TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF
OPERATIONS (GAAP)
(in millions, except per
share data)
(Unaudited)
For the Quarters For the Year
Ended September
30, Ended September 30,
2002 2001 2002 2001
Net revenues
$9,357.8 $8,517.4 $35,671.2 $34,036.6
Cost of sales (1)
6,378.1 5,073.2 23,052.6
20,950.3
Selling,
general and
administrative
expenses 2,138.0 1,627.2 7,703.6 6,361.5
Restructuring
and other
unusual charges, net
743.9 225.5 1,348.0 233.6
Charges
for the
impairment
of
long-lived assets
836.8 92.2 3,489.0 120.1
Goodwill impairment
744.8 -- 1,257.8 --
Write-off
of purchased
in-process
research and
development
4.4 -- 17.8 184.3
Operating
(loss) income (1,488.2) 1,499.3 (1,197.6) 6,186.8
Other income (loss)
37.3 (5.3) 30.6 (26.3)
Interest expense, net
(294.7) (202.2) (959.7) (776.5)
Net
gain on sale of
common
shares of a
subsidiary
-- -- -- 64.1
Net
(loss) gain on sale
of businesses
(0.4) -- (0.4) 410.4
Loss on investments
(114.8) -- (301.9) (133.8)
(Loss)
income from
continuing
operations
before
income taxes and
minority interest
(1,860.8) 1,291.8 (2,429.0) 5,724.7
Income taxes
160.1 (88.6) (350.3) (1,275.7)
Minority interest
(0.6) (8.4) (1.4) (47.5)
(Loss)
income from
continuing
operations (1,701.3) 1,194.8 (2,780.7) 4,401.5
Income
(loss) from
discontinued
operations
of
Tyco Capital, net of
tax
11.1 181.3 (6,282.5) 252.5
Loss
on sale of Tyco
Capital, net of tax
(58.8) -- (58.8) --
(Loss)
income before
cumulative
effect of
accounting changes
(1,749.0) 1,376.1 (9,122.0) 4,654.0
Cumulative
effect of
accounting changes
-- -- -- (683.4)
Net (loss) income
$(1,749.0) $1,376.1
$(9,122.0) $3,970.6
Basic
(loss) earnings
per
common share:
(Loss)
income from
continuing
operations
$(0.85) $0.62
$(1.40) $2.44
Income
(loss) from
discontinued
operations
of Tyco
Capital, net of tax
0.01 0.09 (3.16) 0.14
Loss
on of sale of
Tyco
Capital, net of
tax
(0.03) --
(0.03) --
(Loss)
income before
cumulative
effect of
accounting changes
(0.88) 0.71 (4.59) 2.58
Cumulative
effect of
accounting changes
-- -- -- (0.38)
Net
(loss) income per
common share
(0.88) 0.71 (4.59) 2.20
Diluted
(loss) earnings
per
common share (2):
(Loss)
income from
continuing
operations
$(0.85) $0.61 $(1.40) $2.40
Income
(loss) from
discontinued
operations
of Tyco
Capital, net of tax
0.01 0.09 (3.16) 0.14
Loss
on of sale of
Tyco
Capital, net of
tax
(0.03) -- (0.03) --
(Loss)
income before
cumulative
effect of
accounting change
(0.88) 0.70 (4.59) 2.54
Cumulative
effect of
accounting changes
-- -- -- (0.37)
Net
(loss) income per
common share
(0.88) 0.70
(4.59) 2.17
Weighted-average
number
of
common shares
outstanding:
Basic
1,993.8 1,934.9 1,988.5 1,806.9
Diluted
1,993.8 1,956.4 1,988.5 1,831.6
(1)
Includes inventory-related unusual charges of $379.9 million and $106.1 million
in the quarters ended September 30, 2002 and 2001, respectively, and $639.5
million and $184.9 million in the years ended September 30, 2002 and 2001,
respectively.
(2)
Diluted earnings per common share assumes conversion of ADT LYONS. Accordingly,
net interest expense of $0.3 million for the quarter ended September 30, 2001
and $1.1 million for the year ended September 30, 2001 must be added back to
income from continuing operations for computing diluted earnings per share.
TYCO INTERNATIONAL LTD.
RESULTS OF SEGMENTS
(reconciliation from GAAP to pre-charges pro forma)
(in millions, except per
share data)
(Unaudited)
Quarter Ended September 30, 2002
Pre-
Charges
Unusual Pre- Pro
GAAP Charges(1)
Charges Forma(2)
NET
SALES
Electronics $2,564.2 $ -- $2,564.2 $2,564.2
Healthcare and Specialty Products 2,595.3 --
2,595.3 2,595.3
Fire and Security Services 2,887.2
-- 2,887.2 2,887.2
Engineered Products and Services 1,311.1 --
1,311.1 1,311.1
Total Net Sales 9,357.8
-- 9,357.8 9,357.8
SEGMENT
PROFIT
Electronics $(2,114.8) $2,349.2 $234.4
$234.4
Healthcare and Specialty
Products 504.5
7.7 512.2 512.2
Fire and Security Services 192.0
130.6 322.6 322.6
Engineered
Products and Services 69.8 127.4 197.2 197.2
Total Segment Profit (1,348.5)
2,614.9 1,266.4 1,266.4
Corporate expenses (139.7)
94.9 (44.8) (44.8)
Goodwill amortization expense -- -- -- --
Other income (loss) 37.3
(37.3) -- --
Net loss on sale of businesses (0.4) 0.4 -- --
Net loss on investments (114.8)
114.8 -- --
Interest expense, net (294.7)
-- (294.7) (294.7)
Income
before income taxes,
minority interest (1,860.8)
2,787.7 926.9 926.9
Income taxes 160.1
(492.7) (332.6) (203.9)
Minority interest (0.6) -- (0.6) (0.6)
(LOSS)
INCOME FROM CONTINUING
OPERATIONS $(1,701.3) $2,295.0 $593.7 $722.4
(LOSS)
INCOME FROM CONTINUING
OPERATIONS
PER COMMON SHARE
BASIC $(0.85) $0.30 $0.36
DILUTED $(0.85) $0.30
$0.36
WEIGHTED-AVERAGE
COMMON SHARES:
BASIC 1,993.8 1,993.8
1,993.8
DILUTED 1,993.8 1,999.5
1,999.5
Quarter
Ended September 30, 2001
Pre-
Charges
Unusual Pre- Pro
GAAP(3) Charges(4)
Charges Forma(5)
NET
SALES
Electronics
$2,785.1 $
-- $2,785.1 $2,785.1
Healthcare
and Specialty Products
2,335.9 -- 2,335.9 2,335.9
Fire and Security Services 2,271.1 --
2,271.1 2,271.1
Engineered
Products and Services 1,125.3 -- 1,125.3 1,125.3
Total Net Sales 8,517.4 --
8,517.4 8,517.4
SEGMENT
PROFIT
Electronics $460.0
$337.1 $797.1 $797.1
Healthcare
and Specialty Products 578.3 28.5 606.8 606.8
Fire and Security Services
421.5 47.0 468.5 468.5
Engineered Products and Services 211.4
11.2 222.6 222.6
Total Segment Profit 1,671.2 423.8
2,095.0 2,095.0
Corporate expenses
(33.3) --
(33.3) (33.3)
Goodwill amortization expense
(138.6) --
(138.6) --
Other income (loss) (5.3)
5.3 -- --
Net loss on sale of businesses -- -- -- --
Net loss on investments --
-- -- --
Interest expense, net
(202.2) --
(202.2) (202.2)
Income
before income taxes, minority
interest
1,291.8 429.1 1,720.9
1,859.5