Adtran, inc. reports record results for the first quarter 2017 and
declares quarterly cash dividend
Huntsville, ala.--(business wire)--adtran, inc. (nasdaq:adtn) reported results for the first quarter 2017. for the quarter, sales were $170.3 million compared to $142.2 million for the first quarter of 2016. net income was $6.7 million compared to $5 million for the first quarter of 2016. earnings per share, assuming dilution, were $0.14 compared to $0.10 for the first quarter of 2016. non-gaap earnings per share were $0.18 compared to $0.14 for the first 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, “we started 2017 setting a company record for first quarter revenue, driven by increasing momentum in our ultra-broadband product sales and continuing strength in our services area. most notably, we had very strong performances in our fiber to the premises and vectoring products in both our domestic and international markets. adtran continues to be at the forefront of enabling 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 first 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 may 4, 2017. the ex-dividend date is may 2, 2017, and the payment date is may 18, 2017. the company confirmed that its first quarter conference call will be held wednesday, april 19, 2017, 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 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. condensed consolidated balance sheet (unaudited) (in thousands) march 31,2017 december 31,2016 consolidated statements of income (unaudited) (in thousands, except per share data) consolidated statements of comprehensive income (unaudited) (in thousands) consolidated statements of cash flows (unaudited) (in thousands) supplemental information acquisition 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 months ended march 31, 2017 and 2016 for all three transactions are as follows: total acquisition related expenses, amortizations and adjustments the acquisition related expenses, amortizations and adjustments above were recorded in the following consolidated statements of income categories for the three months ended march 31, 2017 and 2016: total acquisition related expenses, amortizations and adjustments included in operating expenses supplemental information stock-based compensation expense (unaudited) (in thousands) tax benefit for expense associated with non-qualified options,restricted stock units and restricted stock reconciliation of gaap net income per share, diluted, to non-gaap net income per share, diluted (unaudited)
