ADTRAN, Inc. Reports Results for Fourth Quarter and Year 2008 and Declares Quarterly Cash Dividend.HUNTSVILLE, Ala. -- 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 and year 2008. Sales were $112,413,000 for the quarter, compared to $118,971,000 for the fourth quarter of 2007. Sales were $500,676,000 for the year, compared to $476,778,000 for the year 2007. Net income was $16,709,000 for the quarter, compared to $18,111,000 for the fourth quarter of 2007 and $78,581,000 for the year, compared to $76,335,000 for the year 2007. Earnings per share, assuming dilution, were $0.27 for the quarter, compared to $0.27 for the fourth quarter of 2007 and $1.22 for the year, compared to $1.10 for the year 2007. ADTRAN Chief Executive Officer Tom Stanton stated, "Although the slowing economy continued to impact our business, our strong operating metrics delivered a healthy level of profitability for the fourth quarter as we continued to gain market share in our growth areas. For the year, our growth businesses - Broadband Access See broadband and wireless broadband. , Optical Access and Internetworking - all reached record revenue levels, achieving 23% combined growth. While the industry continues to face uncertainty in the near term, we believe our operating discipline combined with the long term opportunities in our growth areas place us in a solid position." The Company also reported that during the fourth quarter of 2008, net realized investment losses of $2.3 million in its marketable equity securities portfolio were recorded as a result of declines in the equity securities markets. Tax effected, this reduced diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of by $0.02 for the quarter. The Company also reported that stock-based compensation expense for the fourth quarter of 2008 reduced diluted earnings per share by $0.02 compared to $0.02 for the fourth quarter of 2007. The Company also reported that the tax provision rate for the fourth quarter of 2008 included recognition of research tax credits for the full year 2008 as legislation was enacted in the fourth quarter to extend the research tax credit. The amount of research credits recognized in the quarter was $2.3 million. Additionally, during the fourth quarter of 2008, the Company completed a review of its estimated tax Federal and state tax laws require a quarterly payment of estimated taxes due from corporations, trusts, estates, non-wage employees, and wage employees with income not subject to withholding. deduction for the year 2008 relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Section 199 of the Internal Revenue code The Internal Revenue Code is the body of law that codifies all federal tax laws, including income, estate, gift, excise, alcohol, tobacco, and employment taxes. These laws constitute title 26 of the U.S. Code (26 U.S.C.A. § 1 et seq. . This review resulted in a $0.9 million reduction in the year's tax provision which was recognized in the fourth quarter. The Company also announced that its Board of Directors declared a cash dividend for the fourth quarter of 2008. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on February 5, 2009. 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 3, 2009 and the payment date is February 19, 2009. The Company also confirmed that its fourth quarter conference call will be held Wednesday, January 21, 2009 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 a leading global provider of networking and communications equipment, with a portfolio of more than 1,700 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 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 e-mail 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, 2007 and Form 10-Q Form 10-Q See 10-Q. for the quarter ending September 30, 2008. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion