Tyco satisfied with restatements
Tyco, the global conglomerate, claims it has addressed all the accounting issues raised by the US regulator after restating five years of results.
As requested by the Securities & Exchange Commission, Tyco has restated its results to account for charges incurred when accounting regularities were discovered.
The restatement had the effect of lowering historical results for 1998 to 2001 and increased results for 2002 and 2003.
Tyco reported $566.5m in earnings for the third quarter of 2003 compared with a loss of $396m for the same period a year earlier