Cellular One sees surge in subscribers
Cellular One?s subscriber base jumped 16 percent to 20,400 subscribers as of March 31, 2005 compared to 17,614 subscribers at March 31, 2004.
US Virgin Islands-based Atlantic Tele-Network Inc., which has a 44 percent ownership stake in Cellular One?s parent company Bermuda Digital Communications, reported the subscriber increase in its first quarter financial earnings report.
ATN said in its report that its equity in the earnings in Bermuda Digital Communications was $590,000, a 19 percent increase over the same period of 2004. The company said the increase in earnings primarily reflects higher airtime revenues on the 16 percent increase in Cellular One?s subscriber base.
ATN expects that BDC?s recent launch of Ev-Do, a high-speed mobile voice and data service, will begin to make a ?positive impact on operating results in coming quarters.?
ATN reported that its overall earnings for the quarter declined 3 percent on foreign exchange gains to $3 million or 61 cents per share compared to $3.1 million or 64 cents per share in the same period of 2004.
Cornelius B. Prior Jr. chairman of the board and chief executive officer of Atlantic Tele-Network Inc. said: ?Our first quarter results reflect similar factors to those prevalent in 2004 ? GT&T and BDC continue to grow subscribers and revenues, without undue pressure on margins, and the smaller businesses in other operations continue to struggle.?