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Adtran's Q2 sales down slightly, earnings flat
Tuesday July 19, 1:31 pm ET
Adtran Inc. reported lower sales and essentially flat earnings for the second quarter of 2005 compared with the same period last year.
In a written statement issued Monday night, the company reported second-quarter sales of $118,873,000 compared with $120,601,000 for the second quarter of 2004.
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Net income was $20,719,000 for the quarter compared with $21,398,000 for the second quarter of 2004. Earnings per share, assuming dilution, totaled 27 cents for the second quarter of this year compared with 26 cents for the second quarter of 2004.
Huntsville-based Adtran (NASDAQ: ADTN - News) also announced a quarterly cash dividend of 9 cents per common share to be paid to holders of record at the close of business on Aug. 5.
Monday night's release also notes that Mark Smith, Adtran's chief executive since the company's founding, will retire on Sept. 10, his 65th birthday. Smith will remain as non-executive chairman of the board.
Howard Thrailkill, the company's president and COO, also will retire on Sept. 10. Thrailkill has been with the company and served as its COO for 13 years.
Adtran's board has elected Tom Stanton as CEO and director and Danny Windham as president and COO, effective with the incumbents' retirements.
Adtran is a global supplier of network access equipment, enabling voice, data, video and Internet communications across copper, fiber and wireless network infrastructures.
[Harry: Not sure I like the change in managment. Mark Smith was a no nonsense, tell it like it is CEO.] |
