TYCO ADJUSTS DILUTED EARNINGS PER SHARE FIGURES BY 2 CENTS FOLLOWING SEC’s ACCOUNTING REVIEW
Tyco Intl. Ltd. announces that it has amended previously issued financial statements of fiscal 1999 and for the first two quarters of fiscal 2000 following a limited review by the accounting staff of the Division of Corporate Finance of the U.S. Securities and Exchange Commission (SEC). These changes have no impact on previously reported sales, cash flow, or earnings before nonrecurring charges and credits. The net impact of the changes is to increase diluted earnings per common share, after nonrecurring charges and credits, by 2 cents in fiscal 1999, and decrease diluted earnings per common share, after nonrecurring charges and credits, by 2 cents in the first quarter of 2000. Diluted earnings per share for the second quarter of fiscal 2000 were not affected by the changes.
“These amendments impact our financial statements only in the presentation and timing of nonrecurring and restructuring related charges. They do not impact the earnings before nonrecurring charges and credits reported for the last fiscal year and for the first six months of this fiscal year,” says L. Dennis Kozlowski, chairman and CEO of Tyco. “For fiscal 2000, we see strength in our organic sales growth, earnings and cash flow, and have the financial resources and flexibility to continue to pursue acquisitions that will have an immediate positive impact on our earnings per share.” Tyco, a diversified manufacturing and service company, is the world’s largest manufacturer, installer and provider of fire protection systems and electronic security services.
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