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In an October 14 release, Adtran said that sales were $128,062,000 for the quarter, compared to $137,195,000 for the third quarter of 2008. Net income was $21,583,000 for the quarter, compared to $22,411,000 for the third quarter of 2008. Earnings per share, assuming dilution, were $0.34 for the quarter, compared to $0.35 for the third quarter of 2008.
"In the third quarter, our growth categories continued to perform well, achieving 20 percent year over year growth and posting another record revenue level," said Adtran CEO Tom Stanton. "Broadband Access revenues grew 29 percent as we saw increasing acceptance of our Carrier Ethernet and Broadband services platforms. Optical Access revenues showed strength growing 20 percent as carriers increased investment in wireless bandwidth upgrades. Internetworking revenues continued to expand as our success in this area continued to reflect the broad-based support we are seeing in our carrier distribution and value added reseller channels. Two of these areas set record revenue levels and our growth areas in total achieved a new high."
The company also reported that stock-based compensation expense for the third quarter of 2009 reduced diluted earnings per share by $0.02 compared to $0.03 for the third quarter of 2008.
The company also announced that its Board of Directors declared a cash dividend for the third quarter of 2009. The quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on October 29. The ex-dividend date is October 27, and the payment date is November 12.
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