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Report: Tyco Has More Accountng Woes

Apr 30, 2003 | AP

Tyco International Ltd., a diversified conglomerate that makes electronics, medical supplies and security systems, has found roughly $1.2 billion in fresh accounting problems, The Wall Street Journal reported Wednesday.

The newspaper, which cited unidentified people familiar with the matter, said Tyco is likely to disclose the new accounting problems when it reports its earnings on Thursday.

The problems would be in addition to the $265 million to $325 million in charges Tyco announced in March, the newspaper said. It said it couldn't determine whether the new accounting issues will result in more charges, a restatement of past results, or a combination of the two.

But it said the announcement will mark the fourth time since October that Tyco has either restated results or taken an accounting-related charge, and will bring the total to about $2 billion.

In December, the company assured investors that a months-long internal probe led by lawyer David Boies had failed to find any "significant fraud" at Tyco, which is registered in Bermuda.

The newspaper said the disclosure may raise questions about whether investors who paid $4.5 billion for Tyco convertible bonds in a January private placement were given a full picture of the company's finances.

Gary Holmes, a Tyco spokesman, declined to comment to the newspaper on Tuesday.

Tyco has been rocked in the past year by criminal charges against its two former top executives, who have been accused of looting $600 million from the company in unauthorized compensation and illicit stock sales. Both have pleaded not guilty.

Tyco has about $36 billion in annual revenue, and operates in electronics, fire and security services, medical supplies and numerous other businesses.


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