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July 16, 2000

ADTRAN, Inc. Reports Record Second Quarter And Six Month Results

COMPANY PRESS RELEASE: ADTRAN, Inc. reported record results for both the second quarter and the first six months ended June 30, 2000. Sales for the quarter increased 29% to $114,447,000 from sales of $88,507,000 for the quarter ended June 30, 1999. Sales for the six-month period ended June 30, 2000 increased 29% to $213,917,000 compared to sales of $165,670,000 for the first six months of 1999.

By CBR Staff Writer

Net income for the quarter increased 74% to $18,648,000 from net income of $10,716,000 for the quarter ended June 30, 1999. Net income for the first six months of 2000 was $35,443,000 compared to net income of $19,827,000 for the first six months of 1999. Earnings per share, assuming dilution, for the second quarter increased 68% to $.47 compared to earnings per share of $.28 for the second quarter of 1999.

Commenting on the results, ADTRAN President and Chief Operating Officer Howard Thrailkill stated, This record quarter performance resulted again from strong sequential revenue growth in our Systems products, coupled with continued HDSL growth. Revenues from Systems products, led by our Total Access(TM), MX 2800, and ATLAS product lines, increased more than 80% compared to the first quarter of this year.

Looking to the remainder of the year, Mr. Thrailkill noted, With strong customer acceptance of our Systems product lines and an exciting calendar of scheduled product introductions, we believe we have ample opportunity to sustain this year’s growth momentum.

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