Tyco International Reports Fourth Quarter Earnings From Continuing Operations Before Special Items of $0.61 Per Share and GAAP Earnings of $0.44...(- 11.7% Special Items ...),Health

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     (
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SOURCE  Tyco International Ltd.
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