ADTRAN’s Q2 sales increased 23% to an all time record level of $184,227,000 for the quarter, compared to $150,361,000 for the second quarter of 2010. Net income increased 33% to $36,943,000 for the quarter, compared to $27,751,000 for the second quarter of 2010. Earnings per share, assuming dilution, increased 27% to $0.56 for the quarter, compared to $0.44 for the second quarter of 2010.
ADTRAN Chief Executive Officer Tom Stanton stated, “Our Company had an outstanding quarter reaching new highs on multiple fronts. The performance was led by our growth areas which combined grew 48% over the prior year, now representing 72% of our total company revenue. Moreover, every component of our growth areas, which include Broadband Access, Optical Access and Internetworking, individually attained new revenue highs. Broadband Access grew an impressive 71% over second quarter 2010, driven by the continued success of our Total Access 5000 and Fiber-to-the-Node platforms. Optical Access grew 36% and Internetworking grew 18%. These results allowed the company to achieve its fifth consecutive quarterly revenue record. As demonstrated by our results, we believe our highly differentiated solutions are exceptionally well positioned to take advantage of secular trends occurring in the markets we serve.”
ADTRAN’s Board of Directors declared a cash dividend for the second quarter of 2011 of $0.09 per common share.
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