Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener. On March 4, 2009, Atlantic Tele-Network ( ATNI) reported a 47.7% plunge in its Q4 FY08 earnings as the year-ago quarter recorded $5.04 million gain on disposition of long lived assets. Net income plummeted to $6.59 million or $0.43 per share from $12.59 million or $0.82 per share, missing the consensus estimate of $0.66 per share. Total revenue increased 11.7% year-over-year to $55.39 million from $49.57 million. Segment-wise, Wireless revenue improved 31.8% to $30.04 million due to the consolidation of Bermuda Digital Communications and $1.90 million revenue growth in the company's U.S. rural wireless business. However, in Guyana, wireless revenue decreased by $0.70 million, as increased competition led to a 24.4% slump in the company's wireless customer base to 248,000 subscribers at the end of the fiscal year. Additionally, Local Telephone and Data revenue advanced 7.2% to $13.35 million. In Sovernet, revenue soared 24.3% to $4.60 million due to its acquisition of ION. The Guyana subsidiary's revenue increased slightly due to a 5.3% increase of access lines to 139,000. Furthermore, International Long Distance revenue fell 16.8% to $11.08 million, hurt by rising illegal bypass activities and an overall reduction in call volume into Guyana due to the current economic slowdown. Additionally, Other revenues decreased 7.7% to $920,000. During Q4 FY08, ATNI's U.S. rural wireless business, Commnet Wireless LLC, acquired the wireless network assets of CC Communications. In addition, ATNI's subsidiary Bermuda Digital Communications Ltd. purchased a strategic stake in Islandcom Telecommunications. Recently, the company paid a quarterly dividend of $0.18 per share.
During FY08, net profit slipped 8.3% to $34.80 million or $2.28 per share from $37.94 million or $2.48 per share in FY07. Annual revenue increased 11.0% to $207.34 million from $186.74 million.