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"Too Late To Jump Back Into Tyco" (The Barker Portfolio, Oct. 27, 2003)


"Too late to jump back into Tyco" (The Barker Portfolio, Oct. 27) incorrectly presented the cash returns to a theoretical buyer of all of Tyco International Ltd (TYC). The free-cash-flow figure that was cited for Tyco's 2004 fiscal year should have excluded the interest expenses that a buyer of the entire company would not have to pay. In the correct analysis, Tyco might yield a cash return of 6.2%, not the 4.5% reported. Contrary to the conclusion drawn in the story, this compares favorably with the cash returns of two Tyco peers, Johnson & Johnson (JNJ) (4.3%) and 3M (MMM) (4.4%). Orlando Utilities Commission does not charge a $3 fee for on-time payments, as one reader suggested in a letter headed "Fees: Dunned if you do, dunned if you don't" (Readers Report, Oct. 27, in reply to "Fees. Fees. Fees!" Cover Story, Sept. 29). The OUC recently added a late-payment fee of 1.5%, or a minimum of $3, which applies only to past-due accounts. In "Turning on the tap for Wes Clark" (Washington Outlook, Oct. 20), Eli Pariser of MoveOn.org was identified as a supporter of Clark based on information obtained from the Wesley Clark for President Campaign. Pariser has not written a check to the Clark campaign. "Home sweet hotel" (Personal Business, Oct. 27) incorrectly said that nail clippers were not allowed on flights. The rule is that metal scissors with pointed tips are not allowed in carry-on luggage.


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