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ADTRAN Releases First Quarter 2010 Results

TMCnews Featured Article


April 16, 2010

ADTRAN Releases First Quarter 2010 Results

By Susan J. Campbell, TMCnet Contributing Editor


ADTRAN, Inc. has announced first quarter 2010 results. The company is sure to be celebrating as sales and net income both increased, while earnings per share also showed a higher return than the first quarter of 2009. In a time where frivolous spending in the corporate sector is nearly dead, this company is flourishing.



Sales for ADTRAN (News - Alert) increased 15 percent to $127,027,000 for the quarter, compared to $110,364,000 for the first quarter of 2009. An increase in net income of 20 percent returned $18,194,000 for the quarter, compared to $15,184,000 Earnings per share settled at $0.29 for the quarter, compared to $0.24 for the first quarter of 2009.

ADTRAN CEO Tom Stanton said in a statement, 'We are pleased with our first quarter results which were driven by accelerating deployments of our wide portfolio of converged access solutions. Our Broadband Access category led the increase in revenue growing a notable 64 percent over the prior year and setting a new record level.

'Internetworking revenues also showed an impressive performance posting 45 percent year over year growth. The broad based increase in revenue points to the success of our positioning in an environment where carriers and enterprises are selectively accelerating investment to realize benefit from this new era of converged services,' said Stanton.

The provision of income taxes in the first quarter of this year proved to be higher as a result of delays in federal legislation required to extend research tax credits for 2010. At the same time, stock-based compensation expense for the first quarter reduced diluted earnings per share by $0.02 compared to $0.03.

ADTRAN's Board of Directors declared a cash dividend for the first quarter of 2010, which is $0.09 per common share to be paid to holders of record at the close of business on April 29, 2010. The ex-dividend date is April 27, 2010, with a payment date of May 13, 2010.

In other ADTRAN news, the company recently weighed in on rule changes for the Broadband Stimulus Program. Gary Bolton (News - Alert), vice president of global marketing, ADTRAN, said the company found a few flaws with the first round of applications. For example, Tier 1 carriers did not apply for funding and few Tier 2 carriers applied, as well, he said.
 


Susan J. Campbell is a contributing editor for TMCnet and has also written for eastbiz.com. To read more of Susan's articles, please visit her columnist page.

Edited by Stefania Viscusi








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