Adc Telecommunications Inc (61478) SEC Filing 10-Q Quarterly report for the period ending Friday, April 2, 2010

Adc Telecommunications Inc

CIK: 61478

Exhibit 99.1

ADC Reports Second Quarter 2010 Financial Results

Strong margin expansion driven by operating efficiencies and revenue growth

MINNEAPOLIS--(BUSINESS WIRE)--May 5, 2010--ADC (NASDAQ: ADCT) today announced unaudited results for its second quarter ended April 2, 2010.

“We are pleased with ADC’s strong financial performance in the second quarter,” said Robert E. Switz, chairman, president and chief executive officer of ADC. “Our results are highlighted by another quarter of expanding margins and sequential revenue growth. We continue to experience the bottom-line benefits of our on-going cost reduction initiatives and the implementation of process and production improvements across our operations. Moving forward, ADC is well positioned to take further advantage of our operating leverage as we realize the revenue acceleration expected during the second half of our fiscal year.

“In addition to our second quarter revenue growth, we are seeing increased customer planning and proposal activity, indicating their intentions to renew next-generation network spending in significant ways. These investments, dedicated to deploying and upgrading FTTX and mobile networks, create growth opportunities for ADC’s high-performance fiber connectivity and wireless coverage and capacity solutions. Additionally, we expect to see continuing growth in the enterprise space where data center spending is rebounding, as well as in our professional services business which delivered another good quarter,” said Switz.

Second Quarter Fiscal 2010 Results
Due to a change in our fiscal year to September 30, ADC is comparing second quarter 2010 results announced today with the proforma results for the prior year’s second quarter ended March 27, 2009 and the reported results for the first quarter of fiscal 2010 ended January 1, 2010.

  • ADC’s GAAP loss from continuing operations for the quarter was $12.5 million, or $0.13 per share. This GAAP loss includes certain charges and other items totaling $22.0 million. Excluding these items, the non-GAAP (adjusted) net earnings for the quarter were $9.5 million, or $0.10 per share. A reconciliation of GAAP to non-GAAP financial measures is provided later in this press release.
  • Net sales for the second quarter rose 6.8% to $274.0 million, compared to $256.6 million for the second quarter of fiscal 2009 and increased 3.2% compared to $265.6 million for the first quarter of 2010. The year-over-year and sequential increases reflect improving economic conditions in many regions of the world and customer spending trends.

The following information was filed by Adc Telecommunications Inc on Wednesday, May 5, 2010 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.

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Definitive Proxy Statement (Form DEF 14A)
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Adc Telecommunications Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2010 10-K Annual Report includes:

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  • Board Members
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SEC Filing Tools
CIK: 61478
Form Type: 10-Q Quarterly Report
Accession Number: 0000950123-10-045635
Submitted to the SEC: Thu May 06 2010 5:08:59 PM EST
Accepted by the SEC: Thu May 06 2010
Period: Friday, April 2, 2010
Industry: Telephone And Telegraph Apparatus

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