Adtran Inc. reported first-quarter results, including a 15% increase in sales to $127 million from $110 million during the first quarter of 2009. Net income increased 20% to $18.2 million, or 29 cents per share, compared with net income of $15.2 million, or 24 cents per share, for the same period last year.
Airvana Inc. said its shareholders approved its previously announced merger agreement with 72 Mobile Acquisition Corp. The transaction was then closed. The agreement, announced in December, called for Airvana shareholders to receive $7.65 cash per share of common stock held. Airvana stock will no longer trade on the NASDAQ market.
Chinese telecom vendor Datang Telecom Technology Co. could raise up to $69.4 million in a private placement of shares. The company reportedly is offering up to 31 million shares to 10 investors.
Nokia said it acquired MetaCarta Inc., a Cambridge, Mass. company that has expertise in geographic intelligence solutions. The company said the acquisition will bolster its efforts in local search. Nokia also said it closed its acquisition of Novarra Inc. The company said it will use Novarra’s mobile browser and services platform in its Series 40 phones.
Qualcomm Inc. declared a quarterly cash dividend of 19 cents per common share, which will be payable June 25 to shareholders of record on May 28.
Research In Motion Ltd. said it reached an agreement with Harman International that calls for RIM to acquire the QNX Software Systems business unit from Harman. Financial details of the deal were not disclosed. The transaction is expected to close within 45 days.
SBA Communications Corp. announced that an indirect subsidiary priced an offering of $1.23 billion of Secured Tower Revenue Securities. The offering includes $680 million of series 2010-1C securities, which have an anticipated repayment date of 2015 and a final maturity date of 2040, and $550 million of series 2010-2C securities which have an anticipated repayment date of 2017 and a final maturity date of 2042. The securities were only offered to qualified institutional buyers.
Upcoming earnings:
Millicom April 20
Qualcomm April 21
PCTel April 22
Tellabs April 27
InterDigital April 28
Sprint April 28
Tessco April 28
Verisign April 28
Alvarion May 4
American Tower May 4
Syniverse May 4
Clearwire May 5
SBA May 5
Leap May 6
MetroPCS May 6
Novatel May 6
