UPDATE 1-ADC Q1 beats Street; to cut 600 jobs
* Q1 adj loss/shr $0.06 vs est $0.11 - Reuters Estimates
* Revenue $254.3 mln vs est $249.0 mln
* Says has liquidity to meet operational requirements
* To cut about 600 jobs
March 3 (Reuters) - Network equipment maker ADC Telecommunications Inc (ADCT.O) posted better-than-expected quarterly results on savings from cost reduction initiatives and said it would cut more jobs.
The broadband data access and infrastructure equipment maker said it plans to cut about 600 jobs by the second quarter and take a restructuring charge of $2.5 million to $3.5 million.
In October, the company cut 10 percent of its U.S. workforce and said it was exiting certain unprofitable businesses.
ADC said it will generate positive free cash flow in fiscal 2009 and has the necessary liquidity to meet its operational requirements even through a prolonged economic downturn.
For the first quarter ended Jan. 30, the company reported a net loss of $442.8 million, or $4.45 per share, compared with a loss of $27.3 million, or 23 cents per share, a year ago.
According to Reuters Estimates, excluding items, the company posted a loss of 6 cents a share.
ADC forecast a second-quarter loss of 14 cents to 4 cents a share, including non-cash amortization expense of 6 cents a share and restructuring charges of about 3 cents per share.
The company expects revenue to be $255 million to $280 million for the period. Shares of the Minneapolis-based company closed at $2.50 Tuesday on Nasdaq. They had touched $2.47, their lowest in two decades, earlier in the day. (Reporting by Poojya Trivedi in Bangalore; Editing by Anne Pallivathuckal)
