ADTRAN, Inc. reports earnings for the first quarter of 2020 and declares quarterly cash dividend
May 11, 2020
May 7, 2020 - HUNTSVILLE, Ala., USA: ADTRAN, Inc. (NASDAQ:ADTN) (“ADTRAN” or the “Company”) today announced financial results for the first quarter of 2020. For the quarter, revenue was $114.5 million compared to $143.8 million for the first quarter of 2019. Earnings for the first quarter of 2020 were a net loss of $10.0 million compared to net income of $0.8 million for the first quarter of 2019. Earnings per share was a loss of $0.21 per share compared to earnings of $0.02 per share, assuming dilution, for the first quarter of 2019.
Non-GAAP earnings were a net loss of $2.2 million compared to a non-GAAP net income of $4.9 million for the first quarter of 2019. Non-GAAP earnings per share was a loss of $0.05 per share compared to a non-GAAP earnings of $0.10 per share, assuming dilution, for the first quarter of 2019.
Non-GAAP net income (loss) and non-GAAP earnings (loss) per share exclude stock-based compensation expense, acquisition related expenses, amortizations and adjustments, restructuring expenses, amortization of pension actuarial losses, valuation allowance related to our deferred tax assets, asset impairments and deferred compensation related adjustments. The reconciliations between GAAP net income (loss) and earnings (loss) per share to non-GAAP net income (loss) and non-GAAP earnings (loss) per share are set forth in the table provided below.
ADTRAN Chairman and Chief Executive Officer Tom Stanton stated, “While COVID-19 has certainly impacted the way we work and live, it has also underscored the value and integral role the telecommunications industry plays in keeping everyone connected. For ADTRAN, the first quarter came in largely as anticipated.
We experienced solid demand, and even in a challenging supply chain environment we had solid growth in our domestic regional and emerging service provider market segments. In addition, several Tier 1 operators have recently selected ADTRAN as their software-defined access platform and solution integration partner for their next generation fiber networks.”
The Company also announced that its Board of Directors declared a cash dividend for the first quarter of 2020. The quarterly cash dividend is $0.09 per common share, to be paid to the Company’s stockholders of record as of the close of business on May 21, 2020. The payment date will be June 4, 2020.
The Company confirmed that it will hold a conference call to discuss its first quarter results on Thursday, May 7, 2020, at 9:30 a.m. Central Time. ADTRAN will webcast this conference call. To listen, visit the Investor Relations site at www.investors.adtran.com approximately ten minutes prior to the start of the call and click on the conference call link provided.
An online replay of the Company’s conference call, as well as the text of the Company's conference call, will be available on the Investor Relations site approximately 24 hours following the call and will remain available for at least 12 months. For more information, visit www.investors.adtran.com or email at firstname.lastname@example.org.
At ADTRAN, we believe amazing things happen when people connect. From the cloud edge to the subscriber edge, we help communications service providers around the world manage and scale services that connect people, places and things to advance human progress. Whether rural or urban, domestic or international, telco or cable, enterprise or residential—ADTRAN solutions optimize existing technology infrastructures and create new, multi-gigabit platforms that leverage cloud economics, data analytics, machine learning and open ecosystems—the future of global networking. Find more at ADTRAN.com, LinkedIn and Twitter.
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