Tyco International Limited (TYC) Message Board

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Non-Tech : Tyco International Limited (TYC)

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To: Tatnic who wrote (3627)	1/28/2003 3:41:31 PM
From: shoe	Read Replies (1) of 3770

$200 million bonus? Any comments about this? Why are executives giving themselves a $200 million bonus right now? From Goldman Sachs: Tyco International (TYC) reported first quarter EPS of $0.32, in line with consensus and $0.01 above our estimate of $0.31. Management reaffirmed fiscal 2003 guidance of $1.50-$1.75, although acknowledged earnings would likely be at the lower end of the range due to dilution related to the recent $4.5 billion convertible offering, and higher pension expense. Second quarter EPS guidance is $0.33-$0.35, and free cash flow is expected to be in the range of $450-$750 million. This estimate differs from the expected $700 million provided in the 2002 10K's cash flow roll forward, primarily because it did not include a delayed bonus payment of $200 million. Our estimate for the second quarter is $0.34, and we maintain our full year estimate of $1.55. Tyco's stock is currently rated an Outperform, and we have a Neutral view on the sector.

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