TYC » Topics » OTHER ITEMS

This excerpt taken from the TYC 8-K filed Jul 30, 2009.

OTHER ITEMS

 

·                  The GAAP tax rate for the quarter was 11.3% and the tax rate excluding special items was 13.4%.

·                  Corporate and Other expense was $100 million and included special items of $2 million from restructuring activities.

·                  The company incurred pre-tax charges totaling $44 million in the quarter which resulted from restructuring activities.

·                  Cash flow from operating activities was $662 million in the quarter.  The company had free cash flow of $367 million, which included cash payments of $102 million for restructuring and legacy legal matters.

 

This excerpt taken from the TYC 8-K filed Apr 30, 2009.

OTHER ITEMS

 

·                  Corporate and other expense in the quarter was $203 million and included net charges of $107 million for special items primarily related to legacy legal matters.

 

·                  The company incurred pre-tax charges totaling $108 million in the quarter related to restructuring actions and asset impairments.

 

·                  Cash flow from operating activities was $726 million in the quarter.  The company had free cash flow of $454 million, which included cash payments of $50 million primarily related to restructuring activities.

 

5



 

This excerpt taken from the TYC 10-Q filed Apr 30, 2009.

Other

        During fiscal 2008 and through the second quarter of fiscal 2009, the Company designated certain intercompany loans as permanent in nature. As of March 27, 2009, $2.6 billion of intercompany loans have been designated as permanent in nature and for the quarter and six months ended March 27, 2009, the Company recorded $29 million and $353 million, respectively, of cumulative translation loss through accumulated other comprehensive income related to these loans.

This excerpt taken from the TYC 8-K filed Feb 3, 2009.

OTHER ITEMS

 

·                  Diluted earnings per share from continuing operations included charges of $0.04 for special items (legacy legal, tax, restructuring and loss on divestiture charges).

·                  Corporate and other expense in the quarter was $114 million.

·                  Cash from operating activities was $56 million in the quarter compared to an outflow of $153 million in the first quarter of 2008.  The Company had a free cash outflow of $215 million in the quarter compared to a free cash outflow of $408 million in the prior year.

 

4



 

These amounts include cash payments of $25 million in the current quarter and $53 million in the prior year primarily related to restructuring activities.

·                  Restructuring-related expenses were $5 million in the quarter.

·                  On December 10, 2008, the Company announced that its Board of Directors unanimously approved moving Tyco International’s jurisdiction of incorporation from Bermuda to Switzerland.  Shareholders will vote on the proposed move at a Special General Meeting of Shareholders to be held on March 12, 2009.

 

This excerpt taken from the TYC 8-K filed Nov 12, 2008.

OTHER ITEMS

 

·                  Corporate and Other expense in the quarter was $150 million, including $2 million of income from special items. Corporate expense was negatively impacted by certain foreign exchange transactions.

·                  Restructuring charges of $111 million in the fourth quarter were incurred as part of the company’s previously-announced restructuring program.

·                  The GAAP tax rate for the quarter was 24.7% and was favorably impacted by 50 basis points for tax benefits related to special items.  The GAAP tax rate for the full year was 23.4% and was favorably impacted by 1.2 percentage points of tax benefits related to special items.

·                  Since announcing a new $1 billion share repurchase program in July, the company repurchased 2.5 million shares for $100 million.

·                  In September, the company announced a 33% increase in its fourth quarter dividend from $0.15 to $0.20.

·                  During September, Standard & Poors and Fitch Ratings each raised their long-term debt rating on Tyco to BBB+ from BBB.

·                  Tyco continues to make progress in its portfolio refinement activities including last month’s acquisition of Vue Technology, Inc., a leading provider of radio frequency identification (RFID) technology for its Sensormatic business.

 

This excerpt taken from the TYC 8-K filed Jul 31, 2008.

OTHER ITEMS

 

·                  Cash from operating activities was $712 million and free cash flow was $446 million.  This included cash payments of $81 million primarily for restructuring and legacy litigation payments.

·                  The $330 million of pre-tax charges for special items ($0.47 per share) consisted primarily of $275 million for separation-related activities including the early retirement of debt and $53 million for restructuring activities.

·                  Corporate expense was $131 million in the quarter and included a net charge of $4 million for special items.

·                  Net interest expense of $75 million included $17 million of separation-related expenses.

·                  The GAAP tax rate for the quarter was 18.4% and was positively impacted by 6.8 percentage points related to the tax treatment of special items.

 

 

5



 

·                  The company announced a new $1 billion share repurchase program on July 10, 2008.  A previous $1 billion program announced in September 2007 concluded earlier this month.  The company repurchased 24.3 million shares under that program, representing approximately 5% of total shares outstanding.

·                  Diluted EPS from discontinued operations of $0.57 per share in the third quarter consisted primarily of gains from the sale of a Brazilian subsidiary of the Infrastructure Services Business and Ancon Building Products.

 

This excerpt taken from the TYC 8-K filed May 1, 2008.

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.

 

 

 

5



 

 

This excerpt taken from the TYC 8-K filed Feb 5, 2008.

OTHER ITEMS

 

·                  Net cash used in operating activities was $152 million in the quarter.  The company had a free cash outflow of $407 million, which included $53 million of payments for separation and restructuring activities.

 

·                  Corporate expenses were $126 million and included $10 million of separation expense. Revenue in Corporate and Other was $31 million and operating income from business operations was $6 million.

 

·                  Other income includes $50 million of income related to the Tax Sharing Agreement entered into as part of the separation and recorded in connection with the adoption of FASB Interpretation No. 48.

 

 

 

5



 

This excerpt taken from the TYC 8-K filed Nov 15, 2007.

OTHER ITEMS

    Corporate and Other expense was $158 million in the quarter and included $28 million of net charges primarily for restructuring and separation. Revenue from operations in Corporate and Other was $32 million in the quarter and operating income for these businesses was $5 million.

    Charges related to Tyco's previously-announced restructuring program totaled $60 million in the fourth quarter and $217 million for full year 2007.

    Beginning this quarter, the results of the Infrastructure Services business are classified as discontinued operations as Tyco pursues the sale of this business. As previously announced, the company reached an agreement to sell the Brazilian operation of the Infrastructure Services business for approximately $300 million. The Infrastructure Services business had operating income of $14 million for the quarter and $53 million for the full year.

    Special items of $0.15 per share in the quarter consisted of charges of $0.08 for restructuring and impairment activities, $0.08 for separation expenses, and $0.01 for the VRP program, partially offset by a benefit of $0.02 for an insurance recovery related to the class action settlement. Special items of $0.17 per share in the fourth quarter of 2006 consisted of income of $0.14 from an insurance related settlement with a former executive and income of $0.06 from a reduction in estimated workers' compensation liabilities, partially offset by a charge of $0.03 for separation expenses.

        Management will discuss the company's outlook for the fiscal first quarter and full year 2008 during a conference call today beginning at 8:30 a.m. EST.

This excerpt taken from the TYC 8-K filed Aug 7, 2007.

OTHER ITEMS

·                  Revenue in Corporate and Other, consisting primarily of Infrastructure Services, was $341 million in the quarter compared to $319 million in 2006. Operating income for these businesses was $24 million compared to $19 million in the third quarter of 2006. Beginning in the fourth quarter, Infrastructure Services will be reported as a discontinued operation as Tyco explores exiting this business.

·                  Corporate expense was $3.1 billion in the quarter. Special items in the quarter consisted primarily of the settlement of the securities class action litigation. Before special items, corporate expense totaled $161 million compared to $183 million in the third quarter of 2006.

·                  Cash from operating activities was $125 million in the quarter. The Company had negative free cash flow of $137 million and this included $340 million in payments for legacy tax items, separation and restructuring.

·                  Charges related to Tyco’s previously announced restructuring program totaled $45 million in the third quarter and $158 million year to date.

This excerpt taken from the TYC 8-K filed May 8, 2007.

OTHER ITEMS

·                  Separation-related expenses for the second quarter were $124 million with $18 million included in selling, general and administrative expenses.

·                  Restructuring and asset impairment charges for the second quarter were $76 million.

4




 

·                  The approximately 20 percent tax rate for the quarter reflected benefits related to a non-U.S. tax ruling during the quarter and reduced reserve requirements on certain legacy tax matters.

·                  Corporate expense in the quarter totaled $252 million which included $132 million of separation, divestiture and restructuring charges.

This excerpt taken from the TYC 8-K filed Feb 6, 2007.

OTHER ITEMS

·                  The company generated cash flow from operating activities of $844 million and free cash flow of $103 million in the quarter, which included $280 million in cash payments related to the termination of a lease on the undersea cable ships in Tycom, and also included $85 million in cash payments for separation-related costs.

·                  The GAAP tax rate of 29.2 percent was unfavorably impacted by 4.0 percentage points primarily due to separation-related tax costs.

·                  Tyco completed the sale of its Printed Circuit Group business at the end of October, which resulted in gross cash proceeds in the quarter of $227 million.  The sale also generated a gain of $45 million pre-tax, which is included in net income for the quarter.  This business is classified as a discontinued operation and therefore, its results are not reflected in Tyco’s revenue and income from continuing operations.

4




This excerpt taken from the TYC 8-K filed Nov 15, 2006.

OTHER ITEMS

·                  The tax rate adjusted for special items was 26.7 percent for the quarter and 25.0 percent for the full year.

·                  The fourth quarter tax expense included the favorable impact of $300 million related to benefits the company will realize from the utilization of prior net operating losses and from a favorable tax ruling outside the U.S.

·                  During the quarter, Tyco entered into a settlement with a former senior executive that reduced the company’s obligation to pay certain employment-related insurance benefits in the future and resulted in $72 million of income which was included in corporate expense.

·                  In October 2006, the company completed the sale of the Tyco Printed Circuit Group for $226 million.  This business is classified as a discontinued operation and therefore, its results are not reflected in Tyco’s revenue and income from continuing operations.

·                  Today, the company separately reported the results of its internal review of historical stock option grant practices.  The results of this review had no impact on 2006 reported results and less than $0.01 per share impact on 2005 reported results.  For more information, please see the company’s report on Form 8-K filed with the Securities and Exchange Commission and which is also available at www.tyco.com.

This excerpt taken from the TYC 8-K filed May 4, 2006.

OTHER ITEMS

      During the quarter, debt declined by $2.5 billion — including $1.2 billion of convertible debt and $1.3 billion of other debt — reducing total debt to $10 billion.

      The GAAP tax rate was 13.4 percent and was favorably impacted by 11.2 percentage points ($135 million) primarily relating to an adjustment to correct prior-year tax reserves on legacy tax matters.

      The company completed the sale of its Plastics, Adhesives, and Ludlow Coated Products businesses in the quarter.  The $58 million loss in discontinued operations in the quarter is almost entirely a result of this transaction.

 

4



 

This excerpt taken from the TYC 8-K filed Aug 2, 2005.

OTHER ITEMS

 

                  The third quarter effective tax rate was 21.4 percent.  The tax rate was decreased by 3.6 percentage points due to benefits realized from the previously discussed divestiture gain partially offset by charges for early retirement of debt.

                  The company’s debt-to-capital ratio improved to 29.1 percent at quarter-end versus 35.6 percent at the end of fiscal 2004.

                  During the quarter, the company reduced debt by $1.3 billion to $13.1 billion, and reduced net debt to $10.5 billion.

 

This excerpt taken from the TYC 8-K filed May 3, 2005.

OTHER ITEMS

    The second quarter effective tax rate was 62.2 percent. The tax rate was adversely impacted by 34.8 percentage points due to the previously discussed charges for early retirement of debt, asset impairments, and the SEC investigation.

    During the quarter, the company reduced debt by $1.1 billion to $14.4 billion, and reduced net debt to $11.5 billion.

    The company's debt-to-capital ratio improved to 31.3 percent at quarter-end versus 35.6 percent at the end of fiscal 2004.
This excerpt taken from the TYC 8-K filed Feb 1, 2005.

OTHER ITEMS

    The repurchase of convertible debt securities generated a $156 million non-tax deductible charge in the first quarter.

    The first quarter effective tax rate was 29.4 percent. The tax rate was adversely impacted by 3.8 percentage points, primarily due to charges related to early retirement of debt.

    The company changed its fiscal year from a calendar year ending Sept. 30 to a 52/53 week year ending on the Friday nearest Sept. 30 and conformed the closing periods of certain subsidiaries, resulting in an increase of $26 million to Shareholders' Equity.

3


Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki