For the first half of fiscal 2001, income before non-recurring items, extraordinary items and cumulative effect of accounting change rose to $2.16 billion, or $1.22 per diluted share, a 27 percent increase over last year's diluted earnings per share of 96 cents. After giving effect to non-recurring items, diluted earnings per share before extraordinary items and cumulative effect of accounting change were $1.22, or $2.16 billion, for the first half of fiscal 2001 compared to 94 cents, or $1.61 billion, in fiscal 2000. Revenues for the first half of fiscal 2001 increased to $16.92 billion, 23 percent higher than last year's $13.71 billion.
"The results achieved this quarter by each of our operating units are a tribute to the fundamental strength of our businesses," said L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer. "We have demonstrated that even in the face of a slowing economy, our recurring revenue base, long-term contracts and geographic diversity can provide a steady and predictable revenue and earnings stream, and the cash flow required to fuel future growth."
"We remain comfortable with the outlook for Tyco for the remainder of fiscal 2001," Kozlowski continued. "Growth in our economically resilient recurring revenue base remains brisk at our Security, Fire, and Earth Tech businesses. Our Healthcare operations continue to grow through favorable demographics, geographical expansion, and new product introductions. TyCom's backlog of third party sales is stronger than we had anticipated, and the build-out of the TyCom Global Network is ahead of schedule. While the Electronics segment will continue to be impacted by weakness in certain of its end-markets, we believe that the diversity of our offerings in this area leaves us better prepared to weather the current environment and we see continued opportunities to improve manufacturing efficiencies. Finally, we look forward to the positive impact of recent acquisitions. We have successfully integrated the Mallinckrodt, Lucent Power Systems and Simplex Time Recorder acquisitions, which strengthen the product offerings and sustainable growth of each of their respective segments. We are excited about the pending acquisition of The CIT Group and the opportunities it will provide for us upon completion. Integration planning for a smooth transition is well underway."
Full report available at www.tyco.com