ADC Increases Financial Guidance, 1-for-7 Reverse Stock Split

ADC said it now expects to have sales from continuing operations of around $292-$297 million and GAAP earnings per share from continuing operations of around $0.03, which includes $2 million of restructuring charges and $3 million of acquired intangibles amortization. This compares to previous guidance on February 28, 2005 for the quarter of sales from continuing operations around $260-$270 million and GAAP earnings per share from continuing operations of around $0.02.


ADC also provided guidance for its third fiscal quarter ending July 29, 2005 in which it expects sales from continuing operations to be around $300-$310 million and split-adjusted GAAP earnings per share from continuing operations of around $0.21-$0.24 and adjusted earnings per share from continuing operations of around $0.23-$0.26.


ADC also announced that its Board of Directors approved a one-for-seven (1:7) reverse split of its common stock.
http://www.adc.com