UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 5, 2020
 
ADTRAN, Inc.
(Exact name of Registrant as Specified in Its Charter)

Delaware	000-24612	63-0918200	
(State or Other Jurisdiction
of Incorporation)	(Commission File Number)	(IRS Employer
Identification No.)	
 	 	 	
901 Explorer Boulevard
Huntsville, Alabama	 	35806-2807	
(Address of Principal Executive Offices)	 	(Zip Code)	
Registrant’s Telephone Number, Including Area Code: (256) 963-8000
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)	
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)	
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))	
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))	
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class	 	Trading Symbol	 	Name of exchange on which registered	
Common Stock, Par Value $0.01	 	ADTN	 	The NASDAQ Global Select Market	
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
Item 2.02Results of Operations and Financial Condition.
 
On February 5, 2020, ADTRAN, Inc. (“ADTRAN”) announced its financial results for the fiscal quarter and twelve months ended December 31, 2019.
 
ADTRAN also announced that its Board of Directors declared a quarterly cash dividend of $0.09 per common share to be paid to the shareholders of record at the close of business on February 20, 2020. The ex-dividend date is February 19, 2020 and the payment date is March 5, 2020.
 
A copy of ADTRAN’s press release announcing its financial results and the declaration of the quarterly cash dividend is attached as Exhibit 99.1 hereto and incorporated by reference herein.
 
Item 9.01Financial Statements and Exhibits.

Exhibit Number	Description	
99.1	Press Release dated February 5, 2020	
104	Cover Page Interactive Data File – the cover page iXBRL tags are embedded within the Inline XBRL document	

 

 

 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		
Date: February 6, 2020                                            	ADTRAN, Inc.
 
By: /s/ Michael Foliano
Michael Foliano
Senior Vice President of Finance and	
 	Chief Financial Officer	

 

EXHIBIT 99.1
ADTRAN, Inc. Reports Earnings for the Fourth Quarter 2019 and Declares Quarterly Cash Dividend
 
February 5, 2020
 
HUNTSVILLE, Ala. — (BUSINESS WIRE) — February 5, 2020 -- ADTRAN, Inc. (NASDAQ:ADTN) (“ADTRAN” or the “Company”) today announced financial results for the fourth quarter 2019. For the quarter, revenue was $115.8 million compared to $140.1 million for the fourth quarter of 2018. Earnings for the fourth quarter of 2019 were a net loss of $12.7 million compared to a net loss of $8.4 million for the fourth quarter of 2018. Earnings per share was a loss of $0.26 per share compared to a loss of $0.18 per share for the fourth quarter of 2018. Non-GAAP earnings were a net loss of $3.2 million compared to a non-GAAP net loss of $5.8 million for the fourth quarter of 2018. Non-GAAP earnings per share was a loss of $0.07 per share compared to a non-GAAP loss of $0.12 per share for the fourth quarter of 2018. Non-GAAP net loss and non-GAAP loss per share exclude stock-based compensation expense, acquisition related amortizations and other expenses, restructuring expenses, amortization of pension actuarial losses, valuation allowance related to our deferred tax assets, asset impairments, gain on bargain purchase of a business and certain other contingencies and the reimbursement from a claim settlement. The reconciliation between GAAP net loss and loss per share to non-GAAP net loss and non-GAAP loss per share is set forth in the table provided below.
 
ADTRAN Chairman and Chief Executive Officer Tom Stanton stated, “While the U.S. market remains challenging, we saw a solid performance in our international business. We continue to see activity building around our 10G PON and fiber extension solutions across all geographies we serve, most notably in Europe. We believe we are at the beginning of a significant investment cycle for fiber deployment driven by technology advancements, regulatory influences and vendor disruption.”
 
The Company also announced that its Board of Directors declared a cash dividend for the fourth quarter of 2019. The quarterly cash dividend is $0.09 per common share to be paid to the Company’s stockholders of record as of the close of business on February 20, 2020. The payment date will be March 5, 2020.
 
The Company confirmed that it will hold a conference call to discuss its fourth quarter results on Thursday, February 6, 2020, at 9:30 a.m. Central Time. ADTRAN will webcast this conference call. To listen, visit the Investor Relations site at www.investors.adtran.com approximately ten 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 conference call, 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 www.investors.adtran.com or email at investor.relations@adtran.com.
 
At ADTRAN, we believe amazing things happen when people connect. From the cloud edge to the subscriber edge, we help communications service providers around the world manage and scale services that connect people, places and things to advance human progress. Whether rural or urban, domestic or international, telco or cable, enterprise or residential—ADTRAN solutions optimize existing technology infrastructures and create new, multi-gigabit platforms that leverage cloud economics, data analytics, machine learning and open ecosystems—the future of global networking. Find more at ADTRAN.com, LinkedIn and Twitter.
This press release contains forward-looking statements, generally identified by the use of words such as “believe,” “expect,” “intend,” “estimate,” “anticipate,” “will,” “may,” “could” and similar expressions, which forward-looking statements reflect management’s best judgment based on factors currently known. However, these statements involve risks and uncertainties, including the successful development and market acceptance of new products, the degree of competition in the market for such products, the product and channel mix, component costs, manufacturing efficiencies, and other risks detailed in our annual report on Form 10-K and Form 10-K/A for the year ended December 31, 2018 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019, and September 30, 2019. These risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements included in this press release.

 

To provide additional transparency, we have disclosed in the table below non-GAAP operating loss, which has been reconciled to operating loss, and non-GAAP net loss and non-GAAP earnings (loss) per share - basic and diluted, which have been reconciled to net loss and loss per share - basic and diluted, in each case as reported based on Generally Accepted Accounting Principles in the United States (U.S. GAAP). These non-GAAP financial measures exclude certain items which management believes are not reflective of the ongoing operating performance of the business. We believe this information is useful in providing period-to-period comparisons of the results of our ongoing operations. Additionally, these measures are used by management in our ongoing planning and annual budgeting processes. The presentation of non-GAAP operating loss, non-GAAP net loss and non-GAAP loss per share – basic and diluted, when combined with the U.S. GAAP presentation of operating loss, net loss, and net loss per share – basic and diluted, is beneficial to the overall understanding of ongoing operating performance of the Company.
 
These non-GAAP financial measures are not prepared in accordance with, or an alternative for, U.S. GAAP and therefore should not be considered in isolation or as a substitution for analysis of our results as reported under U.S. GAAP. Additionally, our calculation of non-GAAP operating loss, non-GAAP net loss and non-GAAP loss per share - basic and diluted may not be comparable to similar measures calculated by other companies.

Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
 
 	December 31,	 	 	December 31,	 	
 	2019	 	 	2018	 	
Assets	 	 	 	 	 	 	 	
Cash and cash equivalents	$	76,215	 	 	$	105,504	 	
Short-term investments	 	30,801	 	 	 	3,246	 	
Accounts receivable, net	 	90,531	 	 	 	99,385	 	
Other receivables	 	16,566	 	 	 	36,699	 	
Inventory, net	 	97,987	 	 	 	99,848	 	
Prepaid expenses and other current assets	 	7,892	 	 	 	10,744	 	
Total Current Assets	 	319,992	 	 	 	355,426	 	
 	 	 	 	 	 	 	 	
Property, plant and equipment, net	 	73,708	 	 	 	80,635	 	
Deferred tax assets, net	 	7,561	 	 	 	37,187	 	
Goodwill	 	6,968	 	 	 	7,106	 	
Intangibles, net	 	27,821	 	 	 	33,183	 	
Other non-current assets	 	14,261	 	 	 	5,668	 	
Long-term investments	 	94,489	 	 	 	108,822	 	
Total Assets	$	544,800	 	 	$	628,027	 	
 	 	 	 	 	 	 	 	
Liabilities and Stockholders' Equity	 	 	 	 	 	 	 	
Accounts payable	$	44,552	 	 	$	60,054	 	
Bonds payable	 	24,600	 	 	 	1,000	 	
Unearned revenue	 	11,963	 	 	 	17,940	 	
Accrued expenses	 	13,876	 	 	 	11,746	 	
Accrued wages and benefits	 	14,929	 	 	 	14,752	 	
Income tax payable, net	 	3,512	 	 	 	12,518	 	
Total Current Liabilities	 	113,432	 	 	 	118,010	 	
 	 	 	 	 	 	 	 	
Non-current unearned revenue	 	6,012	 	 	 	5,296	 	
Other non-current liabilities	 	45,969	 	 	 	33,842	 	
Bonds payable	 	—	 	 	 	24,600	 	
Total Liabilities	 	165,413	 	 	 	181,748	 	
 	 	 	 	 	 	 	 	
Stockholders' Equity	 	379,387	 	 	 	446,279	 	
 	 	 	 	 	 	 	 	
Total Liabilities and Stockholders' Equity	$	544,800	 	 	$	628,027	 	

Consolidated Statements of Loss
(Unaudited)
(In thousands, except per share data)
 
 	 	Three Months Ended	 	 	Twelve Months Ended	 	 	
 	 	December 31,	 	 	December 31,	 	 	
 	 	2019	 	 	2018	 	 	2019	 	 	2018	 	 	
Sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Products	 	$	96,219	 	 	$	116,873	 	 	$	455,226	 	 	$	458,232	 	 	
Services	 	 	19,568	 	 	 	23,215	 	 	 	74,835	 	 	 	71,045	 	 	
Total Sales	 	 	115,787	 	 	 	140,088	 	 	 	530,061	 	 	 	529,277	 	 	
Cost of sales	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Products	 	 	56,481	 	 	 	70,745	 	 	 	263,834	 	 	 	278,929	 	 	
Services	 	 	12,260	 	 	 	13,955	 	 	 	47,223	 	 	 	46,783	 	 	
Total Cost of Sales	 	 	68,741	 	 	 	84,700	 	 	 	311,057	 	 	 	325,712	 	 	
Gross Profit	 	 	47,046	 	 	 	55,388	 	 	 	219,004	 	 	 	203,565	 	 	
Selling, general and administrative expenses	 	 	30,934	 	 	 	28,079	 	 	 	130,597	 	 	 	124,440	 	 	
Research and development expenses	 	 	31,221	 	 	 	31,092	 	 	 	126,767	 	 	 	124,547	 	 	
Asset impairments	 	 	—	 	 	 	—	 	 	 	3,872	 	 	 	—	 	 	
Gain on contingency	 	 	—	 	 	 	—	 	 	 	(1,230	)	 	 	—	 	 	
Operating Loss	 	 	(15,109	)	 	 	(3,783	)	 	 	(41,002	)	 	 	(45,422	)	 	
Interest and dividend income	 	 	872	 	 	 	1,422	 	 	 	2,765	 	 	 	4,026	 	 	
Interest expense	 	 	(129	)	 	 	(135	)	 	 	(511	)	 	 	(533	)	 	
Net investment gain (loss)	 	 	3,239	 	 	 	(9,450	)	 	 	11,434	 	 	 	(4,050	)	 	
Other income (expense), net	 	 	(768	)	 	 	1,359	 	 	 	1,498	 	 	 	1,286	 	 	
Gain on bargain purchase of a business	 	 	—	 	 	 	—	 	 	 	—	 	 	 	11,322	 	 	
Loss Before Income Taxes	 	 	(11,895	)	 	 	(10,587	)	 	 	(25,816	)	 	 	(33,371	)	 	
Income tax (expense) benefit	 	 	(768	)	 	 	2,140	 	 	 	(28,205	)	 	 	14,029	 	 	
Net Loss	 	$	(12,663	)	 	$	(8,447	)	 	$	(54,021	)	 	$	(19,342	)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding – basic	 	 	47,936	 	 	 	47,730	 	 	 	47,836	 	 	 	47,880	 	 	
Weighted average shares outstanding – diluted	 	 	47,936	 	 	 	47,730	 	 	 	47,836	 	 	 	47,880	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss per common share – basic	 	$	(0.26	)	 	$	(0.18	)	 	$	(1.13	)	 	$	(0.40	)	 	
Loss per common share – diluted	 	$	(0.26	)	 	$	(0.18	)	 	$	(1.13	)	 	$	(0.40	)	 	

 

Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
 	 	Twelve Months Ended	 	
 	 	December 31,	 	
 	 	2019	 	 	2018	 	
Cash flows from operating activities:	 	 	 	 	 	 	 	 	
Net loss	 	$	(54,021	)	 	$	(19,342	)	
Adjustments to reconcile net income to net cash provided by operating
   activities:	 	 	 	 	 	 	 	 	
Depreciation and amortization	 	 	17,771	 	 	 	15,891	 	
Asset impairments	 	 	3,872	 	 	 	—	 	
Amortization of net discount on available-for-sale investments	 	 	(100	)	 	 	(50	)	
Net (gain) loss on long-term investments	 	 	(11,434	)	 	 	4,050	 	
Net (gain) loss on disposal of property, plant and equipment	 	 	67	 	 	 	67	 	
Gain on bargain purchase of a business	 	 	—	 	 	 	(11,322	)	
Gain on contingency payment	 	 	(1,230	)	 	 	—	 	
Gain on life insurance proceeds	 	 	(1,000	)	 	 	—	 	
Stock-based compensation expense	 	 	6,962	 	 	 	7,155	 	
Deferred income taxes	 	 	30,070	 	 	 	(17,257	)	
Change in operating assets and liabilities:	 	 	 	 	 	 	 	 	
Accounts receivable, net	 	 	8,282	 	 	 	49,200	 	
Other receivables	 	 	20,046	 	 	 	(8,522	)	
Inventory, net	 	 	1,571	 	 	 	24,192	 	
Prepaid expenses and other assets	 	 	5,180	 	 	 	10,727	 	
Accounts payable, net	 	 	(13,813	)	 	 	(3,799	)	
Accrued expenses and other liabilities	 	 	(3,559	)	 	 	(3,226	)	
Income taxes payable	 	 	(8,705	)	 	 	7,690	 	
Net cash provided by (used in) operating activities	 	 	(41	)	 	 	55,454	 	
 	 	 	 	 	 	 	 	 	
Cash flows from investing activities:	 	 	 	 	 	 	 	 	
Purchases of property, plant and equipment	 	 	(9,494	)	 	 	(8,110	)	
Proceeds from sales and maturities of available-for-sale investments	 	 	47,268	 	 	 	153,649	 	
Purchases of available-for-sale investments	 	 	(48,578	)	 	 	(123,209	)	
Life insurance proceeds received	 	 	1,000	 	 	 	—	 	
Acquisition of business, net of cash acquired	 	 	13	 	 	 	(22,045	)	
Net cash provided by (used in) investing activities	 	 	(9,791	)	 	 	285	 	
 	 	 	 	 	 	 	 	 	
Cash flows from financing activities:	 	 	 	 	 	 	 	 	
Proceeds from stock option exercises	 	 	526	 	 	 	1,483	 	
Purchases of treasury stock	 	 	(184	)	 	 	(15,532	)	
Dividend payments	 	 	(17,212	)	 	 	(17,267	)	
Payments on long-term debt	 	 	(1,000	)	 	 	(1,100	)	
Net cash used in financing activities	 	 	(17,870	)	 	 	(32,416	)	
Net increase (decrease) in cash and cash equivalents	 	 	(27,702	)	 	 	23,323	 	
Effect of exchange rate changes	 	 	(1,587	)	 	 	(4,252	)	
Cash and cash equivalents, beginning of year	 	 	105,504	 	 	 	86,433	 	
 	 	 	 	 	 	 	 	 	
Cash and cash equivalents, end of year	 	$	76,215	 	 	$	105,504	 	
 	 	 	 	 	 	 	 	 	
Supplemental disclosure of cash flow information	 	 	 	 	 	 	 	 	
Cash paid during the year for interest	 	$	512	 	 	$	534	 	
Cash paid during the year for income taxes	 	$	9,357	 	 	$	4,104	 	
Supplemental disclosure of non-cash investing activities	 	 	 	 	 	 	 	 	
Purchases of property, plant and equipment included in accounts payable	 	$	90	 	 	$	62	 	
Contingent payment	 	$	—	 	 	$	1,230	 	

Supplemental Information
Reconciliation of Operating Loss to Non-GAAP Operating Loss
(Unaudited)
 
 	 	Three Months ended
December 31,	 	 	 	 	Twelve Months ended
December 31,	 	 	 	 	
 	 	2019	 	 	 	 	2018	 	 	 	 	2019	 	 	 	 	2018	 	 	 	 	
Operating Loss	 	$	(15,109	)	 	 	 	$	(3,783	)	 	 	 	$	(41,002	)	 	 	 	$	(45,422	)	 	 	 	
Acquisition related expenses, amortizations and adjustments	 	 	1,357	 	 	(1	)	 	1,433	 	 	(5	)	 	5,703	 	 	(8)	 	 	4,084	 	 	(14)	 	
Stock-based compensation expense	 	 	1,778	 	 	(2	)	 	1,912	 	 	(6	)	 	6,962	 	 	(9)	 	 	7,155	 	 	(15)	 	
Restructuring expenses	 	 	1,356	 	 	(3	)	 	25	 	 	(7	)	 	6,014	 	 	(10	)	 	7,261	 	 	(16)	 	
Deferred compensation income (expense)	 	 	536	 	 	(4	)	 	(3,739	)	 	(4	)	 	2,767	 	 	(4)	 	 	(3,119	)	 	(4)	 	
Asset impairments	 	 	—	 	 	 	 	 	—	 	 	 	 	 	3,872	 	 	(11	)	 	—	 	 	 	 	
Gain on contingency	 	 	—	 	 	 	 	 	—	 	 	 	 	 	(1,230	)	 	(12	)	 	—	 	 	 	 	
Settlement income	 	 	—	 	 	 	 	 	—	 	 	 	 	 	(746	)	 	(13	)	 	—	 	 	 	 	
Non-GAAP Operating Loss	 	$	(10,082	)	 	 	 	$	(4,152	)	 	 	 	$	(17,660	)	 	 	 	$	(30,041	)	 	 	 	
(1) $0.4 million is included in total cost of sales, $0.5 million is included in selling, general and administrative expenses and $0.5 million is included in research and development expenses on the consolidated statements of income.
(2) $0.1 million is included in total cost of sales, $1.0 million is included in selling, general and administrative expenses and $0.7 million is included in research and development expenses on the consolidated statements of income.
(3) $0.3 million is included in selling, general and administrative expenses and $1.1 million is included in research and development expenses on the consolidated statements of income.
(4) Includes non-cash change in fair value of equity investments held in the ADTRAN, Inc. Deferred Compensation Program for Employees (as amended and restated as of June 1, 2010) per ASU 2016-01, all of which is included in selling, general and administrative expenses on the consolidated statement of income.
(5) $0.5 million is included in total cost of sales, $0.6 million is included in selling, general and administrative expenses and $0.3 million is included in research and development expenses on the consolidated statements of income.
(6) $0.1 million is included in total cost of sales, $1.1 million is included in selling, general and administrative expenses and $0.7 million is included in research and development expenses on the consolidated statements of income.
(7) $0.1 million is included in selling, general and administrative expenses on the consolidated statements of income.
(8) $1.7 million is included in total cost of sales, $2.1 million is included in selling, general and administrative expenses and $1.9 million is included in research and development expenses on the consolidated statements of income.
(9) $0.4 million is included in total cost of sales, $3.9 million is included in selling, general and administrative expenses and $2.7 million is included in research and development expenses on the consolidated statements of income.
(10) $0.8 million is included in total cost of sales, $2.3 million is included in selling, general and administrative expenses and $2.9 million is included in research and development expenses on the consolidated statements of income.
(11) Includes abandonment of certain information technology projects.
(12) Includes gain related to unearned contingent liabilities recognized upon the acquisition of a business in November 2018.
(13) Includes income related to certain freight forwarder claim settlements which were received during the three months ended June 30, 2019, all of which is included in total cost of sales on the consolidated statements of income.
(14) $1.4 million is included in total cost of sales, $1.5 million is included in selling, general and administrative expenses and $1.2 million is included in research and development expenses on the consolidated statements of income.
(15) $0.4 million is included in total cost of sales, $4.0 million is included in selling, general and administrative expenses and $2.8 million is included in research and development expenses on the consolidated statements of income.
(16) $2.8 million is included in total cost of sales, $2.7 million is included in selling, general and administrative expenses and $1.8 million is included in research and development expenses on the consolidated statements of income.

Supplemental Information
Reconciliation of Net Loss and Loss per Common Share – Basic and Diluted to Non-GAAP
Net Income (Loss) and Non-GAAP Earnings (Loss) per Common Share – Basic and Diluted
(Unaudited)
 
 	 	Three Months ended
December 31,	 	 	 	Twelve Months ended
December 31,	 	
 	 	2019	 	 	2018	 	 	 	2019	 	 	2018	 	
Net Loss	 	$	(12,663	)	 	$	(8,447	)	 	 	$	(54,021	)	 	$	(19,342	)	
Acquisition related expenses, amortizations and adjustments	 	 	1,357	 	 	 	1,433	 	 	 	 	5,703	 	 	 	4,084	 	
Stock-based compensation expense	 	 	1,778	 	 	 	1,912	 	 	 	 	6,962	 	 	 	7,155	 	
Restructuring expenses	 	 	1,356	 	 	 	25	 	 	 	 	6,014	 	 	 	7,261	 	
Pension expense(1)	 	 	195	 	 	 	59	 	 	 	 	795	 	 	 	247	 	
Valuation allowance	 	 	5,993	 	 	 	—	 	 	 	 	43,048	 	 	 	—	 	
Asset impairments	 	 	—	 	 	 	—	 	 	 	 	3,872	 	 	 	—	 	
Gain on contingency	 	 	—	 	 	 	—	 	 	 	 	(1,230	)	 	 	—	 	
Settlement income	 	 	—	 	 	 	—	 	 	 	 	(746	)	 	 	—	 	
Gain on bargain purchase of a business	 	 	—	 	 	 	—	 	 	 	 	—	 	 	 	(11,322	)	
Tax effect of adjustments to net income (loss)	 	 	(1,252	)	 	 	(818	)	 	 	 	(5,674	)	 	 	(4,476	)	
Non-GAAP Net Income (Loss)	 	$	(3,236	)	 	$	(5,836	)	 	 	$	4,723	 	 	$	(16,393	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Weighted average shares outstanding – basic	 	 	47,936	 	 	 	47,730	 	 	 	 	47,836	 	 	 	47,880	 	
Weighted average shares outstanding – diluted	 	 	47,936	 	 	 	47,730	 	 	 	 	47,836	 	 	 	47,880	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Loss per common share - basic	 	$	(0.26	)	 	$	(0.18	)	 	 	$	(1.13	)	 	$	(0.40	)	
Loss per common share - diluted	 	$	(0.26	)	 	$	(0.18	)	 	 	$	(1.13	)	 	$	(0.40	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Non-GAAP earnings (loss) per common share - basic	 	$	(0.07	)	 	$	(0.12	)	 	 	$	0.10	 	 	$	(0.34	)	
Non-GAAP earnings (loss) per common share - diluted	 	$	(0.07	)	 	$	(0.12	)	 	 	$	0.10	 	 	$	(0.34	)	
 
(1) Includes amortization of actuarial losses related to the Company's pension plan for employees in certain foreign countries.