Exhibit 99.1
THE ELECTRONICS BUSINESSES OF TYCO INTERNATIONAL LTD.
COMBINED STATEMENTS OF INCOME
(Unaudited)
|
| Fiscal 2006 |
| Fiscal 2007 |
| ||||||||||||||
|
| Quarters Ended |
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|
| December 30, |
| March 31, |
| June 30, |
| September 29, |
| December 29, |
| March 30, |
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|
| 2005 |
| 2006 |
| 2006 |
| 2006 |
| 2006 |
| 2007 |
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|
| (in millions) |
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Net sales |
| $ | 2,939 |
| $ | 3,147 |
| $ | 3,341 |
| $ | 3,385 |
| $ | 3,220 |
| $ | 3,442 |
|
Cost of sales |
| 2,184 |
| 2,290 |
| 2,474 |
| 2,499 |
| 2,393 |
| 2,577 |
| ||||||
Gross income |
| 755 |
| 857 |
| 867 |
| 886 |
| 827 |
| 865 |
| ||||||
Selling, general, and administrative expenses |
| 380 |
| 415 |
| 412 |
| 420 |
| 436 |
| 442 |
| ||||||
Restructuring and other charges, net |
| 3 |
| 7 |
| 2 |
| 1 |
| 10 |
| 15 |
| ||||||
Goodwill impairment |
| — |
| — |
| — |
| 316 |
| — |
| — |
| ||||||
Income from operations |
| 372 |
| 435 |
| 453 |
| 149 |
| 381 |
| 408 |
| ||||||
Interest income |
| 13 |
| 12 |
| 9 |
| 14 |
| 15 |
| 14 |
| ||||||
Interest expense |
| (68 | ) | (68 | ) | (60 | ) | (60 | ) | (60 | ) | (58 | ) | ||||||
Income from continuing operations before income taxes and minority interest |
| 317 |
| 379 |
| 402 |
| 103 |
| 336 |
| 364 |
| ||||||
Income taxes |
| (86 | ) | (66 | ) | (100 | ) | 220 |
| (103 | ) | (86 | ) | ||||||
Minority interest |
| — |
| (2 | ) | (1 | ) | (3 | ) | (1 | ) | (1 | ) | ||||||
Income from continuing operations |
| 231 |
| 311 |
| 301 |
| 320 |
| 232 |
| 277 |
| ||||||
Income (loss) from discontinued operations, net of income taxes |
| 1 |
| (9 | ) | (3 | ) | 49 |
| 49 |
| — |
| ||||||
Income before cumulative effect of accounting change |
| 232 |
| 302 |
| 298 |
| 369 |
| 281 |
| 277 |
| ||||||
Cumulative effect of accounting change, net of income taxes |
| (8 | ) | — |
| — |
| — |
| — |
| — |
| ||||||
Net income |
| $ | 224 |
| $ | 302 |
| $ | 298 |
| $ | 369 |
| $ | 281 |
| $ | 277 |
|