ADC Appoints Ernst & Young LLP as its Independent Auditors.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--May 21, 2002 ADC (1) See A/D converter. (2) (Apple Display Connector) A peripheral connector from Apple that combines digital video display, USB and power in one cable. (Nasdaq:ADCT ADCT Adaptive Discrete Cosine Transform ; www.adc.com) today announced that its Board of Directors, at the recommendation of its Audit Committee, has appointed Ernst & Young LLP LLP - Lower Layer Protocol as the company's independent auditors. The appointment is the result of a thorough request-for-proposal process conducted under the direction of the ADC's Audit Committee. Ernst & Young will perform the audit of ADC's financial statements for the fiscal year ending October 31, 2002. Ernst & Young replaces Arthur Andersen For the U.S. Supreme Court case commonly known as Arthur Andersen, see . Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms (the other four are PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG), performing LLP, who had served as ADC's auditor for many years. The decision to change auditors was not the result of any disagreement between ADC and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. "Arthur Andersen has done excellent, professional work for ADC for many years and we have the utmost respect for the people with whom we have worked," said Robert E. Switz, ADC's Executive Vice President and Chief Financial Officer. "We look forward to a new relationship with Ernst & Young." It is expected that Ernst & Young will begin immediately to review ADC's quarterly financial statements for the second quarter ended April 30, 2002 and finalize its quarterly review prior to the filing of ADC's Form 10-Q Form 10-Q See 10-Q. . ADC intends to proceed with the release of its unreviewed second quarter earnings as originally scheduled on Wednesday, May 22nd. About ADC ADC is The Broadband Company(TM). ADC tailors high-quality, custom solutions of network equipment, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , software and systems integration services that enable communications service providers to deliver high-speed Internet, data, video and voice services to consumers and businesses worldwide. ADC (Nasdaq:ADCT) has sales into nearly 100 countries and is included in the Standard & Poor's 500 Index and the Nasdaq 100 Index Nasdaq 100 Index A market-capitalization-weighted index of the largest and most active nonfinancial domestic and international issues listed on the Nasdaq Stock Market. . Learn more about ADC Telecommunications, Inc. at www.adc.com. |
|
||||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion