Tuesday October 14 6:31 AM EDT
Company Press Release
ADTRAN, INC. REPORTS THIRD QUARTER 1997 RESULTS
HUNTSVILLE, Ala.--(BUSINESS WIRE)--Oct. 14, 1997--ADTRAN, Inc. (NASDAQ:ADTN) reported results for the third
quarter and the first nine months ended September 30, 1997. Sales for the quarter increased 12.7% to $70,578,975 from sales of
$62,634,637 for the quarter ended September 30, 1996. Sales for the nine-month period ended September 30, 1997 were
$190,934,367 compared to $180,484,338 for the same nine months of 1996. Sales for the third quarter increased 19.4% for the
second quarter of 1997.
Net income for the quarter increased 18.4% to $11,140,539 from net income of $9,405,557 for the quarter ended September 30,
1996. Net income for the nine month period ended September 30, 1997 was $27,643,082 compared to $28,369,165 for the same
nine month period of 1996. Net income for the third quarter increased 59.6% for the second quarter of 1997. Earnings per share
for the quarter increased to $.28 from $.24 reported for the third quarter of 1996. Earnings per share for the period ended
September 30, 1997 were $.70 compared to $.72 for the same nine months of 1996.
Commenting on the results, Mark C. Smith, Chairman and CEO of ADTRAN, stated, ''We believe the third quarter confirmed a
resumption of more normal business activity in the telecommunications sector. For the second consecutive quarter, we
experienced the highest quarterly revenue in the history of our CPE (Customer Premise Equipment) business. We expect
continued strength in this area with the introduction of our new Atlas 800 Integrated Access family of products. In addition,
revenues from our Telco business jumped 22% from the second quarter of 1997 boosted primarily by increased shipments of
HDSL products. The long term demand for digital transmission products continues to grow, and we expect to fully participate in
this growth by developing innovative new products while adding features, reducing the cost and improving the serviceability of our
existing products.'' |
