ADTRAN, INC. REPORTS RECORD THIRD QUARTER AND NINE MONTH RESULTS.Business Editors and Technology Writers 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)--Oct. 16, 2000 Broad Product Mix Drives Dynamic Growth in Revenues and Earnings 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 both the third quarter and the first nine months ended September September: see month. 30, 2000. Sales for the quarter increased 31% to $127,277,000 from sales of $97,067,000 for the quarter ended September 30, 1999. Sales for the nine-month period ended September 30, 2000 increased 30% to $341,194,000 compared to sales of $262,737,000 for the first nine months of 1999. Income for the quarter before an unusual gain increased 51% to $21,403,000 from net income of $14,150,000 for the quarter ended September 30, 1999. Income for the first nine months of 2000 was $56,845,000 compared to net income of $33,977,000 for the first nine months of 1999. Earnings per share before an unusual gain, assuming dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. , for the third quarter increased 49% to $.54 compared to earnings per share of $.36 for the third quarter of 1999. Commenting on the results, ADTRAN President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Thrailkill stated, "These record results were highlighted by strong sequential One after the other in some consecutive order such as by name or number. revenue growth of 11% and profit growth of over 14%, even though shortages of certain widely used components disrupted dis·rupt tr.v. dis·rupt·ed, dis·rupt·ing, dis·rupts 1. To throw into confusion or disorder: Protesters disrupted the candidate's speech. 2. production schedules and increased costs during the quarter. Both the Carrier and Enterprise divisions achieved record results in their respective markets, with sequential growth occurring across all four major product lines." The Company also reported an unusual gain during the quarter from the sale of a portion of the Company's investment in Dialog Semiconductor, resulting in a gain of $55,410,000 ($1.39 per share assuming dilution). Total earnings per share for the third quarter, including net gain on investments, was $1.93. ADTRAN, Inc. designs, develops, and markets a broad range of high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. digital transmission products utilized by Telcos, corporate end users and OEMs to implement digital data service over existing telephone networks. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 1999. Such risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.
Condensed Balance Sheet
September 30, 2000
Unaudited
September 30
2000
-------------
Assets
Cash & cash equivalents $6,531,156
Short-term investments 152,885,674
Accounts receivable 80,177,680
Other receivables 11,811,130
Inventory 85,331,330
Prepaid expenses 8,613,221
---------
Total current assets 345,350,191
Equipment (net) 37,672,036
Land 4,263,104
Bldg. & Land improvements (net) 80,205,509
Other assets 220,000
Long term investments 170,297,426
-----------
Totals $638,008,266
============
Liabilities and stockholders' equity
Accounts payable $24,616,354
Accrued salaries 3,744,797
Accrued income taxes 29,727,943
Accrued taxes other than income taxes 1,000,513
Warranty payable 1,519,945
Accrued vacation 1,946,735
Interest payable 196,333
Other payables 4,382,926
---------
Total current liabilities 67,135,546
Long term liabilities 99,382,381
----------
Total liabilities 166,517,927
Stockholders' equity 471,490,339
-----------
Totals $638,008,266
============
Condensed Statements of Income
For the periods ending 09/30/00 and 09/30/99
Third Quarter Third Quarter
2000 1999
------------- -------------
Sales $127,276,696 $97,067,399
Cost of Sales 61,323,706 46,604,689
---------- ----------
Gross Profit 65,952,990 50,462,710
Selling, general and
administrative expenses 22,967,418 18,353,928
Research and development expenses 12,766,314 10,885,778
---------- ----------
Profit from operations 30,219,258 21,223,004
Interest expense (588,999) (582,667)
Other income (primarily interest) 2,797,520 913,630
--------- -------
Income before income taxes 32,427,779 21,553,967
Provision for income taxes (11,025,205) (7,403,779)
----------- ----------
Net income (1) $21,402,574 $14,150,188
=========== ===========
Weighted average shares
outstanding assuming dilution 39,748,566 39,069,099
========== ==========
Earnings per common share
assuming dilution (2) $0.54 $0.36
===== =====
Earnings per common share $0.55 $0.37
===== =====
(1) The amounts above do not include a realized gain of
$84,040,000 resulting from the sale of marketable equity
securities. The inclusion of such gain would result in Net
Income of $76,869,000 for the Quarter ended September 30,
2000; earnings per common share, assuming dilution, of $1.93;
and earnings per common share of $1.99.
(2) Assumes exercise of dilutive stock options calculated under
the treasury stock method
Condensed Statements of Income
For the periods ending 09/30/00 and 09/30/99
Nine Months Nine Months
2000 1999
------------ ------------
Sales $341,193,702 $262,736,919
Cost of Sales 159,165,772 129,485,356
----------- -----------
Gross Profit 182,027,930 133,251,563
Selling, general and
administrative expenses 63,067,328 52,357,951
Research and development expenses 37,022,104 30,914,252
---------- ----------
Profit from operations 81,938,498 49,979,360
Interest expense (1,741,667) (1,729,000)
Other income (primarily interest) 5,932,258 3,118,245
--------- ---------
Income before income taxes 86,129,089 51,368,605
Provision for income taxes (29,283,892) (17,391,683)
----------- -----------
Net income (1) $56,845,197 $33,976,922
=========== ===========
Weighted average shares
outstanding assuming dilution 39,827,843 38,696,373
========== ==========
Earnings per common share
assuming dilution (2) $1.43 $0.88
===== =====
Earnings per common share $1.47 $0.89
===== =====
(1) The amounts above do not include a realized gain of
$84,040,000 resulting from the sale of marketable equity
securities. The inclusion of such gain would result in Net
Income of $112,312,000 for the nine months ended September 30,
2000; earnings per common share, assuming dilution, of $2.82;
and earnings per common share of $2.91.
(2) Assumes exercise of dilutive stock options calculated under
the treasury stock method
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