EX-99.1 2 a08-12726_1ex99d1.htm EX-99.1

Exhibit 99.1

TYCO ELECTRONICS LTD.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

For the Quarters Ended

 

For the Years Ended

 

 

 

Fiscal 2008

 

Fiscal 2007

 

 

 

 

 

March 28,

 

December 28,

 

September 28,

 

June 29,

 

March 30,

 

December 29,

 

September 28,

 

September 29,

 

 

 

2008

 

2007

 

2007

 

2007

 

2007

 

2006

 

2007

 

2006

 

 

 

(in millions, except per share data)

 

Net sales

 

$

3,662

 

$

3,558

 

$

3,488

 

$

3,292

 

$

3,204

 

$

2,975

 

$

12,959

 

$

11,811

 

Cost of sales

 

2,692

 

2,666

 

2,605

 

2,455

 

2,372

 

2,188

 

9,620

 

8,617

 

Gross income

 

970

 

892

 

883

 

837

 

832

 

787

 

3,339

 

3,194

 

Selling, general, and administrative expenses

 

421

 

399

 

402

 

403

 

405

 

390

 

1,600

 

1,445

 

Settlement costs (income), net

 

23

 

—

 

(4

)

891

 

—

 

—

 

887

 

—

 

Separation costs

 

—

 

—

 

19

 

25

 

—

 

—

 

44

 

—

 

Restructuring and other charges, net

 

25

 

21

 

50

 

25

 

8

 

9

 

92

 

7

 

Income (loss) from operations

 

501

 

472

 

416

 

(507

)

419

 

388

 

716

 

1,742

 

Interest income

 

9

 

10

 

13

 

11

 

14

 

15

 

53

 

48

 

Interest expense

 

(49

)

(50

)

(56

)

(57

)

(58

)

(60

)

(231

)

(256

)

Other income (expense)

 

13

 

592

 

13

 

(232

)

—

 

—

 

(219

)

—

 

Income (loss) from continuing operations before income taxes and minority interest

 

474

 

1,024

 

386

 

(785

)

375

 

343

 

319

 

1,534

 

Income taxes

 

(171

)

(155

)

(144

)

(147

)

(93

)

(107

)

(491

)

(81

)

Minority interest

 

(1

)

(1

)

(3

)

(1

)

(1

)

(1

)

(6

)

(6

)

Income (loss) from continuing operations

 

302

 

868

 

239

 

(933

)

281

 

235

 

(178

)

1,447

 

Income (loss) from discontinued operations, net of income taxes

 

(1

)

81

 

17

 

(435

)

(4

)

46

 

(376

)

(246

)

Income (loss) before cumulative effect of accounting change

 

301

 

949

 

256

 

(1,368

)

277

 

281

 

(554

)

1,201

 

Cumulative effect of accounting change, net of income taxes

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(8

)

Net income (loss)

 

$

301

 

$

949

 

$

256

 

$

(1,368

)

$

277

 

$

281

 

$

(554

)

$

1,193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.62

 

$

1.75

 

$

0.48

 

$

(1.88

)

$

0.57

 

$

0.47

 

$

(0.36

)

$

2.91

 

Income (loss) from discontinued operations

 

—

 

0.16

 

0.04

 

(0.87

)

(0.01

)

0.10

 

(0.75

)

(0.49

)

Income (loss) before cumulative effect of accounting change

 

0.62

 

1.91

 

0.52

 

(2.75

)

0.56

 

0.57

 

(1.11

)

2.42

 

Cumulative effect of accounting change

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(0.02

)

Net income (loss)

 

$

0.62

 

$

1.91

 

$

0.52

 

$

(2.75

)

$

0.56

 

$

0.57

 

$

(1.11

)

$

2.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.62

 

$

1.74

 

$

0.48

 

$

(1.88

)

$

0.57

 

$

0.47

 

$

(0.36

)

$

2.91

 

Income (loss) from discontinued operations

 

—

 

0.16

 

0.03

 

(0.87

)

(0.01

)

0.10

 

(0.75

)

(0.49

)

Income (loss) before cumulative effect of accounting change

 

0.62

 

1.90

 

0.51

 

(2.75

)

0.56

 

0.57

 

(1.11

)

2.42

 

Cumulative effect of accounting change

 

—

 

—

 

—

 

—

 

—

 

—

 

—

 

(0.02

)

Net income (loss)

 

$

0.62

 

$

1.90

 

$

0.51

 

$

(2.75

)

$

0.56

 

$

0.57

 

$

(1.11

)

$

2.40

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

486

 

496

 

496

 

497

 

497

 

497

 

497

 

497

 

Diluted

 

489

 

499

 

500

 

497

 

497

 

497

 

497

 

497