ADC Expects Strong Fourth Quarter 2000 Results.Business Editors & Technology Writers First $1 Billion-Plus Sales Quarter, Up Approximately 60%; EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. to Meet or Exceed Consensus Estimates in the Quarter; Confirms Strong Outlook for 2001 MINNEAPOLIS--(BUSINESS WIRE)--Nov. 2, 2000 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), a leading global supplier of 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 , network equipment, software and integration services for broadband, multiservice networks, today announced that it expects sales to exceed $1 billion in the fourth quarter ended October 31, 2000, an increase of approximately 60% over sales of $634 million in the comparable quarter of 1999. All amounts are estimated as of November 1, 2000. The 1999 sales are restated to account for ADC's three pooling-of-interests acquisitions completed during fiscal year 2000. ADC expects to meet or exceed the diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of consensus estimates, before non-recurring credits and charges, of $0.17 per share in the fourth quarter of 2000 and $0.46 per share for fiscal year 2000. ADC also confirmed its expectation to achieve the diluted earnings per share consensus estimates, before non-recurring credits and charges, in the range of $0.68 to $0.70 per share for fiscal year 2001. The source of the consensus estimates is First Call(R). "We are pleased to reach another significant milestone in ADC's financial performance - surpassing one billion dollars in sales for the first time in a quarter, " said William J. Cadogan, chairman and chief executive officer of ADC. "Despite recent market concerns, we remain confident that we can achieve our long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. for annual sales growth at 25% to 30% with earnings per share growth at the same or higher rate, before non-recurring credits and charges. ADC's strong operating results to date and continued strong growth expectations are a result of our leading market positions, diversified product mix and broad global customer base, supported by our outstanding employees, significant capacity expansions worldwide, critical-mass acquisitions and innovative new product platforms." ADC expects to report its actual financial results for the fiscal fourth quarter of 2000, and discuss its outlook for the fiscal year 2001, on November 28, 2000, after the market close, with a conference call scheduled for the same day at 5 p.m. Eastern time. The November 28th conference call can be accessed by domestic callers at (888) 868-9083 and by international callers at (973) 628-7055 or on the Internet at www.adc.com/investor. About ADC ADC is The Broadband Company(TM). ADC's fiber optics, network equipment, software and integration services make broadband communications a reality worldwide by enabling communications service providers to deliver high-speed Internet See broadband. , data, video and voice services to consumers and businesses. ADC (Nasdaq:ADCT) has annual sales of over $3.2 billion and employs more than 22,000 people worldwide. ADC's stock is included in the Standard & Poor's 500 Index and the Nasdaq-100 Index. Learn more about ADC Telecommunications, Inc. at www.adc.com. Visit ADC's Investor Relations Investor relations The process by which the corporation communicates with its investors. site at www.adc.com/investor Cautionary Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 Any forward-looking statements contained herein reflect management's current expectations or beliefs. ADC Telecommunications cautions readers that future actual results could differ materially from those in forward-looking statements depending on the outcome of certain factors, including the risks and uncertainties identified in Exhibit 99-a to ADC's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended October 31, 1999. |
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