third-quarter earnings beat analysts' expectations by 4 cents a share thanks to increased operating efficiencies, the company said.
Using standard according, the company earned $3.36 million, or 9 cents a share, compared with $4.95 million, or 13 cents a share, in the year-ago period. Excluding an impairment charge, pro forma earnings were $10.28 million, or 27 cents a share, compared with $4.98 million, or 13 cents a share, last year. Analysts were expecting the company to earn 23 cents a share.
Adtran said operating expenses decreased $3.7 million compared with the third quarter of 2001.
Sales were $88.2 million, compared with $95.5 in the same period last year.
Huntsville, Ala.-based Adtran sells advanced transmission products. The shares closed at $21.01 Friday on the