Tyco Reports First Quarter Income Jan 22, 2003

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Tyco International Ltd. reported earnings per share for its first quarter were U.S. $0.32, compared to $0.47 from continuing operations for the same period last year. Revenues were $8.9 billion, up 4 percent from $8.6 billion in the first quarter last year. Income from continuing operations was $635 million for the quarter as compared with $935 million for the same period last year. Free cash flow was $482 million in the quarter.

"Results for the first quarter reflect a base of operations on which we can build during fiscal 2003," said Ed Breen, Tyco's chairman and chief executive officer (CEO). "Given the challenging economic environment in which we are operating and the issues we worked to resolve during the quarter, these results demonstrate the strength of our market positions and the appeal of our products and services."

Tyco International is a diversified manufacturing and service company with global leadership positions in industries such as: