EX-99.3 4 a08-12726_1ex99d3.htm EX-99.3

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
Related
Costs (1)

 

Restructuring
and Other
Charges, Net
and Related
Costs (2)

 

Other Items,
Net (3)

 

Adjusted
Results
(Non-GAAP) (4)

 

 

 

(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
Related
Costs (1)

 

Restructuring
and Other
Charges, Net
and Related
Costs (2)

 

Other Items,
Net (3)

 

Adjusted
Income from
Operations
(Non-GAAP) (4)

 

 

 

(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
Related
Costs (1)

 

Allocated
Class Action
Settlement
Costs, Net

 

Restructuring
and Other
Charges, Net
and Related
Costs (2)

 

Other Items,
Net (3)

 

Adjusted
Results
(Non-GAAP) (4)

 

 

 

(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
Related
Costs (1)

 

Allocated
Class Action
Settlement
Costs, Net

 

Restructuring
and Other
Charges, Net
and Related
Costs (2)

 

Other Items,
Net (3)

 

Adjusted
Income from
Operations
(Non-GAAP) (4)

 

 

 

(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.