announced today that rumors relating to the company are false, unfounded and malicious. The company stated there is no corporate development that would justify the irregular trading sparked by these rumors. The company is requesting that the SEC and NYSE identify the source of these false rumors and take appropriate action.
L. Dennis Kozlowski, Tyco's Chairman and Chief Executive Officer, said, "I heard the reports being circulated about our company, and I can state unequivocally that they are false and baseless. Because we take our commitment to our shareholders and our reputation very seriously, we will pursue this matter until we are satisfied that both have been adequately protected."
"We are confident results for our fourth fiscal quarter, to be reported next week, should exceed consensus earnings estimates," added Mr. Kozlowski. "We also are comfortable with the consensus earnings estimates for fiscal year
2000. The strength of our earnings is further enhanced by our focus on the generation of free cash flow. As a testament to the quality of these
earnings, our free cash flow expectation for next year represents a very high percentage of our expected net income."
Tyco will conduct a conference call tomorrow morning.
Tyco International Ltd., a diversified manufacturing and service company, is the world's largest manufacturer and servicer of electrical and electronic components and undersea telecommunications systems, the world's largest
manufacturer, installer, and provider of fire protection systems and electronic security services, the largest manufacturer of flow control
valves, and has strong leadership positions in disposable medical products, plastics, and adhesives. The Company operates in more than 80 countries around the world and has expected fiscal 1999 revenues in excess of $22
billion.