Tyco Chairman and CEO Ed Breen to Speak at Smith Barney Citigroup Conference on March 9 PEMBROKE, Bermuda, March 9 /PRNewswire-FirstCall/ -- Tyco International, Ltd. Chairman and Chief Executive Officer Edward D. Breen will speak at the Smith Barney Citigroup 17th Annual Global Industrial Manufacturing Conference in New York City on Tuesday, March 9, 2004 at 11:15 a.m., EST. Tyco invites investors and others who are interested to listen to a live webcast of Breen's presentation along with the supporting presentation materials on the company's website at http://investors.tyco.com/medialist.cfm. Tyco is also reaffirming its earnings per share (EPS) guidance for the second quarter and the full year of fiscal 2004. The company expects to achieveEPS of $0.35 to $0.37 in the second quarter of 2004, excluding any impact from the previously disclosed restructuring and divestiture programs. For the full year the company expects an EPS range of $1.42 to $1.52. This outlook also excludes any impactfrom restructuring and divestiture programs. The company's full-year cash flow guidance also remains unchanged, with the company expecting to exceed 2003 cash flow from operating activities and free cash flow, which were $5.4 billion and $3.2 billion, respectively. EPS excluding charges is a non-GAAP measure and should not be considered a replacement for GAAP results. The company has forecast its EPS results excluding restructuring and divestiture charges to give investors additional perspective onthe underlying business results. Because the company cannot predict the amount and timing of divestitures or restructuring and the associated charges or gains that will be taken, it is difficult to accurately include the impact of those items in the forecast. The difference between Cash Flows from Operating Activities (the most comparable GAAP measure) and Free Cash Flow (FCF) (the non- GAAP measure) consists mainly of significant cash outflows that the company believes are useful to identify. FCFpermits management and an investor to gain insight into the number that management employs to measure cash that is free from any significant existing obligation. It is also a significant component in the company's incentive compensation plans. The difference reflects the impact from: * the sale of accounts receivable programs, * net capital expenditures, * construction of the Tyco Global Network (TGN), * acquisition of customer accounts (ADT dealer program), * cash paid for purchase accounting and holdback/earn-out liabilities and * dividends paid. The impact from the sale of accounts receivable programs is added or subtracted from the GAAP measure because this activity is driven by economic financing decisions rather than operating activity. Capital expenditures, construction of the Tyco Global Network, the ADT dealer program and dividends are subtracted because they represent long-term commitments. Cash paid for purchase accounting and holdback/earn-out liabilities is subtracted from Cash Flow from Operating Activities because these cash outflows are not available for general corporate uses. The limitation associated with using FCF is that it subtracts cash items that are ultimately within management and the board's discretion to direct and that therefore may imply that there is less cash that is available for the company's programs than the most comparable GAAP measure. This limitation is best addressed by using FCF in combination with the GAAP cash flow numbers. FCF as presented herein may not be comparable to similarly titled measures reported by other companies. The measure should be used in conjunction with other GAAP financial measures. Investors are urged to read the company's financial statements as filed with the Securities and Exchange Commission, as well as the accompanying table to this press release that shows all the elements of the GAAP measures of Cash Flows from Operating Activities, Cash Flows from Investing Activities, Cash Flows from FinancingActivities and a reconciliation of the company's total cash and cash equivalents for the period. Tyco International Ltd. is a diversified manufacturing and service company. Tyco is the world's leading provider of both electronic security services and fire protection services; the world's leading supplier of passive electronic components; a world leader in the medical products industry; and the world's leading manufacturer of industrial valves and controls. Tyco also holds a strong leadership position in plastics and adhesives. Tyco operates in more than 100 countries and had fiscal 2003 revenues from continuing operations of approximately $37 billion. FORWARD-LOOKING STATEMENTS This release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. All statements contained herein that are not clearly historical in nature are forward looking and the words "anticipate," "believe," "expect," "estimate," "plan," and similar expressions are generally intended to identify forward-looking statements. The forward-looking statements in this release include statements addressing the following subjects: future financial condition and operating results. Economic, business, competitive and/or regulatory factors affecting Tyco's businesses are examples of factors, among others, that could cause actual results to differ materially from those described in the forward-looking statements. Tyco is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. More detailed information about these and other factors is set forth in Tyco's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2003. Tyco is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. DATASOURCE: Tyco International, Ltd. CONTACT: David Polk, +1-609-720-4393, or Ed Arditte, +1-609-720-4621, or John Roselli, +1-609-720-4624 all of Tyco Web site: http://www.tyco.com/ Company News On-Call: http://www.prnewswire.com/comp/897850.html

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