EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

Exhibit 99.1

     
Teleflex ®
  NEWS
155 South Limerick Road, Limerick, PA 19468 USA - Phone: 610-948-5100 — Fax: 610-948-0811
 
Contact:Julie McDowell
Senior Vice President
Corporate Communications
610-948-2836
     
FOR IMMEDIATE RELEASE
  July 29, 2008

TELEFLEX REPORTS STRONG SECOND QUARTER 2008 RESULTS
RAISES FULL YEAR 2008 OUTLOOK

Second Quarter Diluted EPS from Continuing Operations Excluding Special Items of $1.05 per
share, up 18%
Second Quarter Income from Continuing Operations of $38 million or $0.95 per diluted share
Second Quarter Medical Core Revenue Growth of 3%

Raises Full Year 2008 Outlook for Diluted EPS from Continuing Operations Excluding Special Items
to $3.90 to $4.00 per share, on a GAAP basis $3.28 to $3.45 per share

Limerick, PA — Teleflex Incorporated (NYSE: TFX) today announced strong financial results for the second quarter ended June 29, 2008 and raised its full year financial outlook.

Second Quarter Financial Highlights
For the second quarter, Teleflex reported revenues from continuing operations of $624.1 million up 38% when compared to the second quarter of 2007. Revenue growth from acquisitions was 34% and the positive impact of currency was 4%. Core revenue growth of 3% for the Medical Segment and 5% for the Aerospace Segment was offset by a decline in revenues for the Commercial Segment.

Income from continuing operations, excluding special charges, rose to $41.9 million, or $1.05 per diluted share compared to $35.4 million or $0.89 per diluted share in the prior year quarter. As noted in the reconciliation table below, the second quarter of 2008 included restructuring and transaction-related charges, net of tax, of $4.1 million or $0.10 per diluted share, primarily related to the acquisition of Arrow International (Arrow). Net income from continuing operations for the quarter increased 14% to $37.8 million or $0.95 per diluted share compared to $33.2 million or $0.84 per diluted share in the prior year.

“We are pleased with our second quarter and year to date financial results as both our Medical and Aerospace segments delivered strong financial performances and the Commercial Segment managed well in challenging market conditions,” said Jeffrey P. Black, chairman and chief executive officer of Teleflex. “During the quarter we benefited from sales growth in international markets, continued operating margin expansion, and achieved operational efficiencies related to the integration of Arrow and other actions. We delivered these results despite additional spending required to accelerate our compliance program in Medical and positioned ourselves to enhance our research and development efforts.”

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“The changes that we made to our portfolio last year continue to deliver results and provide us with a more favorable business and product mix. Looking ahead to the second half of the year, we expect to build on the strong first half and benefit from sales initiatives and integration synergies in our Medical Segment, and solid performance in the Aerospace Segment.”

Second Quarter Business Segment Commentary

Medical Segment
Medical Segment revenues in the quarter increased 70% to $384.3 million from $226.4 million. The increase resulted primarily from acquisitions, net of dispositions, which accounted for 61% of revenue growth, and from a favorable currency impact of 6%. Core revenue growth was 3% when compared with the prior year second quarter. Core revenue growth was largely the result of higher sales volume for critical care and surgical products in Europe and Asia and increased sales of devices sold to original equipment manufacturers (OEM’s).

The acquisition of Arrow resulted in a contribution of $139.0 million to Medical Segment revenues in the second quarter of 2008. Sales of Arrow critical care and cardiac care products grew 6% over the prior year.

Adjusted segment operating profit (excluding acquisition related charges) rose to $74.2 million from $43.2 million. Adjusted segment operating margins in the quarter were 19.3%. A reconciliation of adjusted segment operating profit and margin to the nearest GAAP measures is provided in the table below under “Additional Notes.”

Medical Segment sales by product group were comprised of the following:

                         
    Three Months Ended   Three Months Ended*   Change
    June 29, 2008   July 1, 2007        
    (Dollars in millions)        
Critical Care
  $ 243.3     $ 115.9       110 %
Surgical
    77.5       71.7       8 %
Cardiac Care
    19.1       ¯       100 %
OEM
    40.8       35.7       14 %
Other
    3.6       3.1       16 %
 
                       
Total Sales
  $ 384.3     $ 226.4       70 %
 
                       

Critical care product sales increased primarily on the acquisition of Arrow which expanded the company’s vascular access and regional anesthesia product lines and contributed $119.9 million to the critical care category during the second quarter. Sales also benefited from favorable currency and higher sales volume for respiratory and urology products in Europe and in our Asia/Latin America business.

Surgical sales grew 8% in the second quarter, benefiting from favorable currency translation and increased volume in European markets which was partially offset by declines in surgical device sales in North America.

Sales of cardiac care products, acquired in the Arrow acquisition, added $19.1 million in revenues for this product category during the second quarter.

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Sales to OEM’s grew 14% on higher volumes for specialty suture products and a significant increase in sales of orthopedic instrumentation and devices when compared to the prior year quarter.

Aerospace Segment
Aerospace Segment revenues grew 21% to $130.1 million from $107.3 million in the same period last year. Core revenues grew 5%. A significant increase in unit volume for narrow-body cargo-loading systems, cargo aftermarket spare components and repairs more than offset lower volumes for cargo containers and actuators when compared to the prior year. The acquisition of Nordisk Aviation Products which expanded the cargo- handling system business contributed 12% to revenue growth with favorable currency translation contributing 4%.

Segment operating profit increased 40% in the quarter to $16.8 million from $12.0 million principally due to the impact of improved mix of engine repairs compared to lower margin replacement parts, consolidation of operations, phasing out of lower margin product lines in the repair services business in 2007 and contribution from the Nordisk acquisition.

Commercial Segment
Commercial Segment revenues declined 8% to $109.6 million from $118.5 million in the same period last year. Core growth in sales of rigging services products of 12% were more than offset by a decline in marine and power systems revenues. Core revenues for Commercial overall declined 11%. An acquisition in rigging services contributed 3% to revenue growth and currency translation contributed 1%, which was offset by a 1% decline from dispositions.

During the second quarter of 2008, operating profit in the Commercial Segment declined 7%, to $9.5 million from $10.2 million, principally due to lower volumes in the marine and power systems businesses and unfavorable currency impact, partially offset by volume increases and favorable product mix in the rigging services business compared to the prior year quarter.

Six Month Results
For the first six months, Teleflex revenues from continuing operations increased 38% to $1.2 billion from $0.9 billion when compared to 2007. Income from continuing operations excluding special charges increased 10% to $75.5 million or $1.90 per diluted share, compared to $68.9 million or $1.74 per diluted share in the prior year period. As noted in the reconciliation table below, the first six months of 2008 included restructuring and transaction-related charges of $14.8 million or $0.37 per diluted share, primarily related to the acquisition of Arrow International. Net income from continuing operations for the first six months declined to $60.7 million or $1.53 per diluted share compared to $67.1 million or $1.70 per diluted share in the prior year.

Cash flow from operations for the first six months totaled $112 million, excluding tax payments of approximately $90 million related to the 2007 gain on the sale of the automotive and industrial businesses in the Commercial Segment. This reflects a 5% increase compared to cash flow from operations of $107 million in the prior year first six months.

Business Outlook for 2008
The company raised its full year 2008 guidance from continuing operations to $3.90 to $4.00 per diluted share, excluding special charges, an increase of 20% to 23% compared to prior year. Special charges for 2008 are expected to be in the range of $0.55 to $0.62 per diluted share. This compares to the company’s previous guidance of $3.70 to $3.90 per diluted share excluding special charges which were expected to be in the range of $0.60 to $0.67. The company expects cash flow from operations for the full year to be approximately $260 million, exclusive of tax payments related to the 2007 gain from the divestiture of the company’s automotive and industrial businesses.

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Second Quarter Conference Call Webcast and Additional Information
As previously announced, Teleflex will comment on its second quarter results on a conference call to be held Tuesday, July 29, 2008, at 9:00 a.m. (ET). The call will be available live and archived on the company’s website at www.teleflex.com and accompanying presentations will be posted prior to the call. An audio replay will be available until August 3, 2008 by calling 888-286-8010 (U.S./Canada) or 617-801-6888 (International), Passcode: 19203250.

Additional Notes:
Core growth includes activity of a purchased company beyond the initial twelve months after the date of acquisition. Core growth excludes the impact of translating the results of international subsidiaries at different currency exchange rates from year to year, and the activity of companies that have been divested within the most recent twelve month period.

Certain financial information is presented on a rounded basis, which may cause minor differences.

Segment operating profit is defined as a segment’s revenues reduced by its materials, labor, and other product costs along with the segment’s selling, engineering, and administrative expenses and minority interest. Unallocated corporate expenses, restructuring costs, gain or loss on the sale of assets, acquisition integration costs, fair market value adjustments for inventory, interest income and expense and taxes on income are excluded from the measure.

• Arrow International was acquired on October 1, 2007.

Notes on Non-GAAP Financial Measures
This press release addresses certain non-GAAP income measures.  We use these financial measures for internal managerial purposes, when publicly providing guidance on possible future results, and as a means to evaluate period-to-period comparisons. These financial measures are presented in addition to results presented in accordance with GAAP and should not be relied upon as a substitute for GAAP financial measures.

This press release includes financial measures which exclude the effect of charges associated with our restructuring programs, charges related to the Arrow acquisition, and loss on sale of assets and other charges. Management believes these measures are useful to investors because they eliminate accounting charges that do not reflect Teleflex’s day-to-day operations. Tables reconciling these non-GAAP measures to the most directly comparable GAAP measures are set forth below.

                                                                 
    Three Months Ended           Three Months Ended
    June 29, 2008           July 1, 2007
    Continuing Operations        Continuing Operations
            (dollars in thousands, except per share)        
Income and diluted earnings per share
  $         37,788             $ 0.95             $ 33,246             $ 0.84  
Restructuring and impairment charges
            2,591                               1,081                  
Income tax benefit
            (844 )                             (324 )                
 
                                                               
Restructuring and impairment charges, net of tax
            1,747               0.04               757               0.02  
 
                                                               
Losses and other charges (A)
            3,547                               2,121                  
Income tax benefit
            (1,190 )                             (761 )                
 
                                                               
Losses and other charges, net of tax
            2,357               0.06               1,360               0.03  
 
                                                               
Income and diluted earnings per share excluding restructuring and impairment charges and losses and other charges
  $         41,892              $ 1.05             $ 35,363              $ 0.89  
 
                                                               

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    Six Months Ended           Six Months Ended
    June 29, 2008           July 1, 2007
    Continuing Operations        Continuing Operations
            (dollars in thousands, except per share)        
Income and diluted earnings per share
  $         60,731             $ 1.53             $ 67,077             $ 1.70  
Restructuring and impairment charges
            11,447                               1,522                  
Income tax benefit
            (3,666 )                             (525 )                
 
                                                               
Restructuring and impairment charges, net of tax
            7,781               0.20               997               0.03  
 
                                                               
Losses and other charges (A)
            3,841                               1,328                  
Income tax benefit
            (1,265 )                             (477 )                
 
                                                               
Losses and other charges, net of tax
            2,576               0.06               851               0.02  
 
                                                               
Fair market value inventory adjustment (B)
            6,936                                                
Income tax benefit
            (2,487 )                                              
 
                                                               
Fair market value inventory adjustment, net of tax
            4,449               0.11                              
Income and diluted earnings per share excluding restructuring and impairment charges, losses and other charges and fair market value inventory adjustment
  $         75,537              $ 1.90             $ 68,925              $ 1.74  
 
                                                               

(A) In 2008, losses and other charges principally relate to restructuring related costs associated with the Arrow acquisition. In 2007, losses and other charges reflect a loss on sale of assets.
(B) The fair market value inventory adjustment reflects the absorption of the residual Arrow inventory purchase price adjustment from acquisition date.

Adjusted Medical Segment Operating Profit and Margins

                 
    Three Months Ended   Three Months Ended
    June 29, 2008   July 1, 2007
    (dollars in thousands)
Medical Segment operating profit as reported
  $ 70,652     $ 43,218  
Medical Segment operating margin as reported
    18.4 %     19.1 %
Add: Integration costs not qualified for restructuring
    3,547       ¯  
 
               
Adjusted Medical Segment operating profit
  $ 74,199     $ 43,218  
Adjusted Medical Segment operating margin
    19.3 %     19.1 %

YTD Reconciliation of Teleflex Cash Flow from Operations

                 
    Six Months Ended   Six Months Ended
    June 29, 2008   July 1, 2007
    (dollars in thousands)
Cash flow from operations as reported
  $ 21,955     $ 106,991  
Add: Tax payments on gain on sale of automotive and industrial businesses in December 2007
    90,235       ¯  
 
               
Adjusted cash flow from operations
  $ 112,190     $ 106,991  
 
               

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About Teleflex Incorporated
Teleflex is a diversified company that designs, manufactures and distributes quality engineered products and services for the medical, aerospace and commercial markets worldwide. Teleflex employs approximately 14,000 people worldwide who focus on providing innovative solutions for customers. Additional information about Teleflex can be obtained from the company’s website at www.teleflex.com.

Caution Concerning Forward-looking Information
This press release contains forward-looking statements, including, but not limited to, statements relating to our forecast of diluted earnings per share from continuing operations excluding special charges; expected range of special charges for 2008; and expected cash flow from operations exclusive of tax payments.  Actual results could differ materially from those in these forward-looking statements due to, among other things, conditions in the end markets we serve, customer reaction to new products and programs, our ability to achieve sales growth, price increases or cost reductions; our ability to realize efficiencies; changes in material costs and surcharges; unanticipated difficulties in connection with consolidation of manufacturing and administrative functions; unanticipated difficulties, expenditures and delays in connection with the integration of Arrow International, including delays in the implementation of integration programs and adverse customer and shareholder reaction; unanticipated difficulties, expenditures and delays in complying with government regulations applicable to our businesses, including unanticipated costs and difficulties in connection with the resolution of issues related to the FDA corporate warning letter issued to Arrow; our ability to meet our debt obligations; changes in general and international economic conditions; and other factors described in Teleflex’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10K.

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TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

                                         
    Three Months Ended
    June 29,                   July 1,
    2008                   2007
    (Dollars and shares in thousands, except per share)
Net revenues.................................................................................................
  $         624,085             $         452,317  
Materials, labor and other product costs..................................................................
            365,436                       288,987  
 
                                       
Gross profit..................................................................................................
            258,649                       163,330  
Selling, engineering and administrative expenses.......................................................
            162,850                       103,558  
Restructuring and impairment charges.....................................................................
            2,591                       1,081  
Net loss on sales of businesses and assets..................................................
                                  2,121  
 
                                       
Income from continuing operations before interest, taxes and minority interest.................
            93,208                       56,570  
Interest expense.............................................................................................
            31,383                       9,509  
Interest income.............................................................................................
            (465 )                     (2,059 )
Income from continuing operations before taxes and minority interest.............................
            62,290                       49,120  
Taxes on income from continuing operations.............................................................
            15,404                       9,166  
 
                                       
Income from continuing operations before minority interest.............................................
            46,886                       39,954  
Minority interest in consolidated subsidiaries, net of tax...............................................
            9,098                       6,708  
 
                                       
Income from continuing operations............................................................
            37,788                       33,246  
 
                                       
Operating (loss) income from discontinued operations ................................................
            (4,808 )                     93,217  
Taxes (benefit) on income (loss) from discontinued operations.......................................
            (1,963 )                     32,602  
 
                                       
(Loss) income from discontinued operations...........................................................
            (2,845 )                     60,615  
 
                                       
Net income............................................................................................... .......
          $ 34,943                     $ 93,861  
 
                                       
Earnings per share:
                                       
Basic:
                                       
Income from continuing operations.......................................................... .......
          $ 0.96                     $ 0.85  
(Loss) income from discontinued operations...................................................... .
            (0.07 )                     1.55  
 
                                       
Net income ..........................................................................................
          $ 0.88                     $ 2.39  
 
                                       
Diluted:
                                       
Income from continuing operations.......................................................... .......
          $ 0.95                     $ 0.84  
(Loss) income from discontinued operations...................................................... .
            (0.07 )                     1.53  
 
                                       
Net income ..........................................................................................
          $ 0.88                     $ 2.37  
 
                                       
 
                                       
Dividends per share..........................................................................................
          $ 0.34                     $ 0.32  
Weighted average common shares outstanding:
                                       
Basic.................................................................................................... ....
            39,562                       39,221  
Diluted................................................................................................ ...
            39,831                       39,678  

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TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

                                         
    Six Months Ended
    June 29,                   July 1,
    2008                   2007
    (Dollars and shares in thousands, except per share)
Net revenues.................................................................................................
  $         1,228,605             $         892,657  
Materials, labor and other product costs..................................................................
            737,101                       567,879  
 
                                       
Gross profit..................................................................................................
            491,504                       324,778  
Selling, engineering and administrative expenses.......................................................
            314,718                       201,865  
Restructuring and impairment charges.....................................................................
            11,447                       1,522  
Net loss on sales of businesses and assets..................................................
            18                       1,328  
 
                                       
Income from continuing operations before interest, taxes and minority interest.................
            165,321                       120,063  
Interest expense.............................................................................................
            62,473                       18,677  
Interest income.............................................................................................
            (1,507 )                     (3,323 )
Income from continuing operations before taxes and minority interest.............................
            104,355                       104,709  
Taxes on income from continuing operations.............................................................
            27,472                       23,816  
 
                                       
Income from continuing operations before minority interest.............................................
            76,883                       80,893  
Minority interest in consolidated subsidiaries, net of tax...............................................
            16,152                       13,816  
 
                                       
Income from continuing operations............................................................
            60,731                       67,077  
 
                                       
Operating (loss) income from discontinued operations ................................................
            (4,808 )                     110,970  
Taxes (benefit) on income (loss) from discontinued operations........................................
            (1,963 )                     39,912  
 
                                       
(Loss) income from discontinued operations...........................................................
            (2,845 )                     71,058  
 
                                       
Net income............................................................................................... .......
          $ 57,886             $         138,135  
 
                                       
Earnings per share:
                                       
Basic:
                                       
Income from continuing operations.......................................................... .......
          $ 1.54                     $ 1.71  
(Loss) income from discontinued operations...................................................... .
            (0.07 )                     1.82  
 
                                       
Net income ..........................................................................................
          $ 1.47                     $ 3.53  
 
                                       
Diluted:
                                       
Income from continuing operations.......................................................... .......
          $ 1.53                     $ 1.70  
(Loss) income from discontinued operations...................................................... .
            (0.07 )                     1.80  
 
                                       
Net income ..........................................................................................
          $ 1.46                     $ 3.49  
 
                                       
 
                                       
Dividends per share..........................................................................................
          $ 0.660                     $ 0.605  
Weighted average common shares outstanding:
                                       
Basic.................................................................................................... ....
            39,508                       39,126  
Diluted................................................................................................ ...
            39,770                       39,540  

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TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

                                         
    June 29,           December 31,
    2008           2007
    (Dollars in thousands)
ASSETS
                                       
Current assets
                                       
Cash and cash equivalents............................................................... ..........
          $ 103,242                     $ 201,342  
Accounts receivable, net........................................................................... .
            361,876                       341,963  
Inventories............................................................... ............................
            420,365                       419,188  
Prepaid expenses........................................................................ .........
            28,875                       31,051  
Income taxes receivable................................................................ ......
            46,631                        
Deferred tax assets............................................................................ ...
            50,725                       12,025  
Assets held for sale................................................................................
            3,204                       4,241  
 
                                       
Total current assets............................................................... ............
            1,014,918                       1,009,810  
Property, plant and equipment, net...................................................................
            428,964                       430,976  
Goodwill.................................................................................... .............
            1,508,797                       1,502,256  
Intangibles and other assets...........................................................................
            1,183,626                       1,211,172  
Investments in affiliates.............................................................................. .
            28,451                       26,594  
Deferred tax assets....................................................................................
            6,364                       7,189  
 
                                       
Total assets............................................................... .....................
  $         4,171,120             $         4,187,997  
 
                                       
LIABILITIES AND SHAREHOLDERS’ EQUITY
                                       
Current liabilities
                                       
Current borrowings............................................................ .....................
          $ 172,491                     $ 185,129  
Accounts payable........................................................................... ......
            150,221                       133,654  
Accrued expenses........................................................................ .........
            175,211                       180,110  
Payroll and benefit-related liabilities............................................................
            79,994                       84,251  
Income taxes payable........................................................................... ...
            20,673                       85,805  
Deferred tax liabilities......................................................... .....................
            18,043                       21,733  
Total current liabilities................................................ .........................
            616,633                       690,682  
Long-term borrowings.............................................................................. ...
            1,473,545                       1,499,130  
Deferred tax liabilities................................................................... ...............
            402,518                       379,467  
Pension and postretirement benefit liabilities.......................................................
            78,694                       78,910  
Other liabilities........................................................................... ............
            171,181                       168,782  
 
                                       
Total liabilities................................................ .................................
            2,742,571                       2,816,971  
Minority interest in equity of consolidated subsidiaries..........................................
            34,065                       42,183  
Commitments and contingencies
                                       
Shareholders’ equity....................................................................................
            1,394,484                       1,328,843  
 
                                       
Total liabilities and shareholders’ equity....................................................
  $         4,171,120             $         4,187,997  
 
                                       

(MORE)

TELEFLEX INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

                                         
    Six Months Ended
    June 29,           July 1,
    2008       2007
    (Dollars in thousands)
Cash Flows from Operating Activities of Continuing Operations:
                                       
Net income..............................................................................................
          $ 57,886             $         138,135  
Adjustments to reconcile net income to net cash provided by operating activities:
                                       
Loss (income) from discontinued operations..................................................
            2,845                       (71,058 )
Depreciation expense..............................................................................
            33,711                       23,391  
Amortization expense of intangible assets....................................................
            23,587                       5,725  
Amortization expense of deferred financing costs...........................................
            2,510                       560  
Stock-based compensation.......................................................................
            4,241                       4,205  
Net loss on sales of businesses and assets.......................................................
            18                       1,328  
Minority interest in consolidated subsidiaries.................................................
            16,152                       13,816  
Other................................................................................................
            978                       (394 )
Net change in operating assets and liabilities, net of effects of acquisitions...............
            (119,973 )                     (8,717 )
 
                                       
Net cash provided by operating activities from continuing operations..................
            21,955                       106,991  
 
                                       
 
                                       
Cash Flows from Financing Activities of Continuing Operations:
                                       
Proceeds from long-term borrowings...............................................................
                                  20,000  
Repayments of long-term borrowings...............................................................
            (38,983 )                     (20,154 )
Decrease in notes payable and current borrowings.................................................
            (1,340 )                     (8,425 )
Proceeds from stock compensation plans.........................................................
            5,586                       20,459  
Payments to minority interest shareholders......................................................
            (24,942 )                      
Dividends.............................................................................................
            (26,086 )                     (23,711 )
 
                                       
Net cash used in financing activities from continuing operations..................
            (85,765 )                     (11,831 )
 
                                       
 
                                       
Cash Flows from Investing Activities of Continuing Operations:
                                       
Expenditures for property, plant and equipment...................................................
            (17,805 )                     (20,540 )
Payments for businesses acquired..................................................................
            (5,673 )                     (43,900 )
Proceeds from sales of businesses and assets.......................................................
                                  143,260  
Purchase of intellectual property (intangibles)...................................................
            (410 )                      
Investments in affiliates...............................................................................
            (250 )                     (5,730 )
Net cash (used in) provided by investing activities from continuing operations......
            (24,138 )                     73,090  
 
                                       
Cash Flows from Discontinued Operations:
                                       
Net cash (used in) provided by operating activities..............................
            (5,616 )                     32,919  
Net cash used in financing activities.................................................................
                                  (576 )
Net cash used in investing activities..................................................................
                                  (8,666 )
Net cash (used in) provided by discontinued operations.................................
            (5,616 )                     23,677  
 
                                       
Effect of exchange rate changes on cash and cash equivalents....................................
            (4,536 )                     4,332  
 
                                       
Net (decrease) increase in cash and cash equivalents..................................................
            (98,100 )                     196,259  
Cash and cash equivalents at the beginning of the period.............................................
            201,342                       248,409  
 
                                       
Cash and cash equivalents at the end of the period....................................................
          $ 103,242             $         444,668  
 
                                       
 
                                       

(MORE)

TELEFLEX INCORPORATED AND SUBSIDIARIES
SUMMARY OF SEGMENT RESULTS
(Unaudited)

                                         
    Three Months Ended
    June 29,                   July 1,
    2008                   2007
    (Dollars in thousands)
Segment net revenues:
                                       
Medical....................................................................................... ............
  $         384,335             $         226,428  
Aerospace................................................................................. ...............
            130,140                       107,347  
Commercial.............................................................................. ...............
            109,610                       118,542  
 
                                       
Total segment net revenues..................................................................... ....
            624,085                       452,317  
 
                                       
Segment operating profit (1):
                                       
Medical....................................................................................... ............
            70,652                       43,218  
Aerospace................................................................................. ...............
            16,844                       12,044  
Commercial.............................................................................. ...............
            9,460                       10,178  
 
                                       
Total segment operating profit.....................................................................
            96,956                       65,440  
Corporate expenses................................................................................ .............
            10,255                       12,376  
Net loss on sales of businesses and assets...............................................................
                                  2,121  
Restructuring and impairment charges.....................................................................
            2,591                       1,081  
Minority interest in consolidated subsidiaries (2).........................................................
            (9,098 )                     (6,708 )
 
                                       
Income from continuing operations before interest, taxes and minority interest..................
          $ 93,208                     $ 56,570  
 
                                       

(1)   Segment operating profit includes a segment’s net revenues reduced by its materials, labor and other product costs along with the segment’s selling, engineering and administrative expenses and minority interest. Unallocated corporate expenses, gain on sales of assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

(2)   Minority interest in consolidated subsidiaries is included in segment operating profit presented above and must be removed in order to calculate income from continuing operations before interest, taxes and minority interest, as presented on the Company’s condensed consolidated statements of income for the three months ended June 29, 2008 and July 1, 2007, respectively.

(MORE)

TELEFLEX INCORPORATED AND SUBSIDIARIES
SUMMARY OF SEGMENT RESULTS
(Unaudited)

                                                 
            Six Months Ended
            June 29,                   July 1,
            2008                   2007
            (Dollars in thousands)
Segment net revenues:
                                                
Medical....................................................................................... ............
                  $ 758,392             $         453,317  
Aerospace................................................................................. ...............
                    258,838                       217,604  
Commercial.............................................................................. ...............
                    211,375                       221,736  
 
                                               
Total segment net revenues..................................................................... ....
                    1,228,605                       892,657  
 
                                               
Segment operating profit (1):
                                               
Medical....................................................................................... ............
                    141,564                       91,827  
Aerospace................................................................................. ...............
                    29,126                       24,630  
Commercial.............................................................................. ...............
                    12,307                       15,706  
 
                                               
Total segment operating profit.....................................................................
                     182,997                       132,163  
Corporate expenses................................................................................ .............
                     22,363                       23,066  
Net loss on sales of businesses and assets...............................................................
                    18                       1,328  
Restructuring and impairment charges.....................................................................
                     11,447                       1,522  
Minority interest in consolidated subsidiaries (2).........................................................
                    (16,152 )                     (13,816 )
 
                                               
Income from continuing operations before interest, taxes and minority interest..................
                   $ 165,321             $         120,063  
 
                                               

(1)   Segment operating profit includes a segment’s net revenues reduced by its materials, labor and other product costs along with the segment’s selling, engineering and administrative expenses and minority interest. Unallocated corporate expenses, gain on sales of assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

(2)   Minority interest in consolidated subsidiaries is included in segment operating profit presented above and must be removed in order to calculate income from continuing operations before interest, taxes and minority interest, as presented on the Company’s condensed consolidated statements of income for the six months ended June 29, 2008 and July 1, 2007, respectively.

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