Adtran, inc. reports earnings for the third quarter 2018 and declares
quarterly cash dividend
Huntsville, ala.--(business wire)--adtran, inc. (nasdaq: adtn) reported results for the third quarter 2018. for the quarter, sales were $140.3 million compared to $185.1 million for the third quarter of 2017. net income was $7.6 million compared to $15.9 million for the third quarter of 2017. earnings per share, assuming dilution, were $0.16 compared to $0.33 for the third quarter of 2017. non-gaap earnings per share were $0.21 compared to $0.37 for the third quarter of 2017. gaap earnings per share include the expense of stock-based compensation, acquisition related amortizations and other expenses, and restructuring expenses. the reconciliation between gaap earnings per share, diluted, and non-gaap earnings per share, diluted, is in the table provided. adtran chairman and chief executive officer tom stanton stated, “total revenue for the quarter grew 10% sequentially, including the effect of a late start to our g.fast shipments to the asia-pacific region. notwithstanding the g.fast shipment impact, our third quarter results showed strong improvements in gross margins and operating expenses. on a regional basis, sales contributions followed typical seasonal patterns with growth in the americas, expected seasonal declines in europe and growth in asia-pacific, driven by new customer activity. looking forward, we are very encouraged by the continued momentum in ultra-broadband shipments to both carriers and msos globally as service providers continue to evolve their networks to meet changing customer expectations.” the company also announced that its board of directors declared a cash dividend for the third quarter of 2018. the quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on october 31, 2018. the ex-dividend date is october 30, 2018, and the payment date is november 14, 2018. the company confirmed that it will hold its third quarter conference call wednesday, october 17, 2018, at 9:30 a.m. central time. adtran will webcast this conference. to listen, simply visit the investor relations site at www.investors.adtran.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, as well as the text of the company’s earnings release, will be available on the investor relations site approximately 24 hours following the call and will remain available for at least 12 months. for more information, visit www.investors.adtran.com or via email at investor.relations@adtran.com. adtran, inc. is the 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. please visit us at www.adtran.com, linkedin, facebook and twitter. 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, 2017. 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) consolidated statements of income(unaudited)(in thousands, except per share data) (1) assumes exercise of dilutive stock options calculated under the treasury stock method. consolidated statements of comprehensive income(unaudited)(in thousands) consolidated statements of cash flows(unaudited)(in thousands) supplemental informationrestructuring expenses(unaudited)(in thousands) restructuring expense was recorded in the following consolidated statements of income categories for the three and nine months ended september 30, 2018 and 2017: supplemental informationacquisition related expenses, amortizations and adjustments(unaudited)(in thousands) on august 4, 2011, we closed on the acquisition of bluesocket, inc., on may 4, 2012, we closed on the acquisition of the nokia siemens networks broadband access business (nsn bba), on september 13, 2016, we closed on the acquisition of commscope’s active fiber business (commscope), and on march 19, 2018, we closed on the acquisition of sumitomo electric lightwave corp.’s north american epon business (sumitomo). acquisition related expenses, amortizations and adjustments for the three and nine months ended september 30, 2018 and 2017 for all four transactions are as follows: amortization of other purchase accounting adjustments the acquisition related expenses, amortizations and adjustments above were recorded in the following consolidated statements of income categories for the three and nine months ended september 30, 2018 and 2017: total acquisition related expenses, amortizations and adjustments included in operating expenses total acquisition related expenses, amortizations and adjustments supplemental informationstock-based compensation expense(unaudited)(in thousands) tax benefit for expense associated with non-qualified options, psus, rsus and restricted stock reconciliation of gaap net income per share, diluted, tonon-gaap net income per share, diluted(unaudited) (1) table may not foot due to rounding
