ADTRAN, Inc. (NASDAQ:
) reported results for the first quarter 2012. For the quarter, sales were $134,735,000 compared to $165,522,000 for the first quarter of 2011. Net income was $12,960,000 for the quarter compared to $34,258,000 for the first quarter of 2011. Earnings per share, assuming dilution, were $0.20 for the quarter compared to $0.52 for the first quarter of 2011. Non-GAAP earnings per share for the quarter were $0.25 compared to $0.55 for the first quarter of 2011. Non-GAAP earnings per share exclude the effect of acquisition related expenses, amortizations and adjustments related to the acquisition of Bluesocket, Inc. and the planned acquisition of the NSN Broadband Access business, and stock compensation expense. The reconciliation between GAAP earnings per share, diluted, and non-GAAP earnings per share, diluted, is in the table provided.
ADTRAN Chief Executive Officer Tom Stanton stated, “As expected, we saw an improvement late in the quarter after a slower than normal start in carrier spending. As a result of this slow start, Broadband Access revenues for the quarter were $49.5 million, in range with the same period last year. Our Internetworking category saw another strong performance with revenues of $41.0 million, an increase of 25% from the same period last year. Revenues for our core product areas in total for the quarter were $104.7 million, basically flat compared to the same period last year. Although the quarter did not meet our initial expectations, we believe the issues relate to timing, not market positioning, and that our strategic areas of focus are well aligned with global market trends and will provide long term growth for our company.”
The Company also announced that its Board of Directors declared a cash dividend for the first quarter of 2012. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on April 26, 2012. The ex-dividend date is April 24, 2012 and the payment date is May 10, 2012.