ADC sales drop

ADC today announced first-quarter sales of $294 million for the quarter ended Jan. 31, a steep drop from pro forma sales of $689 million in the comparable quarter of 2001. At the same time, the company said it believes it has reached the bottom of the market and expects a rebound by its fiscal year 2003.

On a business-unit basis, the company’s Broadband Infrastructure and Access sales drop from a pro forma $558 million in the first quarter 2001 to $197 million in the first quarter 2002. Integrated Solutions sales were $97 million in the quarter compared to a pro forma $131 million in the comparable prior-year period.

Pro forma net loss for the quarter was $38 million or 5 cents per diluted share compared to pro forma net income of $73 million, or 9 cents per diluted share in the first quarter of 2001.

Going forward, the company said it believes the fiscal second quarter will be marginally better, with sales coming in between $295 million and $305 million.

--Vince Vittore, executive editor