Atlantic Tele-Network (ATNI) Raises Quarterly Dividend 6.3% to $0.34; Approves $50M Stock Buyback

September 19, 2016 9:13 AM EDT

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Atlantic Tele-Network (NASDAQ: ATNI) declared a quarterly dividend of $0.34 per share, or $1.36 annualized. This is a 6.3% increase from the prior dividend of $0.32.

The dividend will be payable on October 7, 2016, to stockholders of record on September 30, 2016, with an ex-dividend date of September 28, 2016.

The annual yield on the dividend is 2.1 percent.

ATN also announced that its Board of Directors has authorized the repurchase of up to $50.0 million of the Company’s common stock from time to time on the open market or in privately negotiated transactions. The new authorization replaces the Company’s existing $5.0 million repurchase authority adopted in 2004.

“We have recently used most of what remains of our existing stock repurchase facility,” said Michael Prior, ATN’s Chief Executive Officer, “so we thought it important to replenish our capacity and to set it at a level more consistent with our market capitalization. Much like our investments in new operating businesses, we plan on deploying capital in a stock buyback opportunistically and with an eye on the long-term costs and benefits in comparison with other potential uses of shareholder capital. There is no plan to spend a certain amount by a certain time, or at all. For us this is no different than ensuring we have an adequate line of credit to utilize if and when it’s advantageous.”

The timing and the amount of any repurchases of common stock will be determined by ATN’s management based on its evaluation of market conditions and other factors, including price, regulatory requirements, capital availability and other potential uses of the Company’s cash. Repurchases made on the open market may be executed under a Rule 10b5-1 plan, which would permit common stock to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

For a dividend history and other dividend-related data on Atlantic Tele-Network (ATNI) click here.

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