenses over the prior year’s first quarter and $0.3 million in acquisition-related charges. Last year’s first quarter operating income included $4.8 million in acquisition-related charges. Net income attributable to ATN’s stockholders was $4.5 million, or $0.29 per diluted share, as compared to $4.0 million, or $0.26 per diluted share, in the first quarter of 2010 and $3.3 million, or $0.21 per share in the 2010 fourth quarter.

1 of 5

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,890.34 +85.54 0.48%
S&P 500 2,071.99 +1.34 0.06%
NASDAQ 4,762.7540 -2.6260 -0.06%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs