ADT 2002 Annual Report Download - page 44

TYCO INTERNATIONAL LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS (RESTATED)
(in millions, except share data)
Year Ended September 30,
2002 2001 2000
Revenue from product sales ........................................ $28,741.8 $ 28,953.1 $ 24,959.1
Service revenue ................................................ 6,848.0 5,049.0 3,968.4
Net revenues .................................................. 35,589.8 34,002.1 28,927.5
Cost of product sales ............................................. 19,495.1 18,319.7 15,983.1
Cost of services ................................................ 3,570.2 2,615.9 1,971.4
Selling, general and administrative expenses .............................. 8,181.6 6,745.3 5,500.7
Restructuring and other charges, net ................................... 1,124.3 400.4 175.3
Charges for the impairment of long-lived assets ............................ 3,309.5 120.1 99.0
Goodwill impairment ............................................. 1,343.7 — —
Write-off of purchased in-process research and development .................... 17.8 184.3 —
Operating (loss) income ........................................... (1,452.4) 5,616.4 5,198.0
Interest income ................................................ 117.3 128.3 75.2
Interest expense ................................................ (1,077.0) (904.8) (844.8)
Other (expense) income, net ........................................ (216.6) 250.3 (0.3)
Net gain on sale of common shares of a subsidiary .......................... — 24.5 1,760.0
(Loss) income from continuing operations before income taxes and minority interest ....... (2,628.7) 5,114.7 6,188.1
Income taxes .................................................. (208.1) (1,172.3) (1,850.9)
Minority interest ................................................ (1.4) (47.5) (18.7)
(Loss) income from continuing operations ............................... (2,838.2) 3,894.9 4,318.5
(Loss) income from discontinued operations of Tyco Capital (net of tax expense of
$316.1 million and $195.0 million for the year ended September 30, 2002 and 2001,
respectively) ................................................. (6,282.5) 252.5 —
Loss on sale of Tyco Capital, net of $0 tax ............................... (58.8) — —
(Loss) income before cumulative effect of accounting changes ................... (9,179.5) 4,147.4 4,318.5
Cumulative effect of accounting changes, net of tax ......................... — (683.4) —
Net (loss) income ............................................... $(9,179.5) $ 3,464.0 $ 4,318.5
Basic (loss) earnings per common share:
(Loss) income from continuing operations .............................. $ (1.43) $ 2.16 $ 2.56
(Loss) income from discontinued operations of Tyco Capital, net of tax ........... (3.16) 0.14 —
Loss on sale of Tyco Capital, net of tax ................................ (0.03) — —
(Loss) income before cumulative effect of accounting changes ................. (4.62) 2.30 2.56
Cumulative effect of accounting changes ............................... — (0.38) —
Net (loss) income per common share ................................. (4.62) 1.92 2.56
Diluted (loss) earnings per common share:
(Loss) income from continuing operations .............................. $ (1.43) $ 2.13 $ 2.52
(Loss) income from discontinued operations of Tyco Capital, net of tax ........... (3.16) 0.14 —
Loss on sale of Tyco Capital, net of tax ................................ (0.03) — —
(Loss) income before cumulative effect of accounting changes ................. (4.62) 2.26 2.52
Cumulative effect of accounting changes ............................... — (0.37) —
Net (loss) income per common share ................................. (4.62) 1.89 2.52
Weighted-average number of common shares outstanding:
Basic ..................................................... 1,988.5 1,806.9 1,688.0
Diluted .................................................... 1,988.5 1,831.6 1,713.2
Adjusted income and per share information, excluding goodwill amortization (Note 16):
Income from continuing operations .................................. $ 4,396.8 $ 4,643.6
Basic earnings per common share ................................... 2.43 2.75
Diluted earnings per common share .................................. 2.40 2.71
Income before cumulative effect of accounting changes ...................... 4,709.1 4,643.6
Basic earnings per common share ................................... 2.61 2.75
Diluted earnings per common share .................................. 2.57 2.71
Net income ................................................. 4,025.7 4,643.6
Basic earnings per common share ................................... 2.23 2.75
Diluted earnings per common share .................................. 2.20 2.71
See Notes to Consolidated Financial Statements.
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