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Tyco International Reports Fourth Quarter Earnings From Continuing Operations Before Special Items of $0.61 Per Share and GAAP Earnings of $0.44 Per Share
Date:11/10/2009

SCHAFFHAUSEN, Switzerland, Nov. 10 /PRNewswire-FirstCall/ --

($ millions, except per-share amounts)

                        Q4 2009  Q4 2008  % Change  FY 2009 FY 2008 % Change
                        -------  -------  --------  ------- ------- --------
    Revenue              $4,421   $5,284      (16)% $17,237  $20,199    (15)%
     Income (Loss) from
      Continuing
      Operations           $207     $264      (22)% ($1,833)  $1,095      -
     Diluted EPS from
      Continuing
      Operations          $0.44    $0.55      (20)%  ($3.87)   $2.25      -
     Special Items       ($0.17)  ($0.26)            ($6.23)  ($0.81)
     Income from
      Continuing Ops
      Before Special
      Items                $291     $387      (25)%  $1,122   $1,493    (25)%
     Diluted EPS from
      Continuing Ops
      Before Special
      Items               $0.61    $0.81      (25)%   $2.36    $3.06    (23)%

Tyco International Ltd. (NYSE: TYC) today reported $0.44 in diluted earnings per share (EPS) from continuing operations for the fiscal fourth quarter of 2009 and diluted EPS from continuing operations before special items of $0.61 per share. Revenue in the quarter of $4.4 billion declined 16% versus the prior year with an organic revenue decline of 12%. Cash from operating activities was $985 million in the quarter. The company had free cash flow of $614 million, which included cash payments of $84 million for restructuring and legacy legal matters.

For the full year, revenue of $17.2 billion declined 15%. Organic revenue declined 8%, with half of the decline coming from the Electrical and Metal Products business. Cash from operating activities was $2.43 billion. Free cash flow of $1.22 billion included cash payments of $261 million for restructuring and legacy legal matters.

"Our operating results for the fourth quarter reflect good progress in reducing our overall cost structure while we continue to invest in the future growth of our businesses," said Ed Breen, Tyco Chairman and Chief Executive Officer. "We generated strong cash flow in the quarter, effectively managed our working capital and we finished the year in strong financial condition."

Organic revenue, free cash flow, operating income before special items, operating margin before special items and income and diluted EPS from continuing operations before special items are non-GAAP financial measures and are described below. For a reconciliation of these non-GAAP measures, see the attached tables. Additional schedules as well as Fourth Quarter Review slides can be found at www.tyco.com on the Investor Relations portion of Tyco's website. Certain tables in this press release contain the symbol "-", where the percent change is not meaningful.

SEGMENT RESULTS

The financial results presented in the tables below are in accordance with GAAP unless otherwise indicated. Beginning in the first quarter of fiscal 2009, certain businesses within the ADT Worldwide and Fire Protection Services segments were realigned resulting in changes to historical segment performance. The revenue and operating income results shown below have been adjusted to reflect these changes. All dollar amounts are pre-tax and stated in millions. All comparisons are to the fiscal fourth quarter or full year of 2008 unless otherwise indicated.

ADT Worldwide

                            Q4 2009  Q4 2008 % Change FY 2009 FY 2008 % Change
                            -------  ------- -------- ------- ------- --------
    Revenue                  $1,799   $1,981      (9%) $7,015  $7,731    (9%)
     Operating Income          $226     $203       11%   $233    $906     -
     Operating Margin          12.6%    10.2%               -    11.7%
     Special Items             ($31)    ($48)           ($722)   ($94)
     Operating Income Before
      Special Items            $257     $251        2%   $955  $1,000    (5%)
     Operating Margin Before
      Special Items            14.3%    12.7%            13.6%   12.9%

Revenue of $1.8 billion declined 9% in the quarter with an organic revenue decline of 5% and a 4% decline due to changes in foreign currency. ADT's recurring revenue grew 4% organically on a global basis. Systems installation and service revenue declined 14% organically, mostly due to weakness in North America and Europe, as a result of continuing lower sales to commercial customers, including the retailer end market.

Operating income was $226 million in the quarter and the operating margin was 12.6%. Special items of $31 million resulted primarily from restructuring activities. Operating income before special items of $257 million increased $6 million despite a $7 million negative impact from foreign currency. The operating margin before special items improved 160 basis points to 14.3%, as cost-containment initiatives, restructuring activities and growth in ADT's higher-margin recurring revenue business more than offset volume declines.

Full year revenue of $7.0 billion decreased 9% with an organic revenue decline of 4%. Operating income was $233 million and included $722 million of special items. Operating income before special items of $955 million decreased $45 million driven by a negative foreign currency impact of $56 million. The operating margin before special items improved 70 basis points to 13.6%.

Flow Control

                            Q4 2009  Q4 2008 % Change FY 2009 FY 2008 % Change
                            -------  ------- -------- ------- ------- --------
    Revenue                 $1,010   $1,188     (15%) $3,850  $4,418   (13%)
     Operating Income         $126     $152     (17%)   $518    $618   (16%)
     Operating Margin         12.5%    12.8%            13.5%   14.0%
     Special Items            ($15)     ($9)            ($34)   ($14)
     Operating Income Before
      Special Items           $141     $161     (12%)   $552    $632   (13%)
     Operating Margin Before
      Special Items           14.0%    13.6%            14.3%   14.3%

Revenue of $1.0 billion declined 15% in the quarter with an organic revenue decline of 10%. Organic revenue declined 7% in the Valves business, 17% in Water and 12% in Thermal Controls. Backlog of $1.7 billion increased 4% on a quarter sequential basis (a 1% decline excluding the impact of foreign currency).

Operating income was $126 million in the quarter and the operating margin was 12.5%. Special items of $15 million resulted from restructuring activities. The operating income before special items of $141 million included a $9 million negative foreign currency impact. The operating margin before special items improved 40 basis points to 14.0% as cost-containment actions and restructuring activities more than offset the impact of volume declines.

Full year revenue of $3.85 billion decreased 13% primarily due to changes in foreign currency with an organic revenue decline of 3%. Operating income was $518 million and the operating margin was 13.5%. Operating income before special items of $552 decreased $80 million driven primarily by a $76 million negative foreign currency impact. The operating margin before special items remained flat with 2008 at 14.3%.

Fire Protection Services

                           Q4 2009  Q4 2008 % Change FY 2009 FY 2008 % Change
                           -------  ------- -------- ------- ------- --------
    Revenue                   $904   $1,015     (11%) $3,428  $3,839   (11%)
     Operating Income          $65      $71      (8%)    $68    $325     -
     Operating Margin          7.2%     7.0%               -     8.5%
     Special Items            ($31)    ($30)           ($225)   ($34)
     Operating Income Before
      Special Items            $96     $101      (5%)   $293    $359   (18%)
     Operating Margin Before
      Special Items           10.6%    10.0%             8.5%    9.4%

Revenue of $904 million declined 11% in the quarter with an organic revenue decline of 7%. Service revenue declined 5% organically and installation revenue declined 8% driven by continued softness in the North American and EMEA regions. Backlog of $1.2 billion decreased 5% on a quarter sequential basis (a 7% decline excluding the impact of foreign currency).

Operating income was $65 million in the quarter and the operating margin was 7.2%. Special items of $31 million resulted from restructuring activities. Operating income before special items was $96 million and the operating margin before special items improved 60 basis points to 10.6% as cost-containment actions more than offset the decline in revenue.

Full year revenue of $3.4 billion decreased 11% primarily due to changes in foreign currency with an organic revenue decline of 3%. Operating income was $68 million and included $225 million of special items. Operating income before special items of $293 million decreased $66 million primarily due to lower volume and a $12 million negative foreign currency impact.

Electrical and Metal Products

                           Q4 2009  Q4 2008 % Change FY 2009 FY 2008 % Change
                           -------  ------- -------- ------- ------- --------
    Revenue                   $326     $591     (45%) $1,392  $2,272   (39%)
     Operating Income          $12      $88     (86%)  ($940)   $342      -
     Operating Margin          3.7%    14.9%               -    15.1%
     Special Items             ($9)    ($31)           ($957)   ($43)
     Operating Income Before
      Special Items            $21     $119     (82%)    $17    $385   (96%)
     Operating Margin Before
      Special Items            6.4%    20.1%             1.2%   16.9%

Revenue of $326 million declined 45% in the quarter with an organic revenue decline of 41%. The decline was primarily due to lower selling prices for both steel and copper products.

Operating income was $12 million in the quarter and included $9 million of special items for restructuring activities. Operating income before special items of $21 million decreased $98 million, primarily due to lower spreads for both steel and copper products. The operating margin before special items was 6.4%.

Full year revenue of $1.4 billion decreased 39% with an organic revenue decline of 35%. Electrical and Metal Products incurred an operating loss of $940 million which included special items of $957 million. Operating income excluding special items was $17 million.

Safety Products


                           Q4 2009  Q4 2008 % Change FY 2009 FY 2008 % Change
                           -------  ------- -------- ------- ------- --------
    Revenue                   $382     $507     (25%)  $1,552  $1,934  (20%)
     Operating Income          $46      $65     (29%)   ($789)   $284     -
     Operating Margin         12.0%    12.8%                -    14.7%
     Special Items            ($14)    ($34)          ($1,018)   ($73)
     Operating Income Before
      Special Items            $60      $99     (39%)    $229    $357  (36%)
     Operating Margin Before
      Special Items           15.7%    19.5%             14.8%   18.5%

Revenue of $382 million declined 25% in the quarter. Organic revenue declined 22% due to lower volume across the Fire Suppression, Electronic Security and Life Safety businesses resulting from weaker demand in end markets.

Operating income was $46 million in the quarter and the operating margin was 12.0%. Special items of $14 million resulted from restructuring activities. Operating income before special items was $60 million and the operating margin before special items decreased 3.8 percentage points to 15.7% as cost-containment actions and restructuring activities were more than offset by significant volume declines.

Full year revenue of $1.6 billion decreased 20% with an organic revenue decline of 14%. Safety Products incurred an operating loss of $789 million, which included $1.0 billion of special items. Operating income before special items of $229 million includes a $19 million negative foreign currency impact.

OTHER ITEMS

  • Corporate expense was $160 million for the quarter and included special items of $11 million. For the full year, corporate expense was $577 million and included special items of $130 million resulting in corporate expense before special items of $447 million.
  • The company incurred pre-tax charges of $96 million in the quarter and $253 million for the full year related to restructuring activities.
  • Other expense in the quarter of $19 million primarily results from the reduction of tax liabilities for periods prior to Tyco's separation into three companies. These tax liabilities are governed by the Tax Sharing Agreement between Tyco International, Covidien and Tyco Electronics. The reduction in tax liabilities lowered Tyco's tax rate in the quarter and was partially offset by an $18 million reduction in the amounts due from the other two companies, which is reflected in other expense.
  • The tax rate for the quarter was 9.9%. The tax rate before special items was 14.6% for the quarter and 15.7% for the full year.

ABOUT TYCO INTERNATIONAL

Tyco International Ltd. (NYSE: TYC) is a diversified, global company that provides vital products and services to customers around the world. 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 2009 revenue of more than $17 billion and has more than 100,000 employees worldwide. More information on Tyco can be found at www.tyco.com.

CONFERENCE CALL AND WEBCAST

Management will discuss the company's fourth quarter results and outlook for fiscal 2010 during a conference call and webcast today beginning at 8:30 a.m. EST. Today's conference call for investors can be accessed in the following ways:

  • At Tyco's website: 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 (888) 455-5685. The telephone dial-in number for participants outside the United States is (773) 799-3896. The participant code is TYCO.
  • An audio replay of the conference call will be available beginning at 11:00 a.m. on November 10, 2009 and ending on November 17, 2009. The dial-in number for participants in the United States is (866) 346-2432. For participants outside the United States, the replay dial-in number is (203) 369-0008.

NON-GAAP MEASURES

"Organic revenue," "free cash flow (outflow)" (FCF), "income from continuing operations before special items", "earnings per share (EPS) from continuing operations before special items", "operating income before special items" and "operating margin before special items" are non-GAAP measures and should not be considered replacements for GAAP results.

Organic revenue is a useful measure used by the company to measure the underlying results and trends in the business. The difference between reported net revenue (the most comparable GAAP measure) and organic revenue (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 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 results of the company's existing businesses, such as acquisitions and divestitures. 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 in combination with the GAAP numbers. See the accompanying tables to this press release for the reconciliation presenting the components of organic revenue.

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 component in the company's incentive compensation plans. The difference reflects the impact from:

  • net capital expenditures,
  • accounts purchased from the ADT dealer network,
  • cash paid for purchase accounting and holdback liabilities,
  • voluntary pension contributions, and
  • the sale of accounts receivable programs.

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 because these cash outflows are not available for general corporate uses. Voluntary pension contributions and the impact from the sale of accounts receivable programs are added or subtracted because this activity is driven by economic financing decisions rather than operating activity.

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 income and EPS from continuing operations before special items and operating income and margin before special items. Special Items include charges and gains related to divestitures, acquisitions, restructurings, impairments, legacy legal and tax charges 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 and EPS from continuing operations before special items and operating income and margin before special items to assess overall operating performance and segment level core operating performance, as well as to provide insight to management in evaluating overall and segment operating plan execution and underlying market conditions. They may be used as components in the company's incentive compensation plans. Operating income, operating margin, and income and EPS from continuing operations 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. The difference between income and EPS from continuing operations before special items and income and EPS from continuing operations (the most comparable GAAP measures) consists of the impact of charges and gains related to divestitures, acquisitions, restructurings, impairments, legacy legal and tax charges and other income or charges that may mask the underlying operating results and/or business trends. Operating income and margin before special items do not reflect any additional adjustments that are not reflected in income from continuing operations before special items. 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 and margin and operating income and EPS from continuing operations. This limitation is best addressed by using the non-GAAP measures 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. Tyco provides general corporate services to its segments and those costs are reported in the "Corporate and Other" segment. This segment's operating income (loss) is presented as "Corporate Expense."

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 and in accompanying conference calls or webcasts 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 and accompanying conference calls generally include, but are not limited to, statements addressing Tyco's future financial condition and operating results, as well as its portfolio refinement activities. 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. 26, 2008 and in the interim reports filed on Form 10-Q for subsequent quarterly periods.

                             TYCO INTERNATIONAL LTD.
                   CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                      (in millions, except per share data)
                                   (Unaudited)

                                     Quarter Ended      Twelve Months Ended
                                     -------------      -------------------
                                 September  September  September  September
                                  25, 2009   26, 2008   25, 2009   26, 2008
                                      ----       ----       ----       ----
    Net revenue                     $4,421     $5,284    $17,237    $20,199
    Cost of sales                    2,814      3,417     11,143     13,123
    Selling, general and
     administrative expenses         1,193      1,301      4,657      4,906
    Class action settlement, net         -         (3)         -        (10)
    Separation costs                     -          -          -          4
    Goodwill and intangible
     asset impairments                   -          9      2,705         10
    Restructuring, asset
     impairment and divestiture
     charges, net                       99        131        219        225
                                        --        ---        ---        ---
       Operating income (loss)        $315       $429    $(1,487)    $1,941
    Interest income                     12         11         44        110
    Interest expense                   (76)       (73)      (301)      (396)
    Other expense, net                 (19)       (19)        (7)      (224)
                                       ---        ---         --       ----
        Income (loss) from
         continuing operations
         before income taxes and
         minority interest             232        348     (1,751)     1,431
    Income tax expense                 (23)       (86)       (78)      (335)
    Minority interest (expense) income  (2)         2         (4)        (1)
                                        --         --         --         --
       Income (loss) from
        continuing operations          207        264     (1,833)     1,095
    (Loss) income from
     discontinued operations,
     net of income taxes                (2)       170         35        458
                                        --        ---         --        ---
       Net income (loss)              $205       $434    $(1,798)    $1,553
                                      ====       ====    =======     ======

    Basic earnings per common share:
       Income (loss) from
        continuing operations        $0.44      $0.56     $(3.87)     $2.26
       (Loss) income from
        discontinued operations      (0.01)      0.35       0.07       0.95
                                     -----       ----       ----       ----
       Net income (loss)             $0.43      $0.91     $(3.80)     $3.21
                                     =====      =====     ======      =====
    Diluted earnings per common share:
       Income (loss) from
        continuing operations        $0.44      $0.55     $(3.87)     $2.25
       (Loss) income from
        discontinued operations      (0.01)      0.36       0.07       0.94
                                     -----       ----       ----       ----
       Net income (loss)             $0.43      $0.91     $(3.80)     $3.19
                                     =====      =====     ======      =====

    Weighted-average number of
     shares outstanding:
      Basic                            474        475        473        484
      Diluted                          476        478        473        488



    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
    26, 2008 and Quarterly Report on Form 10-Q for the quarterly period ended
    June 26, 2009.

                            TYCO INTERNATIONAL LTD.
                              RESULTS OF SEGMENTS
                                 (in millions)
                                  (Unaudited)

                                             Quarter Ended
                                             -------------
                                  September 25,        September 26,
                                           2009                 2008
                                           ----                 ----
    NET REVENUE
    ADT Worldwide                        $1,799               $1,981
    Flow Control                          1,010                1,188
    Fire Protection Services                904                1,015
    Electrical and Metal Products           326                  591
    Safety Products                         382                  507
    Corporate and Other                       -                    2
                                           ----                 ----
       Total Net Revenue                 $4,421               $5,284
                                         ======               ======

    OPERATING INCOME / (LOSS) AND MARGIN
    ADT Worldwide                          $226  12.6%          $203  10.2%
    Flow Control                            126  12.5%           152  12.8%
    Fire Protection Services                 65   7.2%            71   7.0%
    Electrical and Metal Products            12   3.7%            88  14.9%
    Safety Products                          46  12.0%            65  12.8%
    Corporate and Other                    (160)    -           (150)    -
                                           ----                 ----
        Total Operating Income /
         (Loss) and Margin                 $315   7.1%          $429   8.1%
                                           ====                 ====



                                          Twelve Months Ended
                                          -------------------
                                  September 25,        September 26,
                                           2009                 2008
                                           ----                 ----
    NET REVENUE
    ADT Worldwide                        $7,015               $7,731
    Flow Control                          3,850                4,418
    Fire Protection Services              3,428                3,839
    Electrical and Metal Products         1,392                2,272
    Safety Products                       1,552                1,934
    Corporate and Other                       -                    5
                                           ----                 ----
       Total Net Revenue                $17,237              $20,199
                                        =======              =======

    OPERATING INCOME / (LOSS) AND MARGIN
    ADT Worldwide                          $233     -           $906  11.7%
    Flow Control                            518  13.5%           618  14.0%
    Fire Protection Services                 68     -            325   8.5%
    Electrical and Metal Products          (940)    -            342  15.1%
    Safety Products                        (789)    -            284  14.7%
    Corporate and Other                    (577)    -           (534)    -
                                           ----                 ----
        Total Operating Income /
         (Loss) and Margin              $(1,487)    -         $1,941   9.6%
                                        =======               ======


    Note: Certain operating margins have not been presented as management
    believes such calculations are not meaningful.
                          TYCO INTERNATIONAL LTD.
                   CONDENSED CONSOLIDATED BALANCE SHEETS
                               (in millions)
                                (Unaudited)


                                            September 25, September 26,
                                                     2009          2008
                                                     ----          ----
    Current Assets:
    Cash and cash equivalents                      $2,354        $1,519
    Accounts receivable, net                        2,629         2,986
    Inventories                                     1,443         1,877
    Other current assets                            1,385         1,779
    Assets held for sale                              156           268
                                                      ---           ---
      Total current assets                          7,967         8,429

    Property, plant and equipment, net              3,497         3,493
    Goodwill                                        8,791        11,619
    Intangible assets, net                          2,647         2,681
    Other assets                                    2,651         2,582
                                                    -----         -----
      Total Assets                                $25,553       $28,804
                                                  =======       =======

    Current Liabilities:
    Short-term debt and current maturities
     of long-term debt                               $245          $555
    Accounts payable                                1,244         1,608
    Accrued and other current liabilities           2,476         2,717
    Deferred revenue                                  590           594
    Liabilities held for sale                         161           211
                                                      ---           ---
      Total current liabilities                     4,716         5,685

    Long-term debt                                  4,029         3,709
    Other liabilities                               3,854         3,902
                                                    -----         -----
      Total Liabilities                            12,599        13,296

    Shareholders' equity                           12,954        15,508
                                                  -------       -------
      Total Liabilities and Shareholders'
       Equity                                     $25,553       $28,804
                                                  =======       =======


    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
    26, 2008 and Quarterly Report on Form 10-Q for the quarterly period ended
    June 26, 2009.
                              TYCO INTERNATIONAL LTD.
                       CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (in millions)
                                    (Unaudited)

                                       Quarter Ended      Twelve Months Ended
                                       -------------      -------------------
                                    September  September  September  September
                                         25,        26,        25,        26,
                                        2009       2008       2009       2008
                                        ----       ----       ----       ----
    Cash Flows from Operating Activities:
    Net income (loss)                   $205       $434    $(1,798)    $1,553
        Loss (Income) from
         discontinued operations           2       (170)       (35)      (458)
                                        ----       ----       ----       ----

    Income (loss) from continuing
     operations                          207        264     (1,833)     1,095
    Adjustments to reconcile net cash
     provided by operating activities:
      Goodwill and intangible asset
       impairments                         -          9      2,705         10
      Depreciation and amortization      294        300      1,133      1,154
      Non-cash compensation expense       27         21        103         99
      Deferred income taxes              118         21        (83)       (94)
      Provision for losses on accounts
       receivable and inventory           42         36        156        135
      (Gain) Loss on extinguishment
       of debt                             -          -         (2)       258
      Other non-cash items                46         62        108        137
      Changes in assets and liabilities,
       net of the effects of acquisitions
       and divestitures:
           Accounts receivable, net       23         67        207       (176)
           Inventories                   186         35        367       (138)
           Prepaid expenses and other
            current assets               186          2         11         11
           Accounts payable               48        119       (352)       (16)
           Accrued and other liabilities (40)       205        (52)      (152)
           Income taxes, net            (145)       (87)      (148)       (95)
           Class action settlement
            liability                      -          -          -     (3,020)
           Other                          (7)       (18)       109        (80)
                                          --        ---        ---        ---
    Net cash provided by (used
     in) operating activities            985      1,036      2,429       (872)
                                         ---      -----      -----       ----
    Net cash provided by (used
     in) discontinued operating
     activities                            -          7         (8)       (18)

    Cash Flows from Investing Activities:
         Capital expenditures           (209)      (189)      (709)      (734)
         Proceeds from disposal of
          assets                           7         14         13         28
         Acquisition of businesses,
          net of cash acquired            (1)      (255)       (48)      (347)
         Accounts purchased from ADT
          dealer program                (182)      (107)      (543)      (376)
         Class action settlement escrow    -          -          -      2,960
         Other                           (22)         -         18         15
                                        ----       ----       ----       ----
    Net cash (used in) provided
     by investing activities            (407)      (537)    (1,269)     1,546
                                        ----       ----     ------      -----
    Net cash provided by discontinued
     investing activities                 25        432         66        911

    Cash Flows from Financing Activities:
         Net repayments of debt           25       (346)         8       (547)
         Proceeds from exercise of
          share options                    -          9          1         49
         Dividends paid                 (101)       (71)      (388)      (292)
         Repurchase of common shares
          by subsidiary                    -        (98)        (3)      (854)
         Repurchase of common shares
          held by treasury                 -       (192)         -       (192)
         Transfers from discontinued
          operations                      25        439         58        897
         Other                             8         (5)         9        (72)
                                        ----       ----       ----       ----
    Net cash used in financing
     activities                          (43)      (264)      (315)    (1,011)
                                         ---       ----       ----     ------
    Net cash used in discontinued
     financing activities                (25)      (439)       (58)      (893)

    Effect of currency
     translation on cash                  40        (58)       (10)       (38)
                                          --        ---        ---        ---
    Net increase (decrease) in
     cash and cash equivalents           575        177        835       (375)
    Cash and cash equivalents at
     beginning of period               1,779      1,342      1,519      1,894
                                       -----      -----      -----      -----

    Cash and cash equivalents at
     end of period                    $2,354     $1,519     $2,354     $1,519
                                      ======     ======     ======     ======

    Reconciliation to "Free Cash Flow":
    Net cash provided by (used
     in) operating activities           $985     $1,036     $2,429      $(872)
    Sale of accounts receivable           (3)         2         10         14
    Capital expenditures                (202)      (175)      (696)      (706)
    Accounts purchased from ADT
     dealer program                     (182)      (107)      (543)      (376)
    Purchase accounting and holdback
     liabilities                           -          -         (2)        (2)
    Voluntary pension contributions       16          3         22          4
                                        ----       ----       ----       ----
    Free Cash Flow                      $614       $759     $1,220    $(1,938)

    NOTE: Free cash flow is a non-GAAP measure.  See description of non-GAAP
    measures contained in this release.

                             TYCO INTERNATIONAL LTD.
                          ORGANIC REVENUE RECONCILIATION
                                  (in millions)
                                   (Unaudited)

                                Quarter Ended September 25, 2009
                                --------------------------------
                                       Foreign          (Acquisition) /
                      Net Revenue      Currency            Divestiture
                      -----------     ---------         ----------------
    ADT Worldwide   $1,799    -9.2%    $(79)   -4.0%          $(4) -0.2%
    Flow Control     1,010   -15.0%     (57)   -4.8%           (2)  0.0%
    Fire Protection
     Services          904   -10.9%     (37)   -3.6%            -   0.0%
    Electrical and
     Metal Products    326   -44.8%      (8)   -1.4%          (12) -1.9%
    Safety Products    382   -24.7%     (15)   -3.0%           (1) -0.2%
    Corporate and
     Other               -  -100.0%       -     0.0%            -   0.0%
                    ------            -----                  ----
       Total Net
        Revenue     $4,421   -16.3%   $(196)   -3.7%         $(19) -0.3%
                    ======            =====                  ====



                                                      Net Revenue for the
                                       Organic           Quarter Ended
                         Other         Revenue         September 26, 2008
                         -----        ---------      ----------------------
    ADT Worldwide       $-     0.0%    $(99)   -5.0%       $1,981
    Flow Control         5     0.4%    (124)  -10.4%        1,188
    Fire Protection
     Services           (5)   -0.5%     (69)   -6.8%        1,015
    Electrical and
     Metal Products     (3)   -0.5%    (242)  -40.9%          591
    Safety Products      3     0.6%    (112)  -22.1%          507
    Corporate and
     Other               -     0.0%      (2) -100.0%            2
                        --             ----                ------
       Total Net
        Revenue         $-     0.0%   $(648)  -12.3%       $5,284
                        ==            =====                ======

                     Twelve Months Ended September 25, 2009
                                                      (Acquisition) /
                  Net Revenue    Foreign Currency         Divestiture
                  -----------    ----------------      ----------------
    ADT Worldwide   $7,015    -9.3%   $(590)   -7.6%         $152    1.9%
    Flow Control     3,850   -12.9%    (462)  -10.5%           (3)  -0.1%
    Fire Protection
     Services        3,428   -10.7%    (294)   -7.7%            -    0.0%
    Electrical and
     Metal Products  1,392   -38.7%     (52)   -2.3%          (31)  -1.3%
    Safety Products  1,552   -19.8%    (122)   -6.3%           (8)  -0.5%
    Corporate and
     Other               -  -100.0%       -     0.0%           -     0.0%
                        --             ----                 ------
     Total Net
        Revenue    $17,237   -14.7% $(1,520)   -7.5%          $110   0.5%
                   =======          =======                   ====



                                                     Net Revenue for the
                                                     Twelve Months Ended
                     Other       Organic Revenue      September 26, 2008
                     -----       ----------------  -------------------------
    ADT Worldwide       $-     0.0%   $(278)   -3.6%       $7,731
    Flow Control        26     0.6%    (129)   -2.9%        4,418
    Fire Protection
     Services          (18)   -0.5%     (99)   -2.6%        3,839
    Electrical and
     Metal Products    (12)   -0.5%    (785)  -34.6%        2,272
    Safety Products     12     0.6%    (264)  -13.7%        1,934
    Corporate and
     Other               -     0.0%      (5) -100.0%            5
                        --             ----                 ------
       Total Net
        Revenue         $8     0.0% $(1,560)   -7.7%      $20,199
                        ==          =======               =======

    NOTE:  Organic revenue is a non-GAAP measure.  See description of non-GAAP
    measures contained in this release.

    Tyco International Ltd.
    -----------------------
    Earnings Per Share Summary
    (Unaudited)

                                  Quarter Ended                 Year to Date
                   -------------------------------------------  ------------

                   Dec. 26,   March 27,   June 26,  Sept. 25,     Sept. 25,
                      2008       2009       2009       2009          2009
                   ---------  ----------  --------  ----------    ---------
    Diluted EPS
     from
     Continuing
     Operations
     (GAAP)            $0.57      ($5.40)    $0.51       $0.44        ($3.87)

    Restructuring
     and asset
     impairment
     charges, net          -        0.13      0.04        0.14          0.32

    Restructuring
     charges in
     cost of sales
     and SG&A           0.01        0.02      0.01        0.01          0.05

    Other
     additional
     charges
     resulting
     from
     restructuring
     actions               -        0.01      0.01           -          0.02

    Losses on
     divestitures          -           -      0.01        0.01          0.03

    Intangible
     impairments           -        0.09         -           -          0.08

    Goodwill
     impairments           -        5.47         -           -          5.47

    Tax items           0.01           -         -           -          0.01

    Class action
     settlement,
     net                   -           -         -           -             -

    Legacy legal
     items              0.02        0.23         -        0.01          0.25

    Reserve
     adjustment            -           -         -           -             -

    Separation
     costs                 -           -         -           -             -

    Total Before
     Special Items     $0.61       $0.55     $0.58       $0.61         $2.36



                                  Quarter Ended                  Year Ended
                                  -------------                  ----------

                    Dec. 28,   March 28,  June 27,   Sept. 26,    Sept. 26,
                      2007       2008       2008       2008         2008
                    --------   ---------  --------   ---------    ---------
    Diluted EPS
     from
     Continuing
     Operations
     (GAAP)            $0.72       $0.56     $0.41       $0.55         $2.25

    Restructuring
     and asset
     impairment
     charges, net       0.02        0.06      0.06        0.19          0.33

    Restructuring
     charges in
     cost
     of sales and
     SG&A               0.01        0.01      0.01        0.02          0.04

    Other
     additional
     charges
     resulting
     from
     restructuring
     actions               -           -         -           -             -

    Losses on
     divestitures          -           -         -           -             -

    Intangible
     impairments           -           -         -           -             -

    Goodwill
     impairments           -           -         -        0.02          0.02

    Tax items           0.04           -         -           -          0.04

    Class action
     settlement,
     net                   -           -     (0.01)      (0.01)        (0.02)

    Legacy legal
     items                 -        0.04      0.02           -          0.06

    Reserve
     adjustment            -       (0.01)        -           -         (0.02)

    Separation
     costs             (0.08)       0.01      0.39        0.04          0.36

    Total Before
     Special Items     $0.71       $0.67     $0.88       $0.81         $3.06



    Tyco International Ltd.
    For the Quarter Ended September 25, 2009
    (in millions, except per share data)
    (Unaudited)

             ADT             Fire       Electrical            Corp-
             World-  Flow  Protection   & Metal    Safety     orate
             wide  Control  Services    Products   Products  & Other   Revenue
    --------------------------------------------------------------------------
    Revenue
    (GAAP)  $1,799  $1,010    $904         $326      $382        -     $4,421
    --------------------------------------------------------------------------



                                Operating Income
                                ----------------

               ADT             Fire     Electrical             Corp-    Oper-
              World-  Flow  Protection   & Metal     Safety    orate    ating
               wide  Control  Services   Products   Products  & Other   Income
    --------------------------------------------------------------------------
    As Reported
     (GAAP)   $226    $126      $65         $12        $46       ($160)    315


    Restruct-
     uring
     and asset
     impair-
     ment
     charges,
     net        24      14       31          9           9           2      89

    Restruct-
     uring
     charges in
     cost of
     sales and
     SG&A        1       -        -          -           5           -       6

    Other
     additional
     charges
     resulting
     from
     restruct-
     uring
     actions     -       1        -          -           -           -       1

    Losses on
     divest-
     itures      6       -        -          -           -           4      10

    Goodwill
     impairments -       -        -          -           -           -       -

    Tax items    -       -        -          -           -           -       -

    Legacy
     legal
     items       -       -        -          -           -           5       5

    Total
     Before
     Special
     Items    $257    $141      $96        $21         $60       ($149)   $426



                                                        Income       Diluted
                Interest   Other                         from        EPS from
                Income,   Expense,  Income  Minority   Continuing   Continuing
                  net       net     Taxes   Interest   Operations   Operations
    --------------------------------------------------------------------------
    As Reported
     (GAAP)      ($64)     ($19)    ($23)     ($2)         207        $0.44


    Restructuring
     and asset
     impairment
     charges, net   -         -      (22)       -           67          0.14

    Restructuring
     charges in
     cost of
     sales and
     SG&A           -         -       (1)       -            5           0.01

    Other
     additional
     charges
     resulting from
     restructuring
     actions        -         -        -        -            1              -

    Losses on
     divestitures   -         -       (3)       -            7           0.01

    Goodwill
     impairments    -         -        2        -            2           0.00

    Tax items       -         -       (3)       -           (3)          0.00

    Legacy
     legal
     items          -         -        -        -            5           0.01

    Total
     Before
     Special
     Items       ($64)     ($19)    ($50)     ($2)        $291          $0.61


                                            Diluted Shares Outstanding    476
                     Diluted Shares Outstanding - Before Special Items    476
    Tyco International Ltd.
    For the Twelve Months Ended September 25, 2009
    (in millions, except per share data)
    (Unaudited)

             ADT             Fire       Electrical            Corp-
             World-  Flow  Protection   & Metal    Safety     orate
             wide  Control  Services    Products   Products  & Other  Revenue
    --------------------------------------------------------------------------
    Revenue
    (GAAP)   $7,015  $3,850   $3,428      $1,392    $1,552        -   $17,237
    --------------------------------------------------------------------------


                                Operating Income
                                ----------------

               ADT             Fire     Electrical             Corp-    Oper-
              World-  Flow  Protection   & Metal     Safety    orate    ating
               wide  Control  Services   Products   Products  & Other   Income
    --------------------------------------------------------------------------

    As
     Reported
     (GAAP)   $233    $518      $68      ($940)      ($789)    ($577) ($1,487)



    Restruct-
     uring
     and asset
     impairment
     charges,
     net        76      23       45         16          36         9      205

    Restructuring
     charges in
     cost of
     sales
     and SG&A    5       2        -          7          18         1       33

    Other
     additional
     charges
     resulting
     from
     restruct-
     uring
     actions     -       5        -          1           9         -       15

    Losses on
     divest-
     itures      6       4        -         (2)          -         6       14

    Intangible
     impair-
     ments      22       -        -          -          42         -       64

    Goodwill
     impair-
     ments     613       -      180        935         913         -    2,641

    Tax items    -       -        -          -           -         -        -

    Legacy legal
     items       -       -        -          -           -        114     114

    Total
     Before
     Special
     Items    $955    $552     $293        $17        $229      ($447) $1,599
                                                        Income       Diluted
                Interest   Other                         from        EPS from
                Income,   Expense,  Income  Minority   Continuing   Continuing
                  net       net     Taxes   Interest   Operations   Operations
    --------------------------------------------------------------------------
    As Reported
     (GAAP)      ($257)    ($7)     ($78)     ($4)      ($1,833)       ($3.87)


    Restructuring
    and asset
     impairment
     charges,
      net            -       -       (54)       -           151          0.32

    Restructuring
     charges in
     cost of
      sales
     and SG&A        -       -       (11)       -            22          0.05

    Other
     additional
     charges
     resulting
     from
     restructuring
     actions         -       -        (4)       -            11          0.02

    Losses on
     divestitures    -       -        (3)       -            11          0.03


    Intangible
     impairments     -       -       (25)       -            39          0.08

    Goodwill
     impairments     -       -       (41)       -         2,600          5.47

    Tax items        -       -         3        -             3          0.01

    Legacy
     legal
     items           -       -         4        -           118          0.25

    Total
     Before
     Special
     Items       ($257)    ($7)    ($209)     ($4)       $1,122         $2.36


                                             Diluted Shares Outstanding   473
                     Diluted Shares Outstanding - Before Special Items    475
    Tyco International Ltd.
    For the Quarter Ended September 26, 2008
    (in millions, except per share data)
    (Unaudited)


              ADT              Fire      Electrical            Corp-
              World-  Flow   Protection  & Metal    Safety     orate
              wide   Control  Services   Products   Products  & Other Revenue
    -------------------------------------------------------------------------
    Previously
     Reported
     Revenue
     (GAAP)  $2,052  $1,188    $944        $591      $507        $2    $5,284

    Segment
     Realign-
     ment       (71)      -      71           -         -         -         -

    Recasted
     Revenue
     (GAAP)  $1,981  $1,188  $1,015        $591      $507        $2    $5,284
    --------------------------------------------------------------------------


                                Operating Income
                                ----------------
                                                                        Total
               ADT             Fire     Electrical             Corp-    Oper-
              World-  Flow  Protection   & Metal     Safety    orate    ating
               wide  Control  Services   Products   Products  & Other   Income
    --------------------------------------------------------------------------
    As Previously
     Reported
     (GAAP)    $200    $152      $74         $88      $65      ($150)    $429


    Segment
     Realignment  3       -       (3)          -        -          -        -

    As Reported
     (GAAP)    $203    $152      $71         $88      $65      ($150)    $429


    Restructuring
     and asset
     impairment
     charges,
     net         47       3       20          28       32          1      131

    Restructuring
     charges in
     cost of
     sales and
     SG&A         1       6        1           3        2          -       13

    Goodwill
     impairment   -       -        9           -        -          -        9

    Class action
     settlement,
     net          -       -        -           -        -         (3)      (3)

    Separation
     costs        -       -        -           -        -          -        -

    Total
     Before
     Special
     Items     $251    $161     $101        $119      $99      ($152)    $579



                                                          Income   Diluted EPS
                    Interest  Other                        from       from
                    Expense, Expense, Income  Minority  Continuing Continuing
                      net      net     Taxes  Interest  Operations Operations
                    ----------------------------------------------------------

    As Previously
     Reported
     (GAAP)          ($62)    ($19)    ($86)     $2        $264       $0.55

    Segment
     Realignment        -        -        -       -           -           -

    As Reported
     (GAAP)          ($62)    ($19)    ($86)     $2        $264       $0.55

    Restructuring and
     asset impairment
     charges, net       -        -      (39)      -          92        0.19

    Restructuring
     charges in
     cost of
     sales and SG&A     -        -       (5)      -           8        0.02

    Goodwill impairment -        -        -       -           9        0.02

    Class action
     settlement, net    -        -        -       -          (3)      (0.01)

    Separation costs    -       17        -       -          17        0.04

    Total
     Before
     Special
     Items           ($62)     ($2)   ($130)     $2        $387       $0.81


                                         Diluted Shares Outstanding     478
                  Diluted Shares Outstanding - Before Special Items     478
    Tyco International Ltd.
    For the Twelve Months Ended September 26, 2008
    (in millions, except per share data)
    (Unaudited)

                   ADT              Fire    Electrical          Corp-
                  World-   Flow  Protection & Metal    Safety   orate
                  wide   Control  Services  Products  Products & Other Revenue
    --------------------------------------------------------------------------
    Previously
     Reported
     Revenue
     (GAAP)       $8,017   $4,418   $3,553    $2,272    $1,934    $5   $20,199

    Segment
     Realignment    (286)       -      286         -         -     -         -

    Recasted
     Revenue
     (GAAP)       $7,731   $4,418   $3,839    $2,272    $1,934    $5   $20,199


                                     Operating Income
                                     ----------------
                                                                        Total
                  ADT             Fire    Electrical           Corp-    Oper-
                 World-  Flow  Protection & Metal    Safety    orate    ating
                  wide  Control  Services  Products Products  & Other   Income
    --------------------------------------------------------------------------

    As Previously
    Reported
    (GAAP)        $910   $618      $321     $342      $284     ($534)  $1,941


    Segment
     Realignment    (4)     -        4         -         -         -        -

    As Reported
     (GAAP)       $906   $618     $325      $342      $284     ($534)  $1,941


    Restructuring
     and asset
     impairment
     charges, net   93      5      25         34        67         1      225

    Restructuring
     charges in
     cost of
     sales and
     SG&A            1      9       -          9         6         3       28

    Losses on
     Divestitures    -      -       -          -         -         1        1

    Goodwill
     impairment      -      -       9          -         -         -        9

    Tax items        -      -       -          -         -         -        -

    Class action
     settlement,
     net             -      -       -          -         -       (10)     (10)

    Legacy legal
     items           -      -       -          -         -        29       29

    Reserve
     adjustment      -      -       -          -         -        (9)      (9)

    Separation
     costs           -      -       -          -         -         5        5

    Total Before
     Special
     Items       $1,000  $632    $359       $385      $357     ($514)  $2,219



                                                          Income   Diluted EPS
                    Interest  Other                        from       from
                    Expense, Expense, Income  Minority  Continuing Continuing
                      net      net     Taxes  Interest  Operations Operations
                    ----------------------------------------------------------
    As Previously
    Reported (GAAP) ($286)    ($224)   ($335)   ($1)      $1,095      $2.25

    Segment
     Realignment        -         -        -      -            -          -

    As Reported
     (GAAP)         ($286)    ($224)   ($335)   ($1)      $1,095      $2.25


    Restructuring
     and asset
     impairment
     charges, net       -         -      (65)     -          160       0.33

    Restructuring
     charges in cost
     of sales and
     SG&A               -         -       (9)     -           19       0.04

    Losses
     on divestitures    -         -        -      -            1       0.00

    Goodwill
     impairment         -         -        -      -            9       0.02

    Tax items           -         -       21      -           21       0.04

    Class action
     settlement,
     net                -         -        -      -          (10)     (0.02)

    Legacy legal
     items              -         -        -      -           29       0.06

    Reserve
     adjustment         -         -        3      -           (6)     (0.02)

    Separation
     costs             47       225     (102)     -          175       0.36
    Total Before
     Special Items  ($239)       $1    ($487)   ($1)      $1,493      $3.06


                                         Diluted Shares Outstanding     488
                  Diluted Shares Outstanding - Before Special Items     488

SOURCE Tyco International Ltd.


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SOURCE Tyco International Ltd.
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