ADTRAN Inc. - ADTN:NGS
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ADTRAN, Inc. Reports Results for the Second Quarter 2012 and Declares Quarterly Cash Dividend
ADTRAN, Inc. Reports Results for the Second Quarter 2012 and Declares Quarterly Cash Dividend
ADTRAN, Inc. (NASDAQ:ADTN) reported results for the second quarter 2012. For the quarter, sales were $183,998,000 compared to $184,227,000 for the second quarter of 2011. Net income was $21,070,000 for the quarter compared to $36,943,000 for the second quarter of 2011. Earnings per share, assuming dilution, were $0.33 for the quarter compared to $0.56 for the second quarter of 2011. Non-GAAP earnings per share for the quarter were $0.38 compared to $0.59 for the second quarter of 2011. Non-GAAP earnings per share exclude the effect of acquisition related expenses, amortizations and adjustments related to the acquisitions of the NSN Broadband Access business and Bluesocket, Inc. and stock compensation expense. The reconciliation between GAAP earnings per share, diluted, and non-GAAP earnings per share, diluted, is in the table provided.
ADTRAN Chief Executive Officer Tom Stanton stated, “Our results for the second quarter reflect a tightening spending environment. Total quarterly revenues grew 37% sequentially, with organic revenues (excluding the recently acquired NSN BBA business) up 20%, representing a flat year over year performance. Our Broadband Access category grew 38% (8% organic) over the same period last year. Our Internetworking category grew 6% over the same period last year. Total core products which include Broadband Access, Optical and Internetworking, grew 17% (flat organically) over the same period last year and now represent 84% of total revenues. Decreasing visibility leaves us cautious for the near term but we are confident that our strong customer alignment and increasing global footprint will deliver long term growth for the company.”
The Company also announced that its Board of Directors declared a cash dividend for the second quarter of 2012. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on July 26, 2012. The ex-dividend date is July 24, 2012 and the payment date is August 9, 2012.
The Company confirmed that its second quarter conference call will be held Wednesday, July 11, 2012 at 9:30 a.m. Central Time. This conference call will be web cast live through StreetEvents.com. To listen, simply visit the Investor Relations site at adtran.com or streetevents.com approximately 10 minutes prior to the start of the call and click on the conference call link provided.
An online replay of the conference call will be available for seven days at streetevents.com. In addition, an online replay of the conference call, as well as the text of the Company’s earnings release, will be available on the Investor Relations site at adtran.com for at least 12 months following the call.
ADTRAN, Inc. is a leading global provider of networking and communications equipment, with a portfolio of more than 1,700 solutions. ADTRAN’s products enable voice, data, video, and Internet communications across a variety of network infrastructures. ADTRAN solutions are currently in use by service providers, private enterprises, government organizations, and millions of individual users worldwide.
For more information, contact the company at 800 9ADTRAN (800 923-8726) or via email at info@adtran.com. On the Web, visit www.adtran.com.
To supplement our consolidated financial statements presented on a GAAP basis, ADTRAN, Inc. uses non-GAAP measures of net income per share, which are adjusted to exclude certain costs and expenses we believe appropriate to enhance an overall understanding of our past financial performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for diluted net income per share prepared in accordance with generally accepted accounting principles in the United States.
This press release contains forward-looking statements which reflect management’s best judgment based on factors currently known. However, these statements involve risks and uncertainties, including the successful development and market acceptance of new products, the degree of competition in the market for such products, the product and channel mix, component costs, manufacturing efficiencies, and other risks detailed in our annual report on Form 10-K for the year ended December 31, 2011, and Form 10-Q for the quarter ended March 31, 2012. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. |
