ADTRAN, Inc. Reports First Quarter 2000 Results.Business Editors 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 10, 2000 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 results for the first quarter of 2000. Sales for the first quarter increased 28.9% to $99,470,000 from sales of $77,163,000 for the first quarter of 1999. Net income for the quarter increased 84.3% to $16,795,000 compared to $9,111,000 for the first quarter of 1999. 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. , increased 77.6% to $.42 compared to $.24 for the first quarter of 1999. Commenting on the results, Mark C. Smith, Chairman and Chief Executive Officer, stated, "This was the best first quarter performance in ADTRAN's history. We are especially pleased with the strong sequential One after the other in some consecutive order such as by name or number. revenue growth in our Systems product lines led by Total Access, ATLAS and the MX 2800. Revenues from Systems product sales in the current quarter increased nearly 27% compared to the fourth quarter of 1999." Addressing overall operating trends Mr. Smith noted that, "Shipments increased throughout the period and expenses remained at planned levels resulting in favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: . Continued penetration The successful unauthorized breach of a security perimeter. See penetration test. in the CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) market and the growing strength of our Systems products cause me to believe that ADTRAN is poised for continued success." 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. that 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 Statements of Income
For the periods ending 03/31/00 and 03/31/99
First Quarter First Quarter
2000 1999
------------ ------------
Sales $ 99,470,352 $ 77,162,648
Cost of Sales 45,064,169 37,668,543
------------ ------------
Gross Profit 54,406,183 39,494,105
Selling, general and administrative
expenses 18,674,810 16,594,352
Research and development expenses 11,260,840 9,673,687
------------ ------------
Profit from operations 24,470,533 13,226,066
Interest expense (576,333) (570,000)
Other income (primarily interest) 1,553,052 1,043,938
------------ ------------
Income before income taxes 25,447,252 13,700,004
Provision for income taxes (8,652,065) (4,589,501)
------------ ------------
Net income $ 16,795,187 $ 9,110,503
============ ============
Weighted average shares
outstanding assuming dilution 39,915,499 38,447,082
============ ============
Earnings per common share
assuming dilution (1) $ 0.42 $ 0.24
============ ============
Earnings per common share $ 0.44 $ 0.24
============ ============
(1) Assumes exercise of dilutive stock options calculated under the
treasury stock method
Condensed Balance Sheet
March 31, 2000
Unaudited
March 31
2000
------------
Assets
Cash & cash equivalents $ 24,745,328
Short-term investments 68,756,490
Accounts receivable 62,393,905
Other receivables 5,036,297
Inventory 59,692,479
Prepaid expenses 7,617,031
------------
Total current assets 228,241,530
Equipment (net) 30,928,484
Land 4,263,104
Bldg. & Land improvements (net) 75,700,974
Other assets 220,000
Long term investments 244,474,045
------------
Totals $583,828,137
============
Liabilities and stockholders' equity
Accounts payable $ 14,216,982
Accrued salaries 1,677,782
Accrued income taxes 9,615,589
Accrued taxes other than income taxes 741,068
Warranty payable 1,519,945
Accrued vacation 1,841,227
Interest payable 196,333
Other payables 1,691,727
------------
Total current liabilities 31,500,653
Long term liabilities 130,265,155
------------
Total liabilities 161,765,808
Stockholders' equity 422,062,329
------------
Totals $583,828,137
============
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion