TYCO REPORTS 42% GAIN IN INCOME FOR 3rd QUARTER
Tyco Intl. Ltd., a diversified manufacturing and service company, reports that diluted earnings per share (EPS) before nonrecurring charges and credits and extraordinary items, for its third quarter ended June 30, were 58 cents per share, a 38-percent increase over 42 cents per share for the same quarter in 1999. Net income rose to $992.1 million, an increase of 42 percent compared to $699.4 million last year. Sales for the quarter rose 27 percent to $7.42 billion compared with last year’s $5.82 billion. Revenues for the nine months increased to $21.13 billion, 30-percent higher than last year’s $16.27 billion. Tyco’s Fire and Security Services achieved an increase in sales, driven primarily by new account generation in U.S. security and by international fire protection businesses. In addition, the start up of its security dealer programs in Korea, Singapore and Malaysia is helping drive increased sales as those economies continue to improve. Operating profits increased by 12 percent, a result of the reorganization of its dealer program and internal sales force.
“The results we reported for our third quarter reflected solid organic revenue growth and strong operating margins in each of our business segments,” says L. Dennis Kozlowski, Tyco chairman and CEO. “The integration of the acquisitions we completed this year have served to enhance our performance, and will provide for continued improvements as we complete this fiscal year and move into fiscal year 2001.”
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