ADTRAN, INC. REPORTS FIRST QUARTER 1996 RESULTS.HUNTSVILLE Huntsville, town, Canada Huntsville, town (1991 pop. 14,997), SE Ont., Canada, on the Muskoka River. It has lumber mills and a woodworking plant, but it is sustained mainly by its year-round tourist trade. , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 16, 1996--ADTRAN, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ADTN ADTN Administrative Data Transmission Network ADTN Administrative Data Telecommunications Network ) reported record results for the first quarter ended March 31, 1996. Sales for the quarter increased 43% to $54,544,441 from sales of $38,096,590 for the quarter ended March 31, 1995. Net income increased 42% to $8,623,388 from net income of $6,074,602 for the quarter ended March 31, 1995. Earnings per share increased to $0.22 from the $0.16 reported in the prior year's period. Commenting on the results, Mark C. Smith, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADTRAN stated, "The first quarter revenue and net income for the Company, and our industry segment, has historically been a slow period. While January January: see month. was no exception, the early and rapid recovery in both February February: see month. and March was gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and resulted in gains in both revenue and income from the fourth quarter of 1995." New products, which will significantly aid the deployment of ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. , were announced. A "Total Reach" technology was unveiled, which will increase the range of deployment for ISDN over mixed gauge local copper loops from 18,000 feet to 30,500 feet. Units for field testing are scheduled for mid-summer with production quantities scheduled for the first quarter of 1997. A new generation of ISDN Terminal Adapters A device that adapts a computer to a digital ISDN line. Like a modem, it plugs into the serial port of the computer or into an expansion slot. Some terminal adapters use the parallel port for higher speed. (ISDN modems An alternative name for ISDN terminal adapter. The term is widely used, because the unit looks like a modem, connects to the same serial port as a modem and may support analog phones. See ISDN terminal adapter. ) was introduced at Interop `96. These cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. and high performance units are fully featured and include a unique ability to automatically configure See configuration. (software) configure - A program by Richard Stallman to discover properties of the current platform and to set up make to compile and install gcc. Cygnus configure was a similar system developed by K. themselves upon initial installation. Previously a complex "Service Profile Identifier A Service Profile Identifier - (SPID) is a number issued by ISDN service providers in North America that identifies the services and features of an ISDN circuit. Service providers typically assign each B channel a unique SPID. " (SPID (Service Profile IDentifier) A number assigned to an ISDN line by the telephone company that indicates which services the ISDN device can access. The SPID is used by the central office switch, and depending on the type of switch, either one or two SPIDs or none at all ) number and serving Central Office switch type had to be obtained from the local telephone company and entered in to the ISDN Terminal Adapter. The Express automatically determines these parameters and only requires that the local telephone number be supplied by the user. ADTRAN, Inc. designs, develops and markets a broad range of high speed digital transmission products utilized by Telcos, corporate end users, and OEMs to implement digital data service over existing telephone networks. -0-
ADTRAN
Condensed Statements of Income
For the quarters ending 3/31/96 and 3/31/95
First First
Quarter Quarter
1996 1995
----------- -----------
Sales $54,544,441 $38,096,590
Cost of sales 28,860,274 19,422,631
----------- -----------
Gross profit 25,684,167 18,673,959
Selling, general and
administrative expenses 7,257,687 5,413,444
Research & development expenses 5,450,426 4,169,638
----------- -----------
Profit from operations 12,976,054 9,090,877
Interest expense (280,036) (299,028)
Other income (primarily interest) 411,427 614,472
----------- -----------
Income before income taxes 13,107,445 9,406,321
Provision for income taxes (4,484,057) (3,331,719)
----------- -----------
Net income $8,623,388 $6,074,602
----------- -----------
Weighted average common and
common equivalent shares
outstanding (1) 39,549,106 38,995,272
----------- -----------
Net income per common and
common equivalent share (1) $0.22 $0.16
----------- -----------
(1) Reflects a 2-for-1 split of the common stock which was
effected on May 12, 1995. Also assumes exercise of dilutive
stock options calculated under the treasury stock method.
Condensed Balance Sheet
March 31, 1996
Assets
Cash and cash equivalents $33,302,382
Short-term investments 26,849,624
Accounts receivable 29,117,479
Other receivables 192,532
Inventory 51,280,181
Prepaid expenses 2,262,686
-----------
Total current assets 143,004,884
Equipment (net) 11,818,766
Land 2,149,469
Bldg. & land improvements (net) 20,264,401
------------
$177,237,520
------------
Liabilities and stockholders' equity
Accounts payable $ 8,142,260
Accrued salaries 849,636
Accrued income taxes 5,350,601
Accrued taxes other than income taxes 588,347
Warranty payable 523,027
Accrued vacation 638,980
Interest payable 300,938
Other payables 322,050
-----------
Total current liabilities 16,715,839
Long term liabilities 20,967,666
-----------
Total liabilities 37,683,505
Stockholders' equity 139,554,015
-----------
$177,237,520
-----------
CONTACT: ADTRAN, Inc., Huntsville Irwin O. Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , 205/971-8613 or Carol Nobles, 205/971-8211 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion