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ADTRAN zu myNews hinzufügen Was ist das?
ADTRAN, Inc. (NASDAQ:ADTN) reported results for the third quarter of 2010. Sales increased 27% to a record level of $162,957,000 for the quarter, compared to $128,062,000 for the third quarter of 2009. Operating income increased 56% to $45,045,000 for the quarter compared to $28,959,000 for the third quarter of 2009. Net income increased 49% to $32,084,000 for the quarter, compared to $21,583,000 for the third quarter of 2009. Earnings per share, assuming dilution, increased 47% to $0.50 for the quarter, compared to $0.34 for the third quarter of 2009.
ADTRAN Chief Executive Officer Tom Stanton stated, "During the quarter, we continued to benefit from our positioning with industry growth areas as we experienced increased revenues across all our carrier segments and all our enterprise channels. Increasing demand for high speed residential and enterprise network services coupled with accelerating growth in mobile demand all led to a record revenue performance. Our Broadband Access category led this increase achieving 53% growth over the prior year, setting a new record level. This was followed by our Internetworking category which posted 39% year over year growth, also achieving a record level. We believe the broad based increase in revenue we are seeing demonstrates the success of our strategies to sustain solid, long term growth for our company.”
The Company also reported that the provision for income taxes in the third quarter of 2010 did not include a benefit from research tax credits due to delays in federal legislation required to extend research tax credits for the 2010 year.
The Company reported that stock-based compensation expense for the third quarter of 2010 reduced diluted earnings per share by $0.03 compared to a reduction of $0.02 for the third quarter of 2009.
The Company also announced that its Board of Directors declared a cash dividend for the third quarter of 2010. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on October 28, 2010. The ex-dividend date is October 26, 2010 and the payment date is November 11, 2010.
The Company confirmed that its third quarter conference call will be held Wednesday, October 13, 2010 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 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 1,700 solutions for use in the last mile of today's telecommunications networks. Widely deployed by carriers and enterprises alike, ADTRAN solutions enable voice, data, video, and Internet communications across a variety of 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 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, 2009 and our quarterly report on Form 10-Q for the quarter ended June 30, 2010. 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 |
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|
Unaudited |
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|
(In thousands) |
||||||||
|
September 30, 2010 |
December 31, 2009 |
|||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 26,062 | $ | 24,135 | ||||
| Short-term investments | 156,868 | 172,469 | ||||||
| Accounts receivable, net | 69,395 | 68,044 | ||||||
| Other receivables | 7,353 | 4,097 | ||||||
| Inventory, net | 69,952 | 45,674 | ||||||
| Prepaid expenses | 3,493 | 2,795 | ||||||
| Deferred tax assets, net | 10,067 | 8,603 | ||||||
| Total current assets | 343,190 | 325,817 | ||||||
| Property, plant and equipment, net | 74,098 | 74,309 | ||||||
| Other assets | 2,034 | 2,168 | ||||||
| Long-term investments | 238,382 | 162,169 | ||||||
| Total assets | $ | 657,704 | $ | 564,463 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Accounts payable | $ | 26,970 | $ | 25,782 | ||||
| Unearned revenue | 8,136 | 7,138 | ||||||
| Accrued expenses | 5,610 | 4,202 | ||||||
| Accrued wages and benefits | 13,259 | 7,634 | ||||||
| Income tax payable, net | 1,896 | 3,017 | ||||||
| Total current liabilities | 55,871 | 47,773 | ||||||
| Deferred tax liabilities, net | 6,608 | 5,035 | ||||||
| Other non-current liabilities | 10,909 | 11,390 | ||||||
| Bonds payable | 47,750 | 47,750 | ||||||
| Total liabilities | 121,138 | 111,948 | ||||||
| Stockholders' equity | 536,566 | 452,515 | ||||||
| Total liabilities and stockholders' equity | $ | 657,704 | $ | 564,463 | ||||
|
Consolidated Statements of Income |
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|
Unaudited |
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|
(In thousands, except per share data) |
||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2010 | 2009 | 2010 | 2009 | |||||||||||||||||
| Sales | $ | 162,957 | $ | 128,062 | $ | 440,345 | $ | 359,954 | ||||||||||||
| Cost of Sales | 65,658 | 53,605 | 178,389 | 146,347 | ||||||||||||||||
| Gross Profit | 97,299 | 74,457 | 261,956 | 213,607 | ||||||||||||||||
| Selling, general and administrative expenses | 29,452 | 25,001 | 85,111 | 73,583 | ||||||||||||||||
| Research and development expenses | 22,802 | 20,497 | 67,838 | 62,029 | ||||||||||||||||
| Operating income | 45,045 | 28,959 | 109,007 | 77,995 | ||||||||||||||||
| Interest and dividend income | 1,622 | 1,798 | 4,803 | 5,273 | ||||||||||||||||
| Interest expense | (630 | ) | (613 | ) | (1,828 | ) | (1,825 | ) | ||||||||||||
| Net realized investment gain (loss) | 3,399 | 760 | 8,055 | (1,443 | ) | |||||||||||||||
| Other income (expense), net | (266 | ) | 107 | (641 | ) | 72 | ||||||||||||||
| Income before provision for income taxes | 49,170 | 31,011 | 119,396 | 80,072 | ||||||||||||||||
| Provision for income taxes | (17,086 | ) | (9,428 | ) | (41,367 | ) | (24,466 | ) | ||||||||||||
| Net Income | $ | 32,084 | $ | 21,583 | $ | 78,029 | $ | 55,606 | ||||||||||||
| Weighted average shares outstanding - basic | 62,771 | 62,762 | 62,316 | 62,417 | ||||||||||||||||
| Weighted average shares outstanding - diluted (1) | 64,300 | 63,870 | 63,638 | 63,258 | ||||||||||||||||
| Earnings per common share - basic | $ | 0.51 | $ | 0.34 | $ | 1.25 | $ | 0.89 | ||||||||||||
| Earnings per common share - diluted (1) | $ | 0.50 | $ | 0.34 | $ | 1.23 | $ | 0.88 | ||||||||||||
| (1) Assumes exercise of dilutive stock options calculated under the treasury stock method. | ||||||||||||||||||||
|
Supplemental Information |
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|
Stock Based Compensation Expense |
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|
Unaudited |
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|
(In thousands) |
||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
|
|
2010 | 2009 | 2010 | 2009 | ||||||||||||||||
| Stock-based compensation expense included in cost of sales | $ | 69 | $ | 66 | $ | 210 | $ | 196 | ||||||||||||
| Selling, general and administrative expense | 775 | 658 | 2,360 | 2,160 | ||||||||||||||||
| Research and development expense | 886 | 860 | 2,657 | 2,639 | ||||||||||||||||
| Stock-based compensation expense included in operating expenses | 1,661 | 1,518 | 5,017 | 4,799 | ||||||||||||||||
| Total stock-based compensation expense | 1,730 | 1,584 | 5,227 | 4,995 | ||||||||||||||||
| Tax benefit for expense associated with non-qualified options | (43 | ) | (157 | ) | (415 | ) | (453 | ) | ||||||||||||
| Total stock-based compensation expense, net of tax | $ | 1,687 | $ | 1,427 | $ | 4,812 | $ | 4,542 | ||||||||||||
|
Consolidated Statements of Cash Flow |
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|
Unaudited |
||||||||||
|
(In thousands) |
||||||||||
| Nine Months Ended | ||||||||||
| September 30, | ||||||||||
| 2010 | 2009 | |||||||||
| Cash flows from operating activities: | ||||||||||
| Net income | $ | 78,029 | $ | 55,606 | ||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
| Depreciation and amortization | 7,842 | 7,521 | ||||||||
| Amortization of net premium on available-for-sale investments | 3,267 | 2,626 | ||||||||
| Net realized (gain) loss on long-term investments | (8,055 | ) | 1,443 | |||||||
| Net (gain) loss on disposal of property, plant and equipment | 9 | (32 | ) | |||||||
| Stock-based compensation expense | 5,227 | 4,995 | ||||||||
| Deferred income taxes | (1,624 | ) | (1,119 | ) | ||||||
| Tax benefit from stock option exercises | 4,459 | 1,416 | ||||||||
| Excess tax benefit from stock-based compensation arrangements | (3,986 | ) | (906 | ) | ||||||
| Change in operating assets and liabilities: | ||||||||||
| Accounts receivable, net | (1,351 | ) | (12,402 | ) | ||||||
| Other receivables | (3,256 | ) | (1,241 | ) | ||||||
| Inventory | (24,278 | ) | 2,710 | |||||||
| Prepaid expenses and other assets | (829 | ) | 90 | |||||||
| Accounts payable | 1,188 | 5,792 | ||||||||
| Accrued expenses and other liabilities | 7,525 | 2,495 | ||||||||
| Income tax payable, net | (1,121 | ) | 3,766 | |||||||
| Net cash provided by operating activities | 63,046 | 72,760 | ||||||||
| Cash flows from investing activities: | ||||||||||
| Purchases of property, plant and equipment | (7,375 | ) | (6,710 | ) | ||||||
| Proceeds from sales and maturities of available-for-sale investments | 221,173 | 140,047 | ||||||||
| Purchases of available-for-sale investments | (272,383 | ) | (217,669 | ) | ||||||
| Acquisition of business, net of cash acquired | - | (1,370 | ) | |||||||
| Net cash used in investing activities | (58,585 | ) | (85,702 | ) | ||||||
| Cash flows from financing activities: | ||||||||||
| Proceeds from stock option exercises | 19,769 | 12,673 | ||||||||
| Purchases of treasury stock | (10,330 | ) | (2,780 | ) | ||||||
| Dividend payments | (16,822 | ) | (16,830 | ) | ||||||
| Excess tax benefits from stock-based compensation arrangements | 3,986 | 906 | ||||||||
| Net cash used in financing activities | (3,397 | ) | (6,031 | ) | ||||||
| Net increase (decrease) in cash and cash equivalents | 1,064 | (18,973 | ) | |||||||
| Effect of exchange rate changes | 863 | 2,300 | ||||||||
| Cash and cash equivalents, beginning of period | 24,135 | 41,909 | ||||||||
| Cash and cash equivalents, end of period | $ |
26,062 |
$ | 25,236 | ||||||
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07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
12.04.12 | ADTRAN Beats Estimates but Has a Big Earnings Drop (EN, MotleyFool) |
11.04.12 | Wall Street-Schluss: US-Börsen schließen nach Konjunkturdaten fester (Aktiencheck) |
11.04.12 | Adtran shares rise on strong 1Q profit (EN, Yahoo) |
11.04.12 | Wall Street Update: US-Börsen im Mittagshandel weiter fester (Aktiencheck) |
11.04.12 | Wall Street Eröffnung: Deutliche Zugewinne zu Handelsbeginn, Alcoa im Fokus (Aktiencheck) |
11.04.12 | ADTRAN muss deutlichen Gewinnrückgang ausweisen (Aktiencheck) |
07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
11.04.12 | ADTRAN, Inc. Reports Results for the First Quarter 2012 and Declares Quarterly Cash Dividend (Businesswire) |
03.04.12 | ADTRAN, Inc. to Release First Quarter Earnings on April 11, 2012 (Businesswire) |
15.03.12 | ADTRAN, Inc. Announces Revised First Quarter Revenue and Earnings Estimate (Businesswire) |
18.01.12 | ADTRAN, Inc. Reports Results for the Fourth Quarter and Full Year 2011 and Declares Quarterly Cash Dividend (Businesswire) |
09.01.12 | ADTRAN, Inc. to Release Fourth Quarter Earnings on January 18, 2012 (Businesswire) |
12.12.11 | ADTRAN soll Festnetz-Breitbandgeschäft von Nokia Siemens Networks übernehmen (Businesswire) |
11.04.12 | ADTRAN muss deutlichen Gewinnrückgang ausweisen (Aktiencheck) |
15.03.12 | ADTRAN gibt schwachen Ausblick für das erste Quartal (Aktiencheck) |
12.12.11 | Nokia Siemens Networks verkauft Breitband-Geschäft an Adtran (Heise) |
12.12.11 | Festnetzbereich: Nokia Siemens verkauft Sparte an Adtran (Handelsblatt) |
12.12.11 | Nokia Siemens Networks gibt Geschäftsbereich an Adtran ab (Dow Jones) |
12.10.11 | ADTRAN kann Gewinn verbessern (Aktiencheck) |
13.07.11 | ADTRAN kann Ergebnis deutlich verbessern (Aktiencheck) |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
11.04.12 | Wall Street-Schluss: US-Börsen schließen nach Konjunkturdaten fester (Aktiencheck) |
11.04.12 | Wall Street Update: US-Börsen im Mittagshandel weiter fester (Aktiencheck) |
11.04.12 | Wall Street Eröffnung: Deutliche Zugewinne zu Handelsbeginn, Alcoa im Fokus (Aktiencheck) |
11.04.12 | ADTRAN muss deutlichen Gewinnrückgang ausweisen (Aktiencheck) |
11.04.12 | DAX schließt mit deutlichem Gewinn -- Wall Street fest -- Apple wegen Preisabsprachen bei E-Books verklagt -- Nokia senkt Ausblick für Handysparte - Aktie bricht ein -- VW, Givaudan, BMW im Fokus (finanzen.net) |
15.03.12 | Wall Street Schluss: US-Börsen legen nach positiven Konjunkturdaten weiter zu (Aktiencheck) |
15.03.12 | Wall Street Update: US-Börsen nach Konjunkturdaten fester, Winnebago springen nach oben (Aktiencheck) |
07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
12.04.12 | ADTRAN Beats Estimates but Has a Big Earnings Drop (EN, MotleyFool) |
11.04.12 | Adtran shares rise on strong 1Q profit (EN, Yahoo) |
11.04.12 | ADTRAN, Inc. Reports Results for the First Quarter 2012 and Declares Quarterly Cash Dividend (Businesswire) |
03.04.12 | ADTRAN, Inc. to Release First Quarter Earnings on April 11, 2012 (Businesswire) |
15.03.12 | Adtran Lowers Q4 Sales Forecast (EN, Benzinga earnings) |
15.03.12 | ADTRAN, Inc. Announces Revised First Quarter Revenue and Earnings Estimate (Businesswire) |
26.01.12 | Here's How ADTRAN Is Making You So Much Cash (EN, MotleyFool) |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
12.12.11 | ADTRAN soll Festnetz-Breitbandgeschäft von Nokia Siemens Networks übernehmen (Businesswire) |
07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
11.04.12 | ADTRAN, Inc. Reports Results for the First Quarter 2012 and Declares Quarterly Cash Dividend (Businesswire) |
03.04.12 | ADTRAN, Inc. to Release First Quarter Earnings on April 11, 2012 (Businesswire) |
15.03.12 | ADTRAN, Inc. Announces Revised First Quarter Revenue and Earnings Estimate (Businesswire) |
18.01.12 | ADTRAN, Inc. Reports Results for the Fourth Quarter and Full Year 2011 and Declares Quarterly Cash Dividend (Businesswire) |
09.01.12 | ADTRAN, Inc. to Release Fourth Quarter Earnings on January 18, 2012 (Businesswire) |
12.12.11 | ADTRAN to Acquire Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
12.10.11 | ADTRAN, Inc. Reports Record Results for Third Quarter 2011, Announces Additional Five Million Share Repurchase Plan and Declares Quarterly Cash Dividend (Businesswire) |
| Keine Nachrichten im Zeitraum eines Monats in dieser Kategorie verfügbar |
| Keine Nachrichten im Zeitraum eines Monats in dieser Kategorie verfügbar |
| Keine Nachrichten im Zeitraum eines Monats in dieser Kategorie verfügbar |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
07.05.12 | ADTRAN schließt Übernahme des Festnetz-Breitbandzugangsgeschäfts von Nokia Siemens Networks ab (Businesswire) |
07.05.12 | ADTRAN Completes Acquisition of Nokia Siemens Networks Fixed Line Broadband Access Business (Businesswire) |
Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen
Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen
vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden
| 10.05.12 | ADTRAN overweight | Barclays Capital | |
| 19.03.12 | ADTRAN overweight | Barclays Capital | |
| 20.01.12 | ADTRAN overweight | Barclays Capital | |
| 19.01.12 | ADTRAN hold | Needham & Company, LLC | |
| 14.12.11 | ADTRAN overweight | Barclays Capital |
| 10.05.12 | ADTRAN overweight | Barclays Capital | |
| 19.03.12 | ADTRAN overweight | Barclays Capital | |
| 20.01.12 | ADTRAN overweight | Barclays Capital | |
| 14.12.11 | ADTRAN overweight | Barclays Capital | |
| 14.10.11 | ADTRAN overweight | Barclays Capital |
| 19.01.12 | ADTRAN hold | Needham & Company, LLC | |
| 20.01.11 | ADTRAN neutral | Credit Suisse Group | |
| 19.01.11 | ADTRAN neutral | Credit Suisse Group | |
| 15.07.10 | ADTRAN neutral | Credit Suisse Group | |
| 16.04.10 | ADTRAN "equal weight" | Barclays Capital |
| 16.04.09 | ADTRAN underperform | Credit Suisse Group | |
| 17.07.08 | ADTRAN underperform | Credit Suisse Group | |
| 23.04.07 | ADTRAN sell | Brean Murray |
Alle: Alle Empfehlungen
Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"
Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"
Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
| ADTRAN Inc. | 24,44 | 1,49% |
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