ADTRAN, Inc. Reports Fourth Quarter and Year End 1996 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)--Jan. 14, 1997--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 fourth quarter and the year ended December December: see month. 31, 1996. Sales for the quarter increased 39.5% to $69,636,000 from sales of $49,917,000 for the quarter ended December 31, 1995. Sales for the year ended December 31, 1996 increased 37.8% to $250,121,000 from sales of $181,478,000 for 1995. Sales for the fourth quarter increased 11.2% from those for the third quarter of 1996. Net income for the quarter increased 33.7% to $11,451,000 from net income of $8,566,000 for the quarter ended December 31, 1995. Net income for the year ended December 31, 1996 increased 35.2% to $39,820,000 from net income of $29,458,000 in the comparable prior year period. Net income for the fourth quarter increased 21.7% from that of the third quarter of 1996. Earnings per share for the fourth quarter increased to $.29 from $.22 reported in the prior year and to $1.01 from $.75 for the comparable prior year period. Earnings per share for the fourth quarter increased from $.24 reported for the third quarter of 1996. Commenting on the results, Mark C. Smith, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADTRAN, stated, "Sales were robust in the fourth quarter, and we are pleased with the results. Progress was evident in all product lines with activity continuing at a brisk Brisk as a proper name may refer to:
With respect to product lines, Mr. Smith noted that, for the full year, HDSL/T1 sales increased by 71.6%, ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. sales increased by 40.8% and DDS/Frame Relay relay, electromechanical switch operated by a flow of electricity in one circuit and controlling the flow of electricity in another circuit. A relay consists basically of an electromagnet with a soft iron bar, called an armature, held close to it. sales increased by 11.2%. For the quarter, HDSL/T1 shipments increased 70.8% from the prior year's fourth quarter and 18.6% from the third quarter of 1996. ISDN shipments increased 33.0% from the fourth quarter of 1995 and 18.6% from the third quarter of 1996. DDS/Frame Relay revenues increased by 18.0% from the fourth quarter of 1995 while declining by 3.0% from the level reached during the third quarter of 1996. International sales were 7.4% of total sales during 1996, up from 6.0% in 1995. Mr. Smith also noted the company's achievements in the development of superior telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. products in 1996. In particular, the ADTRAN Express XR and Express XRT XRT A symbol used specifically upon the consolidated tape to indicate a security trading ex-rights. Notes: Typically, a stock will depreciate in price immediately after rights offering expires. have been consistently recognized throughout the industry for easing the ISDN configuration process. These ISDN modems An alternative name for ISDN terminal adapter. The term is widely used, because the unit looks like a modem, connects to the same serial port as a modem and may support analog phones. See ISDN terminal adapter. have been distinguished by Computer Telephony See CTI, VoIP and IP telephony. Computer Telephony - Computer Telephone Integration magazine as 1996 Products of the Year, and were the recipients of the "Innovation 97 Design & Engineering" award at the 1997 Consumer Electronics Show (CES) in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. . The success of these products is also evidenced by their inclusion in service providers' residential and business ISDN packages. 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 31, 1995, and in our quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended September September: see month. 30, 1996. Such risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.
ADTRAN, Inc.
Condensed Balance Sheet
December 31, 1996
Assets
Cash & cash equivalents $ 44,839,131
Short-term investments 32,555,930
Accounts receivable 33,825,560
Other receivables 362,578
Inventory 40,792,646
Prepaid expenses 3,860,088
------------
Total current assets 156,235,933
Equipment (net) 18,771,227
Land 4,263,104
Bldg. & land improvements (net) 30,936,882
------------
$210,207,146
------------
Liabilities and stockholders' equity
Accounts payable $ 8,323,035
Accrued salaries 2,454,194
Accrued income taxes 1,803,706
Accrued taxes other than income taxes 338,997
Warranty payable 1,026,156
Accrued vacation 693,218
Interest payable 59,594
Other payables 1,027,231
------------
Total current liabilities 15,726,131
Long term liabilities 21,602,116
------------
Total liabilities 37,328,247
Stockholders' equity 172,878,899
------------
$210,207,146
------------
Condensed Statements of Income
For the quarters ending 12/31/96 and 12/31/95
Fourth Quarter Fourth Quarter
1996 1995
-------------- --------------
Sales $69,636,498 $49,917,232
Cost of sales 34,583,219 25,287,583
----------- -----------
Gross profit 35,053,279 24,629,649
Selling, general and
administrative expenses 10,831,595 8,172,716
Research & development
expenses 6,750,319 5,140,384
----------- -----------
Profit from operations 17,471,365 11,316,549
Interest expense (228,190) (247,371)
Other income (primarily
interest) 1,462,402 1,164,750
----------- -----------
Income before income
taxes 18,705,577 12,233,928
Provision for income
taxes (7,254,838) (3,667,984)
------------ ------------
Net income $11,450,739 $ 8,565,944
----------- -----------
Weighted average common and
common equivalent shares
outstanding (1) 39,557,802 39,555,614
----------- -----------
Net income per common and
common equivalent share (1) $0.29 $0.22
------ ------
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method.
Condensed Statements of Income
For the periods ended December 31, 1996 and December 31, 1995
For the Year For the Year
Ended Ended
1996 1995
------------ ------------
Sales $250,120,836 $181,478,065
Cost of sales 129,953,371 93,006,672
Gross profit 120,167,465 88,471,393
Selling, general and
administrative expenses 34,308,436 27,259,610
Research & development
expenses 24,647,425 19,131,457
------------ ------------
Profit from operations 61,211,604 42,080,326
Interest expense (894,657) (1,105,156)
Other income (primarily
interest) 3,184,849 3,316,121
------------ ------------
Income before income taxes 63,501,796 44,291,291
Provision for income taxes (23,681,892) (14,833,564)
Net income $ 39,819,905 $ 29,457,727
------------ ------------
Weighted average common
and common equivalent
shares outstanding (1) 39,566,090 39,289,507
------------ ------------
Net income per common
and common equivalent
share (1) $1.01 $0.75
------ ------
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method.
CONTACT: ADTRAN, Inc., Huntsville John Cooper John Cooper can refer to:
Carol Nobles, 205/971-8211 |
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