Tyco International Reports Fourth Quarter Earnings From Continuing Operations Before Special Items of $0.61 Per Share and GAAP Earnings of $0.44...(- 8.5% Special Items ...),Health

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     
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SOURCE  Tyco International Ltd.
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