May 19, 2000 |
ADC Telecommunications Inc. reported fiscal second-quarter profit that more than doubled and boosted its earnings estimates for the full year. The company also said that Chief Executive William Cadogan will retire by the end of next year and a search has begun for a successor. ADC, whose equipment eliminates bottlenecks in phone networks, said profit surged to $93.7 million, or 29 cents a share, in the latest quarter, from $45.3 million, or 15 cents, a year ago, as sales climbed 55% to $709.
June 27, 2000 |
Shareholders of PairGain Technologies Inc. on Monday approved ADC Telecommunications Inc.'s acquisition of the Tustin manufacturer of telecommunications equipment in a $1.51-billion stock swap. Stocks of both companies set 52-week highs in Nasdaq trading after the announcement. PairGain shares hit $38 before settling back to close at $36.38, up $2.56. ADC's stock rose $6.19 to $85. The transaction is scheduled to be completed by the end of the week.
January 20, 2001 |
ADC Telecommunications Inc. cut its 2001 profit outlook in half, less than two months after saying it would meet forecasts, sending the phone-equipment maker's shares down as much as 30%. Sales and per-share profit will rise 15% this fiscal year, down from the previous forecast of 25% to 30%, ADC said. The Minnetonka, Minn.-based company said it will miss analysts' earnings estimates for the first quarter and may fire more employees to reduce expenses.
September 21, 2000 |
ADC Telecommunications Inc., a maker of telephone equipment, said it will buy Broadband Access Systems, a start-up developer of high-speed data and voice delivery systems, for stock valued at $2.25 billion. ADC said the acquisition of privately held Broadband Access would ready it for a surge in demand for high-speed Internet access services over cable television and digital subscriber line networks. DSL services allow high-speed Web access over copper phone lines.
March 29, 2001 |
ADC Telecommunications Inc. said Wednesday that it plans to cut 3,000 to 4,000 more jobs and expects to report a loss for its second quarter, reversing its previous profit forecast, citing a slowdown in customer spending. The telecommunications equipment maker already has eliminated about 3,000 jobs in fiscal 2001. The two reductions comprise about 25% to 30% of ADC's work force at the beginning of its fiscal year.
February 24, 2000 |
PairGain Technologies Inc., a pioneer in high-speed Internet communications and one of Orange County's major public companies, will be bought by a Minneapolis rival for $1.6 billion in stock. The purchase by ADC Telecommunications Inc., announced Wednesday, is expected to trigger a round of mergers among digital network-equipment makers.