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Tyco International Reports Third Quarter Earnings from Continuing Operations Before Special Items of $0.58 Per Share and GAAP Earnings of $0.51 Per Share

Posted on: Thursday, 30 July 2009, 05:00 CDT

SCHAFFHAUSEN, Switzerland, July 30 /PRNewswire-FirstCall/ --

($ millions, except per-share amounts) Q3 2009 Q3 2008 % Change ------- ------- -------- Revenue $4,240 $5,215 (19%) Income from Continuing Operations $243 $199 22% Diluted EPS from Continuing Operations $0.51 $0.41 Special Items $(0.07) $(0.47) Income from Continuing Ops Before Special Items $278 $429 (35%) Diluted EPS from Continuing Ops Before Special Items $0.58 $0.88 (34%)

Tyco International Ltd. (NYSE: TYC) today reported $0.51 in diluted earnings per share (EPS) from continuing operations for the fiscal third quarter of 2009 and diluted EPS from continuing operations before special items of $0.58 per share. Revenue in the quarter of $4.2 billion declined 19% versus the prior year. Organic revenue declined 12%, with approximately five percentage points of the decline coming from the Electrical and Metal Products business.

"Our third-quarter results reflect the good progress we are making in reducing our cost structure in this challenging environment," said Tyco Chairman and CEO Ed Breen. "Our service business, including our recurring revenue, represented 40% of total revenue and continues to grow organically, providing us with steady and predictable revenue. With our strong balance sheet and cash flow performance, we continue to invest in our businesses for long-term growth."

Organic revenue, free cash flow, operating income before special items, operating margin before special items and income and diluted EPS from continuing operations before special items are non-GAAP financial measures and are described below. For a reconciliation of these non-GAAP measures, see the attached tables. Additional schedules as well as Third Quarter Review slides can be found at 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. Beginning in the first quarter of fiscal 2009, certain businesses within the ADT Worldwide and Fire Protection Services segments were realigned, resulting in changes to historical segment performance. The revenue and operating income results shown below have been adjusted to reflect these changes. All dollar amounts are pre-tax and stated in millions. All comparisons are to the fiscal third quarter of 2008 unless otherwise indicated.

ADT Worldwide

Revenue of $1.7 billion declined 10% due to changes in foreign currency rates and an organic revenue decline of 5%. Recurring revenue grew 4% organically with growth in all geographic regions. Systems installation and service revenue declined 15% organically mostly due to weakness in North America and Europe as a result of continuing lower sales to commercial customers.

Operating income was $233 million and the operating margin was 13.5%. Special items of $12 million resulted from restructuring activities. Operating income before special items of $245 million decreased $22 million, which included a $12 million negative foreign currency impact. The operating margin before special items improved 30 basis points to 14.2%.

Flow Control

Revenue of $954 million declined 16% primarily due to changes in foreign currency rates with an organic revenue decline of 5%. The Valves business grew 2% organically, which was offset by a 13% organic revenue decline in Water and a 14% organic revenue decline in the Thermal Controls business. Backlog of $1.6 billion decreased 4% (9% excluding currency) on a quarter sequential basis.

Operating income was $122 million and the operating margin was 12.8%. Special items of $9 million resulted from restructuring activities. Operating income before special items of $131 million decreased $24 million, which included a $20 million negative foreign currency impact. The operating margin before special items was 13.7%.

Fire Protection Services

Revenue of $856 million declined 14% primarily due to changes in foreign currency rates with an organic revenue decline of 5%. Service revenue declined 2% organically. Installation revenue declined 7% organically, driven by continued softness in the North America and EMEA regions. Backlog of $1.2 billion increased 1% (a 2% decline excluding currency) on a quarter sequential basis.

Operating income was $67 million and the operating margin was 7.8%. Special items of $3 million resulted from restructuring activities. Operating income before special items of $70 million decreased $30 million primarily due to lower volume and a $4 million negative foreign currency impact. The operating margin before special items was 8.2%.

Electrical and Metal Products

Revenue of $320 million declined 51% with an organic revenue decline of 47%. The decline was due to continued weak demand in end markets and significantly lower year over year steel prices. Volume declined 40% for steel products and 27% for copper products.

Electrical and Metal Products incurred an operating loss of $17 million. Special items of $10 million included $7 million from restructuring activities and a $3 million divestiture loss. The operating loss before special items of $7 million was due to the impact of lower volume and lower steel spreads.

Safety Products

Revenue of $380 million declined 26% with an organic revenue decline of 19% due to lower volume across the Fire Suppression, Electronic Security and Life Safety businesses. These businesses experienced weaker demand in end markets as well as lower distributor inventory levels. Changes in foreign currency also negatively impacted results.

Operating income was $34 million and the operating margin was 8.9%. Special items of $11 million resulted from restructuring activities. Operating income before special items of $45 million decreased 51%, primarily due to lower volume.

OTHER ITEMS

• The GAAP tax rate for the quarter was 11.3% and the tax rate excluding special items was 13.4%.
• Corporate and Other expense was $100 million and included special items of $2 million from restructuring activities.
• The company incurred pre-tax charges totaling $44 million in the quarter which resulted from restructuring activities.
• Cash flow from operating activities was $662 million in the quarter. The company had free cash flow of $367 million, which included cash payments of $102 million for restructuring and legacy legal matters.
  

ABOUT TYCO INTERNATIONAL

Tyco International Ltd. (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 2008 revenue of more than $20 billion and has approximately 110,000 employees worldwide. More information on Tyco can be found at www.tyco.com.

CONFERENCE CALL AND WEBCAST

Management will discuss the company's third quarter results for 2009 and outlook for the fourth quarter during a conference call and webcast today beginning at 8:30 a.m. EDT. Today's conference call for investors can be accessed in the following 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) 779-1532. The telephone dial-in number for participants outside the United States is (773) 799-3896. The participant code is TYCO.
• An audio replay of the conference call will be available beginning at 11:00 a.m. on July 30, 2009 and ending on August 7, 2009. The dial-in number for participants in the United States is (866) 395-9163. For participants outside the United States, the replay dial-in number is (203) 369-0499.
  

NON-GAAP MEASURES

"Organic revenue," "free cash flow (outflow)" (FCF), "income from continuing operations before special items", "earnings per share (EPS) from continuing operations before special items", "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 is a useful measure used by the company to measure the underlying results and trends in the business. The difference between reported net revenue (the most comparable GAAP measure) and organic revenue (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 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 results of the company's existing businesses, such as acquisitions and divestitures. 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 in combination with the GAAP numbers. See the accompanying tables to this press release for the reconciliation presenting the components of organic revenue.

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 component in the company's incentive compensation plans. The difference reflects the impact from:

• net capital expenditures,
• accounts purchased from ADT dealer network,
• cash paid for purchase accounting and holdback liabilities,
• voluntary pension contributions, and
• the sale of accounts receivable programs.
  

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. Voluntary pension contributions and the impact from the sale of accounts receivable programs are added or subtracted from the GAAP measure because this activity is driven by economic financing decisions rather than operating activity.

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 income and EPS from continuing operations before special items and operating income and margin before special items. Special Items include charges and gains related to divestitures, acquisitions, restructurings, impairments, legacy legal and tax charges 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 and EPS from continuing operations before special items and operating income and margin before special items to assess overall operating performance and segment level core operating performance, as well as 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, and income and EPS from continuing operations 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. The difference between income and EPS from continuing operations before special items and income and EPS from continuing operations (the most comparable GAAP measures) consists of the impact of charges and gains related to divestitures, acquisitions, restructurings, impairments, legacy legal and tax charges and other income or charges that may mask the underlying operating results and/or business trends. Operating income and margin before special items do not reflect any additional adjustments that are not reflected in income from continuing operations before special items. 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 and margin and operating income and EPS from continuing operations. This limitation is best addressed by using the non-GAAP measures 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.

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 and in accompanying conference calls or webcasts 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 and accompanying conference calls generally include, but are not limited to, statements addressing Tyco's future financial condition and operating results, as well as its portfolio refinement activities. 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. 26, 2008 and in the interim reports filed on Form 10-Q for subsequent quarterly periods.

TYCO INTERNATIONAL LTD. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except per share data) (Unaudited) Quarter Ended Nine Months Ended ------------- ----------------- June 26, June 27, June 26, June 27, 2009 2008 2009 2008 ---- ---- ---- ---- Net revenue $4,240 $5,215 $12,816 $14,915 Cost of sales 2,745 3,364 8,329 9,706 Selling, general and administrative expenses 1,124 1,234 3,464 3,605 Class action settlement, net - (7) - (7) Separation costs - - - 4 Goodwill and intangible asset impairments - - 2,705 - Restructuring, asset impairment and divestiture charges, net 32 47 120 95 -- -- --- -- Operating income (loss) $339 $577 $(1,802) $1,512 Interest income 9 16 32 99 Interest expense (74) (91) (225) (323) Other income (expense), net 1 (257) 12 (205) - ---- -- ---- Income (loss) from continuing operations before income taxes and minority interest 275 245 (1,983) 1,083 Income tax expense (31) (45) (55) (249) Minority interest (1) (1) (2) (3) -- -- -- -- Income (loss) from continuing operations 243 199 (2,040) 831 Income from discontinued operations, net of income taxes 44 277 37 288 -- --- -- --- Net income (loss) $287 $476 $(2,003) $1,119 ==== ==== ======= ====== Basic earnings per common share: Income (loss) from continuing operations $0.51 $0.41 $(4.31) $1.71 Income from discontinued operations 0.10 0.58 0.08 0.59 ---- ---- ---- ---- Net income (loss) $0.61 $0.99 $(4.23) $2.30 ===== ===== ====== ===== Diluted earnings per common share: Income (loss) from continuing operations $0.51 $0.41 $(4.31) $1.70 Income from discontinued operations 0.09 0.57 0.08 0.58 ---- ---- ---- ---- Net income (loss) $0.60 $0.98 $(4.23) $2.28 ===== ===== ====== ===== Weighted-average number of shares outstanding: Basic 473 482 473 487 Diluted 475 486 473 491 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 26, 2008 and Quarterly Report on Form 10-Q for the quarter ended March 27, 2009. TYCO INTERNATIONAL LTD. RESULTS OF SEGMENTS (in millions) (Unaudited) Quarter Ended ------------- June 26, June 27, 2009 2008 ---- ---- NET REVENUE ADT Worldwide $1,730 $1,927 Flow Control 954 1,132 Fire Protection Services 856 992 Electrical and Metal Products 320 652 Safety Products 380 511 Corporate and Other - 1 --- --- Total Net Revenue $4,240 $5,215 ====== ====== OPERATING INCOME / (LOSS) AND MARGIN ADT Worldwide $233 13.5% $237 12.3% Flow Control 122 12.8% 152 13.4% Fire Protection Services 67 7.8% 99 10.0% Electrical and Metal Products (17) -5.3% 141 21.6% Safety Products 34 8.9% 79 15.5% Corporate and Other (100) N/M (131) N/M ---- ---- Operating Income / (Loss) and Margin $339 8.0% $577 11.1% ==== ==== Nine Months Ended ----------------- June 26, June 27, 2009 2008 ---- ---- NET REVENUE ADT Worldwide $5,216 $5,750 Flow Control 2,840 3,230 Fire Protection Services 2,524 2,824 Electrical and Metal Products 1,066 1,681 Safety Products 1,170 1,427 Corporate and Other - 3 --- --- Total Net Revenue $12,816 $14,915 ======= ======= OPERATING INCOME / (LOSS) AND MARGIN ADT Worldwide $7 0.1% $703 12.2% Flow Control 392 13.8% 466 14.4% Fire Protection Services 3 0.1% 254 9.0% Electrical and Metal Products (952) -89.3% 254 15.1% Safety Products (835) -71.4% 219 15.3% Corporate and Other (417) N/M (384) N/M ---- ---- Operating Income / (Loss) and Margin $(1,802) -14.1% $1,512 10.1% ======= ====== TYCO INTERNATIONAL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (Unaudited) June 26, September 26, 2009 2008 ---- ---- Current Assets: Cash and cash equivalents $1,779 $1,519 Accounts receivable, net 2,638 3,024 Inventories 1,590 1,879 Other current assets 1,756 1,805 Assets of discontinued operations 27 126 -- --- Total current assets 7,790 8,353 Property, plant and equipment, net 3,429 3,519 Goodwill 8,621 11,619 Intangible assets, net 2,566 2,693 Other assets 2,857 2,620 ----- ----- Total Assets $25,263 $28,804 ======= ======= Current Liabilities: Short-term debt and current maturities of long-term debt $19 $555 Accounts payable 1,180 1,632 Accrued and other current liabilities 2,831 2,766 Deferred revenue 621 608 Liabilities of discontinued operations - 82 --- --- Total current liabilities 4,651 5,643 Long-term debt 4,226 3,709 Other liabilities 3,778 3,944 ----- ----- Total Liabilities 12,655 13,296 Minority interest 13 14 Shareholders' equity 12,595 15,494 ------- ------- Total Liabilities and Shareholders' Equity $25,263 $28,804 ======= ======= 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 26, 2008 and Quarterly Report on Form 10-Q for the quarter ended March 27, 2009. TYCO INTERNATIONAL LTD. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited) Quarter Ended Nine Months Ended ------------- ----------------- June 26, June 27, June 26, June 27, 2009 2008 2009 2008 ---- ---- ---- ---- Cash Flows from Operating Activities: Net income (loss) $287 $476 $(2,003) $1,119 Income from discontinued operations (44) (277) (37) (288) --- ---- --- ---- Income (loss) from continuing operations 243 199 (2,040) 831 Adjustments to reconcile net cash provided by operating activities: Goodwill and intangible asset impairments - - 2,705 - Depreciation and amortization 280 288 839 854 Non-cash compensation expense 24 21 76 78 Deferred income taxes (19) (10) (201) (115) Provision for losses on accounts receivable and inventory 45 38 114 99 Loss (Gain) on extinguishment of debt - 258 (2) 258 Other non-cash items 24 33 62 76 Changes in assets and liabilities, net of the effects of acquisitions and divestitures: Accounts receivable, net 22 (135) 184 (243) Inventories 160 (24) 181 (173) Prepaid expenses and other current assets 112 33 (175) 9 Accounts payable (24) 71 (400) (135) Accrued and other liabilities (202) (33) (12) (357) Income taxes, net (25) (32) (3) (8) Class action settlement liability - - - (3,020) Other 22 5 116 (62) --- --- --- --- Net cash provided by (used in) operating activities 662 712 1,444 (1,908) --- --- ----- ------ Net cash provided by (used in) discontinued operating activities 5 (29) (8) (25) Cash Flows from Investing Activities: Capital expenditures (169) (190) (500) (545) Proceeds from disposal of assets 2 4 6 14 Acquisition of businesses, net of cash acquired - (65) (47) (92) Accounts purchased from ADT dealer program (130) (82) (361) (269) Class action settlement escrow - - - 2,960 Other 38 25 40 15 -- -- -- -- Net cash (used in) provided by investing activities (259) (308) (862) 2,083 ---- ---- ---- ----- Net cash provided by discontinued investing activities 9 466 41 479 Cash Flows from Financing Activities: Net repayments of debt 3 (240) (17) (200) Proceeds from exercise of share options - 19 1 40 Dividends paid (98) (73) (287) (221) Repurchase of common shares by subsidiary - (279) (3) (756) Transfers from discontinued operations 14 439 33 458 Other 6 2 1 (68) --- --- --- --- Net cash used in financing activities (75) (132) (272) (747) --- ---- ---- ---- Net cash used in discontinued financing activities (14) (437) (33) (454) Effect of currency translation on cash 32 (4) (50) 20 --- --- --- --- Net increase (decrease) in cash and cash equivalents 360 268 260 (552) Cash and cash equivalents at beginning of period 1,419 1,074 1,519 1,894 ----- ----- ----- ----- Cash and cash equivalents at end of period $1,779 $1,342 $1,779 $1,342 ====== ====== ====== ====== Reconciliation to "Free Cash Flow": Net cash provided by (used in) operating activities $662 $712 $1,444 $(1,908) Sale of accounts receivable 3 2 13 12 Capital expenditures (167) (186) (494) (531) Accounts purchased from ADT dealer program (130) (82) (361) (269) Purchase accounting and holdback liabilities (1) - (2) (2) Voluntary pension contributions - - 6 1 --- --- --- --- Free Cash Flow $367 $446 $606 $(2,697) NOTE: Free cash flow is a non-GAAP measure. See description of non-GAAP measures contained in this release. TYCO INTERNATIONAL LTD. ORGANIC REVENUE RECONCILIATION (in millions) (Unaudited) Quarter Ended June 26, 2009 --------------------------- Acquisition / Net Revenue Foreign Currency Divestiture ----------- ---------------- ----------- ADT Worldwide $1,730 -10.2% $(149) -7.7% $48 2.5% Flow Control 954 -15.7% (132) -11.7% (3) 0.0% Fire Protection Services 856 -13.7% (80) -8.1% - 0.0% Electrical and Metal Products 320 -50.9% (13) -2.0% (11) -1.7% Safety Products 380 -25.6% (33) -6.5% (2) -0.3% Corporate and Other - -100.0% - 0.0% - 0.0% --- --- --- Total Net Revenue $4,240 -18.7% $(407) -7.8% $32 0.6% ====== ===== === Net Revenue for the Quarter Ended Other Organic Revenue June 27, 2008 ----- --------------- -------------------- ADT Worldwide $- 0.0% $(96) -5.0% $1,927 Flow Control 9 0.8% (52) -4.6% 1,132 Fire Protection Services (6) -0.6% (50) -5.0% 992 Electrical and Metal Products (3) -0.5% (305) -46.8% 652 Safety Products 3 0.6% (99) -19.4% 511 Corporate and Other - 0.0% (1) -100.0% 1 --- --- --- Total Net Revenue $3 0.1% $(603) -11.6% $5,215 === ===== ====== Nine Months Ended June 26, 2009 ------------------------------- Acquisition / Net Revenue Foreign Currency Divestiture ----------- ---------------- ------------ ADT Worldwide $5,216 -9.3% $(510) -8.9% $155 2.7% Flow Control 2,840 -12.1% (406) -12.6% (1) 0.0% Fire Protection Services 2,524 -10.6% (257) -9.1% - 0.0% Electrical and Metal Products 1,066 -36.6% (44) -2.6% (19) -1.2% Safety Products 1,170 -18.0% (107) -7.5% (7) -0.5% Corporate and Other - -100.0% - 0.0% - 0.0% --- --- --- Total Net Revenue $12,816 -14.1% $(1,324) -8.9% $128 0.9% ======= ======= ==== Net Revenue for the Nine Months Ended Other Organic Revenue June 27, 2008 ----- ---------------- ------------------- ADT Worldwide $- 0.0% $(179) -3.1% $5,750 Flow Control 21 0.7% (4) -0.1% 3,230 Fire Protection Services (13) -0.5% (30) -1.1% 2,824 Electrical and Metal Products (9) -0.5% (543) -32.3% 1,681 Safety Products 9 0.6% (152) -10.7% 1,427 Corporate and Other - 0.0% (3) -100.0% 3 --- --- --- Total Net Revenue $8 0.1% $(911) -6.1% $14,915 === ===== ======= NOTE: Organic revenue is a non-GAAP measure. See description of non-GAAP measures contained in this release. Tyco International Ltd. ----------------------- Earnings Per Share Summary (Unaudited) ------------- ------------ Quarter Ended Year to Date ------------- ------------ Dec. 26, March 27, June 26, June 26, 2008 2009 2009 2009 ------- -------- ------- ------- ---------------- Diluted EPS from Continuing Operations (GAAP) $0.57 ($5.40) $0.51 ($4.31) ----------------- ----- ------ ----- ------ Restructuring and asset impairment charges, net - 0.13 0.04 0.18 Restructuring charges in cost of sales and SG&A 0.01 0.02 0.01 0.04 Other additional charges resulting from restructuring actions - 0.01 0.01 0.02 Losses on divestitures - - 0.01 0.01 Intangible impairments - 0.09 - 0.08 Goodwill impairments - 5.47 - 5.47 Tax items 0.01 - - 0.02 Class action settlement, net - - - - Legacy legal items 0.02 0.23 - 0.24 Reserve adjustment - - - - Separation costs - - - - -------------- ----- ----- ----- ----- Total Before Special Items $0.61 $0.55 $0.58 $1.75 -------------- ----- ----- ----- ----- ------------- ---------- Quarter Ended Year Ended ------------- ---------- Dec. 28, March 28, June 27, Sept. 26, Sept. 26, 2007 2008 2008 2008 2008 ------- -------- ------- -------- -------- ---------------- Diluted EPS from Continuing Operations (GAAP) $0.72 $0.56 $0.41 $0.55 $2.25 ----------------- ----- ----- ----- ----- ----- Restructuring and asset impairment charges, net 0.02 0.06 0.06 0.19 0.33 Restructuring charges in cost of sales and SG&A 0.01 0.01 0.01 0.02 0.04 Other additional charges resulting from restructuring actions - - - - - Losses on divestitures - - - - - Intangible impairments - - - - - Goodwill impairments - - - 0.02 0.02 Tax items 0.04 - - - 0.04 Class action settlement, net - - (0.01) (0.01) (0.02) Legacy legal items - 0.04 0.02 - 0.06 Reserve adjustment - (0.01) - - (0.02) Separation costs (0.08) 0.01 0.39 0.04 0.36 -------------- ----- ----- ----- ----- ----- Total Before Special Items $0.71 $0.67 $0.88 $0.81 $3.06 -------------- ----- ----- ----- ----- ----- Tyco International Ltd. For the Quarter Ended June 26, 2009 (in millions, except per share data) (Unaudited) ADT Fire Electrical World Flow Protection & Metal Safety Corporate -wide Control Services Products Products and Other Revenue ----- ------- ---------- ---------- -------- --------- ------- Revenue (GAAP) $1,730 $954 $856 $320 $380 - $4,240 -------------------------------------------------------------------------- Operating Income -------------------------------------------------------------- ADT Fire Electrical World Flow Protection & Metal Safety Corporate Operating -wide Control Services Products Products and Other Income ----- ------- ---------- ---------- -------- --------- --------- As Reported (GAAP) $233 $122 $67 ($17) $34 ($100) $339 -------------------------------------------------------------------------- Restructuring and asset impairment charges, net 11 5 3 4 4 2 29 Restructuring charges in cost of sales and SG&A 1 2 2 5 Other additional charges resulting from restructuring actions 4 1 5 10 Losses on divestitures 3 3 Intangible impairments Goodwill impairments Tax items Class action settlement, net Legacy legal items Reserve Adjustment Separation costs -------------------------------------------------------------------------- Total Before Special Items $245 $131 $70 ($7) $45 ($98) $386 -------------------------------------------------------------------------- Income Diluted EPS Interest Other from from Income, Expense, Income Minority Continuing Continuing net net Taxes Interest Operations Operations -------------------------------------------------------------------------- As Reported (GAAP) ($65) $1 ($31) ($1) $243 $0.51 -------------------------------------------------------------------------- Restructuring and asset impairment charges, net (8) 21 0.04 Restructuring charges in cost of sales and SG&A (2) 3 0.01 Other additional charges resulting from restructuring actions (3) 7 0.01 Losses on divestitures 1 4 0.01 Intangible impairments Goodwill impairments Tax items Class action settlement, net Legacy legal items Reserve Adjustment Separation costs -------------------------------------------------------------------------- Total Before Special Items ($65) $1 ($43) ($1) $278 $0.58 -------------------------------------------------------------------------- Diluted Shares Outstanding 473 -------------------------------------------------------------------------- Diluted Shares Outstanding - Before Special Items 475 --------------------------------------------------------------------------

Tyco International Ltd. For the Quarter Ended June 27, 2008 (in millions, except per share data) (Unaudited) ADT Fire Electrical World Flow Protection & Metal Safety Corporate -wide Control Services Products Products and Other Revenue -------------------------------------------------------------------------- Previously Reported Revenue (GAAP) $2,000 $1,132 $919 $652 $511 $1 $5,215 -------------------------------------------------------------------------- Segment Realignment (73) 73 -------------------------------------------------------------------------- Recasted Revenue (GAAP) $1,927 $1,132 $992 $652 $511 $1 $5,215 -------------------------------------------------------------------------- Operating Income ---------------------------------------------------------------- ADT Fire Electrical Total World Flow Protection & Metal Safety Corporate Operating -wide Control Services Products Products and Other Income ----- ------- ---------- ---------- -------- --------- --------- -------------------------------------------------------------------------- As Previously Reported (GAAP) $239 $152 $97 $141 $79 ($131) $577 -------------------------------------------------------------------------- Segment Realignment (2) 2 -------------------------------------------------------------------------- As Reported (GAAP) $237 $152 $99 $141 $79 ($131) $577 -------------------------------------------------------------------------- Restructuring and asset impairment charges, net 30 1 2 3 9 1 46 Restructuring charges in cost of sales and SG&A 2 (1) 2 3 6 Other additional charges resulting from restructuring actions Losses on divestitures 1 1 Intangible impairments Goodwill impairment Tax items Class action settlement, net (7) (7) Legacy legal items 9 9 Reserve adjustment Separation costs -------------------------------------------------------------------------- Total Before Special Items $267 $155 $100 $146 $91 ($127) $632 -------------------------------------------------------------------------- Income Diluted EPS Interest Other from from Expense, Expense, Income Minority Continuing Continuing net net Taxes Interest Operations Operations -------------------------------------------------------------------------- As Previously Reported (GAAP) ($75) ($257) ($45) ($1) $199 $0.41 -------------------------------------------------------------------------- Segment Realignment -------------------------------------------------------------------------- As Reported (GAAP) ($75) ($257) ($45) ($1) $199 $0.41 -------------------------------------------------------------------------- Restructuring and asset impairment charges, net (16) 30 0.06 Restructuring charges in cost of sales and SG&A (1) 5 0.01 Other additional charges resulting from restructuring actions Losses on divestitures 1 0.00 Intangible impairments Goodwill impairment Tax items Class action settlement, net (7) (0.01) Legacy legal items 9 0.02 Reserve adjustment Separation costs 17 258 (83) 192 0.39 -------------------------------------------------------------------------- Total Before Special Items ($58) $1 ($145) ($1) $429 $0.88 -------------------------------------------------------------------------- Diluted Shares Outstanding 486 -------------------------------------------------------------------------- Diluted Shares Outstanding - Before Special Items 486 --------------------------------------------------------------------------

SOURCE Tyco International Ltd.

Source: PR Newswire

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