(Business Wire) - Atlantic Tele-Network, Inc. (AMEX:ANK), parent company of GT@T, announced that its Board of Directors has declared a quarterly dividend of $0.2725 per share, payable on October 10 on all common shares outstanding to shareholders on record as of September 30.
This represents an increase of 2.25 cents, or 10%, in the dividend paid in the previous quarter, and an annual rate, if maintained, of $1.10 per share. With this increase, the Company has raised the dividend in each of the last seven calendar years.
Cornelius B. Prior, Jr., Chairman of the Board and Chief Executive Officer of the Company said, "Our present board and management team is proud to continue its record of dividend increases which have averaged nearly 12% since 1999." The Board of Directors also authorised an expenditure of up to $5 million to purchase shares of the Company's outstanding common stock. Purchases, if any, will be made in the open market and the timing of the buy-back and the exact number of shares purchased will depend on market conditions.
ATN trades on the AMEX stock exchange under the ticker symbol ANK. Its shares are off their 52-week high of $32.50 and were trading at $27.50 as of lunch yesterday.