ADTRAN, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total sales of $126,519,000 against $162,986,000 a year ago. Operating loss was $4,068,000 against operating income of $4,272,000 a year ago. Loss before provision for income taxes was $741,000 against income before provision for income taxes of $6,844,000 a year ago. Net loss was $11,117,000 against net income of $7,572,000 a year ago. Loss per share basic and diluted was $0.23 against earnings per share basic and diluted of $0.16 per share a year ago. Non-GAAP earnings per common share diluted were $0.05 against $0.21 per share a year ago. Non-GAAP net income was $2.5 million compared to $10.1 million in the same period last year. Non-GAAP earnings per share excludes the effects of the Tax Cuts Act charges, stock compensation expense, acquisition-related expenses and restructuring expenses.

For the year, the company reported total sales of $666,583,000 against $636,781,000 a year ago. Operating income was $37,730,000 against $34,735,000 a year ago. Income before provision for income taxes was $44,680,000 against $46,895,000 a year ago. Net income was $23,833,000 against $35,229,000 a year ago. Earnings per share basic and diluted were $0.49 against $0.72 per share a year ago. Net cash used in operating activities was $42,370,000 against net cash provided by operating activities of $42,002,000 a year ago. Purchases of property, plant and equipment was $14,719,000 against $21,441,000 a year ago. Non-GAAP earnings per common share diluted were $0.89 against $0.84 per share a year ago.

The company expects current expectations are that first quarter 2018 revenues will be flattish with the quarter just ended. The company expects gross margins on a GAAP basis will be around 40%. The company anticipated that the consolidated tax rate for the first quarter will be in the low 20% range.