ATNI » Topics » Foreign Currency Gains and Losses

These excerpts taken from the ATNI 10-K filed Mar 16, 2009.

Foreign Currency Gains and Losses

        With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income. At each balance sheet date, balances denominated in foreign currencies are adjusted to reflect the current exchange rate. For 2006, 2007 and 2008, the value of the Guyana dollar remained constant at approximately G$205 to one U.S. dollar and so no foreign currency gains or losses have been recorded.

Foreign Currency Gains and Losses



        With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are
included in determining net income. At each balance sheet date, balances denominated in foreign currencies are adjusted to reflect the current exchange rate. For 2006, 2007 and 2008, the value of the
Guyana dollar remained constant at approximately G$205 to one U.S. dollar and so no foreign currency gains or losses have been recorded.




These excerpts taken from the ATNI 10-K filed Mar 17, 2008.

Foreign Currency Gains and Losses

        With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income. At each balance sheet date, balances denominated in foreign currency are adjusted to reflect the current exchange rate. For 2005, 2006 and 2007, the value of the Guyana dollar remained constant at G$205 to one U.S. dollar.

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ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

Foreign Currency Gains and Losses



        With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining
net income. At each balance sheet date, balances denominated in foreign currency are adjusted to reflect the current exchange rate. For 2005, 2006 and 2007, the value of the Guyana dollar remained
constant at G$205 to one U.S. dollar.



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ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)



2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)



This excerpt taken from the ATNI 10-K filed Mar 21, 2007.

Foreign Currency Gains and Losses

        With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income for the period in which the transaction is settled. At each balance sheet date, balances denominated in foreign currency are adjusted to reflect the current exchange rate.

        During 2004, the value of the Guyana dollar declined from G$195 per one U.S. dollar to G$205 per one U.S. dollar resulting in a foreign exchange gain of $988,000 recorded in the 2004 statement of operations. Included in the gain is $924,000 recorded as a result of GT&T's net liability position. During 2005 and 2006, the value of the Guyana dollar remained constant at G$205 to one U.S. dollar.

This excerpt taken from the ATNI 10-K filed Mar 31, 2006.

Foreign Currency Gains and Losses

With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income for the period in which the transaction is settled. At each balance sheet date, balances denominated in foreign currency are adjusted to reflect the current exchange rate. During 2003 and 2004, the value of the Guyana dollar declined in relation to the U.S. dollar. The $44,000 foreign exchange gain recorded in 2003 included foreign exchange losses incurred from buying and selling currency to meet liquidity needs, offset by a gain of $1.55 million

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ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

recorded in December 2003 as a result of a decline in the Guyana dollar (G$) from G$180 to the U.S. dollar to G$195. During 2004 foreign exchange gains were $988,000 and include a gain of $924,000 recorded as a result of further declines in the value of the Guyana dollar from G$195 to the U.S. dollar to G$205, due to GT&T’s net liability position.  During 2005, the value of the Guyana dollar remained constant at G$205 to one U.S. dollar.

This excerpt taken from the ATNI 10-K filed Mar 31, 2005.

Foreign Currency Gains and Losses

 

With regard to GT&T operations, for which the U.S. dollar is the functional currency, foreign currency transaction gains and losses are included in determining net income for the period in which the transaction is

 

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Table of Contents

ATLANTIC TELE-NETWORK, INC. AND SUBSIDIARIES

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)

 

settled. At each balance sheet date, balances denominated in foreign currency are adjusted to reflect the current exchange rate. For the year ended December 31, 2002, foreign currency losses related primarily to buying and selling currency to meet liquidity needs and amounted to a loss of $573,000. During 2003 and 2004, the value of the Guyana dollar declined in relation to the U.S. dollar. The $44,000 foreign exchange gain recorded in 2003 included foreign exchange losses incurred from buying and selling currency to meet liquidity needs, offset by a gain of $1.55 million recorded in December 2003 as a result of a decline in the Guyana dollar (G$) from G$180 to the U.S. dollar to G$195. During 2004 foreign exchange gains were $988,000 and include a gain of $924,000 recorded as a result of further declines in the value of the Guyana dollar from G$195 to the U.S. dollar to G$205, due to GT&T’s net liability position.

 

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