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Tyco International Reports Fourth Quarter Earnings
Pembroke, Bermuda: November 15, 2007 - Tyco International Ltd. (NYSE: TYC; BSX: TYC) today reported $0.42 in diluted GAAP earnings per share (EPS) from continuing operations and diluted EPS from continuing operations of $0.57 before special items for the fiscal fourth quarter of 2007. Diluted GAAP EPS from continuing operations was negatively impacted by special items which totaled $0.15 per share, consisting primarily of restructuring and separation-related costs. The GAAP tax rate of approximately 40% for the fourth quarter was negatively impacted by approximately 5 percentage points by the special items. Revenue in the quarter increased 9% versus the prior year to $5.0 billion, with organic revenue growth of 5.4%. Diluted EPS from continuing operations before special items increased 21% in the quarter.
Cash from operating activities was $1.015 billion in the quarter. The company had free cash flow of $690 million which was reduced by $67 million in separation and restructuring charges. For the fiscal year 2007, cash from operating activities was $1.8 billion and free cash flow of $801 million was reduced by $322 million consisting of: $295 million for certain legacy tax items, $93 million of separation-related costs and $70 million of restructuring-related payments offset by cash proceeds of $136 million of restitution payments from former executives.
Tyco Chairman and Chief Executive Officer Ed Breen said, "Our results for the fourth quarter and the full year reflect good revenue growth, improved operating performance and strong cash flow.
We had a good finish to the year and made progress on a number of key initiatives that we expect to drive solid earnings growth in 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 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 Website.