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ADC Plans Fiscal Year-End Change for 2009

2008-07-25 06:00:00

ADC Plans Fiscal Year-End Change for 2009


announced that the companys board of

directors has approved a fiscal year-end change from Oct. 31 to Sept.

30. The change is scheduled for the companys

2009 fiscal year beginning Nov. 1, 2008 and ending Sept. 30, 2009, and

is being implemented to better align ADCs

financial reporting periods with those of the companys

telecommunications industry peers.

Financial results for ADCs 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 ADCs

fiscal year-end is driven primarily by our desire to report the companys

earnings during the same periods as other companies in the

telecommunications industry, said James G.

Mathews, ADCs Chief Financial Officer. The

move to a September 30 year-end is designed to make it easier for the

investment community to compare ADCs

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.

ADCs 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.

About ADC

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

Media Relations:
Mike Smith, 952-917-0306
[email protected]

Mark Borman, 952-917-0590
[email protected]

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