Networking and communications equipment provider ADTRAN Inc. (ADTN: Quote) reported that its first quarter net income declined to $12.96 million from $34.26 million in the prior year quarter. Earnings per share, assuming dilution, were $0.20 for the quarter compared to $0.52 a year earlier. Non-GAAP earnings per share for the quarter were $0.25 compared to $0.55 for the first quarter of 2011.
On average, 11 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates usually exclude one-time items
Quarterly sales were $134.74 million, down from $165.52 million in the previous year. Analysts expected the company to generate revenues of $134.15 million for the quarter.
The company also announced that its Board of Directors declared first quarter cash dividend of $0.09 per common share to be paid to holders of record at the close of business on April 26, 2012. The ex-dividend date is April 24, 2012 and the payment date is May 10, 2012.
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by RTT Staff Writer
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