HUNTSVILLE, Ala. (AP) -- Adtran Inc. said Wednesday its fourth-quarter net income tumbled 87 percent, hurt by a steep drop in sales.
The Huntsville, Ala.-based networking equipment maker earned $4 million, or 6 cents per share, down from $31.2 million, or 48 cents per share, in the same quarter last year.
Excluding one-time items, the company posted an adjusted profit of 11 cents per share.
Revenue dropped 20 percent to $139.8 million.
Analysts, on average, expected earnings of 6 cents per share on $139.3 million in revenue, according to FactSet.
Adtran CEO Tom Stanton said the recent quarter's results were about in line with expectations. He added that the company remains focused on capitalizing on significant network upgrades down the road, while keeping tight control of its costs.
For all of 2012, Adtran made $47.3 million, or 74 cents per share, down from $138.6 million, or $2.12 per share, in 2011. Sales fell to $620.6 million from $717.2 million.
Also on Wednesday, Adtran said its board declared a quarterly dividend of 9 cents per share. The dividend will be paid on Feb. 21 to shareholders of record as of Feb. 7.
Adtran shares rose 89 cents, or 4.2 percent, to $21.87 in midday trading.