Please wait while we load the requested 10-Q report or click the link below:
ADC Reports Third Quarter 2009 Financial Results
- GAAP EPS from continuing operations of $0.06 per share; adjusted EPS of $0.17 per share in Q3
- Gross margin improves from 32.8% in Q2 to 34.8% in Q3
- Quarterly cash flow from operations of $49 million
MINNEAPOLIS--(BUSINESS WIRE)--September 1, 2009--ADC (NASDAQ: ADCT), today announced unaudited results for its third quarter ended July 31, 2009. The company reported third quarter revenue of $283.4 million and GAAP earnings from continuing operations of $5.6 million, or $0.06 per share. The GAAP earnings include certain after-tax charges of $10.9 million. Excluding these charges, the non-GAAP (adjusted) net earnings for the quarter were $16.5 million, or $0.17 per share.
“As ADC approaches the end of our fiscal 2009, we continue to make very good strategic progress in what remains an uncertain global macroeconomic climate. Highlights in the third quarter included sequential improvements in revenue and margins, strong positive free cash flow and better than expected earnings, demonstrating our ability to achieve improved financial performance,” said Robert E. Switz, chairman, president and chief executive officer of ADC. “As expected, customer spending has been modest. However, we remain well positioned to capitalize on any increase in next generation network investments by our global customer base. In addition, the fundamental changes that we have made to our operations during the past year, as well as our company-wide focus on efficiency have helped create the improvement in profitability seen in this quarter’s results.
“Looking ahead, our actions to realign our business operations and reduce costs are expected to further improve our financial results and increase our earnings potential. We expect these initiatives to position ADC as a company that can compete more effectively across the globe and create long term-value for our customers and shareowners,” said Switz.
Third Quarter Fiscal 2009 Results
- Net sales totaled $283.4 million, compared to $381.8 million for the third quarter of fiscal 2008 and $275.1 million for the second quarter of this fiscal year. The year-over-year decline in sales reflects the impact of the global recession across all of our businesses. The sequential improvement in the third quarter was driven primarily by the company’s Global Connectivity Solutions (GCS) business in the United States and, to a lesser extent, the Asia Pacific region.
The following information was filed by Adc Telecommunications Inc on Tuesday, September 1, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Adc Telecommunications Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Adc Telecommunications Inc.