EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1
                                         
               Exhibit 99.1
Teleflex Incorporated
                                        
Pro forma Segment Results of Operations
           2004 - (Unaudited)
        
             
Restated to Reflect Discontinued Operations
                           YTD
 
             Q1       Q2       Q3       Q3  
Revenues
                                        
   Commercial
   $ 313,347     $ 322,568     $ 267,620     $ 903,535  
   Medical
     150,600       158,245       204,824       513,669  
   Aerospace
     136,590       136,168       125,785       398,543  
 
                                        
 
           $ 600,537     $ 616,981     $ 598,229     $ 1,815,747  
 
                                        
Operating profit (*)
                                        
   Commercial
   $ 31,716     $ 36,201     $ 16,542     $ 84,459  
   Medical
     22,906       26,498       30,465       79,869  
   Aerospace
     1,613       (4,579 )     3,519       553  
 
                                        
 
             56,235       58,120       50,526       164,881  
   Corporate expenses
     6,561       6,527       7,585       20,673  
   Gain (loss) on sale of businesses and assets
     —       (5,083 )     563       (4,520 )
 
                                        
Income before interest and taxes
             49,674       56,676       42,378       148,728  
   Interest expense
     6,775       6,145       12,590       25,510  
 
                                        
Income before taxes from continuing operations
     42,899       50,531       29,788       123,218  
   Taxes on income from continuing operations
     11,211       13,859       5,534       30,604  
 
                                        
Net income from continuing operations
     31,688       36,672       24,254       92,614  
 
                                        
Operating loss from discontinued operations
     (1,966 )     (3,080 )     (8,646 )     (13,692 )
Taxes on earnings from discontinued operations
     250       (573 )     (1,885 )     (2,208 )
 
                                        
Net income
           $ 29,472     $ 34,165     $ 17,493     $ 81,130  
 
                                        
Earnings per share:
                                        
Basic:
                                        
   Earnings from continuing operations
     0.80       0.91       0.60       2.31  
   Loss from discontinued operations
     (0.06 )     (0.06 )     (0.17 )     (0.29 )
 
                                        
Net earnings
             0.74       0.85       0.43       2.02  
Diluted:
                                        
   Earnings from continuing operations
     0.79       0.90       0.60       2.29  
   Loss from discontinued operations
     (0.06 )     (0.06 )     (0.17 )     (0.29 )
 
                                        
Net earnings
             0.73       0.84       0.43       2.00  
Average number of common and common equivalent
                                
shares outstanding
                                        
Basic
             39,990       40,195       40,273       40,153  
Diluted
             40,457       40,538       40,414       40,470  

      (*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain (loss) on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.

These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.

1

                                                 
   Teleflex Incorporated
                                        
   Pro forma Segment Results of Operations
                   2003 - (Unaudited)                
             
   Restated to Reflect Discontinued Operations
                                   Full
 
             Q1       Q2       Q3       Q4     Year
Revenues
                                                
   Commercial
   $ 267,323     $ 286,603     $ 252,027     $ 283,591     $ 1,089,544  
   Medical
     118,145       129,679       139,644       147,243       534,711  
   Aerospace
     128,265       130,061       131,965       138,309       528,600  
 
                                                
 
           $ 513,733     $ 546,343     $ 523,636     $ 569,143     $ 2,152,855  
 
                                                
Operating profit (*)
                                                
   Commercial
   $ 29,440     $ 33,664     $ 19,359     $ 28,990     $ 111,453  
   Medical
     19,047       21,576       20,992       23,740       85,355  
   Aerospace
     1,913       1,940       469       4,917       9,239  
 
                                                
 
             50,400       57,180       40,820       57,647       206,047  
   Corporate expenses
     5,055       4,981       5,387       6,041       21,464  
   Gain on sale of businesses and assets
     (3,068 )     —       —       —       (3,068 )
 
                                                
Income before interest and taxes
             48,413       52,199       35,433       51,606       187,651  
   Interest expense
     6,565       6,610       6,580       6,582       26,337  
 
                                                
Income before taxes from continuing operations
     41,848       45,589       28,853       45,024       161,314  
   Taxes on income from continuing operations
     12,171       13,015       7,364       10,562       43,112  
 
                                                
Net income from continuing operations
     29,677       32,574       21,489       34,462       118,202  
 
                                                
Operating loss from discontinued operations
     (313 )     (759 )     (3,544 )     (5,207 )     (9,823 )
Taxes on earnings from discontinued operations
     123       (20 )     (277 )     (550 )     (724 )
 
                                                
Net income
           $ 29,241     $ 31,835     $ 18,222     $ 29,805     $ 109,103  
 
                                                
Earnings per share:
                                                
Basic:
                                                
   Earnings from continuing operations
     0.75       0.83       0.54       0.87       2.99  
   Loss from discontinued operations
     (0.01 )     (0.02 )     (0.08 )     (0.12 )     (0.23 )
 
                                                
Net earnings
             0.74       0.81       0.46       0.75       2.76  
Diluted:
                                                
   Earnings from continuing operations
     0.75       0.82       0.53       0.86       2.96  
   Loss from discontinued operations
     (0.01 )     (0.02 )     (0.08 )     (0.12 )     (0.23 )
 
                                                
Net earnings
             0.74       0.80       0.45       0.74       2.73  
Average number of common and common equivalent
                                        
shares outstanding
                                                
Basic
             39,446       39,539       39,655       39,751       39,598  
Diluted
             39,700       39,837       40,072       40,157       39,942  

      (*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.

These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.

2

                                                 
Teleflex Incorporated
                                                
Pro forma Segment Results of Operations
           2002 - (Unaudited)
                
             
Restated to Reflect Discontinued Operations
                                   Full
 
             Q1       Q2       Q3       Q4     Year
Revenues
                                                
   Commercial
   $ 237,350     $ 263,758     $ 236,274     $ 234,748     $ 972,130  
   Medical
     107,303       113,473       112,223       115,678       448,677  
   Aerospace
     135,341       141,185       133,899       131,630       542,055  
 
                                                
 
           $ 479,994     $ 518,416     $ 482,396     $ 482,056     $ 1,962,862  
 
                                                
Operating profit (*)
                                                
   Commercial
   $ 25,996     $ 30,301     $ 19,820     $ 25,142     $ 101,259  
   Medical
     17,367       18,394       17,617       18,935       72,313  
   Aerospace
     11,429       10,888       7,954       3,905       34,176  
 
                                                
 
             54,792       59,583       45,391       47,982       207,748  
   Corporate expenses
     4,570       4,613       4,893       4,828       18,904  
   Gain on sale of businesses and assets
     —       —       —       (10,085 )     (10,085 )
 
                                                
Income before interest and taxes
             50,222       54,970       40,498       53,239       198,929  
   Interest expense
     6,036       6,239       6,280       6,468       25,023  
 
                                                
Income before taxes from continuing operations
     44,186       48,731       34,218       46,771       173,906  
   Taxes on income from continuing operations
     13,537       14,764       7,323       12,104       47,728  
 
                                                
Net income from continuing operations
             30,649       33,967       26,895       34,667       126,178  
 
                                                
Operating (loss) profit from discontinued operations
     (292 )     (617 )     (1,078 )     569       (1,418 )
Taxes on earnings from discontinued operations
     (61 )     (186 )     (463 )     204       (506 )
 
                                                
Net income
           $ 30,418     $ 33,536     $ 26,280     $ 35,032     $ 125,266  
 
                                                
Earnings per share:
                                                
Basic:
                                                
   Earnings from continuing operations
     0.79       0.86       0.68       0.88       3.21  
   (Loss) income from discontinued operations
     (0.01 )     (0.01 )     (0.01 )     0.01       (0.02 )
 
                                                
Net earnings
             0.78       0.85       0.67       0.89       3.19  
Diluted:
                                                
   Earnings from continuing operations
     0.77       0.85       0.68       0.87       3.17  
   (Loss) income from discontinued operations
     —       (0.01 )     (0.02 )     0.01       (0.02 )
 
                                                
Net earnings
             0.77       0.84       0.66       0.88       3.15  
Average number of common and common equivalent
                                        
shares outstanding
                                                
Basic
             39,038       39,241       39,341       39,384       39,251  
Diluted
             39,638       39,968       39,820       39,717       39,786  

      (*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.

These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.

3