ADTRAN, Inc. Reports Fourth Quarter and Year End 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)--Jan. 14, 2002 ADTRAN, Inc. (Nasdaq:ADTN ADTN Administrative Data Transmission Network ADTN Administrative Data Telecommunications Network ) reported results for both the fourth quarter and the year ended December December: see month. 31, 2001. Sales for the quarter were $89,094,000 compared to sales of $121,755,000 for the quarter ended December 31, 2000. Sales for the year ended December 31, 2001 were $387,081,000. Net income for the quarter was $3,783,000 compared to $8,491,000 for the fourth quarter of 2000. Net income for the year 2001 was $17,328,000. 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 $.10 (after the previously reported unusual charge of $.06 attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increased bad debt allowance) compared to $.22 for the fourth quarter of 2000. Earnings per share, assuming dilution, for the year 2001 were $.45, after the $.06 unusual charge reported above. Commenting on the results, ADTRAN Chairman and Chief Executive Officer Mark Smith stated, "In 2001, telecom and networking markets suffered an abrupt and significant decline. During this difficult period, we demonstrated the value of our financial and operating strength by maintaining profitability and building liquidity, while continuing our commitment to engineering and customer service." 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". , Interexchange Carriers See IXC. , 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 31, 2000. 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
December 31, 2001
Unaudited
Assets
Cash & cash equivalents $82,379,805
Short-term investments 25,182,961
Accounts receivable (net) 60,598,867
Other receivables 9,609,479
Inventory (net) 56,849,469
Prepaid expenses and other current assets 7,991,478
------------
Total current assets 242,612,059
Equipment (net) 45,519,643
Land 4,263,104
Bldg. & Land improvements (net) 70,350,698
Other assets 489,000
Long term investments 157,901,718
------------
Totals $521,136,222
============
Liabilities and stockholders' equity
Accounts payable $15,551,684
Accrued wages and benefits 5,840,804
Accrued income taxes 829,184
Accrued liabilities 1,880,879
------------
Total current liabilities 24,102,551
Long term liabilities 59,410,949
------------
Total liabilities 83,513,500
Stockholders' equity 437,622,722
------------
Totals $521,136,222
============
Condensed Statements of Income
For the periods ending 12/31/01 and 12/31/00
Unaudited
Fourth Fourth
Quarter Quarter
2001 2000
------------ ------------
Sales $89,094,008 $121,755,019
Cost of Sales 49,164,635 74,265,574
------------ ------------
Gross Profit 39,929,373 47,489,445
Selling, general and administrative expenses 22,931,948 24,046,966
Research and development expenses 13,980,876 13,605,560
------------ ------------
Profit from operations 3,016,549 9,836,919
Interest expense (625,000) (60,492)
Other income (primarily interest) 1,927,107 3,088,161
------------ ------------
Income before income taxes 4,318,656 12,864,588
Provision for income taxes (535,788) (4,373,954)
------------ ------------
Net income $3,782,868 $8,490,634
============ ============
Weighted average shares
outstanding assuming dilution (1) 38,737,188 39,123,170
============ ============
Earnings per common share
assuming dilution (1) $0.10 $0.22
============ ============
Earnings per common share $0.10 $0.22
============ ============
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method
Condensed Statements of Income
For the periods ending 12/31/01 and 12/31/00
Unaudited
For the Year For the Year
Ended Ended
December 31, December 31,
2001 2000
------------ ------------
Sales $387,080,690 $462,948,721
Cost of Sales 213,759,506 233,429,280
------------ ------------
Gross Profit 173,321,184 229,519,441
Selling, general and administrative expenses 95,954,797 87,115,889
Research and development expenses 58,934,973 50,628,190
------------ ------------
Profit from operations 18,431,414 91,775,362
Interest expense (2,068,653) (1,802,158)
Other income (primarily interest) 7,374,143 9,020,418
------------ ------------
Income before income taxes 23,736,904 98,993,622
Provision for income taxes (6,408,964) (33,657,847)
------------ ------------
Net income (1) $17,327,940 $65,335,775(1)
============ ============
Weighted average shares
outstanding assuming dilution (2) 38,676,187 38,647,288
============ ============
Earnings per common share
assuming dilution (2) $0.45 $1.65
============ ============
Earnings per common share $0.45 $1.69
============ ============
(1) The amounts above do not include a realized gain of
$84,040,000 (pre-tax) resulting from the sale of marketable
equity securities. The inclusion of such gain would result in
Net Income of $120,802,216 for the twelve months ending
December 31, 2000; earnings per common share, assuming
dilution, of $3.04; and earnings per common share of $3.13.
(2) Assumes exercise of dilutive stock options calculated under
the treasury stock method
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