ADTRAN, Inc. Reports First Quarter 2002 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 15, 2002 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 2002. Sales for the first quarter were $83,342,000 compared to sales of $105,276,000 for the first quarter of 2001. Net income for the quarter increased 9.6% to $4,341,000 compared to $3,959,000 for the first quarter of 2001. Earnings per share for the quarter, 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. , were $.11 compared to $.10 for the first quarter of 2001. Gross margin improved to 47% compared to 43% in the first quarter of 2001 and 45% in the fourth quarter of 2001. ADTRAN Chairman and Chief Executive Officer Mark Smith stated, "Considering this challenging economic environment, I am pleased with our operating results for the period. Gross margin is up and operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. is down, resulting in increased profit on reduced revenue. Inventory has been reduced by an additional $9,600,000 during the quarter, resulting in a 51% reduction since March 31, 2001. Net cash provided by operating activities was $100,300,000 for the twelve months ended March 31, 2002. Our financial and operating strength will continue to enhance our competitive advantage as difficult times linger lin·ger v. lin·gered, lin·ger·ing, lin·gers v.intr. 1. To be slow in leaving, especially out of reluctance; tarry. See Synonyms at stay1. 2. in the telecom and networking markets." ADTRAN, Inc. is an established supplier of advanced transmission products that provide users access to today's expansive telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. . Widely deployed in carrier, enterprise and global networks worldwide, ADTRAN products support all major digital access technologies. ADTRAN equipment is widely deployed by major Incumbent Local Exchange Carriers ILEC, short for incumbent local exchange carrier, is a local telephone company in the United States that was in existence at the time of the break up of AT&T into the Regional Bell Operating Companies (RBOCs) also known as the "Baby Bells". , Inter-exchange Carriers (communications) inter-exchange carrier - (IXC) A company allowed to handle long-distance calls following the break-up of the Bell system in the US by anti-trust regulators. , ISPs, Competitive Local Exchange Carriers, international service providers, public and private enterprises, and original equipment manufacturers. 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, 2001. 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
March 31, 2002
Unaudited
March 31,
2002
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Assets
Cash & cash equivalents $83,388,445
Short-term investments 30,823,999
Accounts receivable (net) 55,757,007
Other receivables 7,412,297
Inventory (net) 47,204,889
Prepaid expenses and other current assets 9,135,468
---------
Total current assets 233,722,105
Equipment (net) 42,282,401
Land 4,263,104
Bldg. & Land improvements (net) 69,708,916
Other assets 469,000
Long term investments 173,789,118
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Totals $524,234,644
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Liabilities and stockholders' equity
Accounts payable $9,285,272
Accrued salaries 4,720,744
Accrued income taxes 4,067,670
Accrued taxes other than income taxes 1,095,052
Warranty payable 1,276,753
Accrued vacation 2,269,645
Interest payable 215,278
Other payables 7,747,486
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Total current liabilities 30,677,900
Long term liabilities 55,696,732
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Total liabilities 86,374,632
Stockholders' equity 437,860,012
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Totals $524,234,644
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Condensed Statements of Income
For the periods ending 03/31/02 and 03/31/01
Unaudited
First Quarter First Quarter
2002 2001
--------------- ---------------
Sales $83,341,983 $105,275,747
Cost of Sales 43,983,153 59,841,309
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Gross Profit 39,358,830 45,434,438
Selling, general and
administrative expenses 20,789,820 26,064,836
Research and
development expenses 13,834,261 14,848,714
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Profit from operations 4,734,749 4,520,888
Interest expense (690,283) (503,556)
Other income
(primarily interest) 1,984,256 1,980,787
------------- -------------
Income before income taxes 6,028,722 5,998,119
Provision for income taxes (1,688,042) (2,039,362)
------------- -------------
Net income $4,340,680 $3,958,757
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Weighted average shares
outstanding
assuming dilution (1) 38,760,293 38,863,521
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Earnings per common share
assuming dilution (1) $0.11 $0.10
============= =============
Earnings per common share $0.11 $0.10
============= =============
(1) Assumes exercise of dilutive stock options calculated under the
treasury stock method
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