ADTRAN, INC. REPORTS RECORD THIRD QUARTER 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)--Oct. 12, 1999-- 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 nine months ended September September: see month. 30, 1999. Sales for the quarter increased 26% to $97,067,000 from sales of $77,044,000 for the quarter ended September 30, 1998. Sales for the nine-month period ended September 30, 1999 increased 23% to $262,737,000 compared to sales of $213,526,000 for the first nine months of 1998. Net income for the quarter increased to $14,150,000 from net income of $11,441,000 for the quarter ended September 30, 1998. Net income for the first nine months of 1999 was $33,977,000 compared to net income of $31,479,000 for the first nine months of 1998. Earnings per share, 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 24% to $.36 compared to earnings per share of $.29 for the third quarter of 1998. Commenting on the results, ADTRAN Chairman and Chief Executive Officer Mark C. Smith stated, "Both Carrier and Enterprise divisions achieved record revenues driven by best ever performances in HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line sales for Carrier and T1 sales for Enterprise. I am also pleased about the continuing growth in our ATLAS product line. ATLAS revenues doubled compared to third quarter 1998, growing over 28% from the second quarter of 1999." Commenting further on the financial results, Mr. Smith noted "Gross margin recovered this quarter and should stabilize stabilize See peg. in our traditional operating range. The transition to sixth generation HDSL is progressing, Total Reach(R) continues to gain acceptance, and Total Access(TM) 750 started to ship in quantity. In addition, during the quarter ADTRAN received the first royalty Compensation for the use of property, usually copyrighted works, patented inventions, or natural resources, expressed as a percentage of receipts from using the property or as a payment for each unit produced. payment of $1 million from Infineon Technologies For the raceway, see . Infineon Technologies AG (ISIN: DE0006231004, FWB: IFX, NYSE: IFX) was founded in April 1999 when the semiconductor operations of parent company, Siemens AG, were spun off to form a separate legal entity. AG (formerly Siemens (Siemens AG, Munich, Germany, www.siemens.com) A leading European electrical and electronics firm founded in 1847. Siemens has more than 430,000 employees in nearly 200 countries, and more than 50,000 professionals are engaged in research and development. Semiconductors) relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc SDSL See DSL. SDSL - Single-line Digital Subscriber Line Technology developed by ADTRAN." 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, 1998. Such risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. -0-
Condensed Balance Sheet
September 30, 1999
Unaudited
September 30
1999
-----------
Assets
Cash & cash equivalents $45,144,130
Short-term investments 15,157,431
Accounts receivable 63,920,727
Other receivables 2,167,338
Inventory 61,860,145
Prepaid expenses 3,615,834
---------
Total current assets 191,865,605
Equipment (net) 28,955,229
Land 4,263,104
Bldg. & Land improvements (net) 66,126,923
Other assets 220,000
Long term investments 55,575,079
----------
Totals $347,005,940
============
Liabilities and stockholders' equity
Accounts payable $11,951,280
Accrued salaries 4,128,074
Accrued income taxes 5,961,603
Accrued taxes other than income taxes 718,758
Warranty payable 1,519,945
Accrued vacation 1,578,961
Interest payable 0
Other payables 2,104,478
---------
Total current liabilities 27,963,099
Long term liabilities 53,295,140
----------
Total liabilities 81,258,239
Stockholders' equity 265,747,701
-----------
Totals $347,005,940
============
Condensed Statements of Income
For the periods ending 09/30/99 and 09/30/98
Third Quarter Third Quarter
1999 1998
------------ ------------
Sales $ 97,067,399 $ 77,043,635
Cost of Sales 46,604,689 34,734,064
------------ ------------
Gross Profit 50,462,710 42,309,571
Selling, general and
administrative expenses 18,353,928 16,022,809
Research and development expenses 10,885,778 9,909,567
------------ ------------
Profit from operations 21,223,004 16,377,195
Interest expense (582,667) (582,667)
Other income (primarily interest) 913,630 1,426,290
------------ ------------
Income before income taxes 21,553,967 17,220,818
Provision for income taxes (7,403,779) (5,779,562)
------------ ------------
Net income $ 14,150,188 $ 11,441,256
============ ============
Weighted average shares
outstanding assuming dilution 39,069,099 39,138,763
============ ============
Earnings per common share
assuming dilution (1) $ 0.36 $ 0.29
============ ============
Earnings per common share $ 0.37 $ 0.29
============ ============
(1) Assumes exercise of dilutive stock options calculated under the
treasury stock method
Condensed Statements of Income
For the periods ending 09/30/99 and 09/30/98
Nine Months Nine Months
1999 1998
------------ -------------
Sales $262,736,919 $213,526,321
Cost of Sales 129,485,356 96,364,654
------------ ------------
Gross Profit 133,251,563 117,161,667
Selling, general and
administrative expenses 52,357,951 44,300,674
Research and development expenses 30,914,252 27,759,729
------------ ------------
Profit from operations 49,979,360 45,101,264
Interest expense (1,729,000) (1,693,428)
Other income ( primarily interest) 3,118,245 4,287,323
------------ ------------
Income before income taxes 51,368,605 47,695,159
Provision for income taxes (17,391,683) (16,216,354)
------------ ------------
Net income $ 33,976,922 $ 31,478,805
============ ============
Weighted average shares
outstanding assuming dilution 38,696,373 39,276,989
============ ============
Earnings per common share
assuming dilution (1) $ 0.88 $ 0.80
============ ============
Earnings per common share $ 0.89 $ 0.80
============ ============
(1) Assumes exercise of dilutive stock options calculated under the
treasury stock method
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