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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

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 servi
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SOURCE Tyco International Ltd.
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