adt corp/the (ADT:New York)
adt corp/the (ADT) Snapshot
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Open
$41.84
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Previous Close
$41.88
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Day High
$42.67
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Day Low
$41.84
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52 Week High
03/14/13 - $50.23
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52 Week Low
09/27/12 - $34.39
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Market Cap
9.3B
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Average Volume 10 Days
2.7M
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EPS TTM
$1.71
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Shares Outstanding
218.8M
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EX-Date
04/22/13
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P/E TM
24.7x
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Dividend
$0.50
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Dividend Yield
0.89%
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Related News
adt corp/the (ADT) Related Businessweek News
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The ADT Corporation provides electronic security, interactive home and business automation, and related monitoring services in the United States and Canada. Its electronic security and home/business automation solutions comprise the installation and monitoring of residential and small business security and premises automation systems designed to detect intrusion, control access, and react to movement, smoke, carbon monoxide, flooding, temperature, and other environmental conditions and hazards, as well as to address personal emergencies, such as injuries, medical emergencies, or incapacitation. The company’s products and services include ADT Pulse interactive home and business solutions that enable customers to remotely monitor and manage their homes and small business environments; and home health services. It also offers monitoring center supported personal emergency response system products and services under the brand Companion Services. In addition, the company provides technical services for the maintenance and installation of upgraded or additional equipment. It operates through a network of dealers, affinity organizations, and technology providers. The company was founded in 1874 and is headquartered in Boca Raton, Florida. The ADT Corporation operates independently of Tyco International Ltd. as of September 28, 2012.
adt corp/the (ADT) Top Compensated Officers
adt corp/the (ADT) Key Developments
The ADT Corporation announced that it will extend its offer to exchange up to $700,000,000 aggregate principal amount of its outstanding $700,000,000 4.125% Senior Notes due 2023 for a like principal amount of its new $700,000,000 4.125% Senior Notes due 2023. All other terms of the exchange offer, as described in the prospectus dated April 18, 2013, remain unchanged. The exchange offer was scheduled to expire at 5:00 p.m. ET on May 16, 2013. As of this date, tenders of $699,700,000, or 99.96%, of the outstanding notes have been received. The exchange offer will now expire at 5:00 p.m. ET on May 17, 2013, unless further extended by ADT.
The ADT Corporation announced the final results of its offer to exchange up to $2,500,000,000 aggregate principal amount of its outstanding (i) $750,000,000, 2.250% notes due 2017, (ii) $1,000,000,000 3.500% notes due 2022 (the outstanding 2022 notes) and (iii) $750,000,000 4.875% notes due 2042 (the outstanding 2042 notes and collectively, the outstanding notes) for a like principal amount of its new (i) $750,000,000 2.250% notes due 2017, (ii) $1,000,000,000 3.500% notes due 2022 and (iii) $750,000,000 4.875% notes due 2042 (collectively, the exchange notes). The exchange offer expired at 5:00 p.m., Eastern Time, on April 29, 2013. As of the expiration date, tenders of (i) $747,900,000, or 99.7%, of the outstanding 2017 notes, (ii) $1,000,000,000, or 100.0%, of the outstanding 2022 notes and (iii) $746,000,000, or 99.5%, of the outstanding 2042 notes had been received. ADT accepted all of the outstanding notes tendered in exchange for the exchange notes and settlement occurred on May 3, 2013.
The ADT Corporation reported unaudited consolidated earnings results for the second quarter and six months ended March 29, 2013. For the quarter, the company reported total revenue of $821 million against $807 million a year ago. Net income was $107 million against $105 million a year ago. EBITDA before special items was $409 million against $403 million a year ago. Diluted earnings per share were $0.47 against $0.44 a year ago. Diluted earnings per share before special items were $0.41 against $0.46 a year ago. Operating income was $174 million against $186 million a year ago. Income before income taxes was $160 million against $164 million a year ago. Net Income before special items was $95 million against $108 million a year ago. EPS before special items at cash tax rates was $0.63 against $0.70 a year ago. FCF was $81 million against $115 million a year ago. FCF before special items was $91 million against $121 million a year ago. Capital expenditures for the quarter were $322 million, with all but $14 million of that investment going towards new subscriber additions. This compares to $257 million of total CapEx last year. For the six months, the company reported revenue of $1.630 million against $1.602 million a year ago. Operating income was $360 million against 362 million a year ago. Income before income taxes was $328 million against $318 million a year ago. Net income was $212 million against $198 million a year ago. Diluted earnings per share were $0.91 against $0.84 a year ago. Net cash provided by operating activities was $812 against $709 a year ago. Capital expenditures were $27 million against $12 million a year ago. Net Income before special items was $198 million against $205 million a year ago. EPS before special items was $0.85 against $0.87 a year ago. EPS before special items at cash tax rates was $1.33 against $1.37 a year ago. EBITDA before special items was $826 million against $796 million a year ago. FCF was $81 million against $121 million a year ago. FCF before special items was $251 million against $214 million a year ago. The company affirmed earnings guidance for the year 2013. The company expects recurring revenue growth between 4.9% to 5.2%. Free cash flow before special items expected to be in the range of $375 million to $425 million and steady-state free cash flow before special items between $950 million to $1.0 billion.
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Industry Analysis
ADT
Industry Average
| Valuation | ADT | Industry Range |
| Price/Earnings | 24.1x |
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| Price/Sales | 2.9x |
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| Price/Book | 2.0x |
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| Price/Cash Flow | 22.5x |
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| TEV/Sales | 1.7x |
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