Tyco Chairman and CEO Ed Breen to Speak at Smith Barney Citigroup Conference on March 9
March 09 2004 - 11:17AM
PR Newswire (US)
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:
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