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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
ADTRAN, Inc. (NASDAQ:ADTN) reported results for the fourth quarter 2012.
For the quarter, sales were $139,756,000 compared to $175,286,000 for
the fourth quarter of 2011. Net income was $3,961,000 for the quarter
compared to $31,163,000 for the fourth quarter of 2011. Earnings per
share, assuming dilution, were $0.06 for the quarter compared to $0.48
for the fourth quarter of 2011. Non-GAAP earnings per share for the
quarter were $0.11 compared to $0.54 for the fourth quarter of 2011. 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, “Our fourth quarter
results came in largely as expected with both our carrier and enterprise
divisions performing to forecast. Our focus remains on capitalizing on
the significant network upgrades that lie ahead of us while maintaining
tight cost control as we navigate through the current environment.”
The Company also announced that its Board of Directors declared a cash
dividend for the fourth 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 February 7, 2013. The ex-dividend date is February 5, 2013
and the payment date is February 21, 2013.
Non-GAAP earnings per share exclude the effect of acquisition related
expenses, amortizations and adjustments, and stock compensation expense.
The Company confirmed that its fourth quarter conference call will be
held Wednesday, January 16, 2013 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 info@adtran.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, 2011 and on Form 10-Q for the quarter ended September 30, 2012.
These risks and uncertainties could cause actual results to differ
materially from those in the forward-looking statements included in this
press release.
Condensed Consolidated Balance Sheet
(Unaudited)
(In thousands)
December 31, 2012
December 31, 2011
Assets
Cash and cash equivalents
$
68,457
$
42,979
Short-term investments
160,481
159,347
Accounts receivable, net
81,194
76,130
Other receivables
16,253
9,743
Inventory
102,583
87,800
Prepaid expenses
4,148
3,119
Deferred tax assets, net
13,055
12,125
Total Current Assets
446,171
391,243
Property, plant and equipment, net
80,246
75,295
Deferred tax assets, net
10,261
8,345
Goodwill
3,492
3,492
Other assets
13,482
7,131
Long-term investments
332,729
332,008
Total Assets
$
886,381
$
817,514
Liabilities and Stockholders' Equity
Accounts payable
$
42,173
$
29,404
Unearned revenue
38,051
9,965
Accrued expenses
10,309
5,876
Accrued wages and benefits
15,022
13,518
Income tax payable, net
1,211
3,169
Total Current Liabilities
106,766
61,932
Non-current unearned revenue
23,803
4,874
Other non-current liabilities
17,406
12,077
Bonds payable
46,000
46,500
Total Liabilities
193,975
125,383
Stockholders' Equity
692,406
692,131
Total Liabilities and Stockholders' Equity
$
886,381
$
817,514
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
Sales
$
139,756
$
175,286
$
620,614
$
717,229
Cost of sales
72,373
76,066
303,971
302,911
Gross Profit
67,383
99,220
316,643
414,318
Selling, general and administrative expenses
31,393
32,954
134,523
124,879
Research and development expenses
33,116
25,151
125,951
100,301
Operating Income
2,874
41,115
56,169
189,138
Interest and dividend income
2,006
1,813
7,657
7,642
Interest expense
(591
)
(603
)
(2,347
)
(2,398
)
Net realized investment gain
2,197
3,333
9,550
12,454
Other income (expense), net
(82
)
(297
)
183
(694
)
Gain on bargain purchase of a business
-
-
1,753
-
Income before provision for income taxes
6,404
45,361
72,965
206,142
Provision for income taxes
(2,443
)
(14,198
)
(25,702
)
(67,565
)
Net Income
$
3,961
$
31,163
$
47,263
$
138,577
Weighted average shares outstanding - basic
62,542
63,685
63,259
64,145
Weighted average shares outstanding - diluted (1)
62,690
64,586
63,774
65,416
Earnings per common share - basic
$
0.06
$
0.49
$
0.75
$
2.16
Earnings per common share - diluted (1)
$
0.06
$
0.48
$
0.74
$
2.12
(1) Assumes exercise of dilutive stock options calculated
under the treasury stock method.
Consolidated Statements of Comprehensive Income
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
Net Income
$
3,961
$
31,163
$
47,263
$
138,577
Other Comprehensive Income (Loss), net of tax:
Net change in unrealized gains (losses) on marketable securities
(2,042
)
(1,745
)
(187
)
(13,004
)
Reclassification adjustments for amounts included in net income
(29
)
(6
)
135
(688
)
Defined benefit plan adjustments
(1,952
)
-
(1,952
)
-
Foreign currency translation
(21
)
877
170
(154
)
Other Comprehensive Income (Loss), net of tax
(4,044
)
(874
)
(1,834
)
(13,846
)
Comprehensive Income (Loss), net of tax
$
(83
)
$
30,289
$
45,429
$
124,731
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Twelve Months Ended
December 31,
2012
2011
Cash flows from operating activities:
Net income
$
47,263
$
138,577
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization
14,079
11,499
Amortization of net premium on available-for-sale investments
8,257
6,617
Net realized gain on long-term investments
(9,550
)
(12,454
)
Net (gain) loss on disposal of property, plant and equipment
(214
)
6
Gain on bargain purchase of a business
(1,753
)
-
Stock-based compensation expense
9,264
9,169
Deferred income taxes
(3,785
)
575
Tax benefit from stock option exercises
1,905
10,525
Excess tax benefits from stock-based compensation arrangements
(1,456
)
(9,373
)
Change in operating assets and liabilities:
Accounts receivable, net
(4,365
)
(4,939
)
Other receivables
2,977
(5,781
)
Income tax receivable, net
-
2,741
Inventory
7,163
(12,734
)
Prepaid expenses and other assets
(1,045
)
522
Accounts payable
7,265
6,178
Accrued expenses and other liabilities
11,583
6,309
Income tax payable, net
(1,960
)
3,169
Net cash provided by operating activities
85,628
150,606
Cash flows from investing activities:
Purchases of property, plant and equipment
(12,075
)
(11,912
)
Proceeds from disposals of property, plant and equipment
266
-
Proceeds from sales and maturities of available-for-sale investments
282,039
466,243
Purchases of available-for-sale investments
(282,740
)
(554,629
)
Acquisition of business
7,496
(22,661
)
Net cash used in investing activities
(5,014
)
(122,959
)
Cash flows from financing activities:
Proceeds from stock option exercises
6,049
34,125
Purchases of treasury stock
(39,362
)
(35,565
)
Dividend payments
(22,813
)
(23,124
)
Payments on long-term debt
(500
)
(1,000
)
Excess tax benefits from stock-based compensation arrangements
1,456
9,373
Net cash used in financing activities
(55,170
)
(16,191
)
Net increase in cash and cash equivalents
25,444
11,456
Effect of exchange rate changes
34
(154
)
Cash and cash equivalents, beginning of period
42,979
31,677
Cash and cash equivalents, end of period
$
68,457
$
42,979
Supplemental Information
Acquisition Related Expenses, Amortizations and Adjustments
(Unaudited)
(In thousands)
On August 4, 2011, we closed on the acquisition of Bluesocket,
Inc. and on May 4, 2012, we closed on the acquisition of the Nokia
Siemens Networks Broadband Access business (NSN BBA). Acquisition
related expenses, amortizations and adjustments for the three and
twelve months ended December 31, 2012 and 2011 for both
transactions are as follows:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
Bluesocket, Inc. acquisition
Amortization of acquired intangible assets
$
267
$
297
$
1,020
$
495
Amortization of other purchase accounting adjustments
29
304
443
521
Acquisition related professional fees, travel and other expenses
-
100
-
730
Subtotal
296
701
1,463
1,746
NSN BBA acquisition
Amortization of acquired intangible assets
290
-
762
-
Amortization of other purchase accounting adjustments
587
-
2,305
-
Acquisition related professional fees, travel and other expenses
323
1,035
4,860
2,027
Subtotal
1,200
1,035
7,927
2,027
Total acquisition related expenses, amortizations and adjustments
1,496
1,736
9,390
3,773
Tax effect
(488
)
(658
)
(3,148
)
(1,434
)
Total acquisition related expenses, amortizations and
adjustments, net of tax
$
1,008
$
1,078
$
6,242
$
2,339
The acquisition related expenses, amortizations and adjustments
above were recorded in the following Consolidated Statements of
Income categories for the three and twelve months ended December
31, 2012 and 2011:
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
Revenue (adjustments to deferred revenue recognized in the period)
$
377
$
207
$
1,528
$
362
Cost of goods sold
154
99
1,086
165
Subtotal
531
306
2,614
527
Selling, general and administrative expenses
330
1,133
4,510
2,557
Research and development expenses
635
297
2,266
689
Subtotal
965
1,430
6,776
3,246
Total acquisition related expenses, amortizations and adjustments
1,496
1,736
9,390
3,773
Tax effect
(488
)
(658
)
(3,148
)
(1,434
)
Total acquisition related expenses, amortizations and
adjustments, net of tax
$
1,008
$
1,078
$
6,242
$
2,339
Supplemental Information
Stock-based Compensation Expense
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
Stock-based compensation expense included in cost of sales
$
118
$
132
$
422
$
412
Selling, general and administrative expense
1,146
1,220
4,351
4,316
Research and development expense
1,217
1,362
4,491
4,441
Stock-based compensation expense included in operating expenses
2,363
2,582
8,842
8,757
Total stock-based compensation expense
2,481
2,714
9,264
9,169
Tax benefit for expense associated with non-qualified options
(318
)
(303
)
(1,234
)
(1,321
)
Total stock-based compensation expense, net of tax
$
2,163
$
2,411
$
8,030
$
7,848
Reconciliation of GAAP net income per share, diluted, to
Non-GAAP net income per share, diluted
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2012
2011
2012
2011
GAAP earnings per common share – diluted
$
0.06
$
0.48
$
0.74
$
2.12
Acquisition related expenses, amortizations and adjustments
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