EX-99.2 3 w11149exv99w2.htm PRO FORMA SEGMENT RESULTS OF OPERATIONS TO REFLECT DISCONTINUED OPERATIONS exv99w2
 

Exhibit 99.2
Teleflex Incorporated
Pro forma Segment Results of Operations
To Reflect Discontinued Operations
                                                                 
    2004 - (Unaudited)     2005 - (Unaudited)  
                                    Full                    
    Q1     Q2     Q3     Q4     Year     Q1     Q2     YTD  
Revenues
                                                               
Commercial
  $ 313,347     $ 322,568     $ 267,620     $ 297,313     $ 1,200,848     $ 303,808     $ 314,706     $ 618,514  
Medical
    149,043       156,846       203,333       231,008       740,230       210,844       218,906       429,750  
Aerospace
    115,742       113,697       105,858       117,914       453,211       109,891       124,347       234,238  
 
                                               
 
  $ 578,132     $ 593,111     $ 576,811     $ 646,235     $ 2,394,289     $ 624,543     $ 657,959     $ 1,282,502  
 
                                               
Operating profit (*)
                                                               
Commercial
  $ 31,716     $ 36,201     $ 16,542     $ 21,206     $ 105,665     $ 24,817     $ 25,361     $ 50,178  
Medical
    23,084       26,708       30,652       37,384       117,828       33,168       43,352       76,520  
Aerospace
    1,447       (5,515 )     2,512       (8,963 )     (10,519 )     1,963       6,570       8,533  
 
                                               
 
    56,247       57,394       49,706       49,627       212,974       59,948       75,283       135,231  
Corporate expenses
    6,561       6,527       7,585       11,215       31,888       6,955       6,165       13,120  
Minority interest in consolidated subsidiaries
    (4,112 )     (4,764 )     (4,457 )     (5,886 )     (19,219 )     (4,698 )     (5,181 )     (9,879 )
(Gain) loss on sale of businesses and assets
          (5,083 )     563       1,787       (2,733 )                  
Restructuring costs
                      67,618       67,618       7,294       6,653       13,947  
 
                                               
Income (loss) from continuing operations before interest, taxes and minority interest
    53,798       60,714       46,015       (25,107 )     135,420       50,397       67,646       118,043  
Interest expense, net
    6,775       6,145       12,590       11,608       37,118       11,088       10,565       21,653  
 
                                               
Income (loss) from continuing operations before taxes and minority interest
    47,023       54,569       33,425       (36,715 )     98,302       39,309       57,081       96,390  
Taxes (benefit) on income (loss) from continuing operations
    11,200       13,561       5,314       (16,837 )     13,238       9,563       13,585       23,148  
 
                                               
Income (loss) from continuing operations before minority interest
    35,823       41,008       28,111       (19,878 )     85,064       29,746       43,496       73,242  
Minority interest in consolidated subsidiaries
    4,112       4,764       4,457       5,886       19,219       4,698       5,181       9,879  
 
                                               
Income (loss) from continuing operations
    31,711       36,244       23,654       (25,764 )     65,845       25,048       38,315       63,363  
Operating income (loss) from discontinued operations
    (1,978 )     (2,354 )     (7,826 )     (57,268 )     (69,426 )     21,072       (13,708 )     7,364  
Taxes (benefit) from discontinued operations
    261       (275 )     (1,665 )     (11,419 )     (13,098 )     7,394       (4,366 )     3,028  
 
                                               
Net income (loss)
  $ 29,472     $ 34,165     $ 17,493     $ (71,613 )   $ 9,517     $ 38,726     $ 28,973     $ 67,699  
 
                                               
 
Earnings (losses) per share:
                                                               
Basic:
                                                               
Income (loss) from continuing operations
    0.79       0.90       0.59       (0.64 )     1.64       0.62       0.94       1.56  
Income (loss) from discontinued operations
    (0.06 )     (0.05 )     (0.15 )     (1.14 )     (1.40 )     0.34       (0.23 )     0.11  
 
                                               
Net income (loss)
    0.74       0.85       0.43       (1.77 )     0.24       0.96       0.71       1.67  
 
Diluted:
                                                               
Income (loss) from continuing operations
    0.78       0.89       0.59       (0.64 )     1.63       0.62       0.93       1.55  
Income (loss) from discontinued operations
    (0.06 )     (0.05 )     (0.15 )     (1.13 )     (1.39 )     0.34       (0.23 )     0.11  
 
                                               
Net income (loss)
    0.73       0.84       0.43       (1.77 )     0.24       0.95       0.71       1.66  
 
Average number of common and common equivalent shares outstanding:
                                                               
Basic
    39,990       40,195       40,273       40,361       40,205       40,453       40,635       40,544  
Diluted
    40,457       40,538       40,414       40,571       40,495       40,699       41,031       40,865  
 
(*)   Segment operating profit is defined as a segment’s revenues reduced by its materials, labor and other products costs along with the segment’s selling, engineering and administrative expenses and minority interest. Corporate expenses, (gain) loss on sale of businesses and assets, restructuring costs, interest expense and taxes are excluded from this measure.
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
Certain financial information is presented on a rounded basis, which may cause minor differences.