ATLANTIC TELE-NETWORK $54.99 - Nasdaq symbol ATNI

ATLANTIC TELE-NETWORK $54.99 (Nasdaq symbol ATNI; TSINetwork Rating: Speculative) (340- 777-8000; www.atni.com; Shares outstanding: 15.8 million; Market cap: $867.3 million; Yield: 2.0%) has closed the sale of its Alltel wireless business to AT&T (symbol T on New York). Atlantic now holds cash of $594.3 million, or $37.61 a share. It has also paid off all of its debt.

Atlantic bought Alltel from Verizon Wireless for just $223 million in April 2010.

In the three months ended September 30, 2013, Atlantic’s revenue rose 8.2%, to $79.4 million from $73.2 million a year earlier. Excluding the gain on the Alltel sale, earnings fell sharply, to $1.6 million, or $0.10 a share, from $7.4 million, or $0.47.

However, the latest earnings included $2.6 million of expenses from the Alltel deal and $10.4 million of charges related to paying off all of Atlantic’s $271.1- million long-term debt.

The company now has telecom operations in the U.S. Southwest, New England, New York State, Guyana, Bermuda and parts of the Caribbean islands.

Atlantic raised its quarterly dividend by 8.0%, to $0.27 a share from $0.25, with the October 2013 payment. The stock yields 2.0%.

The company can now use its high cash balance to make acquisitions or expand. It could also further increase its dividend or pay special dividends.

Atlantic Tele-Network is a buy.

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