ADTRAN, Inc. Reports Fourth Quarter 2006 Results and Declares Quarterly Cash Dividend.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. . -- Reissuing release, dated Jan. 22, 2007, to correct ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors for searching purposes. 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 fourth quarter of 2006. Sales were $109,869,000 for the quarter compared to $140,595,000 for the fourth quarter of 2005. For the fourth quarter 2006, GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). net income was $17,036,000 and GAAP 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. , were $0.24. Non-GAAP net income was $18,992,000 for the quarter and non-GAAP earnings per share, assuming dilution, were $0.26 for the quarter. For the fourth quarter 2005, GAAP net income was $32,196,000 and GAAP earnings per share, assuming dilution, were $0.41. Non-GAAP net income and non-GAAP earnings per share for the fourth quarter of 2006 exclude the effect of stock compensation expense resulting from the application of Statement of Financial Accounting Standards No. 123R, Share-Based Payment ("SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 123R"). SFAS 123R was adopted on a modified prospective basis effective January January: see month. 1, 2006. See the table below for reconciliation between non-GAAP and GAAP net income and earnings per share. ADTRAN Chief Executive Officer Tom Stanton Stanton, city (1990 pop. 30,491), Orange co., SW Calif., SW of Anaheim; inc. 1956. The city's population grew rapidly in the late 20th century. Manufactures include electrical and electronic goods, signs, computer equipment, building materials, and plastics. stated, "The fourth quarter proved challenging for many of us in the telecom equipment sector. However, solid execution by our employees allowed us to deliver healthy profitability while continuing to strengthen our market positions in strategic areas. Product introductions and new business wins which occurred in 2006 should provide a solid base for long term growth." The Company also announced that its Board of Directors declared a cash dividend for the fourth quarter of 2006. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on February February: see month. 8, 2007. The ex-dividend date Ex-dividend date The first day of trading when the buyer of a stock is no longer entitled to the most recently announced dividend payment ( i.e. the trade will settle the day after the record date, too late for the buyer to appear on the shareholder record and receive the dividend. is February 6, 2007 and the payment date is February 22, 2007. The Company also confirmed that its fourth quarter conference call will be held Tuesday Tuesday: see week. , January 23, 2007 at 9:30 a.m. Central Time. This conference call will be web cast live through StreetEvents.com. To listen, simply visit the Investor Relations Investor relations The process by which the corporation communicates with its investors. site at http://www.adtran.com or http://streetevents.com approximately 10 minutes prior to the start of the call and click on the conference call link provided. An online replay of the conference call will be available for seven days at http://streetevents.com. In addition, an online replay of the conference call, as well as the text of the Company's earnings release, will be available on the Investor Relations site at http://www.adtran.com for at least 12 months following the call. ADTRAN, Inc. is one of the world's most successful network access equipment suppliers, with an 18-year history of profitability and a portfolio of more than 1,400 solutions for use in the last mile of today's 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 by carriers and enterprises alike, ADTRAN solutions enable voice, data, video, and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the communications across copper, fiber, and wireless network infrastructures. ADTRAN solutions are currently in use by every major U.S. service provider and many global ones, as well as by thousands of public, private and governmental organizations worldwide. For more information, contact the company at 800 9ADTRAN (800 923-8726) or via email at info@adtran.com. On the Web, visit www.adtran.com. 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 31, 2005. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. This release includes non-GAAP net income, non-GAAP earnings per share data, and other non-GAAP line items from the Non-GAAP Information table in this release, including costs of sales, gross profit, selling, general and administrative expenses, research and development expenses, profit from operations, income before provision for income taxes and provision for income taxes. These measures exclude the effect of stock compensation expense for employee stock options associated with the application of SFAS 123R, which ADTRAN adopted effective January 1, 2006. These measures are not in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with, or an alternative for, generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting and may be different from non-GAAP measures used by other companies. ADTRAN believes that the presentation of the non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to management and investors regarding financial and business trends relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc its financial condition and results of operations. ADTRAN further believes that where adjustments used in calculating non-GAAP net income and non-GAAP earnings per share are based on specific, identified charges that impact different line items in the statements of income, it is useful to investors to know how these specific line items are affected by these adjustments. In particular, as ADTRAN applies SFAS 123R, it believes that it is useful to investors to understand how the expenses associated with the application of SFAS 123R are reflected in its results of operations. The presentation of these non-GAAP measures permits both investors and management to more readily compare past results, which do not include the impact of SFAS 123R, with future results, and to better understand ADTRAN's performance over the periods presented.
Condensed Balance Sheet >
December 31, 2006 >
Unaudited >
(In thousands) >
>
> Decemb-
> 2006
Assets >
>
Cash & cash equivalents > $
40,147
Short-term investments >
99,700
Accounts receivable (net) >
60,014
Other receivables >
7,481
Income tax receivables >
1,114
Inventory (net) >
52,994
Prepaid expenses and other current assets >
10,505
>
Total current assets >
271,955
>
Equipment (net) >
18,101
Land >
4,263
Bldg. & land improvements (net) >
57,830
Other assets >
534
Long-term investments >
189,765
>
Total long-term assets >
270,493
>
Total assets > $
542,448
>
>
Liabilities and stockholders' equity >
>
Accounts payable > $
30,568
Accrued wages and benefits >
9,543
Accrued liabilities >
12,091
>
Total current liabilities >
52,202
>
Deferred tax liabilities >
694
Other non-current liabilities >
4,667
Long term-debt >
48,812
>
Total long-term liabilities >
54,173
>
Total liabilities >
106,375
>
Stockholders' equity >
436,073
>
Total liabilities and stockholders' equity > $
542,448
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