PEMBROKE, Bermuda, May 1 /PRNewswire-FirstCall/ -- ($ millions,
except per-share amounts) Q2 2008 Q2 2007 % Change Revenue $4,866
$4,490 8.4% Income from Continuing Operations $273 $164 66% Diluted
EPS from Continuing Operations $0.56 $0.33 70% Special Items Per
Share After Tax $0.11 -- Income from Continuing Operations Before
Special Items $326 $167 95% Diluted EPS from Continuing Operations
Before Special Items $0.67 $0.33 103% -- Revenue increased 8.4%
with organic revenue growth of 3.6% -- Company achieved operating
margin of 9.1% and operating margin before special items of 10.1%
-- Company raises guidance for diluted EPS from continuing
operations before special items for full year 2008 to a range of
$2.65 to $2.75 -- Company announced several transactions marking
continued progress in refining its portfolio -- Company has
repurchased 16.4 million shares for $676 million to date under
existing $1 billion share repurchase program Tyco International
Ltd. (NYSE:TYC)(BSX:TYC) today reported $0.56 in diluted earnings
per share (EPS) from continuing operations for the fiscal second
quarter of 2008 and diluted EPS from continuing operations before
special items of $0.67. In comparison to the fiscal second quarter
of 2007, diluted EPS from continuing operations increased 70% and
diluted EPS from continuing operations before special items
increased 103%. Diluted EPS from continuing operations was
negatively impacted by special items of $0.11 per share primarily
for restructuring activities and a legacy legal settlement. Revenue
increased 8.4% versus the prior year to $4.9 billion, with organic
revenue growth of 3.6%. The company's operating margin was 9.1% and
the operating margin before special items was 10.1%. The GAAP tax
rate for the quarter was 22.4% and was positively impacted by 70
basis points related to the tax impact of the special items. The
company now expects full year fiscal 2008 diluted earnings per
share from continuing operations before special items to be in the
range of $2.65 to $2.75 per share. "Our second quarter operating
performance was well ahead of last year with improved operating
margins in each of our businesses. Based on our first half
performance and our outlook for the remainder of the year, we have
increased our full year earnings guidance," said Tyco Chairman and
Chief Executive Officer Ed Breen. "We continue to make progress on
our portfolio refinement efforts, announcing an acquisition in our
security business and the divestiture of businesses that no longer
meet our strategic direction." As part of its portfolio refinement
efforts, the company has announced several transactions including
an agreement to acquire FirstService Security for approximately
$187 million to strengthen ADT's systems integration capabilities.
The company also announced agreements to divest the following
non-core businesses: its Infrastructure Services businesses for
approximately $805 million; its Nippon Dry-Chemical unit for $56
million, a transaction that closed on February 29, 2008; and its
Ancon Building Products business for approximately $174 million, a
transaction that closed on April 30, 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 diluted 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
http://www.tyco.com/ on the Investor Relations portion of Tyco's
Web site. SEGMENT RESULTS The financial results presented in the
tables below are in accordance with GAAP unless otherwise
indicated. All dollar amounts are pre-tax and stated in millions.
All comparisons are to the fiscal second quarter of 2007 unless
otherwise indicated. ADT Worldwide Q2 2008 Q2 2007 % Change Revenue
$1,966 $1,887 4% Operating Income $222 $195 14% Operating Margin
11.3% 10.3% Special Items $11 $25 Operating Income Before Special
Items $233 $220 6% Operating Margin Before Special Items 11.9%
11.7% Revenue increased 4% with organic revenue growth of 1%.
Recurring revenue grew 5% organically and improved across all
regions. Systems installation and service revenue declined 3%
organically due to weakness in North America and Europe, mostly as
a result of lower sales to the retailer end market. This was
partially offset by strong double-digit organic growth in Asia and
Latin America. Operating income was $222 million. Special items
consisted of $11 million of restructuring charges, primarily in
Europe. Operating income before special items increased 6% to $233
million and included expenses of $27 million primarily associated
with the analog-to-digital transition. Flow Control Q2 2008 Q2 2007
% Change Revenue $1,024 $878 17% Operating Income $143 $102 40%
Operating Margin 14.0% 11.6% Special Items -- $10 Operating Income
Before Special Items $143 $112 28% Operating Margin Before Special
Items 14.0% 12.8% Revenue increased 17% with organic revenue growth
of 7% driven by continued strong growth in the Valves business
(+11% organically) and the Thermal Controls business (+18%
organically). This growth was partially offset by a 5% organic
revenue decline in the Water business, primarily due to reduced
water pipeline project activity in Australia compared to the year
ago quarter. Operating income before special items increased 28% to
$143 million and the operating margin was 14%. The increase in the
operating income and the operating margin before special items was
due to higher revenue and improved productivity. Fire Protection
Services Q2 2008 Q2 2007 % Change Revenue $861 $819 5% Operating
Income $77 $62 24% Operating Margin 8.9% 7.6% Special Items $1 $2
Operating Income Before Special Items $78 $64 22% Operating Margin
Before Special Items 9.1% 7.8% Revenue in Fire Protection Services
increased 5% with organic revenue growth of 1%. The North American
SimplexGrinnell business grew 4% organically while the
international fire businesses declined 5%. The decline was
primarily due to the planned exit of certain non-core fire
activities as well as a decision to reduce lower-margin project
work. Operating income was $77 million and the operating margin was
8.9%. The operating income before special items increased 22% to
$78 million and the operating margin before special items improved
130 basis points to 9.1% primarily because of improved operating
efficiencies. Electrical and Metal Products Q2 2008 Q2 2007 %
Change Revenue $542 $479 13% Operating Income $72 $26 177%
Operating Margin 13.3% 5.4% Special Items $3 -- Operating Income
Before Special Items $75 $26 188% Operating Margin Before Special
Items 13.8% 5.4% Revenue increased 13% with better volume in steel
products and higher pricing for both steel and copper products.
Organic revenue growth was 11%. Operating income was $72 million
and included $3 million of restructuring charges. Operating income
before special items of $75 million improved significantly,
primarily as a result of better steel and copper spreads versus the
prior year as well as improved productivity. Safety Products Q2
2008 Q2 2007 % Change Revenue $469 $424 11% Operating Income $54
$66 (18%) Operating Margin 11.5% 15.6% Special Items $26 $5
Operating Income Before Special Items $80 $71 13% Operating Margin
Before Special Items 17.1% 16.7% Revenue increased 11% with organic
revenue growth of 5%, resulting from growth across the fire
suppression, electronic security and life safety businesses.
Operating income was $54 million and the operating margin was
11.5%. Special items in the quarter consisted of $26 million of
restructuring charges. Operating income before special items
increased 13% to $80 million and the operating margin before
special items was 17.1%. The improvement in operating income before
special items was primarily due to higher volume and improved
productivity offset by higher R&D and sales and marketing
expenses. OTHER ITEMS -- Net Cash used in Operating Activities of
$2.468 billion reflects the release of $2.960 billion of
previously-funded escrow for the settlement of legacy securities
class action litigation. -- The company had a free cash outflow of
$2.736 billion for the fiscal second quarter, primarily reflecting
the release of the $2.960 billion mentioned above. In addition,
free cash flow included $82 million of payments, primarily for
restructuring activities. -- Corporate and Other operating expense
was $125 million and included a net charge of $8 million for
special items. -- In connection with the sale of the Ancon Building
Products business, the results of this business are reported as a
discontinued operation for this quarter and all prior periods. The
business had revenue of $107 million in 2007 and operating profit
of $23 million. ABOUT TYCO INTERNATIONAL Tyco International
(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 2007 revenues of
more than $18 billion and has 118,000 employees worldwide. More
information on Tyco can be found at http://www.tyco.com/.
CONFERENCE CALL AND WEB CAST Management will discuss the company's
second quarter results and outlook for the fiscal third quarter
during a conference call and Web cast today beginning at 8:30 a.m.
EST. Today's conference call for investors can be accessed in the
following ways: -- At Tyco's Web site: 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) 398-9402. The telephone dial-in number for
participants outside the United States is (612) 332-1214. -- An
audio replay of the conference call will be available beginning at
10:30 a.m. on May 1, 2008 and ending on May 8, 2008. The dial-in
number for participants in the United States is (800) 475-6701. For
participants outside the United States, the replay dial-in number
is (320) 365-3844. The replay access code for all callers is
918069. NON-GAAP MEASURES "Organic revenue growth," "free cash
flow" (FCF), "operating income before special items", "earnings per
share (EPS) from continuing operations before special items" and
"operating margin before special items" are non-GAAP measures and
should not be considered replacements for GAAP results. Organic
revenue growth is a useful measure used by the company to measure
the underlying results and trends in the business. The difference
between reported net revenue growth (the most comparable GAAP
measure) and organic revenue growth (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 growth 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
growth of the company, such as acquisition and divestiture
activity. 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 growth in
combination with the GAAP numbers. See the accompanying tables to
this press release for the reconciliation presenting the components
of organic revenue growth. 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 significant component
in the company's incentive compensation plans. The difference
reflects the impact from: -- the sale of accounts receivable
programs, -- net capital expenditures, -- accounts purchased from
ADT dealer network, -- cash paid for purchase accounting and
holdback liabilities, and -- voluntary pension contributions. The
impact from the sale of accounts receivable programs and voluntary
pension contributions are added or subtracted from the GAAP measure
because this activity is driven by economic financing decisions
rather than operating activity. 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. 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 operating income from continuing operations,
operating income and margin before special items and EPS from
continuing operations before special items, and forecast its EPS
from continuing operations before special items. Special Items
include charges and gains related to divestitures, acquisitions,
restructurings (including transaction costs related to the
separations of Tyco Electronics and Tyco Healthcare into separate
public companies), 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
from continuing operations, EPS and operating income and margin,
before special items to assess overall operating performance,
segment level core operating performance and 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, income from continuing
operations before special items and EPS 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. EPS before special items does not
reflect any additional adjustments that are not reflected in income
from continuing operations before special items. The difference
between income from continuing operations before special items and
operating income and margin before special items versus income from
continuing operations, operating income and operating margin (the
most comparable GAAP measures) consists of the impact of charges
and gains related to divestitures, acquisitions, restructurings
(including transaction costs related to the separations of Tyco
Electronics and Tyco Healthcare into separate public companies),
and other income or charges that may mask the underlying operating
results and/or business trends. 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 from
continuing operations, EPS and operating income and margin. This
limitation is best addressed by using operating income and
operating margin before special items 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. The company presents its EPS forecast before special items
to give investors a perspective on the underlying business results.
Because the company often cannot predict the amount and timing of
unusual or special items and associated charges or gains that may
be recorded in the company's financial statements, it does not
present forecasts that include the impact of those items. See the
accompanying tables to this press release for the reconciliation
presenting the components of operating income before special items.
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 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 include statements
addressing the following subjects: future financial condition and
operating results. 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. 28, 2007 and Quarterly Report on Form 10-Q for the
quarterly period ended December 28, 2007. TYCO INTERNATIONAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in millions, except
per share data) (Unaudited) Quarter Ended Six Months Ended March
28, March 30, March 28, March 30, 2008 2007 2008 2007 Net revenue
$4,866 $4,490 $9,706 $8,829 Cost of sales 3,186 2,986 6,344 5,841
Selling, general and administrative expenses 1,205 1,223 2,374
2,377 Separation costs (5) 32 4 57 Restructuring, asset impairment
and divestiture charges, net 37 45 48 101 Operating income 443 204
936 453 Interest income 25 11 83 25 Interest expense (115) (64)
(232) (130) Other income, net - 1 52 2 Income from continuing
operations before income taxes and minority interest 353 152 839
350 Income taxes (79) 12 (204) (27) Minority interest (1) - (2) (1)
Income from continuing operations 273 164 633 322 Income from
discontinued operations, net of income taxes 7 671 10 1,306 Net
income $280 $835 $643 $1,628 Basic earnings per common share:
Income from continuing operations $0.56 $0.33 $1.29 $0.65 Income
from discontinued operations 0.02 1.36 0.02 2.64 Net income $0.58
$1.69 $1.31 $3.29 Diluted earnings per common share: Income from
continuing operations $0.56 $0.33 $1.28 $0.64 Income from
discontinued operations 0.01 1.33 0.03 2.59 Net income $0.57 $1.66
$1.31 $3.23 Weighted-average number of shares outstanding: Basic
486 493 489 494 Diluted 489 506 493 507 Income Reconciliation for
Diluted EPS: Income from continuing operations $273 $164 $633 $322
Add back of interest expense for convertible debt - 2 - 4 Income
from continuing operations, giving effect to dilutive adjustments
273 166 633 326 Income from discontinued operations 7 671 10 1,306
Add back of interest expense for convertible debt - 2 - 5 Net
income, giving effect to dilutive adjustments $280 $839 $643 $1,637
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 28, 2007 and Quarterly Report on Form
10-Q for the quarterly period ended December 28, 2007. TYCO
INTERNATIONAL LTD. RESULTS OF SEGMENTS (in millions) (Unaudited)
Quarter Ended March 28, March 30, 2008 2007 NET REVENUE ADT
Worldwide $1,966 $1,887 Flow Control 1,024 878 Fire Protection
Services 861 819 Electrical and Metal Products 542 479 Safety
Products 469 424 Corporate and Other 4 3 Total Net Revenue $4,866
$4,490 OPERATING INCOME AND MARGIN ADT Worldwide $222 11.3% $195
10.3% Flow Control 143 14.0% 102 11.6% Fire Protection Services 77
8.9% 62 7.6% Electrical and Metal Products 72 13.3% 26 5.4% Safety
Products 54 11.5% 66 15.6% Corporate and Other (125) N/M (247) N/M
Operating Income and Margin $443 9.1% $204 4.5% Six Months Ended
March 28, March 30, 2008 2007 NET REVENUE ADT Worldwide $3,965
$3,750 Flow Control 2,098 1,713 Fire Protection Services 1,690
1,607 Electrical and Metal Products 1,029 922 Safety Products 916
830 Corporate and Other 8 7 Total Net Revenue $9,706 $8,829
OPERATING INCOME AND MARGIN ADT Worldwide $471 11.9% $396 10.6%
Flow Control 314 15.0% 210 12.3% Fire Protection Services 150 8.9%
120 7.5% Electrical and Metal Products 113 11.0% 67 7.3% Safety
Products 140 15.3% 137 16.5% Corporate and Other (252) N/M (477)
N/M Operating Income and Margin $936 9.6% $453 5.1% TYCO
INTERNATIONAL LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (in
millions) (Unaudited) March 28, December 28, September 28, 2008
2007 2007 Current Assets: Cash and cash equivalents $1,074 $1,069
$1,894 Accounts receivable, net 3,137 3,022 2,945 Inventories 2,025
1,938 1,811 Class action settlement escrow - 3,011 2,992 Other
current assets 1,761 1,711 1,632 Assets of discontinued operations
983 1,109 1,084 Total current assets 8,980 11,860 12,358 Property,
plant and equipment, net 3,613 3,565 3,543 Goodwill 11,922 11,681
11,636 Intangible assets, net 2,636 2,695 2,697 Other assets 2,723
2,669 2,581 Total Assets $29,874 $32,470 $32,815 Current
Liabilities: Short-term debt and current maturities of long-term
debt $525 $693 $380 Accounts payable 1,516 1,540 1,665 Class action
settlement liability - 3,011 2,992 Accrued and other current
liabilities 3,316 3,046 3,470 Liabilities of discontinued
operations 526 595 598 Total current liabilities 5,883 8,885 9,105
Long-term debt 3,977 3,777 4,082 Other liabilities 3,985 4,010
3,937 Total Liabilities 13,845 16,672 17,124 Minority interest 55
70 67 Shareholders' equity 15,974 15,728 15,624 Total Liabilities
and Shareholders' Equity $29,874 $32,470 $32,815 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 28, 2007 and Quarterly Report on Form 10-Q for the
quarterly period ended December 28, 2007. TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (Unaudited)
Quarter Ended Six Months Ended March 28, March 30, March 28, March
30, 2008 2007 2008 2007 Cash Flows from Operating Activities: Net
income $280 $835 $643 $1,628 Income from discontinued operations
(7) (671) (10) (1,306) Income from continuing operations 273 164
633 322 Adjustments to reconcile net cash provided by operating
activities: Depreciation and amortization 290 296 566 592 Non-cash
compensation expense 22 36 57 81 Deferred income taxes (49) (87)
(105) (93) Provision for losses on accounts receivable and
inventory 31 19 61 44 Other non-cash items 31 14 43 18 Changes in
assets and liabilities, net of the effects of acquisitions and
divestitures: Accounts receivable, net (36) (93) (107) (67)
Inventories (31) (75) (149) (280) Other current assets 29 48 (24)
164 Accounts payable (68) 1 (206) (51) Accrued and other
liabilities 17 156 (325) (50) Class action settlement liability
(3,020) - (3,020) - Other 43 96 (45) 32 Net cash (used in) provided
by operating activities (2,468) 575 (2,621) 712 Net cash provided
by discontinued operating activities 28 1,005 4 1,696 Cash Flows
from Investing Activities: Capital expenditures (180) (156) (356)
(299) Proceeds from disposal of assets 4 4 10 10 Acquisition of
businesses, net of cash acquired (5) (1) (27) (16) Accounts
purchased from ADT dealer network (98) (80) (187) (176) Liquidation
of rabbi trust investments - 232 - 271 Class action settlement
escrow 2,960 - 2,960 - Other (6) 2 (9) 43 Net cash provided by
(used in) investing activities 2,675 1 2,391 (167) Net cash
provided by (used in) discontinued investing activities 33 (237) 14
(505) Cash Flows from Financing Activities: Net proceeds of debt 31
195 40 193 Proceeds from exercise of share options 8 92 21 212
Dividends paid (74) (196) (148) (395) Repurchase of common shares
by subsidiary (248) (8) (477) (668) Transfers from discontinued
operations 62 705 19 1,083 Other 2 7 (69) 13 Net cash (used in)
provided by financing activities (219) 795 (614) 438 Net cash used
in discontinued financing activities (61) (694) (18) (1,077) Effect
of currency translation on cash 17 5 24 21 Effect of currency
translation on cash of discontinued operations - 9 - 19 Net
increase (decrease) in cash and cash equivalents 5 1,459 (820)
1,137 Less: net increase in cash related to discontinued operations
- (83) - (133) Cash and cash equivalents at beginning of period
1,069 1,821 1,894 2,193 Cash and cash equivalents at end of period
$1,074 $3,197 $1,074 $3,197 Reconciliation to "Free Cash Flow": Net
cash (used in) provided by operating activities $(2,468) $575
$(2,621) $712 Decrease in sale of accounts receivable 5 1 10 3
Capital expenditures, net (176) (152) (346) (289) Accounts
purchased from ADT dealer network (98) (80) (187) (176) Purchase
accounting and holdback liabilities (1) (2) (2) (4) Voluntary
pension contributions 2 - 2 18 Free Cash Flow $(2,736) $342
$(3,144) $264 NOTE: Free cash flow is a non-GAAP measure. See
description of non-GAAP measures contained in this release. TYCO
INTERNATIONAL LTD. ORGANIC REVENUE GROWTH RECONCILIATION (in
millions) (Unaudited) Quarter Ended March 28, 2008 Foreign Net
Revenue Currency Other ADT Worldwide $1,966 4.2% $69 3.7% $(10)
-0.6% Flow Control 1,024 16.6% 86 9.8% (1) 0.0% Fire Protection
Services 861 5.1% 38 4.6% - 0.0% Electrical and Metal Products 542
13.2% 12 2.5% - 0.0% Safety Products 469 10.6% 23 5.4% (1) 0.0%
Corporate and Other 4 33.3% - 0.0% - 0.0% Total Net Revenue $4,866
8.4% $228 5.1% $(12) -0.2% Net Revenue for the Quarter Ended
Organic Revenue March 30, Growth 2007 ADT Worldwide $20 1.1% $1,887
Flow Control 61 6.9% 878 Fire Protection Services 4 0.5% 819
Electrical and Metal Products 51 10.6% 479 Safety Products 23 5.4%
424 Corporate and Other 1 33.3% 3 Total Net Revenue $160 3.6%
$4,490 Six Months Ended March 28, 2008 Foreign Net Revenue Currency
Other ADT Worldwide $3,965 5.7% $153 4.1% $(22) -0.6% Flow Control
2,098 22.5% 178 10.4% (2) 0.0% Fire Protection Services 1,690 5.2%
79 4.9% - 0.0% Electrical and Metal Products 1,029 11.6% 22 2.4% -
0.0% Safety Products 916 10.4% 45 5.4% (1) 0.0% Corporate and Other
8 14.3% 1 14.3% - 0.0% Total Net Revenue $9,706 9.9% $478 5.4%
$(25) -0.2% Net Revenue for the Six Organic Months Ended Revenue
March 30, Growth 2007 ADT Worldwide $84 2.2% $3,750 Flow Control
209 12.2% 1,713 Fire Protection Services 4 0.2% 1,607 Electrical
and Metal Products 85 9.2% 922 Safety Products 42 5.1% 830
Corporate and Other - 0.0% 7 Total Net Revenue $424 4.8% $8,829
NOTE: Organic revenue growth is a non-GAAP measure. See description
of non-GAAP measures contained in this release. TYCO INTERNATIONAL
LTD. EARNINGS PER SHARE SUMMARY (Unaudited) Year Quarter Ended
Ended Dec. 29, March 30, June 29, Sept. 28, Sept. 28, 2006 2007
2007 2007 2007 Diluted EPS from Continuing Operations $0.31 $0.33
$(6.17) $0.42 $(5.10) Restructuring charges in cost of sales and
SG&A - 0.00 0.00 0.01 0.01 Class action settlement, net - -
5.83 (0.02) 5.81 Separation costs 0.07 0.10 0.69 0.08 0.93 Losses
on divestitures - 0.00 0.00 - (0.00) Restructuring and asset
impairment charges, net 0.10 0.02 0.07 0.07 0.26 Goodwill
impairment - - 0.09 - 0.09 Tax items - (0.12) - - (0.12) Voluntary
Replacement Program - - - 0.01 0.01 Reserve adjustment - - - - -
Legacy legal settlement - - - - - Diluted EPS from Continuing
Operations Before Special Items $0.48 $0.33 $0.51 $0.57 $1.89
Quarter Ended Year to Date Dec. 28, March 28, March 28, 2007 2008
2008 Diluted EPS from Continuing Operations $0.72 $0.56 $1.28
Restructuring charges in cost of sales and SG&A 0.01 0.01 0.01
Class action settlement, net - - - Separation costs (0.08) 0.01
(0.06) Losses on divestitures - - - Restructuring and asset
impairment charges, net 0.02 0.06 0.08 Goodwill impairment - - -
Tax items 0.04 0.00 0.04 Voluntary Replacement Program - - -
Reserve adjustment - (0.01) (0.01) Legacy legal settlement - 0.04
0.04 Diluted EPS from Continuing Operations Before Special Items
$0.71 $0.67 $1.38 DATASOURCE: Tyco International Ltd. CONTACT: News
Media, Paul Fitzhenry, +1-609-720-4261, or Investor Relations, Ed
Arditte, +1-609-720-4621, or Karen Chin, +1-609-720-4398, all of
Tyco International Ltd. Web site: http://www.tyco.com/
Copyright