ADTRAN, Inc. (NASDAQ: ADTN) reported results for the fourth quarter 2013. For the quarter, sales were $159,094,000 compared to $139,756,000 for the fourth quarter of 2012. Operating income was $10,639,000 compared to $2,874,000 for the fourth quarter of 2012. Net Income was $11,840,000 compared to $3,961,000 for the fourth quarter of 2012. Earnings per share, assuming dilution, were $0.20 compared to $0.06 for the fourth quarter of 2012. Non-GAAP earnings per share were $0.25 compared to $0.11 for the fourth quarter of 2012. 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, “We had a solid quarter with revenue coming in at 14% over the same period last year. Growth was driven by our core product areas, Broadband Access, Internetworking and Optical, which were up 25%. Strong performances in EMEA and Latin America helped drive our international revenue up 78%. Our strategy towards geographic diversification continued to pay benefits during the quarter and we believe we are well positioned for the future as our customers leverage technology advancements to improve their competitive position.”
The Company also announced that its Board of Directors declared a cash dividend for the fourth quarter of 2013. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on February 6, 2014. The ex-dividend date is February 4, 2014 and the payment date is February 20, 2014.
The Company confirmed that its fourth quarter conference call will be held Wednesday, January 22, 2014 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 email@example.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, 2012 and on Form 10-Q for the quarter ended September 30, 2013. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.
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