Adtran Reports Q4 EPS $0.48 vs $0.46 Est; Revenues $175.3M vs $174.71M Est
ADTRAN, Inc. (NASDAQ: ADTN) reported results for the fourth quarter and full year of 2011. For the quarter, sales increased to $175,286,000 compared to $165,329,000 for the fourth quarter of 2010. Net income was $31,163,000 for the quarter compared to $35,960,000 for the fourth quarter of 2010. Earnings per share, assuming dilution, were $0.48 for the quarter compared to $0.56 for the fourth quarter of 2010. For the year, sales increased to a record $717,229,000 compared to $605,674,000 for the year 2010. Net income increased to $138,577,000 for the year compared to $113,989,000 for the year 2010. Earnings per share, assuming dilution, increased to $2.12 for the year compared to $1.78 for the year 2010.
ADTRAN Chief Executive Officer Tom Stanton stated, “Our Company had a solid fourth quarter which contributed to a record year in 2011. Our performance continued to be driven by our core product areas which include Broadband Access, Internetworking and Optical Access. Combined these areas grew 32% for the quarter compared to the same period in 2010. Growth was led by Broadband Access which grew 49% and Internetworking which grew 37% for the quarter. We believe that our strategic areas of focus are well aligned with global market trends and will provide our company long term growth.”
The Company reported that acquisition related expenses, amortizations and adjustments related to the acquisition of Bluesocket, Inc. and the planned acquisition of the NSN Broadband Access business reduced diluted earnings per share by $0.02 for the fourth quarter 2011 and $0.04 for the year 2011.
The Company also reported that stock-based compensation expense reduced diluted earnings per share by $0.04 for the fourth quarter of 2011 compared to a reduction of $0.03 for the fourth quarter of 2010 and reduced diluted earnings per share by $0.12 for the year 2011 compared to $0.11 for the year 2010.
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