ADTRAN, Inc. (NASDAQ:ADTN)
reported results for the first quarter 2014. For the quarter, sales were
$147,004,000 compared to $143,013,000 for the first quarter of 2013.
Operating income was $11,298,000 compared to $6,563,000 for the first
quarter of 2013. Net income was $9,607,000 compared to $7,890,000 for
the first quarter of 2013. Earnings per share, assuming dilution, were
$0.17 compared to $0.13 for the first quarter of 2013. Non-GAAP earnings
per share were $0.21 compared to $0.17 for the first quarter of 2013.
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, "Revenue for the
quarter came in at $147 million, up 3% over last year. Lower sales in
the US were offset by international sales which grew 56% over the same
period last year. Operating income increased 72% buoyed by higher gross
margins in both our US and international businesses."
The Company also announced that its Board of Directors declared a cash
dividend for the first quarter of 2014. The quarterly cash dividend is
$0.09 per common share to be paid to holders of record at the close of
business on May 1, 2014. The ex-dividend date is April 29, 2014 and the
payment date is May 15, 2014.
The Company confirmed that its first quarter conference call will be
held Wednesday, April 16, 2014 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, 2013. These risks and uncertainties could cause actual results to
differ materially from those in the forward-looking statements included
in this press release.
Condensed Consolidated Balance Sheet
Consolidated Statements of Income
(In thousands, except per share data)
Consolidated Statements of Comprehensive 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
months ended March 31, 2014 and 2013 for both transactions are as
The acquisition related expenses, amortizations and adjustments
above were recorded in the following Consolidated Statements of
Income categories for the three months ended March 31, 2014 and
Stock-based Compensation Expense
Reconciliation of GAAP net income per share, diluted, to
Non-GAAP net income per share, diluted
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