Adtran, inc. reports record results for the second quarter 2017 and
declares quarterly cash dividend
Huntsville, ala.--(business wire)--adtran, inc. (nasdaq:adtn) reported results for the second quarter 2017. for the quarter, sales were $184.7 million compared to $162.7 million for the second quarter of 2016. net income was $12.4 million compared to $10.2 million for the second quarter of 2016. earnings per share, assuming dilution, were $0.26 compared to $0.21 for the second quarter of 2016. non-gaap earnings per share were $0.30 compared to $0.25 for the second quarter of 2016. 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, “the company’s performance continues on pace with record sales for the second quarter and the first half of 2017. our record revenue was driven by increasing momentum with our ultra-broadband solutions, where we saw significant year-over-year growth both in the us and europe. we continue to be at the forefront of several inflection points of innovation in the market, including next generation optical access, services transformation and software defined access (sd-access). our services combined with market leading access and software solutions have enabled us to expand our range and reach into new opportunities that show promise for both short and long-term growth. we are pleased with our progress and the market reception to adtran mosaic and our sd-access portfolio as tier 1 operators around the world prepare for the transition to sdn. with our focus on software innovation and domain expertise, adtran is uniquely positioned to enable internet service providers of all types to meet increasing customer demand and decrease their time to market for next generation services.” the company also announced that its board of directors declared a cash dividend for the second quarter of 2017. the quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on august 3, 2017. the ex-dividend date is august 1, 2017, and the payment date is august 17, 2017. the company confirmed that its second quarter conference call will be held wednesday, july 19, 2017, at 9:30 a.m. central time. this conference call will be web cast live through the q4 inc. webcasting service. to listen, simply visit the investor relations site at www.adtran.com/investor 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 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 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, 2016. these risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release. (1) assumes exercise of dilutive stock options calculated under the treasury stock method. 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), and on september 13, 2016, we closed on the acquisition of commscope’s active fiber business (commscope). acquisition related expenses, amortizations and adjustments for the three and six months ended june 30, 2017 and 2016 for all three transactions are as follows: amortization of other purchase accounting adjustments amortization of other purchase accounting adjustments acquisition related professional fees, travel and other expenses subtotal - commscope acquisition total acquisition related expenses, amortizations and adjustments total acquisition related expenses, amortizations and adjustments, net of tax the acquisition related expenses, amortizations and adjustments above were recorded in the following consolidated statements of income categories for the three and six months ended june 30, 2017 and 2016: $ 81 $ total acquisition related expenses, amortizations and adjustments included in operating expenses total acquisition related expenses, amortizations and adjustments ) total acquisition related expenses, amortizations and adjustments, net of tax $ $ tax benefit for expense associated with non-qualified options, psus, rsus and restricted stock
