ITEM 3: LEGAL PROCEEDINGS

We are not a party to any litigation that we believe could have a material adverse effect on our business, financial condition and results of operations.

ITEM 4: SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No matters were submitted to a vote of our security holders during the fourth quarter of the year ended March 31, 2001.

 

PART II

ITEM 5: MARKET FOR THE REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

Price Range of Common Stock

The Company’s stock is currently included on The Nasdaq National Market ("Nasdaq") under the symbol "ADSC." The following table sets forth, on a per share basis for the periods shown, the high and low sales price of our common stock as reported on Nasdaq. Such information reflects inter-dealer prices, without retail markup, markdown or commission and may not represent actual transactions.
   

       High       

  

       Low       

Fiscal Year 2001:

        

   First Quarter (April 1 — June 30, 2000)

  

$  9.2500    

  

$3.2500    

   Second Quarter (July 1 — Sept. 30, 2000)

  

5.8750    

  

3.5625    

   Third Quarter (Oct. 1 — Dec. 31, 2000)

  

4.1875    

  

1.3750    

   Fourth Quarter (Jan. 1 — March 31, 2001)

  

3.5625    

  

1.6875    
         

Fiscal Year 2000:

        

   First Quarter (April 1 — June 30, 1999)

  

$  6.2500    

  

$3.0000    

   Second Quarter (July 1 — Sept. 30, 1999)

  

5.3125    

  

3.4375    

   Third Quarter (Oct. 1 — Dec. 31, 1999)

  

7.1250    

  

3.5000    

   Fourth Quarter (Jan. 1 — March 31, 2000)

  

12.0000    

  

5.2500    
         

On June 1, 2001, the last reported sale price of the common stock on The Nasdaq National Market was $2.40 per share. As of June 1, 2001, there were approximately 135 stockholders of record.

Dividend Policy

We do not intend to pay cash dividends in the foreseeable future. The payment of any future dividends will be at the discretion of our Board of Directors and will depend upon, among other things, future earnings, operations, capital requirements of the Company, business conditions and contractual restrictions on payment of dividends, if any.