Tyco to Restate Several Years of Results
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Conglomerate Tyco International Ltd. said it intended to restate several years of financial results, but that no new charges would be required in connection with the restatement.
Tyco said the effect of the restatement would reduce the company’s reported results for fiscal 1998 through fiscal 2001, and increase them for fiscal 2002 and the first half of 2003.
Tyco, based in Pembroke, Bermuda, said the restatement is in connection with the SEC’s previously announced review of its filings.
Tyco shares rose 27 cents, or 1.4%, to $19.57 on the NYSE. The company announced its restatement plans after the U.S. markets closed.
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