The company which owns nearly half of the parent company of Cellular One in Bermuda, Atlantic Tele-Network, Inc., has reported a marginal increase in profits of just over three percent in the third quarter of 2001.

The St. Thomas, US Virgin Island-based communications company reported net income of $3.2 million, or $0.65 per share, basic, and $0.64, diluted, for the quarter ended September 30, 2001 compared to net income of $3.1 million, or $0.63 per share, basic and diluted, for the same period in 2000.

ATN holds a 46 percent investment in Bermuda Digital Communications Ltd., which provides cellular telephone services through Cellular One in Bermuda.

ATN's telephone operating revenues for the third quarter of this year were $22.9 million as compared to $18.9 million for the third quarter of 2000, an increase of $4.0 million, or 21 percent. No details are available for profits made in Bermuda specifically.

The company said the increase in revenues from telephone operations was due primarily to increases in inbound international traffic to Guyana reflecting substantial investment by GT&T to increase the number of mobile cellular and fixed access lines in service in Guyana.

In the nine months ended September 30, 2001 fixed access lines increased to 77,497. Mobile cellular lines increased by almost 18,000 to 25,862 during the same period. The combined increase in access lines from December 31, 2000 was 23,740, a growth of 29 percent.

Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of Atlantic Tele-Network, Inc. said: "We are pleased at the continued growth in access lines and revenues of our Guyana telephone subsidiary, the Guyana Telephone & Telegraph Company, Ltd.".

Apart from its interests in Bermuda Digital Communications ATN owns 80 percent of Guyana Telephone and Telegraph Company, Ltd.

It is also the national telephone service provider in the Cooperative Republic of Guyana for all local, long-distance and international service.

ATN also owns Wireless World, LLC, the largest internet service provider in the United States Virgin Islands, which also provides digital wireless TV service using MMDS technology and Atlantic Tele-Center, Inc. which is currently developing a Web-enabled outsourcing call center in Guyana.