ADTRAN, Inc. (NASDAQ:ADTN) reported results for the fourth quarter 2012.
For the quarter, sales were $139,756,000 compared to $175,286,000 for
the fourth quarter of 2011. Net income was $3,961,000 for the quarter
compared to $31,163,000 for the fourth quarter of 2011. Earnings per
share, assuming dilution, were $0.06 for the quarter compared to $0.48
for the fourth quarter of 2011. Non-GAAP earnings per share for the
quarter were $0.11 compared to $0.54 for the fourth quarter of 2011. 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 fourth quarter
results came in largely as expected with both our carrier and enterprise
divisions performing to forecast. Our focus remains on capitalizing on
the significant network upgrades that lie ahead of us while maintaining
tight cost control as we navigate through the current environment."
The Company also announced that its Board of Directors declared a cash
dividend for the fourth 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 February 7, 2013. The ex-dividend date is February 5, 2013
and the payment date is February 21, 2013.
Non-GAAP earnings per share exclude the effect of acquisition related
expenses, amortizations and adjustments, and stock compensation expense.
The Company confirmed that its fourth quarter conference call will be
held Wednesday, January 16, 2013 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 www.adtran.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
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 www.adtran.com
for at least 12 months following the call.
ADTRAN, Inc. is a leading global provider of networking and
communications equipment. 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, please visit www.adtran.com.
For more information, contact the company at 800 9ADTRAN (800 923-8726)
or via email at email@example.com. On
the Web, visit www.adtran.com.
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 on Form 10-Q for the quarter ended September 30, 2012.
These risks and uncertainties could cause actual results to differ
materially from those in the forward-looking statements included in this
Condensed Consolidated Balance Sheet
Consolidated Statements of Income
(In thousands, except per share data)
Consolidated Statements of Comprehensive Income
Net change in unrealized gains (losses) on marketable securities
Reclassification adjustments for amounts included in net income
Consolidated Statements of Cash Flows
Acquisition Related Expenses, Amortizations and Adjustments
On August 4, 2011, we closed on the acquisition of Bluesocket,
Inc. and on May 4, 2012, we closed on the acquisition of the Nokia
Siemens Networks Broadband Access business (NSN BBA). Acquisition
related expenses, amortizations and adjustments for the three and
twelve months ended December 31, 2012 and 2011 for both
transactions are as follows:
The acquisition related expenses, amortizations and adjustments
above were recorded in the following Consolidated Statements of
Income categories for the three and twelve months ended December
31, 2012 and 2011:
Stock-based Compensation Expense
Reconciliation of GAAP net income per share, diluted, to
Non-GAAP net income per share, diluted
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