ADTRAN, Inc. Reports Second Quarter 2007 Results, Announces Additional Five Million Share Repurchase Plan and Declares Quarterly Cash Dividend.HUNTSVILLE, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. . -- 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 second quarter of 2007. Sales were $123,674,000 for the quarter compared to $110,312,000 for the first quarter of 2007 and $122,296,000 for the second quarter of 2006. Net income was $19,843,000 for the quarter compared to $16,928,000 for the first quarter of 2007 and $20,814,000 for the second quarter of 2006. Earnings per share, assuming dilution, were $0.28 for the quarter compared to $0.24 for the first quarter of 2007 and $0.27 for the second quarter of 2006. ADTRAN Chief Executive Officer Tom Stanton stated, "Continuing momentum in all of our growth businesses augmented by overall improving order flows in traditional product areas provided a strong sequential increase in revenue. Combined, our growth businesses saw a healthy year over year increase for the quarter driven largely by our Internetworking product lines, as on-going activities in channel development continued to drive acceptance of our NetVanta and IP business gateway products." The Company also announced that its Board of Directors has authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of an additional 5,000,000 shares of the Company's common stock to commence upon completion of the repurchase plan announced July 17, 2006. During the second quarter of 2007, the Company repurchased 1,437,000 shares of its common stock under the July 2006 plan. There are 173,000 shares remaining to be repurchased under the July 2006 plan. Upon completion of the current plan, the new plan will be implemented through open market or private purchases from time to time as conditions warrant. Since the beginning of 2004, the Company has repurchased a total of 14,150,000 shares of its common stock. The Company also announced that its Board of Directors declared a cash dividend for the second quarter of 2007. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on August 2, 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 July 31, 2007 and the payment date is August 16, 2007. The Company also confirmed that its second quarter conference call will be held Tuesday, July 17, 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 a leading global provider of networking and communications equipment, with a portfolio of more than 1,600 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 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, 2006 and Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 2007. 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] |
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