HUNTSVILLE, Ala. -- ADTRAN at 8 pm CST on April 17 reported results for the first quarter 2019. For that quarter, sales were $143.8 million compared to $120.8 million for the first quarter of 2018. Net income was $0.8 million compared to a net loss of $10.8 million for the first quarter of 2018.
Earnings per share, assuming dilution, were $0.02 in the most recent quarter, compared with a loss per share of $0.22 for the first quarter of 2018. Non-GAAP net income was $4.9 million versus a net loss of $15.8 million for the first quarter of 2018. Non-GAAP earnings per share, assuming dilution, were $0.10; in the year-ago quarter, there was a loss per share of $0.33. Non-GAAP earnings per share exclude stock-based compensation expense, acquisition related amortizations and other expenses, restructuring expenses, gain on bargain purchase of a business, and amortization of pension actuarial losses. Reconciliation between GAAP net income (loss) and earnings (loss) per share to non-GAAP net income (loss) and non-GAAP earnings (loss) per share is in the table provided.
“We are pleased with our progress in the first quarter of 2019. Our revenue was diverse and well balanced with material contributions across the LATAM, EMEA, North America and Pacific Rim regions. Furthermore, our broad portfolio of next-generation solutions continues to gain market traction with a growing number of customers in an expanding range of market segments. This progress underscores the company’s global strategy of diversification across geographies and markets," said ADTRAN Chairman and Chief Executive Officer Tom Stanton.
The company's Board of Directors declared a cash dividend for the first quarter of 2019. That quarterly cash dividend is $0.09 per common share to be paid to holders of record at the close of business on May 2, 2019. The ex-dividend date is May 1, 2019, and the payment date is May 16, 2019.
ADTRAN will hold a conference call to discuss its first quarter results today -- Thurs., April 18, 2019, at 9:30 a.m. Central Time. ADTRAN will webcast this conference call. To listen, simply visit the Investor Relations site at www.investors.adtran.com approximately 10 minutes prior to the start of the call and click on the conference call link provided. An online replay of the conference call, as well as the text of the company's earnings release, will be available on the Investor Relations site approximately 24 hours following the call and will remain available for at least 12 months. For more information, visit the investor relations site.
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