ADTRAN, Inc. reports second quarter 1996 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)--July 15, 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 ) reported record results for both the second quarter and first six months ended June June: see month. 30, 1996. Sales for the quarter increased 39% to $63,305,259 from sales of $45,461,980 for the quarter ended June 30, 1995. Sales for the six month period ended June 30, 1996 increased 41% to $117,849,700 from sales of $83,558,570 in the prior comparable period. Sales for the second quarter of 1996 increased 16% from that of the first quarter of 1996. Net income for the quarter increased 47% to $10,340,221 from net income of $7,047,505 for the quarter ended June 30, 1995. Net income for the six month period ended June 30, 1996 increased 44% to $18,963,609 from net income of $13,122,108 in the prior comparable period. Net income for the second quarter of 1996 increased 20% from that of the first quarter of 1996. Earnings per share for the second quarter increased to $.26 from $.18 reported in the prior year and to $.48 from $.34 for the comparable six month period. Earnings per share for the 1995 periods 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, "All three of our major product lines showed impressive growth during the second quarter. From the prior year's second quarter, HDSL/T1 shipments were up 63%, ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. up 56% and DDS/Frame Relay relay, electromechanical switch operated by a flow of electricity in one circuit and controlling the flow of electricity in another circuit. A relay consists basically of an electromagnet with a soft iron bar, called an armature, held close to it. up 9%. The first quarter to second quarter 1996 product revenue growth was ISDN up 35%, HDSL/T1 up 8% and DDS/Frame Relay up 5%." The Company's efforts to improve manufacturing cycle time have started to show significant results. While quarterly revenue increased 16% during the second quarter as compared to the first quarter of 1996, inventory levels during the second quarter dropped $5,190,944 as compared to the first quarter of 1996. Income before income taxes as a percentage of sales improved to 25.8% for the second quarter and 25.0% for the first six month period as compared to 24.7% and 23.6% for comparable periods in 1995. The Company continues to be rewarded by both the Telcos' and their customers' realization (specification) realization - A UML semantic relationship between a classifier that specifies a contract and another classifier that guarantees to carry it out. [Handout by Mr. David Gillibrand]. that "in place copper" provides an economically ec·o·nom·i·cal adj. 1. Prudent and thrifty in management; not wasteful or extravagant. See Synonyms at sparing. 2. Intended to save money, as by efficient operation or elimination of unnecessary features; economic: superior transport means for ever increasing 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. Technology such as the Company's recently announced "Total Reach" will dramatically extend the service range for the Telcos' digital offerings and provide superior digital performance without the enormous expense of replacing the existing local loop infrastructure. 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, Inc.
Condensed Balance Sheet
June 30, 1996
Unaudited
Assets
Cash & cash equivalents $ 29,861,664
Short-term investments 26,775,624
Accounts receivable 32,733,855
Other receivables 224,605
Inventory 46,089,237
Prepaid expenses 2,766,562
-----------
Total current assets 138,451,547
Equipment (net) 12,845,119
Land 4,263,104
Bldg. & land improvements (net) 26,606,626
-----------
$182,166,396
-----------
Liabilities and
stockholders' equity
Accounts payable $ 6,416,413
Accrued salaries 1,650,506
Accrued income taxes 713,178
Accrued taxes other than
income taxes 464,833
Warranty payable 623,027
Accrued vacation 688,143
Interest payable 56,089
Other payables 410,930
-----------
Total current liabilities 11,023,119
Long term liabilities 20,967,666 Total liabilities 31,990,785
Stockholders' equity 150,175,611
-----------
$182,166,396
Condensed Statements of Income
For the quarters ending 6/30/96 and 6/30/95
Unaudited
Second Quarter Second Quarter
1996 1995
------------- --------------
Sales $63,305,259 $45,461,980
Cost of sales 33,370,298 23,737,505
---------- ----------
Gross profit 29,934,961 21,724,475
Selling, general and
administrative expenses 7,959,675 6,602,150
Research & development
expenses 6,173,695 4,699,184
----------- -----------
Income from operations 15,801,591 10,423,141
Interest expense (166,834) (348,467)
Other income (primarily
interest) 667,861 654,201
----------- -----------
Income before income
taxes 16,302,618 10,728,875
Provision for income
taxes (5,962,397) (3,681,370)
---------- ----------
Net income $10,340,221 $ 7,047,505
---------- -----------
Weighted average common and
common equivalent shares
outstanding (1) 39,581,732 39,033,824
----------- -----------
Net income per common and
common equivalent share (1) $0.26 $0.18
---- ----
(1) Reflects a 2-for-1 split of the Common Stock which was
effected on May 12, 1995. Also assumes exercise of dilutive stock
options calculated under the treasury stock method.
Condensed Statements of Income
For the periods ended June 30, 1996 and June 30, 1995
Unaudited
First Half First Half
1996 1995
----------- -----------
Sales $117,849,700 $ 83,558,570
Cost of sales 62,230,572 43,160,136
----------- -----------
Gross profit 55,619,128 40,398,434
Selling, general and
administrative expenses 15,217,363 12,015,594
Research & development
expenses 11,624,120 8,868,822
----------- -----------
Income from operations 28,777,645 19,514,018
Interest expense (446,870) (647,494)
Other income (primarily
interest) 1,079,288 1,268,673
----------- -----------
Income before income
taxes 29,410,063 20,135,197
Provision for
income taxes (10,446,454) (7,013,089)
---------- ---------
Net income $ 18,963,609 $ 13,122,108
----------- -----------
Weighted average common
and common equivalent
shares outstanding (1) 39,580,123 39,020,585
----------- -----------
Net income per common
and common equivalent
share (1) $0.48 $0.34
---- ----
(1) Reflects a 2-for-1 split of the Common Stock which was
effected on May 12, 1995. Also 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion