ADC Telecommunications Inc. reported higher-than-expected net sales and positive net income for its fiscal fourth quarter ended Oct. 31.
The telecommunications-gear vendor posted fourth-quarter net sales of $192.9 million versus $220.7 million in the year-earlier period and $188.5 million in its fiscal third quarter.
Net income for the period was $9.3 million compared with a $381.8 million loss in the year-ago quarter and a $15.1 million loss in the previous quarter.
"With our cost-reduced business, we generated positive total cash provided by operating activities and increased our total cash and securities to $786 million," chief financial officer Gokul Hemmady said in a release.
"Our strong financial condition will be key to our plans to grow ADC organically and through strategic acquisitions in our core strength areas," he added.