- Results Include Charges of $0.07 Per Share for Separation Activities and
Restructuring
- Company has Strong Cash Flow Quarter
PEMBROKE, Bermuda, May 8 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC) (BSX: TYC) today reported diluted GAAP earnings per share
(EPS) from continuing operations of $0.42 for the fiscal second quarter of
2007. Results include charges of $0.05 per share for separation activities
and $0.02 per share for restructuring in connection with Tyco's
previously-announced restructuring program. Revenue in the quarter
increased 7 percent versus the prior year to $10.8 billion, with organic
revenue growth of 4.4 percent. The company generated cash flow from
operating activities of $1.6 billion and free cash flow of $1.1 billion
which included $118 million in cash payments for separation-related costs
and restructuring. The company's tax rate was approximately 20 percent in
the quarter and benefited from certain positive tax developments.
Tyco Chairman and Chief Executive Officer Ed Breen said, "Our
performance in the second quarter reflects good top line growth with better
than expected revenue growth in our Electronics and Engineered Products
businesses. Cash flow was also strong in the quarter as our businesses
continue to demonstrate their ability to generate consistent and strong
cash flow."
Key events in recent weeks related to Tyco's planned separation include
the following:
-- Fitch, Moody's and S&P Credit Rating Services issued investment grade
credit ratings for each of the three companies.
-- Tyco entered into 5-year revolving credit facilities for each of the
three companies for a combined $4.25 billion, which will replace the
existing three and five year Tyco credit facilities of $2.5 billion
upon separation.
-- Tyco entered into bridge loan facilities totaling $10 billion which
will be utilized in connection with Tyco's tender for most of its
outstanding public debt.
-- Tyco and its subsidiaries initiated tender offers to purchase for cash
approximately $8.5 billion of its outstanding public debt.
Organic revenue growth, free cash flow, operating income before special
items and operating margin 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. To further assist in understanding the
special items included in Tyco's GAAP results, the company has provided a
summary schedule attached to this press release. A set of detailed
schedules can be found at http://www.tyco.com on the Investor Relations portion of
Tyco's website.
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 quarter ended Mar. 31, 2006 unless
otherwise indicated.
Electronics
Mar. 30, 2007 Mar. 31, 2006 $ Change % Change
Revenue $3,424 $3,123 $301 10%
Operating Income 455 463 (8) (2%)
Operating Margin 13.3% 14.8%
Special Items (15) (4)
Operating Income
Before Special Items 470 467 3 1%
Operating Margin
Before Special Items 13.7% 15.0%
Revenue increased 10 percent in the quarter with organic revenue growth
of 6 percent. Solid growth in the automotive, industrial machinery,
aerospace and defense, power utility, undersea telecommunications, mobile
phone and consumer electronics markets was partially offset by sales
declines in the computer and communication service provider markets.
Geographically, growth was strong in Europe and Asia. In North America,
with the exception of strong growth in the undersea telecommunications
business, revenue declined modestly. The segment's book to bill ratio was
1.03 in the quarter.
Operating income decreased 2 percent to $455 million. Operating income
before special items increased 1 percent. Operating earnings were adversely
impacted by $43 million of higher material costs, primarily copper, and
modestly higher investment in engineering and selling. Special items in the
quarter included $15 million of restructuring and asset impairment costs
compared to $4 million in the prior year quarter.
Fire & Security
Mar. 30, 2007 Mar. 31, 2006 $ Change % Change
Revenue $3,048 $2,873 $175 6%
Operating Income 253 289 (36) (12%)
Operating Margin 8.3% 10.1%
Special Items (43) (1)
Operating Income
Before Special Items 296 290 6 2%
Operating Margin
Before Special Items 9.7% 10.1%
Revenue increased 6 percent in the quarter with organic revenue growth
of 4 percent. Organically, Worldwide Security grew 4 percent and Worldwide
Fire grew 5 percent. Both benefited from continued strength in commercial
construction markets. Recurring revenue in security grew 3 percent and
attrition rates continued to improve. Safety Products declined 3 percent
organically as solid growth in fire suppression and access and video was
more than offset by a revenue decline in the breathing business.
Operating income decreased 12 percent to $253 million. Before special
items, operating income increased 2 percent. Operating income and margin
improved in our Worldwide Fire business versus the prior year due to
increased volume and productivity improvements in North America while
operating income declined in Worldwide Security primarily as a result of
lower income in Europe. Operating income also declined in Safety Products
due to lower revenue from breathing products. Special items in the quarter
consisted of $43 million in restructuring charges which were largely
incurred to improve the cost structure of our European operations.
Healthcare
Mar. 30, 2007 Mar. 31, 2006 $ Change % Change
Revenue $2,537 $2,409 $128 5%
Operating Income 549 579 (30) (5%)
Operating Margin 21.6% 24.0%
Special Items (6) 46
Operating Income
Before Special Items 555 533 22 4%
Operating Margin
Before Special Items 21.9% 22.1%
Revenue increased 5 percent in the quarter with organic revenue growth
of 3 percent. Revenue growth of 9 percent in Pharmaceutical Products and 6
percent in both Medical Devices and Imaging Solutions was partially offset
by a 2 percent decline in Retail.
Operating income decreased 5 percent to $549 million. Before special
items, operating income increased 4 percent. Higher revenue and improved
gross margin performance was partially offset by higher operating expenses
including investments in sales and marketing. Special items in the quarter
consisted primarily of restructuring charges. Special items in last year's
quarter consisted of a $46 million divestiture gain.
Engineered Products & Services
Mar. 30, 2007 Mar. 31, 2006 $ Change % Change
Revenue $1,829 $1,682 $147 9%
Operating Income 154 188 (34) (18%)
Operating Margin 8.4% 11.2%
Special Items (13) --
Operating Income
Before Special Items 167 188 (21) (11%)
Operating Margin
Before Special Items 9.1% 11.2%
Revenue increased 9 percent in the quarter with organic revenue growth
of 5 percent. Double-digit organic revenue growth in Flow Control and Fire
& Building Products was partially offset by flat revenue in Electrical &
Metal Products and a $25 million revenue decline in Infrastructure
Services. In the Flow Control business, organic revenue growth was 12
percent and backlog grew 46 percent year over year, and 8 percent on a
quarter sequential basis.
Operating income decreased 18 percent to $154 million. Operating income
before special items in Electrical & Metal Products declined $49 million
versus the prior year due to lower metal spreads. Operating income before
special items in Flow Control increased $29 million or 33 percent due to
higher revenue and improved productivity. Special items in the quarter
included $13 million of charges primarily related to restructuring and
divestiture activities.
OTHER ITEMS
-- Separation-related expenses for the second quarter were $124 million
with $18 million included in selling, general and administrative
expenses.
-- Restructuring and asset impairment charges for the second quarter were
$76 million.
-- The approximately 20 percent tax rate for the quarter reflected
benefits related to a non-U.S. tax ruling during the quarter and
reduced reserve requirements on certain legacy tax matters.
-- Corporate expense in the quarter totaled $252 million which included
$132 million of separation, divestiture and restructuring charges.
OUTLOOK
For the third quarter of 2007, Tyco expects to achieve revenue growth
of 5.5 to 6.5 percent (organic revenue growth of 3.5 to 4.5 percent) and an
operating margin before special items of 12.5 to 13.0 percent. Please see
the disclosures at the end of this press release for additional
information.
ABOUT TYCO INTERNATIONAL
Tyco International Ltd. is a global, diversified company that provides
vital products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare and Engineered Products &
Services. With 2006 revenue of $41 billion, Tyco employs approximately
240,000 people worldwide. More information on Tyco can be found at
http://www.tyco.com.
CONFERENCE CALL AND WEBCAST
The company will hold a conference call for investors today beginning
at 8:30 a.m. ET. The call can be accessed in three ways:
-- At Tyco's website: 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) 700-7133. The telephone dial-in number for participants outside
the United States is (612) 332-1020.
-- An audio replay of the conference call will be available beginning at
12:00 p.m. on May 8, 2007 and ending at 11:59 p.m. on May 15, 2007. 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 869971.
NON-GAAP MEASURES
"Organic revenue growth," "free cash flow" (FCF), "operating income
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 is also 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 is
also 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,
-- acquisition of customer accounts (ADT dealer program),
-- 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 is 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 that 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 and forecast its operating income before
special items including charges related to divestitures, acquisitions,
restructurings, along with 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 company utilizes operating income before
special items to assess segment level core operating performance and to
provide insight to management in evaluating segment operating plan
execution and underlying market conditions. It is also a significant
component in the company's incentive compensation plans. Operating income
before special items is a useful measure for investors because it better
reflects the company's underlying operating results, trends and the
comparability of these results between periods. The difference between
operating income before special items and operating income (the most
comparable GAAP measure) consists of the impact of charges related to
divestitures, acquisitions, restructurings, along with 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 this
measure is that it excludes the financial impact of items that would
otherwise either increase or decrease the company's reported operating
income. This limitation is best addressed by using operating income before
special items in combination with operating income (the most comparable
GAAP measure) in order to better understand the amounts, character and
impact of any increase or decrease on reported results.
The company presents its operating income forecast before special items
to give investors a perspective on the underlying business results. Because
the company cannot predict the amount and timing of such items and the
associated charges or gains that will be recorded in the company's
financial statements, it is difficult to include the impact of those items
in the forecast. See the accompanying tables to this press release for the
reconciliation presenting the components of operating income before special
items.
The company has presented and forecast its operating margin before
special items including charges related to divestitures, acquisitions,
restructurings, along with 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 company utilizes operating margin before
special items to assess segment level core operating performance and to
provide insight to management in evaluating segment operating plan
execution and underlying market conditions. It is also a significant
component in the company's incentive compensation plans. Operating margin
before special items is a useful measure for investors because it better
reflects the company's underlying operating results, trends and the
comparability of these results between periods. The difference between
operating margin before special items and operating margin (the most
comparable GAAP measure) consists of the impact of charges related to
divestitures, acquisitions, restructurings, along with 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 this
measure is that it excludes the financial impact of items that would
otherwise either increase or decrease the company's reported operating
margin. This limitation is best addressed by using operating margin before
special items in combination with operating margin (the most comparable
GAAP measure) in order to better understand the amounts, character and
impact of any increase or decrease on reported results.
The company presents its operating margin forecast before special items
to give investors a perspective on the underlying business results. Because
the company cannot predict the amount and timing of such items and the
associated charges or gains that will be recorded in the company's
financial statements, it is difficult to include the impact of those items
in the forecast. See the accompanying tables to this press release for the
reconciliation presenting the components of operating margin 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/A
for the fiscal year ended Sept. 29, 2006 and Quarterly Report on Form
10-Q/A for the quarterly period ended Dec. 29, 2006.
TYCO INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share data)
(Unaudited)
Quarter Ended Six Months Ended
March 30, March 31, March 30, March 31,
2007 2006 2007 2006
(Restated) (Restated)
Net revenue $10,838 $10,087 $21,167 $19,684
Cost of sales 7,285 6,681 14,146 13,054
Selling, general and administrative
expenses 2,203 2,010 4,319 3,987
Separation costs 106 25 191 33
Restructuring and asset impairment
charges, net 76 7 166 19
Losses (gains) on divestitures 9 (44) 9 (41)
Operating income 1,159 1,408 2,336 2,632
Interest income 39 33 80 70
Interest expense (160) (188) (327) (376)
Other income (expense), net 8 (2) 9 (3)
Income from continuing operations
before income taxes and minority
interest 1,046 1,251 2,098 2,323
Income taxes (206) (290) (513) (533)
Minority interest (2) (1) (5) (4)
Income from continuing operations 838 960 1,580 1,786
(Loss) income from discontinued
operations, net of income taxes (3) (65) 48 (298)
Income before cumulative effect
of accounting change 835 895 1,628 1,488
Cumulative effect of accounting
change, net of income taxes - - - (14)
Net income $835 $895 $1,628 $1,474
Basic earnings per common share:
Income from continuing operations $0.42 $0.48 $0.80 $0.89
(Loss) income from discontinued
operations (0.00) (0.04) 0.02 (0.15)
Cumulative effect of accounting
change - - - (0.01)
Net income $0.42 $0.44 $0.82 $0.73
Diluted earnings per common share:
Income from continuing operations $0.42 $0.46 $0.78 $0.86
(Loss) income from discontinued
operations (0.01) (0.03) 0.03 (0.14)
Cumulative effect of accounting
change - - - (0.01)
Net income $0.41 $0.43 $0.81 $0.71
Weighted-average number of shares
outstanding:
Basic 1,972 2,019 1,977 2,011
Diluted 2,024 2,107 2,029 2,109
Income Reconciliation for Diluted EPS:
Income from continuing operations $838 $960 $1,580 $1,786
Add back of interest expense for
convertible debt 4 10 9 22
Income from continuing operations,
giving effect to dilutive
adjustments 842 970 1,589 1,808
(Loss) income from discontinued
operations (3) (65) 48 (298)
Cumulative effect of accounting
change - - - (14)
Net income, giving effect to
dilutive adjustments $839 $905 $1,637 $1,496
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/A for the fiscal year
ended September 29, 2006 and Quarterly Report on Form 10-Q/A for the
quarterly period ended December 29, 2006.
TYCO INTERNATIONAL LTD.
RESULTS OF SEGMENTS
(in millions)
(Unaudited)
Quarter Ended
March 30, March 31,
2007 2006
NET REVENUE
Electronics $3,424 $3,123
Fire and Security 3,048 2,873
Healthcare 2,537 2,409
Engineered Products and Services 1,829 1,682
Corporate - -
Total Net Revenue $10,838 $10,087
OPERATING INCOME AND MARGIN
Electronics $455 13.3% $463 14.8%
Fire and Security 253 8.3% 289 10.1%
Healthcare 549 21.6% 579 24.0%
Engineered Products and Services 154 8.4% 188 11.2%
Corporate (252) (111)
Operating Income and Margin $1,159 10.7% $1,408 14.0%
Six Months Ended
March 30, March 31,
2007 2006
NET REVENUE
Electronics $6,619 $6,042
Fire and Security 6,024 5,666
Healthcare 4,983 4,696
Engineered Products and Services 3,541 3,280
Corporate - -
Total Net Revenue $21,167 $19,684
OPERATING INCOME AND MARGIN
Electronics $868 13.1% $848 14.0%
Fire and Security 520 8.6% 517 9.1%
Healthcare 1,064 21.4% 1,118 23.8%
Engineered Products and Services 331 9.3% 355 10.8%
Corporate (447) (206)
Operating Income and Margin $2,336 11.0% $2,632 13.4%
TYCO INTERNATIONAL LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions)
(Unaudited)
March 30, December 29, September 29,
2007 2006 2006
Current Assets:
Cash and cash equivalents $4,056 $2,598 $2,910
Accounts receivable, net 7,341 7,115 7,060
Inventories 5,337 5,268 4,793
Other current assets 3,297 3,541 3,776
Total current assets 20,031 18,522 18,539
Property, plant and equipment, net 9,545 9,515 9,240
Goodwill 25,096 25,054 24,872
Intangible assets, net 5,044 5,101 5,128
Other assets 4,755 4,776 5,233
Total Assets $64,471 $62,968 $63,012
Current Liabilities:
Short-term debt and current
maturities of long-term debt $1,853 $1,627 $800
Accounts payable 3,464 3,467 3,526
Accrued and other current liabilities 5,800 5,259 6,031
Total current liabilities 11,117 10,353 10,357
Long-term debt 8,609 8,602 9,340
Other liabilities 7,849 8,137 7,874
Total Liabilities 27,575 27,092 27,571
Minority interest 35 37 54
Shareholders' equity 36,861 35,839 35,387
Total Liabilities and
Shareholders' Equity $64,471 $62,968 $63,012
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/A for the fiscal year
ended September 29, 2006 and Quarterly Report on Form 10-Q/A for the
quarterly period ended December 29, 2006.
TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(Unaudited)
Quarter Ended Six Months Ended
March 30, March 31, March 30, March 31,
2007 2006 2007 2006
(restated) (restated)
Cash Flows from Operating Activities:
Net income $835 $895 $1,628 $1,474
Loss (income) from discontinued
operations 3 65 (48) 298
Cumulative effect of accounting
change - - - 14
Income from continuing operations 838 960 1,580 1,786
Adjustments to reconcile net cash
provided by operating activities:
Non-cash restructuring and asset
impairment charges, net 10 (3) 19 6
Losses (gains) and impairments on
divestitures 9 (51) 9 (41)
Depreciation and amortization 536 514 1,064 1,024
Non-cash compensation expense 73 73 159 146
Deferred income taxes (49) 77 66 28
Provision for losses on accounts
receivable and inventory 51 38 129 92
Other non-cash items (8) 6 2 22
Changes in assets and liabilities,
net of the effects of acquisitions
and divestitures:
Accounts receivable, net (166) (199) (149) (107)
Inventories (66) (238) (526) (512)
Accounts payable (26) 140 (140) 115
Accrued and other liabilities 311 (213) (94) (724)
Income taxes, net (19) (103) (24) (27)
Other 90 (41) 308 (164)
Net cash provided by operating
activities 1,584 960 2,403 1,644
Net cash (used in) provided by
discontinued operating activities (3) 21 5 8
Cash Flows from Investing Activities:
Capital expenditures (406) (425) (1,069) (723)
Proceeds from disposal of assets 34 8 47 17
Acquisition of businesses, net
of cash acquired (22) (46) (85) (134)
Acquisition of customer accounts
(ADT dealer program) (79) (92) (176) (169)
Purchase accounting and holdback
liabilities (6) (5) (20) (11)
Divestiture of businesses, net
of cash retained 7 958 307 954
Liquidation of rabbi trust
investments 232 - 271 -
Decrease (increase) in investments 11 (32) 24 62
(Increase) decrease in restricted
cash (2) 7 13 31
Other (7) 11 17 2
Net cash (used in) provided by
investing activities (238) 384 (671) 29
Net cash used in discontinued
investing activities - (6) (1) (88)
Cash Flows from Financing Activities:
Net proceeds (repayments) of debt 197 (1,197) 191 (1,206)
Proceeds from exercise of share
options 92 68 212 129
Dividends paid (196) (202) (395) (402)
Repurchase of common shares (8) (595) (668) (811)
Transfers (to) from discontinued
operations (3) (100) 9 (191)
Other 16 (14) 25 (16)
Net cash provided by (used in)
financing activities 98 (2,040) (626) (2,497)
Net cash provided by (used in)
discontinued financing activities 3 (4) (14) 92
Effect of currency translation on
cash 14 10 40 6
Net increase (decrease) in cash and
cash equivalents 1,458 (675) 1,136 (806)
Less: net (increase) decrease in cash
related to discontinued operations - (11) 10 (12)
Cash and cash equivalents at
beginning of period 2,598 3,072 2,910 3,204
Cash and cash equivalents at end of
period $4,056 $2,386 $4,056 $2,386
Reconciliation to "Free Cash Flow":
Net cash provided by operating
activities $1,584 $960 $2,403 $1,644
Decrease in sale of accounts
receivable 1 3 3 7
Capital expenditures, net (372) (417) (1,022) (706)
Acquisition of customer accounts
(ADT dealer program) (79) (92) (176) (169)
Purchase accounting and
holdback liabilities (6) (5) (20) (11)
Voluntary pension contributions - - 18 -
Free Cash Flow $1,128 $449 $1,206 $765
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 30, 2007
Organic Net Revenue for
Net Foreign Acquisition/ Revenue the Quarter Ended
Revenue Currency Divestiture Growth March 31, 2006
Electronics $3,424 9.6% $115 3.7% $8 0.2% $178 5.7% $3,123
Fire and
Security 3,048 6.1% 77 2.7% (2) -0.1% 100 3.5% 2,873
Healthcare 2,537 5.3% 51 2.1% (3) -0.1% 80 3.3% 2,409
Engineered
Products and
Services 1,829 8.7% 59 3.5% 1 0.0% 87 5.2% 1,682
Corporate - NM - NM - NM - NM -
Total Net
Revenue $10,838 7.4% $302 3.0% $4 0.0% $445 4.4% $10,087
Six Months Ended March 30, 2007
Net Revenue
Organic for the Six
Net Foreign Acquisition/ Revenue Months Ended
Revenue Currency Divestiture Growth March 31, 2006
Electronics $6,619 9.5% $221 3.7% $14 0.1% $342 5.7% $6,042
Fire and
Security 6,024 6.3% 155 2.7% (18) -0.3% 221 3.9% 5,666
Healthcare 4,983 6.1% 96 2.0% (5) -0.1% 196 4.2% 4,696
Engineered
Products and
Services 3,541 8.0% 109 3.3% 2 0.1% 150 4.6% 3,280
Corporate - NM - NM - NM - NM -
Total Net
Revenue $21,167 7.5% $581 3.0% $(7) -0.1% $909 4.6% $19,684
NOTE: Organic revenue growth is a non-GAAP measure. See description of
non-GAAP measures contained in this release.
TYCO INTERNATIONAL LTD.
DEBT RECONCILIATION
(in millions)
(Unaudited)
Quarter Ended Six Months Ended
March 30, 2007 March 30, 2007
Total debt at beginning of period $10,229 $10,140
Net debt proceeds 197 191
Currency translation 31 106
Other 5 25
Total debt at end of period $10,462 $10,462
TYCO INTERNATIONAL LTD.
EARNINGS PER SHARE SUMMARY
(Unaudited)
Quarter Ended
December 29, 2006 March 30, 2007
Diluted EPS from Continuing Operations $0.37 $0.42
Restructuring, Asset Impairment and
Divestiture Charges, net 0.03 0.02
Separation Costs 0.05 0.05
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4621,
pfitzhenry@tyco.com, or Investors, Ed Arditte, +1-609-720-4621,
or Karen Chin +1-609-720-4398, all of Tyco International Ltd.
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