ADTRAN, Inc. reports first quarter 1995 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)--April 17, 1995--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 today the results for the first quarter ended March 31, 1995. Sales for the quarter increased 58% to $38,096,590 from sales of $24,084,361 for the quarter ended March 31, 1994. Net income before provision for income taxes increased 104% to $9,406,321 from net income before provision for income taxes of $4,611,299 for the quarter ended March 31, 1994. Earnings per share increased to $.31 from the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma $.17 of the prior year's period. This increase takes fully into account the increase of shares to 19,497,636 from 17,029,797 due primarily to the Company's initial public offering during August of 1994. Commenting on the results, Mark C. Smith, Chairman and Chief Executive Officer of ADTRAN, stated, "We are extremely pleased to report these strong first quarter results. First quarter bookings from our Telco customers have historically been seasonally slow. The first six weeks of 1995 followed this pattern, but demand turned strong again much earlier than usual, resulting in record March revenue. As anticipated in our prior comments regarding the fourth quarter 1994 results, the first quarter income before provision for income taxes declined to 24.7% of sales from the 27.9% rate of the fourth quarter of 1994." John Jurenko, the Company's Vice President of Sales and Marketing, commented, "The demand for the Company's products, as we approached the end of the first quarter, was especially strong in the ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. and T1/HDSL product areas. Our Customer Premise PREMISE Productivity in Embedded Software Engineering of Electronics Based Equipment Equipment (CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment ) bookings continued to increase as a percentage of overall Company business." ADTRAN, Inc. designs, develops and markets a broad range of high speed digital transmission products utilized by Telcos, corporate end users and OEMs to implement digital data service over existing telephone networks. -0-
ADTRAN
Condensed Balance Sheet
March 31, 1995
Unaudited
Assets Cash & cash equivalents $ 30,222,629 Short-term investments 17,794,056 Accounts receivable 19,800,023 Other receivables 261,957 Inventory 33,236,436 Prepaid expenses 2,261,301 Total current assets 103,576,402
Equipment (net) 8,279,436
Land 1,900,169
Bldg. & land improvements (net) 10,500,281
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$124,256,288
Liabilities and stockholders' equity Accounts payable $ 6,852,762 Accrued salaries 608,414 Accrued income taxes 3,355,621 Accrued taxes other than income taxes 468,821 Warranty payable 280,807 Compensated absences 470,255 Interest payable 66,111 Other payables 109,129 Total current liabilities 12,211,920 Long term liabilities 20,665,248 Total liabilities 32,877,168
Stockholders' equity 91,379,120
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$124,256,288
ADTRAN
Condensed Statements of Income
For the quarters ending 3/31/95 and 3/31/94
Unaudited
First First
Quarter Quarter
1995 1994
Sales $38,096,590 $24,084,361
Cost of sales 19,422,631 12,587,855 Gross profit 18,673,959 11,496,506 Selling, general & administrative expenses 5,413,444 3,743,102 Research & development expenses 4,169,638 2,994,430 Profit from operations 9,090,877 4,758,974 Interest expense (299,028) (149,489) Interest income 611,724 1,134 Other income 2,748 680 Net income before provision for income taxes 9,406,321 4,611,299 Provision for income taxes (3,331,719) (1,706,180) Pro forma net income (1) $ 6,074,602 $ 2,905,119 Weighted average common and common equivalent shares outstanding (2) 19,497,636 17,029,797 Net income per common and common equivalent share $0.31 $0.17
(1) Effective July 1, 1994, the Company converted from an S
corporation to a C corporation for income tax purposes. As an S
corporation, the Company was not subject to income taxes but passed
its tax attributes through to its stockholders. As a C corporation,
the Company is subject to income taxes at corporate tax rates. The
pro forma income statement data above present net income and net
income per share as if the Company had been subject to income taxes
for the period presented.
(2) Assumes exercise of dilutive stock options calculated under
the treasury stock method.
CONTACT: ADTRAN Inc., Huntsville Irwin IRWIN are a collective of Slovene artists, primarily painters, part of Neue Slowenische Kunst (NSK). They describe their own work as "retro-principle" or "retro-avant-garde".[1] The group is emphatic about their work being collective rather than individual. O. Goldstein Gold·stein , Joseph Leonard Born 1940. American biochemist. He shared a 1985 Nobel Prize for discoveries related to cholesterol metabolism. , 205/971-8613 Carol Nobles, 205/971-8211 |
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