Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

ADTRAN, Inc. Reports Results for the Fourth Quarter 2012 and Declares Quarterly Cash Dividend

ADTRAN, Inc. (NASDAQ:ADTN) reported results for the fourth quarter 2012. For the quarter, sales were $139,756,000 compared to $175,286,000 for the fourth quarter of 2011. Net income was $3,961,000 for the quarter compared to $31,163,000 for the fourth quarter of 2011. Earnings per share, assuming dilution, were $0.06 for the quarter compared to $0.48 for the fourth quarter of 2011. Non-GAAP earnings per share for the quarter were $0.11 compared to $0.54 for the fourth quarter of 2011. The reconciliation between GAAP earnings per share, diluted, and non-GAAP earnings per share, diluted, is in the table provided.

ADTRAN Chief Executive Officer Tom Stanton stated, “Our fourth quarter results came in largely as expected with both our carrier and enterprise divisions performing to forecast. Our focus remains on capitalizing on the significant network upgrades that lie ahead of us while maintaining tight cost control as we navigate through the current environment.”

The Company also announced that its Board of Directors declared a cash dividend for the fourth quarter of 2012. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on February 7, 2013. The ex-dividend date is February 5, 2013 and the payment date is February 21, 2013.

Non-GAAP earnings per share exclude the effect of acquisition related expenses, amortizations and adjustments, and stock compensation expense.

The Company confirmed that its fourth quarter conference call will be held Wednesday, January 16, 2013 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 site at www.adtran.com or www.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 www.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 www.adtran.com for at least 12 months following the call.

ADTRAN, Inc. is a leading global provider of networking and communications equipment. ADTRAN’s products enable voice, data, video and Internet communications across a variety of network infrastructures. ADTRAN solutions are currently in use by service providers, private enterprises, government organizations, and millions of individual users worldwide. For more information, please visit www.adtran.com.

For more information, contact the company at 800 9ADTRAN (800 923-8726) or via email at [email protected]. On the Web, visit www.adtran.com.

This press release contains forward-looking statements 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 for the year ended December 31, 2011 and on Form 10-Q for the quarter ended September 30, 2012. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.

Condensed Consolidated Balance Sheet

(Unaudited)

(In thousands)

 
December 31,
2012
December 31,
2011
Assets
Cash and cash equivalents $ 68,457 $ 42,979
Short-term investments 160,481 159,347
Accounts receivable, net 81,194 76,130
Other receivables 16,253 9,743
Inventory 102,583 87,800
Prepaid expenses 4,148 3,119
Deferred tax assets, net   13,055   12,125
Total Current Assets 446,171 391,243
 
Property, plant and equipment, net 80,246 75,295
Deferred tax assets, net 10,261 8,345
Goodwill 3,492 3,492
Other assets 13,482 7,131
Long-term investments   332,729   332,008
 
Total Assets $ 886,381 $ 817,514
 
Liabilities and Stockholders' Equity
Accounts payable $ 42,173 $ 29,404
Unearned revenue 38,051 9,965
Accrued expenses 10,309 5,876
Accrued wages and benefits 15,022 13,518
Income tax payable, net   1,211   3,169
Total Current Liabilities 106,766 61,932
 
Non-current unearned revenue 23,803 4,874
Other non-current liabilities 17,406 12,077
Bonds payable   46,000   46,500
Total Liabilities 193,975 125,383
 
Stockholders' Equity   692,406   692,131
 
Total Liabilities and Stockholders' Equity $ 886,381 $ 817,514

Consolidated Statements of Income

(Unaudited)

(In thousands, except per share data)

 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012     2011   2012     2011  
 
Sales $ 139,756 $ 175,286 $ 620,614 $ 717,229
Cost of sales   72,373     76,066     303,971     302,911  
 
Gross Profit 67,383 99,220 316,643 414,318
 
Selling, general and administrative expenses 31,393 32,954 134,523 124,879
Research and development expenses   33,116     25,151     125,951     100,301  
 
Operating Income 2,874 41,115 56,169 189,138
 
Interest and dividend income 2,006 1,813 7,657 7,642
Interest expense (591 ) (603 ) (2,347 ) (2,398 )
Net realized investment gain 2,197 3,333 9,550 12,454
Other income (expense), net (82 ) (297 ) 183 (694 )
Gain on bargain purchase of a business   -     -     1,753     -  
 
Income before provision for income taxes 6,404 45,361 72,965 206,142
 
Provision for income taxes   (2,443 )   (14,198 )   (25,702 )   (67,565 )
 
Net Income $ 3,961   $ 31,163   $ 47,263   $ 138,577  
 
Weighted average shares outstanding - basic 62,542 63,685 63,259 64,145
Weighted average shares outstanding - diluted (1) 62,690 64,586 63,774 65,416
 
Earnings per common share - basic $ 0.06 $ 0.49 $ 0.75 $ 2.16
Earnings per common share - diluted (1) $ 0.06 $ 0.48 $ 0.74 $ 2.12
 
(1) Assumes exercise of dilutive stock options calculated under the treasury stock method.

Consolidated Statements of Comprehensive Income

(Unaudited)

(In thousands)

   
Three Months Ended Twelve Months Ended
December 31, December 31,
2012     2011   2012     2011  
 
Net Income $ 3,961   $ 31,163   $ 47,263   $ 138,577  
 
Other Comprehensive Income (Loss), net of tax:
 

Net change in unrealized gains (losses) on marketable securities

(2,042 ) (1,745 ) (187 ) (13,004 )

Reclassification adjustments for amounts included in net income

(29 ) (6 ) 135 (688 )
Defined benefit plan adjustments (1,952 ) - (1,952 ) -
Foreign currency translation   (21 )   877     170     (154 )
 
Other Comprehensive Income (Loss), net of tax   (4,044 )   (874 )   (1,834 )   (13,846 )
 
Comprehensive Income (Loss), net of tax $ (83 ) $ 30,289   $ 45,429   $ 124,731  

Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

 
Twelve Months Ended
December 31,
2012     2011  
Cash flows from operating activities:
Net income $ 47,263 $ 138,577
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 14,079 11,499
Amortization of net premium on available-for-sale investments 8,257 6,617
Net realized gain on long-term investments (9,550 ) (12,454 )
Net (gain) loss on disposal of property, plant and equipment (214 ) 6
Gain on bargain purchase of a business (1,753 ) -
Stock-based compensation expense 9,264 9,169
Deferred income taxes (3,785 ) 575
Tax benefit from stock option exercises 1,905 10,525
Excess tax benefits from stock-based compensation arrangements (1,456 ) (9,373 )
Change in operating assets and liabilities:
Accounts receivable, net (4,365 ) (4,939 )
Other receivables 2,977 (5,781 )
Income tax receivable, net - 2,741
Inventory 7,163 (12,734 )
Prepaid expenses and other assets (1,045 ) 522
Accounts payable 7,265 6,178
Accrued expenses and other liabilities 11,583 6,309
Income tax payable, net   (1,960 )   3,169  
Net cash provided by operating activities 85,628 150,606
 
Cash flows from investing activities:
Purchases of property, plant and equipment (12,075 ) (11,912 )
Proceeds from disposals of property, plant and equipment 266 -
Proceeds from sales and maturities of available-for-sale investments 282,039 466,243
Purchases of available-for-sale investments (282,740 ) (554,629 )
Acquisition of business   7,496     (22,661 )
Net cash used in investing activities (5,014 ) (122,959 )
 
Cash flows from financing activities:
Proceeds from stock option exercises 6,049 34,125
Purchases of treasury stock (39,362 ) (35,565 )
Dividend payments (22,813 ) (23,124 )
Payments on long-term debt (500 ) (1,000 )
Excess tax benefits from stock-based compensation arrangements   1,456     9,373  
Net cash used in financing activities (55,170 ) (16,191 )
 
Net increase in cash and cash equivalents 25,444 11,456
Effect of exchange rate changes 34 (154 )
Cash and cash equivalents, beginning of period   42,979     31,677  
 
Cash and cash equivalents, end of period $ 68,457   $ 42,979  

Supplemental Information

Acquisition Related Expenses, Amortizations and Adjustments

(Unaudited)

(In thousands)

 

On August 4, 2011, we closed on the acquisition of Bluesocket, Inc. and on May 4, 2012, we closed on the acquisition of the Nokia Siemens Networks Broadband Access business (NSN BBA).  Acquisition related expenses, amortizations and adjustments for the three and twelve months ended December 31, 2012 and 2011 for both transactions are as follows:

 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012     2011   2012     2011  
Bluesocket, Inc. acquisition
Amortization of acquired intangible assets $ 267 $ 297 $ 1,020 $ 495
Amortization of other purchase accounting adjustments 29 304 443 521
Acquisition related professional fees, travel and other expenses   -     100     -     730  
 
Subtotal   296     701     1,463     1,746  
 
NSN BBA acquisition
Amortization of acquired intangible assets 290 - 762 -
Amortization of other purchase accounting adjustments 587 - 2,305 -
Acquisition related professional fees, travel and other expenses   323     1,035     4,860     2,027  
 
Subtotal   1,200     1,035     7,927     2,027  
 
Total acquisition related expenses, amortizations and adjustments 1,496 1,736 9,390 3,773
Tax effect   (488 )   (658 )   (3,148 )   (1,434 )
 
Total acquisition related expenses, amortizations and adjustments, net of tax $ 1,008   $ 1,078   $ 6,242   $ 2,339  

The acquisition related expenses, amortizations and adjustments above were recorded in the following Consolidated Statements of Income categories for the three and twelve months ended December 31, 2012 and 2011:

 
Three Months Ended Twelve Months Ended
December 31, December 31,
2012     2011   2012     2011  
 
Revenue (adjustments to deferred revenue recognized in the period) $ 377 $ 207 $ 1,528 $ 362
Cost of goods sold   154     99     1,086     165  
 
Subtotal   531     306     2,614     527  
 
Selling, general and administrative expenses 330 1,133 4,510 2,557
Research and development expenses   635     297     2,266     689  
 
Subtotal   965     1,430     6,776     3,246  
 
Total acquisition related expenses, amortizations and adjustments 1,496 1,736 9,390 3,773
Tax effect   (488 )   (658 )   (3,148 )   (1,434 )
 
Total acquisition related expenses, amortizations and adjustments, net of tax $ 1,008   $ 1,078   $ 6,242   $ 2,339  

Supplemental Information

Stock-based Compensation Expense

(Unaudited)

(In thousands)

   
Three Months Ended Twelve Months Ended
December 31, December 31,
2012     2011   2012     2011  
 
Stock-based compensation expense included in cost of sales $ 118   $ 132   $ 422   $ 412  
 
Selling, general and administrative expense 1,146 1,220 4,351 4,316
Research and development expense   1,217     1,362     4,491     4,441  
 
Stock-based compensation expense included in operating expenses   2,363     2,582     8,842     8,757  
 
Total stock-based compensation expense 2,481 2,714 9,264 9,169
Tax benefit for expense associated with non-qualified options   (318 )   (303 )   (1,234 )   (1,321 )
 
Total stock-based compensation expense, net of tax $ 2,163   $ 2,411   $ 8,030   $ 7,848  

Reconciliation of GAAP net income per share, diluted, to

Non-GAAP net income per share, diluted

(Unaudited)

   
Three Months Ended Twelve Months Ended
December 31, December 31,
2012   2011 2012     2011
 
GAAP earnings per common share – diluted $ 0.06 $ 0.48 $ 0.74 $ 2.12
 
Acquisition related expenses, amortizations and adjustments 0.02 0.02 0.10 0.04
Stock-based compensation expense 0.03 0.04 0.13 0.12
Bargain purchase gain – NSN BBA acquisition

-

-

  (0.03 )

-

 
Non-GAAP earnings per common share – diluted $ 0.11 $ 0.54 $ 0.94   $ 2.28

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
Digital Transformation is much more than a buzzword. The radical shift to digital mechanisms for almost every process is evident across all industries and verticals. This is often especially true in financial services, where the legacy environment is many times unable to keep up with the rapidly shifting demands of the consumer. The constant pressure to provide complete, omnichannel delivery of customer-facing solutions to meet both regulatory and customer demands is putting enormous pressure on...
The best way to leverage your CloudEXPO | DXWorldEXPO presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering CloudEXPO | DXWorldEXPO will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at CloudEXPO. Product announcements during our show provide your company with the most reach through our targeted audienc...
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
DXWorldEXPO LLC, the producer of the world's most influential technology conferences and trade shows has announced the 22nd International CloudEXPO | DXWorldEXPO "Early Bird Registration" is now open. Register for Full Conference "Gold Pass" ▸ Here (Expo Hall ▸ Here)
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, compared the Jevons Paradox to modern-day enterprise IT, examin...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
Bill Schmarzo, author of "Big Data: Understanding How Data Powers Big Business" and "Big Data MBA: Driving Business Strategies with Data Science," is responsible for setting the strategy and defining the Big Data service offerings and capabilities for EMC Global Services Big Data Practice. As the CTO for the Big Data Practice, he is responsible for working with organizations to help them identify where and how to start their big data journeys. He's written several white papers, is an avid blogge...
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
"MobiDev is a software development company and we do complex, custom software development for everybody from entrepreneurs to large enterprises," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
I think DevOps is now a rambunctious teenager - it's starting to get a mind of its own, wanting to get its own things but it still needs some adult supervision," explained Thomas Hooker, VP of marketing at CollabNet, in this SYS-CON.tv interview at DevOps Summit at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...