Adtran Holdings, Inc. / US00486H1059
20.02.2024 - 22:51:20Restatement of results attributable to minority shareholders of Adtran Networks SE and of net loss and loss per common share attributable to ADTRAN Holdings, Inc. for Q1 2023 through Q3 2023
EQS-Ad-hoc: Adtran Holdings, Inc. / Key word(s): Miscellaneous 20-Feb-2024 / 22:51 CET/CEST Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. Ad-hoc notification pursuant to Article 17 of Regulation (EU) No. 596/2014 ADTRAN Holdings, Inc.: Huntsville, Alabama (United States of America). February 20, 2024 (CT) The Audit Committee of the Board of Directors (“Audit Committee”) of ADTRAN Holdings, Inc. (“Company”) concluded today, that the presentation of the results attributable to the minority shareholders of the Company’s majority-owned subsidiary, Adtran Networks SE (“Adtran Networks”), of the net loss attributable to the Company and, as a consequence, of the loss per common share attributable to the Company was incorrect in (i) the Company’s unaudited condensed consolidated financial statements as of and for the quarter ended March 31, 2023, (ii) the Company’s unaudited condensed consolidated financial statements as of and for the quarter and six months ended June 30, 2023, and (iii) the Company’s unaudited condensed consolidated financial statements as of and for the quarter and nine months ended September 30, 2023, respectively. The misstatements are solely related and limited to the financial statement presentation below the reported consolidated net loss line item and specific to the bifurcation of net income and loss per share on the condensed consolidated statements of loss to the Company and the non-controlling interest. The error does not have any impact on, or result in any change to, the reported amounts through consolidated net loss on the condensed consolidated statements of loss, the Company’s condensed consolidated balance sheets or condensed consolidated statements of cash flows. The misstatements occurred following the effectiveness of the Domination Profit and Loss Transfer Agreement (“DPLTA”) between the Company and Adtran Networks upon registration of the DPLTA with the commercial register on January 16, 2023. Pursuant to the DPLTA, the minority shareholders of Adtran Networks are guaranteed recurring cash compensation commencing with respect to the 2023 fiscal year. The Company incorrectly presented the guaranteed cash compensation attributable to the non-controlling interest as a loss rather than income attributable to the non-controlling interest. This error resulted in an understatement of net income attributable to the non-controlling interest, and an understatement of net loss attributable to the Company and loss per common share attributable to ADTRAN Holdings, Inc., both basic and diluted. The following table reflects the impact of the corrections to the specific line items presented in the Company’s previously reported condensed consolidated statements of loss for the three months ended March 31, 2023, the three and six months ended June 30, 2023, and the three and nine months ended September 30, 2023:
End of Inside Information 20-Feb-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.eqs-news.com |
Language: | English |
Company: | Adtran Holdings, Inc. |
901 Explorer Boulevard | |
35806 Huntsville | |
United States | |
Internet: | www.adtran.com |
ISIN: | US00486H1059 |
WKN: | 892015 |
Indices: | SDAX, TecDAX |
Listed: | Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Munich, Stuttgart; Nasdaq |
EQS News ID: | 1841439 |
End of Announcement | EQS News Service |
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1841439 20-Feb-2024 CET/CEST