ADTRAN, Inc. reports results for fourth quarter and year ended December 31, 1995.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. 18, 1996--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 ) is pleased to report record results for both the fourth quarter and full year ended December December: see month. 31, 1995. Sales for the quarter increased 37% to $49,917,232 from sales of $36,561,981 for the quarter ended December 31, 1994. Sales for the year ended December 31, 1995 increased 47% to $181,478,065 from sales of $123,440,202 in the prior year. Net income for the fourth quarter increased 29% and for the full year 58% from the comparable prior periods. Earnings per share for the fourth quarter increased to $.22 from the $.17 reported in the prior year's period. Earnings for the year ended December 31, 1995, increased to $.75 from the $.52 reported for 1994. Earnings per share for the 1994 period are restated to include the effect of a 2-for-1 stock split in May, 1995. Commenting on the results, Mark C. Smith, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ADTRAN stated, "The two high growth product lines of the Company, namely ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. and HDSL/T1, represented 34.4% and 32.1%, respectively, of fourth quarter revenue. As anticipated, our sales to these rapidly growing market segments have expanded to match sales in the more mature DDS (1) (Digital Data Storage) See DAT. (2) (Data Dictionary System) See QuickBuild and OpenDDS. (3) (Dataphone Digital S market, which represented 32.7% of fourth quarter revenue." 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, the Company's President and COO (Cell Of Origin) See mobile positioning. , stated, "ISDN revenue grew 17% from the third quarter to fourth quarter, and grew 88% year over year. ADTRAN has established a major position in both the Telco and CPE (Customer Premises Equipment) Communications equipment that resides on the customer's premises. CPE - Customer Premises Equipment markets for our ISDN products. The rapid growth of ISDN service has created an increasing opportunity for future revenue growth." 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
December 31, 1995
Assets Cash & cash equivalents $ 35,027,609 Short-term investments 24,652,689 Accounts receivable 29,234,803 Other receivables 857,303 Inventory 44,997,195 Prepaid expenses 1,752,455 Total current assets 136,522,054
Equipment (net) 10,002,811
Land 2,149,469
Bldg. & land improvements (net) 17,092,972
-----------
$165,767,306
Liabilities and stockholders' equity Accounts payable $ 9,187,812 Accrued salaries 1,332,141 Accrued income taxes 1,310,841 Accrued taxes other than income taxes 586,150 Warranty payable 523,027 Accrued vacation 489,278 Interest payable 74,305 Other payables 552,775 Total current liabilities 14,056,329 Long term liabilities 20,967,666 Total liabilities 35,023,995
Stockholders' equity 130,743,311
-----------
$165,767,306
Condensed Statements of Income
For the quarters ended 12/31/95 and 12/31/94
Fourth Quarter Fourth Quarter
1995 1994
Sales $49,917,232 $36,561,981 Cost of sales 25,287,583 18,165,663 Gross profit 24,629,649 18,396,318 Selling, general and administrative expenses 8,172,716 4,725,669 Research & development expenses 5,140,384 3,713,846 Profit from operations 11,316,549 9,956,803 Interest expense (247,371) 0 Other income (primarily interest) 1,164,750 228,994 Income before income taxes 12,233,928 10,185,797 Provision for income taxes (3,667,984) (3,549,566) Net income $8,565,944 $6,636,231 Weighted average common and common equivalent shares outstanding (1) 39,555,614 38,968,322 Net income per common and common equivalent share $0.22 $0.17
(1) Assumes exercise of dilutive stock options calculated under
the treasury stock method.
Condensed Statements of Income
For the periods ended 12/31/95 and 12/31/94
For the Year For the Year
Ended Ended
December 31, 1995 December 31, 1994
Sales $181,478,065 $123,440,202
Cost of sales 93,006,672 63,187,366 Gross profit 88,471,393 60,252,836 Selling, general and administrative expenses 27,259,610 17,346,759 Research & development expenses 19,131,457 13,774,038 Profit from operations 42,080,326 29,132,039 Interest expense (1,105,156) (447,547) Other income (primarily interest) 3,316,121 415,007 Income before income taxes 44,291,291 29,099,499 Pro forma provision for income taxes (14,833,564) (10,490,894) Net income (pro forma) (1) $29,457,727 $18,608,605 Weighted average common and common equivalent shares outstanding (2) 39,289,507 36,131,940 Net income per common and common equivalent share (pro forma) $0.75 $0.52
(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 or Carol Nobles, 205/971-8211 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion