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Tyco In Early Stages Of Building A World-Class Operating Company, Chairman Tells Shareholders
"Our advancement over the past year is reflected in our financial performance that also carried over into this year's first-quarter results," Breen told attendees of the meeting, which was held at Tyco Healthcare's United States Surgical facility in North Haven, Conn. "This progress includes significantly higher cash flow, reduced debt and increased earnings." An audio replay of the meeting is available on Tyco's website at http://investors.tyco.com/medialist.cfm.
Preliminary Voting Results
According to the preliminary voting results announced at the meeting, shareholders rejected a proposal to move Tyco's incorporation to the United States, with approximately 93 percent of shares voted going against the proposal. They voted in favor of a company proposal that amends Tyco's bylaws to provide greater protection for shareholders.
"Our shareholders overwhelmingly supported our Board's decision, which they reached only after a careful evaluation of all the issues, that the interests of our shareholders would be best served by making changes to our bylaws to strengthen shareholder rights and by remaining a Bermuda company," Breen said.
In other voting, shareholders approved each of the nominees for election as directors. Brian Duperreault, current chairman and chief executive officer of ACE Limited, an international provider of a broad range of insurance and reinsurance products, has become the newest director, increasing the board membership to 11.
Shareholders also approved the appointment of Deloitte & Touche LLP as the company's independent auditors and a new stock and incentive plan.
Approximately 86 percent of the company's outstanding common shares were present, either in person or by proxy. The final results will be reported in the company's Form 10-Q filing with the Securities and Exchange Commission for the quarter ended March 31, 2004, and will include a breakdown of votes for, against and abstained.
Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's leading provider of both electronic security services and fire protection services; the world's leading supplier of passive electronic components; a world leader in the medical products industry; and the world's leading manufacturer of industrial valves and controls. Tyco also holds a strong leadership position in plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2003 revenues from continuing operations of approximately $37 billion.