Tyco Int’l Ltd. has reported revenues from continuing operations for the third quarter ended June 30 were $9.1 billion, an increase of 5.1 percent, as compared to $8.7 billion for the same quarter last year, an increase of 5.3 percent as compared to the $8.7 billion for the company’s fiscal second quarter.
The conglomerate posted a $2.32 billion quarterly loss, mostly due to charges associated with restructurings and its recent sale of CIT Group Inc.
Tyco’s ongoing operations, which includes diapers, ADT burglar alarms, and electronics, recorded net charges of nearly $1 billion before taxes.
Tyco’s Fire and Security Services gained revenue increases of 42 percent year over year and 6 percent from the previous sequential quarter. The company says, year over year, the increase is primarily the result of acquisitions, such as Sensormatic, Security Link and Edison, and strong performance from the ADT Authorized Dealer sales programs. Strong performance by Fire Protection in Europe and Simplex/Grinnell in the United States contributed as well, according to the company.
Sequentially, the security business is down slightly, as increased demand generated in the post-Sept. 11 environment has now declined.
“Despite a tough economic environment and the issues that have faced the company in recent months, Tyco’s businesses have continued to achieve a solid performance and demonstrate their strong fundamentals. We are committed to building these world-class operations, and to enhancing the global leadership positions they have forged in their industries,” says Tyco Lead Director John Fort in a company statement. “Toward this objective, one of our key priorities is to complete as rapidly as possible the search for a new CEO who has the right combination of skills to lead our company forward.”
