TYCO KEEPS MOMENTUM GOING WITH STRONG RESULTS
Tyco Intl. Ltd., a diversified manufacturing and service company, reports that diluted earnings per share (EPS) for its fourth quarter ended Sept. 30 were 64 cents, a 39-percent increase over earnings of 46 cents per share in its fourth quarter of 1999. Net income before extraordinary item rose to $1.1 billion, an increase of 40 percent compared to $782.7 million last year. Sales for the quarter rose 25 percent to $7.8 billion, compared with last year’s $6.2 billion. For fiscal 2000, income before restructuring and other nonrecurring credits, charges, gain and extraordinary item rose to $3.73 billion, or $2.18 per diluted share, a 42-percent increase over last year’s diluted per share earnings of $1.53.
“Tyco continues to show no signs of slowing down,” says L. Dennis Kozlowski, Tyco chairman and CEO. “Organic growth remained strong across the board. We continued to expand our operating margins to record levels.” Tyco Fire and Security Services, which includes ADT Security Services Inc., continues to sign up record numbers of new electronically monitored security and fire protection inspection customers. Operating profits increased by 22 percent, a result of the business mix shift toward service and recurring revenues.
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