$ADTN
ADTRAN Holdings, Inc.

2014 Q1 Form 10-Q Financial Statement

#000119312514187120 Filed on May 07, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $147.0M $143.0M
YoY Change 2.79% 6.14%
Cost Of Revenue $69.21M $73.34M
YoY Change -5.62% 20.92%
Gross Profit $77.79M $69.68M
YoY Change 11.64% -5.95%
Gross Profit Margin 52.92% 48.72%
Selling, General & Admin $33.94M $30.60M
YoY Change 10.9% -7.57%
% of Gross Profit 43.63% 43.92%
Research & Development $32.55M $32.51M
YoY Change 0.13% 31.12%
% of Gross Profit 41.85% 46.66%
Depreciation & Amortization $3.580M $3.663M
YoY Change -2.27% 18.35%
% of Gross Profit 4.6% 5.26%
Operating Expenses $66.49M $63.11M
YoY Change 5.35% 8.99%
Operating Profit $11.30M $6.563M
YoY Change 72.15% -59.44%
Interest Expense $227.0K $581.0K
YoY Change -60.93% -1.19%
% of Operating Profit 2.01% 8.85%
Other Income/Expense, Net $122.0K -$1.672M
YoY Change -107.3% -1285.82%
Pretax Income $14.68M $9.723M
YoY Change 50.97% -51.54%
Income Tax $5.072M $1.833M
% Of Pretax Income 34.55% 18.85%
Net Earnings $9.607M $7.890M
YoY Change 21.76% -39.12%
Net Earnings / Revenue 6.54% 5.52%
Basic Earnings Per Share $0.17 $0.13
Diluted Earnings Per Share $0.17 $0.13
COMMON SHARES
Basic Shares Outstanding 56.75M shares 61.85M shares
Diluted Shares Outstanding 57.37M shares 62.03M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.0M $247.9M
YoY Change -42.72% 25.14%
Cash & Equivalents $52.82M $58.64M
Short-Term Investments $89.20M $189.2M
Other Short-Term Assets $20.20M $17.40M
YoY Change 16.09% 6.1%
Inventory $87.40M $95.77M
Prepaid Expenses $5.005M $4.419M
Receivables $100.5M $82.10M
Other Receivables $29.00M $16.10M
Total Short-Term Assets $379.0M $459.3M
YoY Change -17.47% 16.84%
LONG-TERM ASSETS
Property, Plant & Equipment $75.89M $77.78M
YoY Change -2.44% 1.67%
Goodwill $3.492M $3.492M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $309.5M $310.5M
YoY Change -0.32% -15.51%
Other Assets $11.93M $12.60M
YoY Change -5.29% 99.98%
Total Long-Term Assets $412.3M $415.0M
YoY Change -0.67% -9.77%
TOTAL ASSETS
Total Short-Term Assets $379.0M $459.3M
Total Long-Term Assets $412.3M $415.0M
Total Assets $791.3M $874.3M
YoY Change -9.5% 2.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $59.10M $48.93M
YoY Change 20.77% 56.84%
Accrued Expenses $10.68M $11.12M
YoY Change -3.9% -40.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $120.0M $111.7M
YoY Change 7.48% 56.41%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $46.00M
YoY Change -34.78% -1.08%
Other Long-Term Liabilities $23.48M $18.54M
YoY Change 26.62% -14.16%
Total Long-Term Liabilities $53.48M $64.54M
YoY Change -17.14% -5.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $120.0M $111.7M
Total Long-Term Liabilities $53.48M $64.54M
Total Liabilities $188.6M $201.2M
YoY Change -6.25% 44.24%
SHAREHOLDERS EQUITY
Retained Earnings $888.1M $863.5M
YoY Change 2.86%
Common Stock $236.4M $227.5M
YoY Change 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $532.0M $427.8M
YoY Change 24.34%
Treasury Stock Shares 23.01M shares 18.33M shares
Shareholders Equity $602.7M $673.1M
YoY Change
Total Liabilities & Shareholders Equity $791.3M $874.3M
YoY Change -9.5% 2.49%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $9.607M $7.890M
YoY Change 21.76% -39.12%
Depreciation, Depletion And Amortization $3.580M $3.663M
YoY Change -2.27% 18.35%
Cash From Operating Activities $9.900M $26.25M
YoY Change -62.28% 6.98%
INVESTING ACTIVITIES
Capital Expenditures $2.042M $643.0K
YoY Change 217.57% -84.26%
Acquisitions
YoY Change
Other Investing Activities $15.90M -$7.300M
YoY Change -317.81% -71.92%
Cash From Investing Activities $13.80M -$8.013M
YoY Change -272.22% -73.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.427M $22.55M
YoY Change -58.19%
Debt Paid & Issued, Net $16.50M
YoY Change
Cash From Financing Activities -29.40M -28.08M
YoY Change 4.71% 2636.55%
NET CHANGE
Cash From Operating Activities 9.900M 26.25M
Cash From Investing Activities 13.80M -8.013M
Cash From Financing Activities -29.40M -28.08M
Net Change In Cash -5.700M -9.842M
YoY Change -42.08% 49.28%
FREE CASH FLOW
Cash From Operating Activities $9.900M $26.25M
Capital Expenditures $2.042M $643.0K
Free Cash Flow $7.858M $25.61M
YoY Change -69.31% 25.21%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <i>Changes in Classifications</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> We corrected immaterial misclassifications between the operating and investing sections of our consolidated statements of cash flows and adjusted our cash flows for the three months ended March&#xA0;31, 2013 in these categories by $0.1 million in order to be consistent with the 2014 presentation.</p> </div>
CY2014Q1 us-gaap Standard Product Warranty Description
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90 days to ten years
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25.16
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CY2014Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
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2014-02-06
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847000
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57000
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279000
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8938000
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77790000
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2228000
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2192000
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10710000
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3000
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69182000
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252000
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434000
CY2014Q1 us-gaap Investment Income Interest And Dividend
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55000
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10000
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1323000
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11043000
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2019000
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32553000
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2170000
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36000
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6000
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