Exhibit 99.1
TE CONNECTIVITY LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
|
| For the Quarters Ended |
| For the Years Ended |
| |||||||||||||||||
|
| December 30, |
| September 30, |
| June 24, |
| March 25, |
| December 24, |
| September 30, |
| September 24, |
| |||||||
|
| 2011 |
| 2011 |
| 2011 |
| 2011 |
| 2010 |
| 2011 |
| 2010 |
| |||||||
|
| (in millions, except per share data) |
| |||||||||||||||||||
Net sales |
| $ | 3,170 |
| $ | 3,753 |
| $ | 3,579 |
| $ | 3,339 |
| $ | 3,107 |
| $ | 13,778 |
| $ | 11,681 |
|
Cost of sales |
| 2,227 |
| 2,569 |
| 2,491 |
| 2,331 |
| 2,116 |
| 9,507 |
| 8,038 |
| |||||||
Gross margin |
| 943 |
| 1,184 |
| 1,088 |
| 1,008 |
| 991 |
| 4,271 |
| 3,643 |
| |||||||
Selling, general, and administrative expenses |
| 383 |
| 467 |
| 441 |
| 431 |
| 389 |
| 1,728 |
| 1,490 |
| |||||||
Research, development, and engineering expenses |
| 177 |
| 194 |
| 178 |
| 173 |
| 156 |
| 701 |
| 563 |
| |||||||
Acquisition and integration costs |
| 4 |
| — |
| 1 |
| 1 |
| 17 |
| 19 |
| 8 |
| |||||||
Restructuring and other charges, net |
| 18 |
| 78 |
| 8 |
| 11 |
| 39 |
| 136 |
| 137 |
| |||||||
Pre-separation litigation income |
| — |
| — |
| — |
| — |
| — |
| — |
| (7 | ) | |||||||
Operating income |
| 361 |
| 445 |
| 460 |
| 392 |
| 390 |
| 1,687 |
| 1,452 |
| |||||||
Interest income |
| 5 |
| 6 |
| 5 |
| 6 |
| 5 |
| 22 |
| 20 |
| |||||||
Interest expense |
| (39 | ) | (44 | ) | (39 | ) | (43 | ) | (35 | ) | (161 | ) | (155 | ) | |||||||
Other income (expense), net |
| 1 |
| 14 |
| (5 | ) | 6 |
| 12 |
| 27 |
| 177 |
| |||||||
Income from continuing operations before income taxes |
| 328 |
| 421 |
| 421 |
| 361 |
| 372 |
| 1,575 |
| 1,494 |
| |||||||
Income tax expense |
| (88 | ) | (100 | ) | (70 | ) | (69 | ) | (108 | ) | (347 | ) | (476 | ) | |||||||
Income from continuing operations |
| 240 |
| 321 |
| 351 |
| 292 |
| 264 |
| 1,228 |
| 1,018 |
| |||||||
Income from discontinued operations, net of income taxes |
| 22 |
| 6 |
| 6 |
| 8 |
| 2 |
| 22 |
| 91 |
| |||||||
Net income |
| 262 |
| 327 |
| 357 |
| 300 |
| 266 |
| 1,250 |
| 1,109 |
| |||||||
Less: net income attributable to noncontrolling interests |
| (2 | ) | (1 | ) | (2 | ) | (1 | ) | (1 | ) | (5 | ) | (6 | ) | |||||||
Net income attributable to TE Connectivity Ltd. |
| $ | 260 |
| $ | 326 |
| $ | 355 |
| $ | 299 |
| $ | 265 |
| $ | 1,245 |
| $ | 1,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Amounts attributable to TE Connectivity Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from continuing operations |
| $ | 238 |
| $ | 320 |
| $ | 349 |
| $ | 291 |
| $ | 263 |
| $ | 1,223 |
| $ | 1,012 |
|
Income from discontinued operations |
| 22 |
| 6 |
| 6 |
| 8 |
| 2 |
| 22 |
| 91 |
| |||||||
Net income |
| $ | 260 |
| $ | 326 |
| $ | 355 |
| $ | 299 |
| $ | 265 |
| $ | 1,245 |
| $ | 1,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Basic earnings per share attributable to TE Connectivity Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from continuing operations |
| $ | 0.56 |
| $ | 0.75 |
| $ | 0.80 |
| $ | 0.66 |
| $ | 0.59 |
| $ | 2.79 |
| $ | 2.23 |
|
Income from discontinued operations |
| 0.05 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.01 |
| 0.05 |
| 0.20 |
| |||||||
Net income |
| $ | 0.61 |
| $ | 0.76 |
| $ | 0.81 |
| $ | 0.67 |
| $ | 0.60 |
| $ | 2.84 |
| $ | 2.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Diluted earnings per share attributable to TE Connectivity Ltd.: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from continuing operations |
| $ | 0.55 |
| $ | 0.74 |
| $ | 0.79 |
| $ | 0.65 |
| $ | 0.59 |
| $ | 2.76 |
| $ | 2.21 |
|
Income from discontinued operations |
| 0.06 |
| 0.01 |
| 0.01 |
| 0.02 |
| — |
| 0.05 |
| 0.20 |
| |||||||
Net income |
| $ | 0.61 |
| $ | 0.75 |
| $ | 0.80 |
| $ | 0.67 |
| $ | 0.59 |
| $ | 2.81 |
| $ | 2.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Basic |
| 425 |
| 429 |
| 437 |
| 443 |
| 444 |
| 438 |
| 453 |
| |||||||
Diluted |
| 429 |
| 433 |
| 442 |
| 449 |
| 449 |
| 443 |
| 457 |
|