ADTRAN, Inc. Reports Record Second Quarter and Six Month Results; Ready Acceptance of Systems Products Spurs Dynamic Revenue Growth.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)--July 17, 2000 ADTRAN, Inc. (Nasdaq:ADTN ADTN Administrative Data Transmission Network ADTN Administrative Data Telecommunications Network ) reported record results for both the second quarter and the first six months ended June June: see month. 30, 2000. Sales for the quarter increased 29% to $114,447,000 from sales of $88,507,000 for the quarter ended June 30, 1999. Sales for the six-month period ended June 30, 2000 increased 29% to $213,917,000 compared to sales of $165,670,000 for the first six months of 1999. Net income for the quarter increased 74% to $18,648,000 from net income of $10,716,000 for the quarter ended June 30, 1999. Net income for the first six months of 2000 was $35,443,000 compared to net income of $19,827,000 for the first six months 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. , for the second quarter increased 68% to $.47 compared to earnings per share of $.28 for the second quarter of 1999. Commenting on the results, ADTRAN President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Thrailkill stated, "This record quarter performance resulted again from strong sequential One after the other in some consecutive order such as by name or number. revenue growth in our Systems products, coupled with continued HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line growth. Revenues from Systems products, led by our Total Access(TM), MX 2800, and ATLAS product lines, increased more than 80% compared to the first quarter of this year." Looking to the remainder of the year, Mr. Thrailkill noted, "With strong customer acceptance of our Systems product lines and an exciting calendar of scheduled product introductions, we believe we have ample opportunity to sustain this year's growth momentum." 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 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 Balance Sheet
June 30, 2000
Unaudited
June 30,
2000
------------
Assets
Cash & cash equivalents $23,599,150
Short-term investments 61,678,506
Accounts receivable 68,465,342
Other receivables 5,516,419
Inventory 68,796,454
Prepaid expenses 7,334,345
------------
Total current assets 235,390,216
Equipment (net) 33,099,844
Land 4,263,104
Bldg. & Land improvements (net) 79,311,891
Other assets 220,000
Long term investments 326,556,039
------------
Totals $678,841,094
============
Liabilities and stockholders' equity
Accounts payable $16,784,602
Accrued salaries 1,662,790
Accrued income taxes 1,478,074
Accrued taxes other than income taxes 883,270
Warranty payable 1,519,945
Accrued vacation 1,998,624
Interest payable 0
Other payables 2,798,287
------------
Total current liabilities 27,125,592
Long term liabilities 161,307,146
------------
Total liabilities 188,432,738
Stockholders' equity 490,408,356
------------
Totals $678,841,094
============
Condensed Statements of Income
For the periods ending 06/30/00 and 06/30/99
Second Quarter Second Quarter
2000 1999
------------ ------------
Sales $114,446,655 $88,506,872
Cost of Sales 52,776,203 45,151,016
------------ ------------
Gross Profit 61,670,452 43,355,856
Selling, general and
administrative expenses 21,427,211 17,463,138
Research and development expenses 12,993,822 10,362,428
------------ ------------
Profit from operations 27,249,419 15,530,290
Interest expense (576,333) (576,333)
Other income (primarily interest) 1,581,686 1,160,678
------------ ------------
Income before income taxes 28,254,772 16,114,634
Provision for income taxes (9,606,622) (5,398,403)
------------ ------------
Net income $18,648,150 $10,716,232
============ ============
Weighted average shares
outstanding assuming dilution 39,840,435 38,552,383
============ ============
Earnings per common share
assuming dilution(1) $0.47 $0.28
============ ============
Earnings per common share $0.49 $0.28
============ ============
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method
Condensed Statements of Income
For the periods ending 06/30/00 and 06/30/99
First Half First Half
2000 1999
------------ ------------
Sales $213,917,006 $165,669,520
Cost of Sales 97,842,065 82,635,552
------------ -----------
Gross Profit 116,074,941 83,033,968
Selling, general and
administrative expenses 40,099,910 34,218,521
Research and development expenses 24,255,790 20,059,091
------------ -----------
Profit from operations 51,719,241 28,756,356
Interest expense (1,152,667) (1,146,333)
Other income (primarily interest) 3,134,737 2,204,616
------------ -----------
Income before income taxes 53,701,311 29,814,639
Provision for income taxes (18,258,446) (9,987,904)
------------ -----------
Net income $35,442,865 $19,826,735
============ ===========
Weighted average shares
outstanding assuming dilution 39,869,569 38,552,383
============ ===========
Earnings per common share
assuming dilution(1) $0.89 $0.51
============ ===========
Earnings per common share $0.92 $0.52
============ ===========
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method
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