Tyco International Reports Fourth Quarter Earnings From Continuing Operations Before Special Items of $0.61 Per Share and GAAP Earnings of $0.44...(17%) $518 $618 (16%) Operatin...),Health

Date:11/10/2009

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%   
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SOURCE  Tyco International Ltd.
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