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In a release, the company noted that sales increased 11 percent to $137,195,000 compared to $123,821,000 for the third quarter of 2007. Operating income increased 12 percent for the quarter to $33,678,000 compared to $30,048,000 for the third quarter of 2007. Net income was $22,411,000 for the quarter compared to $21,453,000 for the third quarter of 2007. Earnings per share, assuming dilution, were $0.35 for the quarter compared to $0.31 for the third quarter of 2007.
Adtran CEO Tom Stanton said, "Although economic uncertainty affected us during the latter part of the quarter, our growth businesses - Broadband Access, Optical Access and Internetworking - combined, continued to perform well for the quarter, achieving 26 percent revenue growth compared to third quarter 2007. Internetworking set another record level with 33 percent revenue growth compared to third quarter 2007, and Optical Access achieved a record level with 21 percent growth. This combined with a strong performance by our HDSL products led to our 11 percent revenue increase compared to third quarter 2007. While the industry is facing uncertainty in the near term, we believe our strong operating metrics combined with the long-term opportunities in our growth areas place us in a solid position."
The company also reported that the provision for income taxes in the third quarter of 2008 continued to be unusually high due to delays in federal legislation required to extend research tax credits for the 2008 year. This legislation was finally enacted in the fourth quarter and will apply retroactively for the 2008 year.
The company also announced that its Board of Directors declared a cash dividend for the third quarter of 2008. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on October 30. The ex-dividend date is October 28, and the payment date is November 13.
Adtran is a provider of networking and communications equipment.
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