ADC Plans Fiscal Year-End Change for 2009
announced that the company’s board of
directors has approved a fiscal year-end change from Oct. 31 to Sept.
30. The change is scheduled for the company’s
2009 fiscal year beginning Nov. 1, 2008 and ending Sept. 30, 2009, and
is being implemented to better align ADC’s
financial reporting periods with those of the company’s
telecommunications industry peers.
Financial results for ADC’s 2008 fiscal year
will be reported as planned on Form 10-K after the company reports
earnings for the fourth quarter ending Oct. 31, 2008.
“Our decision to change ADC’s
fiscal year-end is driven primarily by our desire to report the company’s
earnings during the same periods as other companies in the
telecommunications industry,” said James G.
Mathews, ADC’s Chief Financial Officer. “The
move to a September 30 year-end is designed to make it easier for the
investment community to compare ADC’s
operational and financial results to those of our industry peers.”
ADC will continue to report its quarterly financial results on the
current fiscal calendar through the third quarter of 2009, which ends on
July 31, 2009. At that point, ADC will transition to the Sept. 30
year-end, which means that the fourth quarter of fiscal 2009 will be
shortened to approximately two months. The Annual Report for 2009 will
serve as the transition report for financial reporting purposes and will
be filed within 60 days of the new Sept. 30 year-end.
ADC’s 2009 fiscal year Annual Report on Form
10-K will include audited statements of operations for the 11 months
ended Sept. 30, 2009 and the 12 months ended Oct. 31, 2008 and 2007,
respectively. In order to provide financial statement comparability for
all of our stakeholders, we also plan to include an unaudited statement
of operations for the 11 months ended September 30, 2008.
ADC provides the connections for wireline, wireless, cable, broadcast,
and enterprise networks around the world. ADC’s innovative network
infrastructure equipment and professional services enable high-speed
Internet, data, video, and voice services to residential, business and
mobile subscribers. ADC (NASDAQ: ADCT) has sales into more than 130
countries. Learn more about ADC at www.adc.com.
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