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ADTRAN reports Q4 revenue of $139.01m, down 3.5% yr/yr, net income of $5.72m
Announced Date: 1/19/2016 Published Date: 1/21/2016

ADTRAN reported financial results for the fourth quarter ended December 31, 2015 as follows:


  1. Revenue for the fourth quarter of 2015 of $139.01 million, down 12.1% compared to $158.08 million in the third quarter and down 3.5% from $143.98 million for the fourth quarter of 2014.

  2. Gross profit for the fourth quarter of 2015 of $62.44 million, down 11.7% compared to $70.65 million in the third quarter and down 8.9% from $68.48 million for the fourth quarter of 2014.

  3. R&D expenditure for the fourth quarter of 2015 of $29.30 million, down 10.1% compared to $32.56 million in the third quarter and down 10.4% from $32.71 million for the fourth quarter of 2014.

  4. SG&A expenditure for the fourth quarter of 2015 of $30.34 million, up 1.1% compared to $30.02 million in the third quarter and down 4.6% from $31.79 million for the fourth quarter of 2014.

  5. Total operating expenditure for the fourth quarter of 2015 of $59.64 million, down 4.7% compared to $62.58 million in the third quarter and down 7.5% from $64.50 million for the fourth quarter of 2014.

  6. Net income for the fourth quarter of 2015 of $5.72 million, compared to net income of $7.07 million in the third quarter and net income of $9.29 million for the fourth quarter of 2014.

  7. Cash, cash equivalents and short-term investments as of December 31, 2015 of $118.95 million, compared with $125.85 million at September 30, 2015 and $122.36 million as at December 31, 2014.


Additional results and notes

For the full year 2015, ADTRAN reported revenue of $600.06 million, compared with $630.01 million for the full year 2014, with net income of $18.65 million, compared with net income of $44.62 million for the prior year.

ADTRAN reported fourth quarter Carrier Systems sales of $102.85 million, down 7.4% sequentially and up 2.5% year on year, Business Networking sales of $30.97 million, down 20.8% sequentially and down 17.1% year in year, and Loop Access sales of $5.19 million, down 34.2% sequentially and down 17.5% year on year.

On a geographic basis, ADTRAN reported fourth quarter U.S. revenue of $112.02 million, $119.48 million, down 6.3% sequentially, and international sales of $26.99 million, down 30.1% sequentially.



CEO comment

Regarding the results, ADTRAN CEO Tom Stanton said, "Revenue in the quarter came in better than expected, driven by growth in U.S. Tier 1 and 2 carrier business… compared to the same period last year, Q4 domestic revenue was up over 20% due to a significant increase in broadband sales… I expect further improvement in the carrier environment as customers accelerate investments in upgrading their network infrastructure".