Exhibit 99.3
TYCO ELECTRONICS LTD.
ADJUSTED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended March 28, 2008
|
|
|
| Adjustments |
|
|
| ||||||
|
|
|
| Restructuring |
|
|
| Adjusted |
| ||||
|
|
|
| and Other |
| Other Items, |
| Results |
| ||||
|
| US GAAP |
| Charges, Net |
| Net (1) |
| (Non-GAAP) (2) |
| ||||
|
| (in millions, except per share data) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ | 3,662 |
| $ | — |
| $ | — |
| $ | 3,662 |
|
Cost of sales |
| 2,692 |
| (1 | ) | — |
| 2,691 |
| ||||
Gross income |
| 970 |
| 1 |
| — |
| 971 |
| ||||
Selling, general, and administrative expenses |
| 421 |
| — |
| 36 |
| 457 |
| ||||
Litigation settlement |
| 23 |
| — |
| (23 | ) | — |
| ||||
Restructuring and other charges, net |
| 25 |
| (25 | ) | — |
| — |
| ||||
Income from operations |
| 501 |
| 26 |
| (13 | ) | 514 |
| ||||
Interest income |
| 9 |
| — |
| — |
| 9 |
| ||||
Interest expense |
| (49 | ) | — |
| — |
| (49 | ) | ||||
Other income |
| 13 |
| — |
| — |
| 13 |
| ||||
Income from continuing operations before income taxes and minority interest |
| 474 |
| 26 |
| (13 | ) | 487 |
| ||||
Income taxes |
| (171 | ) | (8 | ) | 20 |
| (159 | ) | ||||
Minority interest |
| (1 | ) | — |
| — |
| (1 | ) | ||||
Income from continuing operations |
| $ | 302 |
| $ | 18 |
| $ | 7 |
| $ | 327 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.62 |
|
|
|
|
| $ | 0.67 |
| ||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.62 |
|
|
|
|
| $ | 0.67 |
| ||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
| 486 |
|
|
|
|
| 486 |
| ||||
Diluted |
| 489 |
|
|
|
|
| 489 |
|
ADJUSTED CONSOLIDATED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended March 28, 2008
|
|
|
| Adjustments |
| Adjusted |
| ||||||
|
|
|
| Restructuring |
|
|
| Income from |
| ||||
|
|
|
| and Other |
| Other Items, |
| Operations |
| ||||
|
| US GAAP |
| Charges, Net |
| Net (1) |
| (Non-GAAP) (2) |
| ||||
|
| (in millions) |
| ||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
| ||||
Electronic Components |
| $ | 419 |
| $ | 15 |
| $ | (36 | ) | $ | 398 |
|
Network Solutions |
| 53 |
| 9 |
| — |
| 62 |
| ||||
Undersea Telecommunications |
| 39 |
| 2 |
| — |
| 41 |
| ||||
Wireless Systems |
| 13 |
| — |
| — |
| 13 |
| ||||
Litigation settlement |
| (23 | ) | — |
| 23 |
| — |
| ||||
Total |
| $ | 501 |
| $ | 26 |
| $ | (13 | ) | $ | 514 |
|
(1) Consists of a $36 million gain on the sale of real estate and $23 million of costs related to the settlement of securities litigation with the State of New Jersey.
(2) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended December 28, 2007
|
|
|
| Adjustments |
|
|
| ||||||
|
|
|
| Restructuring |
|
|
| Adjusted |
| ||||
|
|
|
| and Other |
| Tax Sharing |
| Results |
| ||||
|
| US GAAP |
| Charges, Net |
| Income (1) |
| (Non-GAAP) (2) |
| ||||
|
| (in millions, except per share data) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ | 3,558 |
| $ | — |
| $ | — |
| $ | 3,558 |
|
Cost of sales |
| 2,666 |
| — |
| — |
| 2,666 |
| ||||
Gross income |
| 892 |
| — |
| — |
| 892 |
| ||||
Selling, general, and administrative expenses |
| 399 |
| — |
| — |
| 399 |
| ||||
Restructuring and other charges, net |
| 21 |
| (21 | ) | — |
| — |
| ||||
Income from operations |
| 472 |
| 21 |
| — |
| 493 |
| ||||
Interest income |
| 10 |
| — |
| — |
| 10 |
| ||||
Interest expense |
| (50 | ) | — |
| — |
| (50 | ) | ||||
Other income |
| 592 |
| — |
| (572 | ) | 20 |
| ||||
Income from continuing operations before income taxes and minority interest |
| 1,024 |
| 21 |
| (572 | ) | 473 |
| ||||
Income taxes |
| (155 | ) | (6 | ) | — |
| (161 | ) | ||||
Minority interest |
| (1 | ) | — |
| — |
| (1 | ) | ||||
Income from continuing operations |
| $ | 868 |
| $ | 15 |
| $ | (572 | ) | $ | 311 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 1.75 |
|
|
|
|
| $ | 0.63 |
| ||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 1.74 |
|
|
|
|
| $ | 0.62 |
| ||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic |
| 496 |
|
|
|
|
| 496 |
| ||||
Diluted |
| 499 |
|
|
|
|
| 499 |
|
ADJUSTED CONSOLIDATED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended December 28, 2007
|
|
|
| Adjustments |
| Adjusted |
| ||||||
|
|
|
| Restructuring |
|
|
| Income from |
| ||||
|
|
|
| and Other |
| Tax Sharing |
| Operations |
| ||||
|
| US GAAP |
| Charges, Net |
| Income (1) |
| (Non-GAAP) (2) |
| ||||
|
| (in millions) |
| ||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
| ||||
Electronic Components |
| $ | 352 |
| $ | 15 |
| $ | — |
| $ | 367 |
|
Network Solutions |
| 69 |
| 5 |
| — |
| 74 |
| ||||
Undersea Telecommunications |
| 43 |
| 1 |
| — |
| 44 |
| ||||
Wireless Systems |
| 8 |
| — |
| — |
| 8 |
| ||||
Total |
| $ | 472 |
| $ | 21 |
| $ | — |
| $ | 493 |
|
(1) In connection with the adoption of Financial Accounting Standards Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109,” the Company recorded income pursuant to its Tax Sharing Agreement with Tyco International and Covidien Ltd.
(2) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended September 28, 2007
|
|
|
| Adjustments |
|
|
| |||||||||
|
| US GAAP |
| Separation |
| Restructuring |
| Other Items, |
| Adjusted |
| |||||
|
| (in millions, except per share data) |
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net sales |
| $ | 3,488 |
| $ | — |
| $ | — |
| $ | — |
| $ | 3,488 |
|
Cost of sales |
| 2,605 |
| — |
| (8 | ) | — |
| 2,597 |
| |||||
Gross income |
| 883 |
| — |
| 8 |
| — |
| 891 |
| |||||
Selling, general, and administrative expenses |
| 402 |
| — |
| — |
| — |
| 402 |
| |||||
Allocated class action settlement income |
| (4 | ) | — |
| — |
| 4 |
| — |
| |||||
Separation costs |
| 19 |
| (19 | ) | — |
| — |
| — |
| |||||
Restructuring and other charges, net |
| 50 |
| — |
| (50 | ) | — |
| — |
| |||||
Income from operations |
| 416 |
| 19 |
| 58 |
| (4 | ) | 489 |
| |||||
Interest income |
| 13 |
| — |
| — |
| — |
| 13 |
| |||||
Interest expense |
| (56 | ) | — |
| — |
| — |
| (56 | ) | |||||
Other income |
| 13 |
| — |
| — |
| — |
| 13 |
| |||||
Income from continuing operations before income taxes and minority interest |
| 386 |
| 19 |
| 58 |
| (4 | ) | 459 |
| |||||
Income taxes |
| (144 | ) | (6 | ) | (18 | ) | — |
| (168 | ) | |||||
Minority interest |
| (3 | ) | — |
| — |
| — |
| (3 | ) | |||||
Income from continuing operations |
| $ | 239 |
| $ | 13 |
| $ | 40 |
| $ | (4 | ) | $ | 288 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Basic earnings per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.48 |
|
|
|
|
|
|
| $ | 0.58 |
| |||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
| |||||
Income from continuing operations |
| $ | 0.48 |
|
|
|
|
|
|
| $ | 0.58 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
| |||||
Basic |
| 496 |
|
|
|
|
|
|
| 496 |
| |||||
Diluted |
| 500 |
|
|
|
|
|
|
| 500 |
|
ADJUSTED CONSOLIDATED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended September 28, 2007
|
|
|
| Adjustments |
|
|
| |||||||||
|
| US GAAP |
| Separation |
| Restructuring |
| Other Items, |
| Adjusted |
| |||||
|
| (in millions) |
| |||||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
|
|
| |||||
Electronic Components |
| $ | 347 |
| $ | — |
| $ | 23 |
| $ | — |
| $ | 370 |
|
Network Solutions |
| 46 |
| — |
| 31 |
| — |
| 77 |
| |||||
Undersea Telecommunications |
| 19 |
| — |
| 2 |
| — |
| 21 |
| |||||
Wireless Systems |
| 19 |
| — |
| 2 |
| — |
| 21 |
| |||||
Allocated class action settlement income and separation costs |
| (15 | ) | 19 |
| — |
| (4 | ) | — |
| |||||
Total |
| $ | 416 |
| $ | 19 |
| $ | 58 |
| $ | (4 | ) | $ | 489 |
|
(1) Includes $19 million of separation costs, primarily related to employee costs.
(2) Includes $55 million of net restructuring and other charges, of which $5 million is recorded in cost of sales, and $3 million of restructuring related moving costs (recorded in cost of goods sold).
(3) Consists of $4 million of class action settlement income related to an insurance recovery.
(4) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended June 29, 2007
|
|
|
| Adjustments |
|
|
| ||||||||||||
|
|
|
| Allocated |
|
|
|
|
|
|
|
|
| ||||||
|
|
|
| Class Action |
| Separation |
| Restructuring |
| Loss on |
| Adjusted |
| ||||||
|
|
|
| Settlement |
| Related |
| and Other |
| Retirement |
| Results |
| ||||||
|
| US GAAP |
| Costs, Net |
| Costs (1) |
| Charges, Net |
| of Debt |
| (Non-GAAP) (2) |
| ||||||
|
| (in millions, except per share data) |
| ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net sales |
| $ | 3,292 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 3,292 |
|
Cost of sales |
| 2,455 |
| — |
| — |
| — |
| — |
| 2,455 |
| ||||||
Gross income |
| 837 |
| — |
| — |
| — |
| — |
| 837 |
| ||||||
Selling, general, and administrative expenses |
| 403 |
| — |
| (25 | ) | — |
| — |
| 378 |
| ||||||
Allocated class action settlement costs, net |
| 891 |
| (891 | ) | — |
| — |
| — |
| — |
| ||||||
Separation costs |
| 25 |
| — |
| (25 | ) | — |
| — |
| — |
| ||||||
Restructuring and other charges, net |
| 25 |
| — |
| — |
| (25 | ) | — |
| — |
| ||||||
Income (loss) from operations |
| (507 | ) | 891 |
| 50 |
| 25 |
| — |
| 459 |
| ||||||
Interest income |
| 11 |
| — |
| — |
| — |
| — |
| 11 |
| ||||||
Interest expense |
| (57 | ) | — |
| — |
| — |
| — |
| (57 | ) | ||||||
Other expense |
| (232 | ) | — |
| — |
| — |
| 232 |
| — |
| ||||||
Income (loss) from continuing operations before income taxes and minority interest |
| (785 | ) | 891 |
| 50 |
| 25 |
| 232 |
| 413 |
| ||||||
Income taxes |
| (147 | ) | — |
| (14 | ) | (9 | ) | — |
| (170 | ) | ||||||
Minority interest |
| (1 | ) | — |
| — |
| — |
| — |
| (1 | ) | ||||||
Income (loss) from continuing operations |
| $ | (933 | ) | $ | 891 |
| $ | 36 |
| $ | 16 |
| $ | 232 |
| $ | 242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic and diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) from continuing operations |
| $ | (1.88 | ) |
|
|
|
|
|
|
|
| $ | 0.49 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic and diluted |
| 497 |
|
|
|
|
|
|
|
|
| 497 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADJUSTED COMBINED INCOME (LOSS) FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended June 29, 2007
|
|
|
| Adjustments |
|
|
| ||||||||||||||||||
|
|
|
| Allocated |
|
|
|
|
|
|
| Adjusted |
| ||||||||||||
|
|
|
| Class Action |
| Separation |
| Restructuring |
| Loss on |
| Income from |
| ||||||||||||
|
|
|
| Settlement |
| Related |
| and Other |
| Retirement |
| Operations |
| ||||||||||||
|
| US GAAP |
| Costs, Net |
| Costs (1) |
| Charges, Net |
| of Debt |
| (Non-GAAP) (2) |
| ||||||||||||
|
| (in millions) |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Income (Loss) from Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Electronic Components |
| $ | 314 |
| $ | — |
| $ | 20 |
| $ | 18 |
| $ | — |
| $ | 352 |
| ||||||
Network Solutions |
| 72 |
| — |
| 3 |
| 4 |
| — |
| 79 |
| ||||||||||||
Undersea Telecommunications |
| 16 |
| — |
| 1 |
| 2 |
| — |
| 19 |
| ||||||||||||
Wireless Systems |
| 7 |
| — |
| 1 |
| 1 |
| — |
| 9 |
| ||||||||||||
Allocated class action settlement costs, net and separation costs |
| (916 | ) | 891 |
| 25 |
| — |
| — |
| — |
| ||||||||||||
Total |
| $ | (507 | ) |
| $ | 891 |
|
| $ | 50 |
|
| $ | 25 |
|
| $ | — |
|
| $ | 459 |
|
|
(1) Includes $25 million of separation costs, primarily related to employee costs, and $25 million of costs related to building separate company functions that did not exist in the prior year.
(2) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended March 30, 2007
|
|
|
| Adjustments |
|
|
| ||||||
|
|
|
| Separation |
| Restructuring |
| Adjusted |
| ||||
|
|
|
| Related |
| and Other |
| Results |
| ||||
|
| US GAAP |
| Costs (1) |
| Charges, Net |
| (Non-GAAP) (2) |
| ||||
|
| (in millions, except per share data) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ | 3,204 |
| $ | — |
| $ | — |
| $ | 3,204 |
|
Cost of sales |
| 2,372 |
| — |
| — |
| 2,372 |
| ||||
Gross income |
| 832 |
| — |
| — |
| 832 |
| ||||
Selling, general, and administrative expenses |
| 405 |
| (14 | ) | — |
| 391 |
| ||||
Restructuring and other charges, net |
| 8 |
| — |
| (8 | ) | — |
| ||||
Income from operations |
| 419 |
| 14 |
| 8 |
| 441 |
| ||||
Interest income |
| 14 |
| — |
| — |
| 14 |
| ||||
Interest expense |
| (58 | ) | — |
| — |
| (58 | ) | ||||
Income from continuing operations before income taxes and minority interest |
| 375 |
| 14 |
| 8 |
| 397 |
| ||||
Income taxes |
| (93 | ) | (4 | ) | (2 | ) | (99 | ) | ||||
Minority interest |
| (1 | ) | — |
| — |
| (1 | ) | ||||
Income from continuing operations |
| $ | 281 |
| $ | 10 |
| $ | 6 |
| $ | 297 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic and diluted earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.57 |
|
|
|
|
| $ | 0.60 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic and diluted |
| 497 |
|
|
|
|
| 497 |
|
ADJUSTED COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended March 30, 2007
|
|
|
| Adjustments |
| Adjusted |
| ||||||
|
|
|
| Separation |
| Restructuring |
| Income from |
| ||||
|
|
|
| Related |
| and Other |
| Operations |
| ||||
|
| US GAAP |
| Costs (1) |
| Charges, Net |
| (Non-GAAP) (2) |
| ||||
|
| (in millions) |
| ||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
| ||||
Electronic Components |
| $ | 351 |
| $ | 11 |
| $ | 8 |
| $ | 370 |
|
Network Solutions |
| 59 |
| 2 |
| — |
| 61 |
| ||||
Undersea Telecommunications |
| 4 |
| — |
| — |
| 4 |
| ||||
Wireless Systems |
| 5 |
| 1 |
| — |
| 6 |
| ||||
Total |
| $ | 419 |
| $ | 14 |
| $ | 8 |
| $ | 441 |
|
(1) Includes $14 million of costs related to building separate company functions that did not exist in the prior year.
(2) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
For the Quarter Ended December 29, 2006
|
|
|
| Adjustments |
|
|
| ||||||
|
|
|
| Separation |
| Restructuring |
| Adjusted |
| ||||
|
|
|
| Related |
| and Other |
| Results |
| ||||
|
| US GAAP |
| Costs (1) |
| Charges, Net |
| (Non-GAAP) (2) |
| ||||
|
| (in millions, except per share data) |
| ||||||||||
|
|
|
|
|
|
|
|
|
| ||||
Net sales |
| $ | 2,975 |
| $ | — |
| $ | — |
| $ | 2,975 |
|
Cost of sales |
| 2,188 |
| — |
| — |
| 2,188 |
| ||||
Gross income |
| 787 |
| — |
| — |
| 787 |
| ||||
Selling, general, and administrative expenses |
| 390 |
| (2 | ) | — |
| 388 |
| ||||
Restructuring and other charges, net |
| 9 |
| — |
| (9 | ) | — |
| ||||
Income from operations |
| 388 |
| 2 |
| 9 |
| 399 |
| ||||
Interest income |
| 15 |
| — |
| — |
| 15 |
| ||||
Interest expense |
| (60 | ) | — |
| — |
| (60 | ) | ||||
Income from continuing operations before income taxes and minority interest |
| 343 |
| 2 |
| 9 |
| 354 |
| ||||
Income taxes |
| (107 | ) | (1 | ) | (3 | ) | (111 | ) | ||||
Minority interest |
| (1 | ) | — |
| — |
| (1 | ) | ||||
Income from continuing operations |
| $ | 235 |
| $ | 1 |
| $ | 6 |
| $ | 242 |
|
|
|
|
|
|
|
|
|
|
| ||||
Basic and diluted earnings per share: |
|
|
|
|
|
|
|
|
| ||||
Income from continuing operations |
| $ | 0.47 |
|
|
|
|
| $ | 0.49 |
| ||
|
|
|
|
|
|
|
|
|
| ||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
| ||||
Basic and diluted |
| 497 |
|
|
|
|
| 497 |
|
ADJUSTED COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Quarter Ended December 29, 2006
|
|
|
| Adjustments |
| Adjusted |
| ||||||
|
|
|
| Separation |
| Restructuring |
| Income from |
| ||||
|
|
|
| Related |
| and Other |
| Operations |
| ||||
|
| US GAAP |
| Costs (1) |
| Charges, Net |
| (Non-GAAP) (2) |
| ||||
|
| (in millions) |
| ||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
| ||||
Electronic Components |
| $ | 327 |
| $ | 2 |
| $ | 8 |
| $ | 337 |
|
Network Solutions |
| 54 |
| — |
| — |
| 54 |
| ||||
Undersea Telecommunications |
| (1 | ) | — |
| 1 |
| — |
| ||||
Wireless Systems |
| 8 |
| — |
| — |
| 8 |
| ||||
Total |
| $ | 388 |
| $ | 2 |
| $ | 9 |
| $ | 399 |
|
(1) Includes $2 million of costs related to building separate company functions that did not exist in the prior year.
(2) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED CONSOLIDATED AND COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
For the Twelve Months Ended September 28, 2007
|
|
|
| Adjustments |
|
|
| ||||||||||||
|
| US GAAP |
| Separation |
| Allocated |
| Restructuring |
| Other Items, |
| Adjusted |
| ||||||
|
| (in millions, except per share data) |
| ||||||||||||||||
Net sales |
| $ | 12,959 |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 12,959 |
|
Cost of sales |
| 9,620 |
| — |
| — |
| (8 | ) | — |
| 9,612 |
| ||||||
Gross income |
| 3,339 |
| — |
| — |
| 8 |
| — |
| 3,347 |
| ||||||
Selling, general, and administrative expenses |
| 1,600 |
| (41 | ) | — |
| — |
| — |
| 1,559 |
| ||||||
Allocated class action settlement costs, net |
| 887 |
| — |
| (887 | ) | — |
| — |
| — |
| ||||||
Separation costs |
| 44 |
| (44 | ) | — |
| — |
| — |
| — |
| ||||||
Restructuring and other charges, net |
| 92 |
| — |
| — |
| (92 | ) | — |
| — |
| ||||||
Income from operations |
| 716 |
| 85 |
| 887 |
| 100 |
| — |
| 1,788 |
| ||||||
Interest income |
| 53 |
| — |
| — |
| — |
| — |
| 53 |
| ||||||
Interest expense |
| (231 | ) | — |
| — |
| — |
| — |
| (231 | ) | ||||||
Other (expense) income, net |
| (219 | ) | — |
| — |
| — |
| 232 |
| 13 |
| ||||||
Income from continuing operations before income taxes and minority interest |
| 319 |
| 85 |
| 887 |
| 100 |
| 232 |
| 1,623 |
| ||||||
Income taxes |
| (491 | ) | (25 | ) | — |
| (32 | ) | — |
| (548 | ) | ||||||
Minority interest |
| (6 | ) | — |
| — |
| — |
| — |
| (6 | ) | ||||||
Income (loss) from continuing operations |
| $ | (178 | ) | $ | 60 |
| $ | 887 |
| $ | 68 |
| $ | 232 |
| $ | 1,069 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) from continuing operations |
| $ | (0.36 | ) |
|
|
|
|
|
|
|
| $ | 2.15 |
| ||||
Diluted earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Income (loss) from continuing operations |
| $ | (0.36 | ) |
|
|
|
|
|
|
|
| $ | 2.14 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Basic |
| 497 |
|
|
|
|
|
|
|
|
| 497 |
| ||||||
Diluted |
| 497 |
|
|
|
|
|
|
|
|
| 500 |
|
ADJUSTED CONSOLIDATED AND COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Twelve Months Ended September 28, 2007
|
|
|
| Adjustments |
|
|
| ||||||||||||
|
| US GAAP |
| Separation |
| Allocated |
| Restructuring |
| Other Items, |
| Adjusted |
| ||||||
|
| (in millions) |
| ||||||||||||||||
Income from Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Electronic Components |
| $ | 1,339 |
| $ | 33 |
| $ | — |
| $ | 57 |
| $ | — |
| $ | 1,429 |
|
Network Solutions |
| 231 |
| 5 |
| — |
| 35 |
| — |
| 271 |
| ||||||
Undersea Telecommunications |
| 38 |
| 1 |
| — |
| 5 |
| — |
| 44 |
| ||||||
Wireless Systems |
| 39 |
| 2 |
| — |
| 3 |
| — |
| 44 |
| ||||||
Allocated class action settlement costs, net and separation costs |
| (931 | ) | 44 |
| 887 |
| — |
| — |
| — |
| ||||||
Total |
| $ | 716 |
| $ | 85 |
| $ | 887 |
| $ | 100 |
| $ | — |
| $ | 1,788 |
|
(1) Includes $44 million of separation costs, primarily related to employee costs, and $41 million of costs related to building separate company functions that did not exist in the prior year.
(2) Includes $97 million of net restructuring and other charges, of which $5 million is recorded in cost of sales, and $3 million of restructuring related moving costs (recorded in cost of goods sold).
(3) Consists of $232 million loss on retirement of debt.
(4) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.
TYCO ELECTRONICS LTD.
ADJUSTED COMBINED STATEMENT OF OPERATIONS (UNAUDITED)
For the Twelve Months Ended September 29, 2006
|
|
|
| Adjustment |
|
|
| |||
|
|
|
| Restructuring |
| Adjusted |
| |||
|
|
|
| and Other |
| Results |
| |||
|
| US GAAP |
| Charges, Net |
| (Non-GAAP) (1) |
| |||
|
| (in millions, except per share data) |
| |||||||
|
|
|
|
|
|
|
| |||
Net sales |
| $ | 11,811 |
| $ | — |
| $ | 11,811 |
|
Cost of sales |
| 8,617 |
| (6 | ) | 8,611 |
| |||
Gross income |
| 3,194 |
| 6 |
| 3,200 |
| |||
Selling, general, and administrative expenses |
| 1,445 |
| — |
| 1,445 |
| |||
Restructuring and other charges, net |
| 7 |
| (7 | ) | — |
| |||
Income from operations |
| 1,742 |
| 13 |
| 1,755 |
| |||
Interest income |
| 48 |
| — |
| 48 |
| |||
Interest expense |
| (256 | ) | — |
| (256 | ) | |||
Income from continuing operations before income taxes and minority interest |
| 1,534 |
| 13 |
| 1,547 |
| |||
Income taxes |
| (81 | ) | (4 | ) | (85 | ) | |||
Minority interest |
| (6 | ) | — |
| (6 | ) | |||
Income from continuing operations |
| $ | 1,447 |
| $ | 9 |
| $ | 1,456 |
|
|
|
|
|
|
|
|
| |||
Basic and Diluted earnings per share: |
|
|
|
|
|
|
| |||
Income from continuing operations |
| $ | 2.91 |
|
|
| $ | 2.93 |
| |
|
|
|
|
|
|
|
| |||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
| |||
Basic and diluted |
| 497 |
|
|
| 497 |
|
ADJUSTED COMBINED INCOME FROM OPERATIONS BY SEGMENT (UNAUDITED)
For the Twelve Months Ended September 29, 2006
|
|
|
| Adjustment |
| Adjusted |
| |||
|
|
|
| Restructuring |
| Income from |
| |||
|
|
|
| and Other |
| Operations |
| |||
|
| US GAAP |
| Charges, Net |
| (Non-GAAP) (1) |
| |||
|
| (in millions) |
| |||||||
Income from Operations: |
|
|
|
|
|
|
| |||
Electronic Components |
| $ | 1,404 |
| $ | 9 |
| $ | 1,413 |
|
Network Solutions |
| 268 |
| 9 |
| 277 |
| |||
Undersea Telecommunications |
| 15 |
| (4 | ) | 11 |
| |||
Wireless Systems |
| 55 |
| (1 | ) | 54 |
| |||
Total |
| $ | 1,742 |
| $ | 13 |
| $ | 1,755 |
|
(1) Adjusted results, adjusted earnings per share, and adjusted income from operations are non-GAAP measures.