ADTRAN to Revise Financial Reporting Structure
April 08 2016 - 11:58AM
Business Wire
ADTRAN®, Inc., (NASDAQ:ADTN), a leading provider of
next-generation open networking solutions, today announced a change
in the reporting of its financial results to better match its
market opportunities and technology development initiatives.
Beginning with the publication of its earnings report for the
quarter ending March 31, 2016, ADTRAN, Inc. (the “Company”) will
report its financial performance based on two new reportable
segments – Network Solutions and Services & Support. In
addition to the new reporting segments, the Company will also
report revenue for the three categories - Access & Aggregation,
Customer Devices, and Traditional & Other Products.
Operating Segments
ADTRAN’s new operating segments are Network Solutions and
Services & Support.
Revenue Categories
ADTRAN will report revenue for the following three categories –
Access & Aggregation, Customer Devices, and Traditional &
Other Products.
- Access & Aggregation
solutions in general are used by communications service providers
to connect their network infrastructure to their subscribers. This
category includes software and hardware based products and services
that aggregate and/or originate access technologies. The portfolio
of ADTRAN solutions within this category includes a wide array of
modular or fixed physical form factors designed to deliver the best
technology and economic fit based on the target subscriber density
and environmental conditions.
- Customer Devices in general
includes the products and services that provide end users access to
the communication service provider networks. The Customer Devices
portfolio includes a comprehensive array of hardware and software
products and services.
- Traditional & Other Products
in general include a mix of prior generation technologies’ products
and services as well as other products and services that do not fit
within the Access & Aggregation or Customer Devices
categories.
Recast Segment and Category Financial
Reporting
The Company will announce its financial results for the first
quarter after market close on April 12, 2016, and will report
financial performance based on these two new operating segments. To
aid investors with the transition, for the first quarter results
only, revenue and gross margin will also be provided for the
operating segments that ADTRAN reported during fiscal year
2015.
Financial segment information for the four quarters and the full
year for fiscal years 2014 and 2015, as if reported under the new
operating segment structure, will be available in an 8-K filing and
concurrently on the Company Web site at http://www.adtran.com,
prior to our first quarter earnings call on April 13, 2016.
Please refer to the form 8-K filed on April 8, 2016 with the SEC
which provides the new format of the Company’s quarterly segment
revenue, segment gross profit, and product category revenue for the
years ended December 31, 2015 and 2014 that will be recast during
the first quarter of 2016.
About ADTRANADTRAN, Inc. is a leading global provider of
networking and communications equipment. ADTRAN’s products enable
voice, data, video and Internet communications across a variety of
network infrastructures. ADTRAN solutions are currently in use by
service providers, private enterprises, government organizations,
and millions of individual users worldwide. For more information,
please visit www.adtran.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20160408005740/en/
ADTRAN, Inc.Roger Shannon, 256-963-8775Senior Vice President
& CFOorGayle Ellis, 256-963-8220Investor Services
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