Atlantic Tele-Network Inc. boosted its revenue by 16 percent or $7.8 million to $55.9 million during the third quarter of 2008.

The company, which is a part owner of Bermuda-based CellularOne, saw its operating income increase 17 percent for the quarter to $20.4 million, compared to $17.4 million for the quarter ended September 30, 2007.

Net income was $10.1 million for the quarter versus $9.4 million for the same period last year, an increase of $700,000 or seven percent.

Earnings per share were negatively impacted this quarter by four cents as a result of the addition of two early-stage businesses.

One was IslandCom Telecommunications, a Turks & Caicos-based wireless company, in which Bermuda Digital Communications (BDC), which is CellularOne's parent company acquired a controlling interest in September.

"Our wireless operations accounted for well over half of all revenue in the quarter," said Michael Prior, CEO of Atlantic Tele-Network Inc.

"The consolidation of our Bermuda operations, following our ownership increase earlier this year, was also a large component of the year-on-year increase in wireless revenue.

"In Bermuda, subscriber levels were flat overall, although losses in the smaller pre-paid segment were offset in large part by gains in ARPU from higher-value users with data contracts.

"We expect the recent investment in Turks and Caicos by Bermuda to provide a small boost to wireless revenue over the next twelve months; however, the start-up nature of those operations is likely to generate modest losses for at least that period."