ADC Reports 3Q Loss, Compared To Year-ago Profit

MINNEAPOLIS (AP) — ADC Telecommunications Inc. reported Tuesday that it lost $800,000 in its fiscal third quarter, compared with earning a profit a year earlier, because its sales plunged 25.8 percent.

The loss for the three-month period that ended July 31 amounted to 1 cent a share. In the third quarter a year earlier, it earned $15.1 million, or 13 cents a share.

Excluding one-time items, it earned 17 cents per share on revenue of $283.4 million, down from $381.8 million a year earlier.

ADC supplies network equipment, software and other services for communication networks.

ADC ended the third quarter with cash, cash equivalents and available-for-sale securities of $562.9 million, which excludes auction-rate securities and restricted cash.

The company forecast fourth-quarter earnings of $160 million to $175 million but said a change in its fiscal year would shorten the fourth quarter to two months this year, instead of three.

On July 25, ADC announced that the company's board of directors changing the end of its current fiscal year from Oct. 31 to Sept. 30.