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Tyco International Reports Fourth Quarter Results
Oct 24, 2002
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Tyco International Ltd. said today that revenues from continuing operations for the fourth quarter ended September 30, 2002 were U.S. $9.36 billion, an increase of 9.9 percent as compared to $8.52 billion for the quarter ended September 30, 2001, and an increase of 3.0 percent as compared to the $9.09 billion for the company's fiscal third quarter. Revenues from continuing operations for 2002 increased by 4.8 percent to $35.67 billion from $34.04 billion last year.

Including impairment, restructuring, and other unusual charges from continuing operations of $1.15 per share the loss for the fourth quarter from continuing operations was $0.85 per share, as compared to earnings of $0.61 cents for the same quarter last year. The loss per share from continuing operations for 2002 after all charges was $1.40 per share, compared to income from continuing operations of $2.40 a year ago.

"Tyco's operations generated strong cash flow and revenues that exceeded the expectations we outlined in our September 25th conference call," said Ed Breen, Tyco's chairman and chief executive officer (CEO). "Considering the difficult economic environment and the issues facing the company, this performance reflects our leading market positions, the strength of the products and services we offer, and the dedication and hard work of our employees. We will continue to build these businesses and leverage their strengths over time."

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