Tyco

(TYC)

said its loss narrowed in the fourth quarter from a year ago, despite massive charges for asset divestitures.

The company lost $297.1 million, or 15 cents a share, on revenues of $9.5 billion compared with a loss of $1.4 billion, or 72 cents a share, on sales of $9.4 billion in its 2002 fourth quarter.

Without $1.2 billion in charges, Tyco earned 34 cents a share, a penny better than analysts' estimates, according to Thomson First Call.

Tyco is operating under new management, following the indictment of its chief executive and chief financial officer on charges they looted the company.

The company said it produced cash from operating activities of $1.8 billion in the latest quarter and free cash flow of $1.4 billion, up from $900 million a year ago.