TYCO INTERNATIONAL LTD. (SWITZERLAND) (TYC, Financial) filed Quarterly Report for the period ended 2011-06-24.
Tyco International Ltd. Switzerland has a market cap of $20.98 billion; its shares were traded at around $44.74 with a P/E ratio of 15.2 and P/S ratio of 1.2. The dividend yield of Tyco International Ltd. Switzerland stocks is 2.2%.
Additionally, during the third quarter of fiscal 2010, our Board of Directors approved a plan to sell our European water business, which was part of our Tyco Flow Control segment. The business met the held for sale and discontinued operations criteria and has been included in discontinued operations for all periods presented. The sale was completed for approximately $264 million in cash proceeds, net of $7 million of cash divested on sale, and a pre-tax gain of $168 million, which was largely exempt from tax. The gain was recorded in (loss) income from discontinued operations, net of income taxes in the Company's Consolidated Statement of Operations.
Net revenue of $4.3 billion increased $19 million, or 0.4%, for the quarter ended June 24, 2011 as compared to the quarter ended June 25, 2010, which included favorable changes in foreign currency exchange rates of $219 million. Net revenue increased during the quarter ended June 24, 2011 despite the sale of a majority interest in our Electrical and Metal Products business on December 22, 2010, which contributed $390 million in net revenue during the third quarter of fiscal 2010 and none during the third quarter of fiscal 2011. Net revenue increased across all of our segments and was primarily attributable to strength in our Tyco Security Solutions and Tyco Fire Protection segments. On a nine month basis, net revenue increased $141 million, or 1.1%, to $12.7 billion, which included favorable changes in foreign currency exchange rates of $302 million. Net revenue for the nine months ended June 24, 2011 increased despite the contribution of $1.0 billion during the nine months ended June 25,
Operating income for the quarter and nine months ended June 24, 2011 was $475 million and $1.6 billion, respectively, compared to operating income of $375 million and $1.2 billion for the quarter and nine months ended June 25, 2010. The increase in operating income in both periods reflects strong growth in our Tyco Security Solutions business. In addition, the increase in operating income for the nine month period includes a net gain on divestitures of $227 million primarily related to a gain of $248 million, net of working capital adjustments, due to the sale of a majority interest in the Electrical and Metal products business. Operating income for the quarter and nine months ended June 24, 2011 included restructuring and asset impairment charges of $30 million and $74 million, respectively, and $41 million and $70 million for the quarter and nine months ended June 25, 2010, respectively. Operating income for the quarter and nine months ended June 24, 2011 included a loss on divestiture of $6 million and a gain on divestiture of $227 million, respectively, and a loss on divestiture of $1 million and a gain on divestiture of $43 million for the quarter and nine months ended June 25, 2010, respectively. Operating income for the quarter and nine months ended June 24, 2011 included acquisition and integration costs of $9 million and $26 million, respectively, and $24 million and $28 million for the quarter and nine months ended June 25, 2010, respectively.
Our cash balance was $1.6 billion and $1.8 billion as of June 24, 2011 and September 24, 2010, respectively. We generated approximately $1.6 billion of cash from operating activities and utilized $515 million of cash in investing activities and $1.3 billion of cash in financing activities during the nine months ended June 24, 2011. During the nine months ended June 24, 2011, approximately $1.0 billion of cash was generated from divestitures, primarily related to $713 million for the sale of the majority interest in our Electrical and Metal Products business and $264 million for the sale of our European water business, which was presented in net cash provided by (used in) discontinued investing activities in our Consolidated Statement of Cash Flows. During the nine months ended June 24, 2011, uses of cash primarily included $1.3 billion to repurchase our common shares, $548 million of capital expenditures, $451 million to purchase customer contracts in our Tyco Security Solutions segment and $342 million to pay cash dividends. We expect to continue to use our cash to fund internal growth
Non-recurring revenue is generated from product sales (including sales and installation of electronic security and products related to retailer anti-theft systems, as well as other life safety systems) and from services such as the provisioning of armored guards and one-time repair, security system upgrades or inspection jobs. Non-recurring net revenue increased by $71 million, or 8.3%, to $924 million in the quarter ended June 24, 2011. Changes in foreign currency exchange rates favorably impacted non-recurring net revenue by $50 million, or 5.9%. Net revenue was unfavorably impacted by various divestitures within our EMEA Security business which contributed all of the $9 million in divested revenue for the quarter ended June 25, 2010. The remaining increase of $30 million was primarily due to strength in the commercial end-markets in North America, and new retail store expansion activity in the ROW regions.
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Tyco International Ltd. Switzerland has a market cap of $20.98 billion; its shares were traded at around $44.74 with a P/E ratio of 15.2 and P/S ratio of 1.2. The dividend yield of Tyco International Ltd. Switzerland stocks is 2.2%.
Highlight of Business Operations:
On November 9, 2010, we announced that we entered into an investment agreement (the "Agreement") to sell a majority interest in our Electrical and Metal Products business to an affiliate of the private equity firm Clayton, Dubilier & Rice, LLC (the "Investor"). We formed a newly incorporated holding company, Atkore International Group Inc. ("Atkore"), to hold our Electrical and Metal Products business. On December 22, 2010 the transaction closed and the Investor acquired shares of a newly-created class of cumulative convertible preferred stock of Atkore (the "Preferred Stock"). The Preferred Stock initially represented 51% of the outstanding capital stock (on an as-converted basis) of Atkore. In connection with the closing, we received cash proceeds of approximately $713 million and recorded a gain of $259 million, (including a $49 million gain recognized in connection with determining the fair value of the Company's retained ownership interest) during the first quarter of 2011. During the nine months ended June 24, 2011, we recorded working capital adjustments of $11 million that reduced the gain on disposal. The gain on disposal is recorded within restructuring, asset impairments and divestiture charges (gain), net in our Consolidated Statement of Operations.Additionally, during the third quarter of fiscal 2010, our Board of Directors approved a plan to sell our European water business, which was part of our Tyco Flow Control segment. The business met the held for sale and discontinued operations criteria and has been included in discontinued operations for all periods presented. The sale was completed for approximately $264 million in cash proceeds, net of $7 million of cash divested on sale, and a pre-tax gain of $168 million, which was largely exempt from tax. The gain was recorded in (loss) income from discontinued operations, net of income taxes in the Company's Consolidated Statement of Operations.
Net revenue of $4.3 billion increased $19 million, or 0.4%, for the quarter ended June 24, 2011 as compared to the quarter ended June 25, 2010, which included favorable changes in foreign currency exchange rates of $219 million. Net revenue increased during the quarter ended June 24, 2011 despite the sale of a majority interest in our Electrical and Metal Products business on December 22, 2010, which contributed $390 million in net revenue during the third quarter of fiscal 2010 and none during the third quarter of fiscal 2011. Net revenue increased across all of our segments and was primarily attributable to strength in our Tyco Security Solutions and Tyco Fire Protection segments. On a nine month basis, net revenue increased $141 million, or 1.1%, to $12.7 billion, which included favorable changes in foreign currency exchange rates of $302 million. Net revenue for the nine months ended June 24, 2011 increased despite the contribution of $1.0 billion during the nine months ended June 25,
Operating income for the quarter and nine months ended June 24, 2011 was $475 million and $1.6 billion, respectively, compared to operating income of $375 million and $1.2 billion for the quarter and nine months ended June 25, 2010. The increase in operating income in both periods reflects strong growth in our Tyco Security Solutions business. In addition, the increase in operating income for the nine month period includes a net gain on divestitures of $227 million primarily related to a gain of $248 million, net of working capital adjustments, due to the sale of a majority interest in the Electrical and Metal products business. Operating income for the quarter and nine months ended June 24, 2011 included restructuring and asset impairment charges of $30 million and $74 million, respectively, and $41 million and $70 million for the quarter and nine months ended June 25, 2010, respectively. Operating income for the quarter and nine months ended June 24, 2011 included a loss on divestiture of $6 million and a gain on divestiture of $227 million, respectively, and a loss on divestiture of $1 million and a gain on divestiture of $43 million for the quarter and nine months ended June 25, 2010, respectively. Operating income for the quarter and nine months ended June 24, 2011 included acquisition and integration costs of $9 million and $26 million, respectively, and $24 million and $28 million for the quarter and nine months ended June 25, 2010, respectively.
Our cash balance was $1.6 billion and $1.8 billion as of June 24, 2011 and September 24, 2010, respectively. We generated approximately $1.6 billion of cash from operating activities and utilized $515 million of cash in investing activities and $1.3 billion of cash in financing activities during the nine months ended June 24, 2011. During the nine months ended June 24, 2011, approximately $1.0 billion of cash was generated from divestitures, primarily related to $713 million for the sale of the majority interest in our Electrical and Metal Products business and $264 million for the sale of our European water business, which was presented in net cash provided by (used in) discontinued investing activities in our Consolidated Statement of Cash Flows. During the nine months ended June 24, 2011, uses of cash primarily included $1.3 billion to repurchase our common shares, $548 million of capital expenditures, $451 million to purchase customer contracts in our Tyco Security Solutions segment and $342 million to pay cash dividends. We expect to continue to use our cash to fund internal growth
Non-recurring revenue is generated from product sales (including sales and installation of electronic security and products related to retailer anti-theft systems, as well as other life safety systems) and from services such as the provisioning of armored guards and one-time repair, security system upgrades or inspection jobs. Non-recurring net revenue increased by $71 million, or 8.3%, to $924 million in the quarter ended June 24, 2011. Changes in foreign currency exchange rates favorably impacted non-recurring net revenue by $50 million, or 5.9%. Net revenue was unfavorably impacted by various divestitures within our EMEA Security business which contributed all of the $9 million in divested revenue for the quarter ended June 25, 2010. The remaining increase of $30 million was primarily due to strength in the commercial end-markets in North America, and new retail store expansion activity in the ROW regions.
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