Tyco (TYC) 4Q Profit Rises
High-tech manufacturing and services conglomerate Tyco International Ltd. on Wednesday posted a 38 percent jump in its fiscal fourth-quarter profit. But the company said it found errors in its stock-option granting practices under prior management that will cost $171 million in after-tax expenses.
Tyco will restate results for the prior periods -- from 1999 through early 2002, the era of disgraced former CEO L. Dennis Kozlowski -- in its fiscal year 2006 financial statement to reflect additional stock-based compensation expense.
Tyco will restate results for the prior periods -- from 1999 through early 2002, the era of disgraced former CEO L. Dennis Kozlowski -- in its fiscal year 2006 financial statement to reflect additional stock-based compensation expense.
Labels: Dennis Kozlowski, TYC, Tyco, Tyco International Ltd.
posted by Stock Administrator @ 12:28 PM
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