ATN International (ATNI) 8-K Results of Operations and Financial Condition

Exhibit 99.2

The financial information below shows the unaudited results of operations of the Company for each of the quarters in the fiscal year ending December��31, 2012, as well as the quarters ended March 31, 2013 and June 30, 2013, that give effect to the reclassification of the  Company’s domestic retail wireless business operated under the “Alltel” name as a discontinued operation.   This business was sold to AT&T Mobility LLC on September 20, 2013.

ATLANTIC TELE-NETWORK, INC.

Unaudited Condensed Consolidated Statements of Operations

(in Thousands, Except per Share Data)

	Three Months Ended
	March 31, 2012			June 30, 2012			September 30, 2012			December 31, 2012			March 31, 2013			June 30, 2013
Revenues:
U.S. wireless	$	23,330		$	25,599		$	29,042		$	24,847		$	21,212		$	26,589
International wireless	18,900			20,271			21,014			21,277			21,430			21,837
Wireline	21,731			21,074			21,289			21,430			20,564			20,877
Equipment and other	1,785			1,882			1,967			2,358			1,626			2,323
Total revenue	65,746			68,826			73,312			69,912			64,832			71,626
Operating expenses:
Termination and access fees	13,852			14,116			14,435			14,410			13,055			13,601
Engineering and operations	10,176			9,755			9,903			10,184			9,658			9,182
Sales, marketing and customer service	4,778			5,800			4,299			4,140			4,489			4,787
Equipment expense	2,746			3,274			3,129			4,232			2,667			2,834
General and administrative	12,585			12,254			12,952			11,798			11,909			13,120
Transaction-related charges	5			—			2			—			64			—
Depreciation and amortization	13,189			12,695			12,421			12,283			11,988			12,195
Impairment of intangible assets	—			—			—			3,350			—			—
Gain on disposition of long-lived assets	—			—			—			(11,605		)	(1,076		)	—
Total operating expenses	57,331			57,894			57,141			48,792			52,754			55,719
Operating income	8,415			10,932			16,171			21,120			12,078			15,907
Other income (expense):
Interest expense, net	(3,871		)	(3,899		)	(2,985		)	(2,954		)	(2,263		)	(2,722		)
Other income (expense)	44			(536		)	49			2,309			14			13
Other income (expense), net	(3,827		)	(4,435		)	(2,936		)	(645		)	(2,249		)	(2,709		)
Income from continuing operations before income taxes	4,588			6,497			13,235			20,475			9,829			13,198
Income taxes	2,214			2,673			4,145			11,799			3,945			4,868
Income from continuing operations	2,374			3,824			9,090			8,676			5,884			8,330
Income from discontinued operations, net of tax	6,563			7,943			8,922			5,775			4,034			3,091
Net income	8,937			11,767			18,012			14,451			9,918			11,421
Net income attributable to non-controlling interests, net of tax:
Continuing operations	522			(855		)	(1,681		)	(1,130		)	(1,055		)	(1,934		)
Discontinued operations	(138		)	(382		)	(365		)	(205		)	(87		)	(630		)
Net income attributable to non-controlling interests, net	384			(1,237		)	(2,046		)	(1,335		)	(1,142		)	(2,564		)
Net income attributable to Atlantic Tele-Network, Inc. stockholders	$	9,321		$	10,530		$	15,966		$	13,116		$	8,776		$	8,857
Basic net income per weighted average share attributable to Atlantic Tele-Network, Inc. stockholders:
Income from continuing operations	$	0.19		$	0.19		$	0.48		$	0.48		$	0.31		$	0.41
Income from discontinued operations	0.42			0.49			0.55			0.36			0.25			0.16
Net income	$	0.61		$	0.68		$	1.03		$	0.84		$	0.56		$	0.57
Diluted net income per weighted average share attributable to Atlantic Tele-Network, Inc. stockholders:
Income from continuing operations	$	0.19		$	0.19		$	0.47		$	0.48		$	0.31		$	0.40
Income from discontinued operations	0.41			0.48			0.55			0.36			0.25			0.16
Net income	$	0.60		$	0.67		$	1.02		$	0.84		$	0.56		$	0.56
Weighted average common shares outstanding:
Basic	15,456			15,535			15,560			15,572			15,588			15,706
Diluted	15,554			15,609			15,651			15,663			15,695			15,821

Use of Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with generally accepted accounting principles (GAAP), the information presented herein also contains non-GAAP financial measures. Specifically, ATN has presented an Adjusted EBITDA measure. Adjusted EBITDA is defined as net income attributable to ATN stockholders before income from discontinued operations, gain on disposal of discontinued operations, interest, taxes, depreciation and amortization, transaction-related charges, impairment of intangible assets, gain on disposition of long-lived assets, other income or expense, and net income attributable to non-controlling interests. The Company believes that the inclusion of this non-GAAP financial measure helps investors to gain a meaningful understanding of the Company’s core operating results and enhance comparing such performance with prior periods. ATN’s management uses this non-GAAP measure, in addition to GAAP financial measures, as the basis for measuring our core operating performance and comparing such performance to that of prior periods. The non-GAAP financial measure included herein is not meant to be considered superior to or a substitute for results of operations prepared in accordance with GAAP. Reconciliations of the non-GAAP financial measure used herein to the most directly comparable GAAP financial measure is set forth in the next page.

ATLANTIC TELE-NETWORK, INC.

Reconcilation of Operating Income to Adjusted EBITDA (Non-GAAP Measure)

(in Thousands, Except per Share Data)

	Three Months Ended
	March 31, 2012		June 30, 2012		September 30, 2012		December 31, 2012			March 31, 2013			June 30, 2013
Operating Income	$	8,415	$	10,932	$	16,171	$	21,120		$	12,078		$	15,907
Transaction-related charges	5		—		2		—			64			—
Depreciation and amortization	13,189		12,695		12,421		12,283			11,988			12,195
Impairment of intangible assets	—		—		—		3,350			—			—
Gain on disposition of long-lived assets	—		—		—		(11,605		)	(1,076		)	—
Adjusted EBITDA	$	21,609	$	23,627	$	28,594	$	25,148		$	23,054		$	28,102