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Tyco International Reports Second Quarter Earnings From Continuing Operations of $0.67 Per Share Before Special Items and GAAP Earnings of $0.56 Per Share
PEMBROKE, Bermuda, May 1, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
($ millions, except per-share amounts)
Q2 2008 Q2 2007 % Change
Revenue $4,866 $4,490 8.4%
Income from Continuing Operations $273 $164 66%
Diluted EPS from Continuing Operations $0.56 $0.33 70%
Special Items Per Share After Tax $0.11 --
Income from Continuing Operations Before
Special Items $326 $167 95%
Diluted EPS from Continuing Operations Before
Special Items $0.67 $0.33 103%
-- Revenue increased 8.4% with organic revenue growth of 3.6%
-- Company achieved operating margin of 9.1% and operating margin before
special items of 10.1%
-- Company raises guidance for diluted EPS from continuing operations
before special items for full year 2008 to a range of $2.65 to $2.75
-- Company announced several transactions marking continued progress in
refining its portfolio
-- Company has repurchased 16.4 million shares for $676 million to date
under existing $1 billion share repurchase program
Tyco International Ltd. (NYSE: TYC; BSX: TYC) today reported $0.56 in
diluted earnings per share (EPS) from continuing operations for the fiscal
second quarter of 2008 and diluted EPS from continuing operations before
special items of $0.67. In comparison to the fiscal second quarter of 2007,
diluted EPS from continuing operations increased 70% and diluted EPS from
continuing operations before special items increased 103%. Diluted EPS from
continuing operations was negatively impacted by special items of $0.11 per
share primarily for restructuring activities and a legacy legal settlement.
Revenue increased 8.4% versus the prior year to $4.9 billion, with organic
revenue growth of 3.6%. The company's operating margin was 9.1% and the
operating margin before special items was 10.1%. The GAAP tax rate for the
quarter was 22.4% and was positively impacted by 70 basis points related to
the tax impact of the special items.
The company now expects full year fiscal 2008 diluted earnings per share
from continuing operations before special items to be in the range of $2.65 to
$2.75 per share.
"Our second quarter operating performance was well ahead of last year with
improved operating margins in each of our businesses. Based on our first half
performance and our outlook for the remainder of the year, we have increased
our full year earnings guidance," said Tyco Chairman and Chief Executive
Officer Ed Breen. "We continue to make progress on our portfolio refinement
efforts, announcing an acquisition in our security business and the
divestiture of businesses that no longer meet our strategic direction."
As part of its portfolio refinement efforts, the company has announced
several transactions including an agreement to acquire FirstService Security
for approximately $187 million to strengthen ADT's systems integration
capabilities. The company also announced agreements to divest the following
non-core businesses: its Infrastructure Services businesses for approximately
$805 million; its Nippon Dry-Chemical unit for $56 million, a transaction that
closed on February 29, 2008; and its Ancon Building Products business for
approximately $174 million, a transaction that closed on April 30, 2008.
Organic revenue growth, free cash flow, operating income before special
items, operating margin before special items, income from continuing
operations before special items and diluted EPS from continuing operations
before special items are all non-GAAP financial measures and are described
below. For a reconciliation of these non-GAAP measures, see the attached
tables. Additional schedules can be found at www.tyco.com on the Investor
Relations portion of Tyco's Web site.
SEGMENT RESULTS
The financial results presented in the tables below are in accordance with
GAAP unless otherwise indicated. All dollar amounts are pre-tax and stated in
millions. All comparisons are to the fiscal second quarter of 2007 unless
otherwise indicated.
ADT Worldwide
Q2 2008 Q2 2007 % Change
Revenue $1,966 $1,887 4%
Operating Income $222 $195 14%
Operating Margin 11.3% 10.3%
Special Items $11 $25
Operating Income Before Special Items $233 $220 6%
Operating Margin Before Special Items 11.9% 11.7%
Revenue increased 4% with organic revenue growth of 1%. Recurring revenue
grew 5% organically and improved across all regions. Systems installation and
service revenue declined 3% organically due to weakness in North America and
Europe, mostly as a result of lower sales to the retailer end market. This was
partially offset by strong double-digit organic growth in Asia and Latin
America.
Operating income was $222 million. Special items consisted of $11 million
of restructuring charges, primarily in Europe. Operating income before
special items increased 6% to $233 million and included expenses of $27
million primarily associated with the analog-to-digital transition.
Flow Control
Q2 2008 Q2 2007 % Change
Revenue $1,024 $878 17%
Operating Income $143 $102 40%
Operating Margin 14.0% 11.6%
Special Items -- $10
Operating Income Before Special Items $143 $112 28%
Operating Margin Before Special Items 14.0% 12.8%
Revenue increased 17% with organic revenue growth of 7% driven by
continued strong growth in the Valves business (+11% organically) and the
Thermal Controls business (+18% organically). This growth was partially
offset by a 5% organic revenue decline in the Water business, primarily due to
reduced water pipeline project activity in Australia compared to the year ago
quarter.
Operating income before special items increased 28% to $143 million and
the operating margin was 14%. The increase in the operating income and the
operating margin before special items was due to higher revenue and improved
productivity.
Fire Protection Services
Q2 2008 Q2 2007 % Change
Revenue $861 $819 5%
Operating Income $77 $62 24%
Operating Margin 8.9% 7.6%
Special Items $1 $2
Operating Income Before Special Items $78 $64 22%
Operating Margin Before Special Items 9.1% 7.8%
Revenue in Fire Protection Services increased 5% with organic revenue
growth of 1%. The North American SimplexGrinnell business grew 4% organically
while the international fire businesses declined 5%. The decline was
primarily due to the planned exit of certain non-core fire activities as well
as a decision to reduce lower-margin project work.
Operating income was $77 million and the operating margin was 8.9%. The
operating income before special items increased 22% to $78 million and the
operating margin before special items improved 130 basis points to 9.1%
primarily because of improved operating efficiencies.
Electrical and Metal Products
Q2 2008 Q2 2007 % Change
Revenue $542 $479 13%
Operating Income $72 $26 177%
Operating Margin 13.3% 5.4%
Special Items $3 --
Operating Income Before Special Items $75 $26 188%
Operating Margin Before Special Items 13.8% 5.4%
Revenue increased 13% with better volume in steel products and higher
pricing for both steel and copper products. Organic revenue growth was 11%.
Operating income was $72 million and included $3 million of restructuring
charges. Operating income before special items of $75 million improved
significantly, primarily as a result of better steel and copper spreads versus
the prior year as well as improved productivity.
Safety Products
Q2 2008 Q2 2007 % Change
Revenue $469 $424 11%
Operating Income $54 $66 (18%)
Operating Margin 11.5% 15.6%
Special Items $26 $5
Operating Income Before Special Items $80 $71 13%
Operating Margin Before Special Items 17.1% 16.7%
Revenue increased 11% with organic revenue growth of 5%, resulting from
growth across the fire suppression, electronic security and life safety
businesses.
Operating income was $54 million and the operating margin was 11.5%.
Special items in the quarter consisted of $26 million of restructuring
charges. Operating income before special items increased 13% to $80 million
and the operating margin before special items was 17.1%. The improvement in
operating income before special items was primarily due to higher volume and
improved productivity offset by higher R&D and sales and marketing expenses.
OTHER ITEMS
-- Net Cash used in Operating Activities of $2.468 billion reflects the
release of $2.960 billion of previously-funded escrow for the
settlement of legacy securities class action litigation.
-- The company had a free cash outflow of $2.736 billion for the fiscal
second quarter, primarily reflecting the release of the $2.960 billion
mentioned above. In addition, free cash flow included $82 million of
payments, primarily for restructuring activities.
-- Corporate and Other operating expense was $125 million and included a
net charge of $8 million for special items.
-- In connection with the sale of the Ancon Building Products business,
the results of this business are reported as a discontinued operation
for this quarter and all prior periods. The business had revenue of
$107 million in 2007 and operating profit of $23 million.
ABOUT TYCO INTERNATIONAL
Tyco International (NYSE: TYC) is a diversified, global company that
provides vital products and services to customers in more than 60 countries.
Tyco is a leading provider of security products and services, fire protection
and detection products and services, valves and controls, and other industrial
products. Tyco had 2007 revenues of more than $18 billion and has 118,000
employees worldwide. More information on Tyco can be found at www.tyco.com.
CONFERENCE CALL AND WEB CAST
Management will discuss the company's second quarter results and outlook
for the fiscal third quarter during a conference call and Web cast today
beginning at 8:30 a.m. EST.
Today's conference call for investors can be accessed in the following
ways:
-- At Tyco's Web site: http://investors.tyco.com.
-- By telephone: For both "listen-only" participants and those
participants who wish to take part in the question-and-answer portion
of the call, the telephone dial-in number in the United States is (800)
398-9402. The telephone dial-in number for participants outside the
United States is (612) 332-1214.
-- An audio replay of the conference call will be available beginning at
10:30 a.m. on May 1, 2008 and ending on May 8, 2008. The dial-in number
for participants in the United States is (800) 475-6701. For
participants outside the United States, the replay dial-in number is
(320) 365-3844. The replay access code for all callers is 918069.
NON-GAAP MEASURES
"Organic revenue growth," "free cash flow" (FCF), "operating income before
special items", "earnings per share (EPS) from continuing operations before
special items" and "operating margin before special items" are non-GAAP
measures and should not be considered replacements for GAAP results.
Organic revenue growth is a useful measure used by the company to measure
the underlying results and trends in the business. The difference between
reported net revenue growth (the most comparable GAAP measure) and organic
revenue growth (the non-GAAP measure) consists of the impact from foreign
currency, acquisitions and divestitures, and other changes that do not reflect
the underlying results and trends (for example, revenue reclassifications and
changes to the fiscal year). Organic revenue growth is a useful measure of
the company's performance because it excludes items that: i) are not
completely under management's control, such as the impact of foreign currency
exchange; or ii) do not reflect the underlying growth of the company, such as
acquisition and divestiture activity. It may be used as a component of the
company's compensation programs. The limitation of this measure is that it
excludes items that have an impact on the company's revenue. This limitation
is best addressed by using organic revenue growth in combination with the GAAP
numbers. See the accompanying tables to this press release for the
reconciliation presenting the components of organic revenue growth.
FCF is a useful measure of the company's cash which is free from any
significant existing obligation. The difference between cash flows from
operating activities (the most comparable GAAP measure) and FCF (the non-GAAP
measure) consists mainly of significant cash outflows that the company
believes are useful to identify. FCF permits management and investors to gain
insight into the number that management employs to measure cash that is free
from any significant existing obligation. It, or a measure that is based on
it, may be used as a significant component in the company's incentive
compensation plans. The difference reflects the impact from:
-- the sale of accounts receivable programs, -- net capital expenditures, -- accounts purchased from ADT dealer network, -- cash paid for purchase accounting and holdback liabilities, and -- voluntary pension contributions.
The impact from the sale of accounts receivable programs and voluntary
pension contributions are added or subtracted from the GAAP measure because
this activity is driven by economic financing decisions rather than operating
activity. Capital expenditures and the ADT dealer program are subtracted
because they represent long-term commitments. Cash paid for purchase
accounting and holdback liabilities is subtracted from Cash Flow from
Operating Activities because these cash outflows are not available for general
corporate uses.
The limitation associated with using FCF is that it subtracts cash items
that are ultimately within management's and the Board of Directors' discretion
to direct and therefore may imply that there is less or more cash that is
available for the company's programs than the most comparable GAAP measure.
This limitation is best addressed by using FCF in combination with the GAAP
cash flow numbers.
FCF as presented herein may not be comparable to similarly titled measures
reported by other companies. The measure should be used in conjunction with
other GAAP financial measures. Investors are urged to read the company's
financial statements as filed with the Securities and Exchange Commission, as
well as the accompanying tables to this press release that show all the
elements of the GAAP measures of Cash Flows from Operating Activities, Cash
Flows from Investing Activities, Cash Flows from Financing Activities and a
reconciliation of the company's total cash and cash equivalents for the
period. See the accompanying tables to this press release for a cash flow
statement presented in accordance with GAAP and a reconciliation presenting
the components of FCF.
The company has presented its operating income from continuing operations,
operating income and margin before special items and EPS from continuing
operations before special items, and forecast its EPS from continuing
operations before special items. Special Items include charges and gains
related to divestitures, acquisitions, restructurings (including transaction
costs related to the separations of Tyco Electronics and Tyco Healthcare into
separate public companies), and other income or charges that may mask the
underlying operating results and/or business trends of the company or business
segment, as applicable. The company utilizes income from continuing
operations, EPS and operating income and margin, before special items to
assess overall operating performance, segment level core operating performance
and to provide insight to management in evaluating overall and segment
operating plan execution and underlying market conditions. They may be used
as significant components in the company's incentive compensation plans.
Operating income, operating margin, income from continuing operations before
special items and EPS before special items are useful measures for investors
because they permit more meaningful comparisons of the company's underlying
operating results and business trends between periods. EPS before special
items does not reflect any additional adjustments that are not reflected in
income from continuing operations before special items. The difference
between income from continuing operations before special items and operating
income and margin before special items versus income from continuing
operations, operating income and operating margin (the most comparable GAAP
measures) consists of the impact of charges and gains related to divestitures,
acquisitions, restructurings (including transaction costs related to the
separations of Tyco Electronics and Tyco Healthcare into separate public
companies), and other income or charges that may mask the underlying operating
results and/or business trends. The limitation of these measures is that they
exclude the impact (which may be material) of items that increase or decrease
the company's reported operating income from continuing operations, EPS and
operating income and margin. This limitation is best addressed by using
operating income and operating margin before special items in combination with
the most comparable GAAP measures in order to better understand the amounts,
character and impact of any increase or decrease on reported results.
The company presents its EPS forecast before special items to give
investors a perspective on the underlying business results. Because the
company often cannot predict the amount and timing of unusual or special items
and associated charges or gains that may be recorded in the company's
financial statements, it does not present forecasts that include the impact of
those items. See the accompanying tables to this press release for the
reconciliation presenting the components of operating income before special
items.
FORWARD-LOOKING STATEMENTS
This release may contain certain "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
These statements are based on management's current expectations and are
subject to risks, uncertainty and changes in circumstances, which may cause
actual results, performance or achievements to differ materially from
anticipated results, performance or achievements. All statements contained
herein that are not clearly historical in nature are forward-looking and the
words "anticipate," "believe," "expect," "estimate," "plan," and similar
expressions are generally intended to identify forward-looking statements. The
forward-looking statements in this release include statements addressing the
following subjects: future financial condition and operating results.
Economic, business, competitive and/or regulatory factors affecting Tyco's
businesses are examples of factors, among others, that could cause actual
results to differ materially from those described in the forward-looking
statements. Tyco is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise. More detailed
information about these and other factors is set forth in Tyco's Annual Report
on Form 10-K for the fiscal year ended Sept. 28, 2007 and Quarterly Report on
Form 10-Q for the quarterly period ended December 28, 2007.
TYCO INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
(Unaudited)
Quarter Ended Six Months Ended
March 28, March 30, March 28, March 30,
2008 2007 2008 2007
Net revenue $4,866 $4,490 $9,706 $8,829
Cost of sales 3,186 2,986 6,344 5,841
Selling, general and
administrative expenses 1,205 1,223 2,374 2,377
Separation costs (5) 32 4 57
Restructuring, asset
impairment and divestiture
charges, net 37 45 48 101
Operating income 443 204 936 453
Interest income 25 11 83 25
Interest expense (115) (64) (232) (130)
Other income, net - 1 52 2
Income from continuing
operations before income
taxes and minority interest 353 152 839 350
Income taxes (79) 12 (204) (27)
Minority interest (1) - (2) (1)
Income from continuing
operations 273 164 633 322
Income from discontinued
operations, net of income taxes 7 671 10 1,306
Net income $280 $835 $643 $1,628
Basic earnings per common share:
Income from continuing
operations $0.56 $0.33 $1.29 $0.65
Income from discontinued
operations 0.02 1.36 0.02 2.64
Net income $0.58 $1.69 $1.31 $3.29
Diluted earnings per common share:
Income from continuing
operations $0.56 $0.33 $1.28 $0.64
Income from discontinued
operations 0.01 1.33 0.03 2.59
Net income $0.57 $1.66 $1.31 $3.23
Weighted-average number of shares
outstanding:
Basic 486 493 489 494
Diluted 489 506 493 507
Income Reconciliation for
Diluted EPS:
Income from continuing
operations $273 $164 $633 $322
Add back of interest expense
for convertible debt - 2 - 4
Income from continuing
operations, giving effect to
dilutive adjustments 273 166 633 326
Income from discontinued
operations 7 671 10 1,306
Add back of interest expense
for convertible debt - 2 - 5
Net income, giving effect to
dilutive adjustments $280 $839 $643 $1,637
NOTE: These financial statements should be read in conjunction with the
Consolidated Financial Statements and accompanying notes contained
in the Company's Annual Report on Form 10-K for the fiscal year
ended September 28, 2007 and Quarterly Report on Form 10-Q for the
quarterly period ended December 28, 2007.
TYCO INTERNATIONAL LTD.
RESULTS OF SEGMENTS
(in millions)
(Unaudited)
Quarter Ended
March 28, March 30,
2008 2007
NET REVENUE
ADT Worldwide $1,966 $1,887
Flow Control 1,024 878
Fire Protection Services 861 819
Electrical and Metal Products 542 479
Safety Products 469 424
Corporate and Other 4 3
Total Net Revenue $4,866 $4,490
OPERATING INCOME AND MARGIN
ADT Worldwide $222 11.3% $195 10.3%
Flow Control 143 14.0% 102 11.6%
Fire Protection Services 77 8.9% 62 7.6%
Electrical and Metal Products 72 13.3% 26 5.4%
Safety Products 54 11.5% 66 15.6%
Corporate and Other (125) N/M (247) N/M
Operating Income and Margin $443 9.1% $204 4.5%
Six Months Ended
March 28, March 30,
2008 2007
NET REVENUE
ADT Worldwide $3,965 $3,750
Flow Control 2,098 1,713
Fire Protection Services 1,690 1,607
Electrical and Metal Products 1,029 922
Safety Products 916 830
Corporate and Other 8 7
Total Net Revenue $9,706 $8,829
OPERATING INCOME AND MARGIN
ADT Worldwide $471 11.9% $396 10.6%
Flow Control 314 15.0% 210 12.3%
Fire Protection Services 150 8.9% 120 7.5%
Electrical and Metal Products 113 11.0% 67 7.3%
Safety Products 140 15.3% 137 16.5%
Corporate and Other (252) N/M (477) N/M
Operating Income and Margin $936 9.6% $453 5.1%
TYCO INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
March 28, December 28, September 28,
2008 2007 2007
Current Assets:
Cash and cash equivalents $1,074 $1,069 $1,894
Accounts receivable, net 3,137 3,022 2,945
Inventories 2,025 1,938 1,811
Class action settlement escrow - 3,011 2,992
Other current assets 1,761 1,711 1,632
Assets of discontinued operations 983 1,109 1,084
Total current assets 8,980 11,860 12,358
Property, plant and equipment, net 3,613 3,565 3,543
Goodwill 11,922 11,681 11,636
Intangible assets, net 2,636 2,695 2,697
Other assets 2,723 2,669 2,581
Total Assets $29,874 $32,470 $32,815
Current Liabilities:
Short-term debt and current
maturities of long-term debt $525 $693 $380
Accounts payable 1,516 1,540 1,665
Class action settlement liability - 3,011 2,992
Accrued and other current liabilities 3,316 3,046 3,470
Liabilities of discontinued operations 526 595 598
Total current liabilities 5,883 8,885 9,105
Long-term debt 3,977 3,777 4,082
Other liabilities 3,985 4,010 3,937
Total Liabilities 13,845 16,672 17,124
Minority interest 55 70 67
Shareholders' equity 15,974 15,728 15,624
Total Liabilities and Shareholders'
Equity $29,874 $32,470 $32,815
NOTE: These financial statements should be read in conjunction with the
Consolidated Financial Statements and accompanying notes contained
in the Company's Annual Report on Form 10-K for the fiscal year
ended September 28, 2007 and Quarterly Report on Form 10-Q for the
quarterly period ended December 28, 2007.
TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Quarter Ended Six Months Ended
March 28, March 30, March 28, March 30,
2008 2007 2008 2007
Cash Flows from Operating
Activities:
Net income $280 $835 $643 $1,628
Income from discontinued
operations (7) (671) (10) (1,306)
Income from continuing
operations 273 164 633 322
Adjustments to reconcile net
cash provided by operating
activities:
Depreciation and amortization 290 296 566 592
Non-cash compensation expense 22 36 57 81
Deferred income taxes (49) (87) (105) (93)
Provision for losses on
accounts receivable
and inventory 31 19 61 44
Other non-cash items 31 14 43 18
Changes in assets and
liabilities, net of the
effects of acquisitions
and divestitures:
Accounts receivable, net (36) (93) (107) (67)
Inventories (31) (75) (149) (280)
Other current assets 29 48 (24) 164
Accounts payable (68) 1 (206) (51)
Accrued and other
liabilities 17 156 (325) (50)
Class action settlement
liability (3,020) - (3,020) -
Other 43 96 (45) 32
Net cash (used in) provided by
operating activities (2,468) 575 (2,621) 712
Net cash provided by
discontinued operating
activities 28 1,005 4 1,696
Cash Flows from Investing
Activities:
Capital expenditures (180) (156) (356) (299)
Proceeds from disposal of
assets 4 4 10 10
Acquisition of businesses,
net of cash acquired (5) (1) (27) (16)
Accounts purchased from ADT
dealer network (98) (80) (187) (176)
Liquidation of rabbi trust
investments - 232 - 271
Class action settlement
escrow 2,960 - 2,960 -
Other (6) 2 (9) 43
Net cash provided by (used in)
investing activities 2,675 1 2,391 (167)
Net cash provided by (used in)
discontinued investing
activities 33 (237) 14 (505)
Cash Flows from Financing
Activities:
Net proceeds of debt 31 195 40 193
Proceeds from exercise of
share options 8 92 21 212
Dividends paid (74) (196) (148) (395)
Repurchase of common shares
by subsidiary (248) (8) (477) (668)
Transfers from discontinued
operations 62 705 19 1,083
Other 2 7 (69) 13
Net cash (used in) provided by
financing activities (219) 795 (614) 438
Net cash used in discontinued
financing activities (61) (694) (18) (1,077)
Effect of currency translation
on cash 17 5 24 21
Effect of currency translation
on cash of discontinued
operations - 9 - 19
Net increase (decrease) in cash
and cash equivalents 5 1,459 (820) 1,137
Less: net increase in cash
related to discontinued
operations - (83) - (133)
Cash and cash equivalents at
beginning of period 1,069 1,821 1,894 2,193
Cash and cash equivalents at
end of period $1,074 $3,197 $1,074 $3,197
Reconciliation to "Free Cash
Flow":
Net cash (used in) provided by
operating activities $(2,468) $575 $(2,621) $712
Decrease in sale of accounts
receivable 5 1 10 3
Capital expenditures, net (176) (152) (346) (289)
Accounts purchased from ADT
dealer network (98) (80) (187) (176)
Purchase accounting and holdback
liabilities (1) (2) (2) (4)
Voluntary pension contributions 2 - 2 18
Free Cash Flow $(2,736) $342 $(3,144) $264
NOTE: Free cash flow is a non-GAAP measure. See description of non-GAAP
measures contained in this release.
TYCO INTERNATIONAL LTD.
ORGANIC REVENUE GROWTH RECONCILIATION
(in millions)
(Unaudited)
Quarter Ended March 28, 2008
Foreign
Net Revenue Currency Other
ADT Worldwide $1,966 4.2% $69 3.7% $(10) -0.6%
Flow Control 1,024 16.6% 86 9.8% (1) 0.0%
Fire Protection Services 861 5.1% 38 4.6% - 0.0%
Electrical and Metal Products 542 13.2% 12 2.5% - 0.0%
Safety Products 469 10.6% 23 5.4% (1) 0.0%
Corporate and Other 4 33.3% - 0.0% - 0.0%
Total Net Revenue $4,866 8.4% $228 5.1% $(12) -0.2%
Net Revenue
for the
Quarter Ended
Organic Revenue March 30,
Growth 2007
ADT Worldwide $20 1.1% $1,887
Flow Control 61 6.9% 878
Fire Protection Services 4 0.5% 819
Electrical and Metal Products 51 10.6% 479
Safety Products 23 5.4% 424
Corporate and Other 1 33.3% 3
Total Net Revenue $160 3.6% $4,490
Six Months Ended March 28, 2008
Foreign
Net Revenue Currency Other
ADT Worldwide $3,965 5.7% $153 4.1% $(22) -0.6%
Flow Control 2,098 22.5% 178 10.4% (2) 0.0%
Fire Protection Services 1,690 5.2% 79 4.9% - 0.0%
Electrical and Metal Products 1,029 11.6% 22 2.4% - 0.0%
Safety Products 916 10.4% 45 5.4% (1) 0.0%
Corporate and Other 8 14.3% 1 14.3% - 0.0%
Total Net Revenue $9,706 9.9% $478 5.4% $(25) -0.2%
Net Revenue
for the Six
Organic Months Ended
Revenue March 30,
Growth 2007
ADT Worldwide $84 2.2% $3,750
Flow Control 209 12.2% 1,713
Fire Protection Services 4 0.2% 1,607
Electrical and Metal Products 85 9.2% 922
Safety Products 42 5.1% 830
Corporate and Other - 0.0% 7
Total Net Revenue $424 4.8% $8,829
NOTE: Organic revenue growth is a non-GAAP measure. See description
of non-GAAP measures contained in this release.
TYCO INTERNATIONAL LTD.
EARNINGS PER SHARE SUMMARY
(Unaudited)
Year
Quarter Ended Ended
Dec. 29, March 30, June 29, Sept. 28, Sept. 28,
2006 2007 2007 2007 2007
Diluted EPS from
Continuing Operations $0.31 $0.33 $(6.17) $0.42 $(5.10)
Restructuring charges
in cost of sales and
SG&A - 0.00 0.00 0.01 0.01
Class action settlement,
net - - 5.83 (0.02) 5.81
Separation costs 0.07 0.10 0.69 0.08 0.93
Losses on divestitures - 0.00 0.00 - (0.00)
Restructuring and asset
impairment charges, net 0.10 0.02 0.07 0.07 0.26
Goodwill impairment - - 0.09 - 0.09
Tax items - (0.12) - - (0.12)
Voluntary Replacement
Program - - - 0.01 0.01
Reserve adjustment - - - - -
Legacy legal settlement - - - - -
Diluted EPS from Continuing
Operations Before
Special Items $0.48 $0.33 $0.51 $0.57 $1.89
Quarter Ended Year to Date
Dec. 28, March 28, March 28,
2007 2008 2008
Diluted EPS from Continuing Operations $0.72 $0.56 $1.28
Restructuring charges in cost of
sales and SG&A 0.01 0.01 0.01
Class action settlement, net - - -
Separation costs (0.08) 0.01 (0.06)
Losses on divestitures - - -
Restructuring and asset impairment
charges, net 0.02 0.06 0.08
Goodwill impairment - - -
Tax items 0.04 0.00 0.04
Voluntary Replacement Program - - -
Reserve adjustment - (0.01) (0.01)
Legacy legal settlement - 0.04 0.04
Diluted EPS from Continuing
Operations Before Special Items $0.71 $0.67 $1.38
SOURCE Tyco International Ltd.
http://www.tyco.com
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