Atlantic Tele-Network, Inc. (NASDAQ: ATNI), today reported results for the first quarter ended March 31, 2012.
First Quarter 2012 Financial Results
"Our strong first quarter year-on-year performance was a result of a combination of revenue growth across several of our operations, including U.S. wholesale wireless, international wireless and wireline, and expense reductions and operating efficiencies following the Alltel transition, which was completed in the third quarter of last year,” said Michael T. Prior, Chief Executive Officer. “The revenue decline in our U.S. retail wireless business this quarter was due to the net subscriber attrition that we experienced in 2011. The success of our new prepaid plans rolled out towards the end of last year generated stronger gross subscriber additions and kept overall subscriber levels fairly stable for the first time since the acquisition. We would like to turn that into modest growth in subscribers in coming quarters and, to accomplish that, we will have to gain more traction with post-paid subscribers in particular. We are offering a very compelling value proposition in our markets, and we are working on several initiatives to expand distribution and drive customer traffic.
"We are very enthusiastic about our upcoming launch in Wal-Mart as a retail wireless sales channel in our markets, and we expect to begin offering service through that channel this month,” Mr. Prior added. “Through a partnership we developed with U.S. Cellular to offer our branded U Prepaid no contract wireless service in Wal-Mart, we are able to reinforce our position as the “local” wireless carrier offering a hometown alternative in the communities we serve.”Total revenues for the first quarter were $182.9 million, a 3% decrease from the $188.2 million reported for the first quarter of 2011, reflecting lower U.S. retail wireless revenues, partially offset by higher U.S. wholesale and international revenues.