Financial Statements ADTRAN, INC. Consolidated Balance Sheets December 31, 2013 and 2012 (In thousands, except per share amounts) See notes to consolidated financial statements. Financial Results 35 Assets 2013 2012 Current Assets Cash and cash equivalents $58,298 $68,457 Short-term investments 105,760 160,481 Accounts receivable, less allowance for doubtful accounts of $130 and $6 at December 31, 2013 and 2012, respectively 85,814 79,675 Other receivables 18,249 16,253 Inventory, net 90,111 101,377 Prepaid expenses 4,325 4,148 Deferred tax assets, net 17,083 13,055 Total Current Assets 379,640 443,446 Property, plant and equipment, net 76,739 80,246 Deferred tax assets, net 9,622 10,261 Goodwill 3,492 3,492 Other assets 11,180 13,482 Long-term investments 309,225 332,729 Total Assets $789,898 $883,656 Liabilities and Stockholders’ Equity  Current Liabilities Accounts payable $48,282 $42,173 Unearned revenue 22,205 35,326 Accrued expenses 12,776 11,735 Accrued wages and benefits 14,040 15,022 Income tax payable, net 5,002 1,211 Total Current Liabilities 102,305 105,467 Non-current unearned revenue 14,643 22,377 Other non-current liabilities 22,144 17,406 Bonds payable 46,200 46,000 Total Liabilities 185,292 191,250 Commitments and contingencies (see Note 13) Stockholders’ Equity Common stock, par value $0.01 per share; 200,000 shares authorized;  79,652 shares issued and 56,918 shares outstanding at December 31, 2013 and  79,652 shares issued and 62,310 shares outstanding at December 31, 2012 797 797 Additional paid-in capital 233,511 224,517 Accumulated other comprehensive income 10,753 11,268 Retained earnings 884,451 861,465 Less treasury stock at cost: 22,734 and 17,342 shares at December 31, 2013 and  2012, respectively (524,906) (405,641) Total Stockholders’ Equity 604,606 692,406 Total Liabilities and Stockholders’ Equity $789,898 $883,656