ADTRAN, Inc. (NASDAQ:ADTN) reported results for the fourth quarter of 2009. Sales increased 11% to $124,231,000 for the quarter, compared to $112,413,000 for the fourth quarter of 2008. Operating income increased 22% to $26,236,000 for the quarter, compared to $21,512,000 for the fourth quarter of 2008. Net income was $18,615,000 for the quarter, compared to $16,709,000 for the fourth quarter of 2008. Earnings per share, assuming dilution, were $0.29 for the quarter, compared to $0.27 for the fourth quarter of 2008.
ADTRAN Chief Executive Officer Tom Stanton stated, â€œIn the fourth quarter, our growth categories demonstrated a strong performance, achieving a 42% year over year revenue increase. Internetworking revenues achieved a record revenue level growing an impressive 46% over the prior year. Broadband Access revenues grew 46% as we continued to see increasing acceptance of our Carrier Ethernet and Broadband services platforms. Optical Access revenues showed continued strength growing 30% as carriers increased investment in wireless bandwidth upgrades. We believe increasing momentum experienced by these categories positions our company well for growth in 2010.â€
The Company also reported that stock-based compensation expense for the fourth quarter of 2009 reduced diluted earnings per share by $0.03 compared to $0.02 for the fourth quarter of 2008.
The Company also announced that its Board of Directors declared a cash dividend for the fourth 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 February 4, 2010. The ex-dividend date is February 2, 2010 and the payment date is February 18, 2010.