-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, k33DXWLh0KT+i9k1x2V1L0ii4ggkesOM+CU9xtRDWOgnyi4yoirPD4DN8E+nvPn1 qnNdjM0g3RGxgxqgOWwWSA== 0000893220-94-000243.txt : 19940511 0000893220-94-000243.hdr.sgml : 19940511 ACCESSION NUMBER: 0000893220-94-000243 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940327 FILED AS OF DATE: 19940510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEFLEX INC CENTRAL INDEX KEY: 0000096943 STANDARD INDUSTRIAL CLASSIFICATION: 3728 IRS NUMBER: 231147939 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-05353 FILM NUMBER: 94526943 BUSINESS ADDRESS: STREET 1: 630 W GERMANTOWN PK STE 450 STREET 2: SUITE 450 CITY: PLYMOUTH MEETING STATE: PA ZIP: 19462 BUSINESS PHONE: 2158346301 MAIL ADDRESS: STREET 1: 630 WEST GERMANTOWN PIKE STREET 2: SUITE 450 CITY: PLYMOUTH MEETING STATE: PA ZIP: 19462 10-Q 1 FORM 10-Q, TELEFLEX INCORPORATED 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 27, 1994 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from -------- to -------- Commission File Number 1-5353 TELEFLEX INCORPORATED -------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 23-1147939 - ------------------------ ------------------------------------ (State of Incorporation) (IRS Employer Identification Number) 630 West Germantown Pike, Suite 450 Plymouth Meeting, PA 19462 ----------------------------------------- --------- (Address of Principal Executive Office) (Zip Code) (610) 834-6301 -------------------------------------- (Telephone Number Including Area Code) None ----------------------------------------------------- (Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- Indicate the number of shares outstanding of each of the issuer's classes of Common Stock as of the latest practicable date. Class Outstanding at March 27, 1994 - ----------------------------- ------------------------------- Common Stock, $1.00 Par Value 17,140,450 2 Teleflex Incorporated Condensed Consolidated Balance Sheet (Dollars in Thousands) Assets Mar. 27, Dec. 26, 1994 1993 -------- -------- Current assets Cash and cash equivalents $4,377 $11,255 Accounts receivable less allowance for doubtful accounts 167,611 143,489 Inventories Raw materials and manufactured parts 69,387 67,979 Work-in-process and finished goods 87,597 91,308 Prepaid expenses 7,826 8,218 --------- --------- 336,798 322,249 Property, plant and equipment, at cost, less accumulated depreciation 258,358 261,421 Investments in affiliates 6,587 5,297 Intangibles and other assets 50,865 51,609 --------- --------- $652,608 $640,576 ========= ========= Liabilities and shareholders' equity Current liabilities Current portion of borrowings and demand loans $70,064 $70,739 Accounts payable and accrued expenses 78,149 77,259 Estimated income taxes payable 6,009 2,855 --------- --------- 154,222 150,853 Long-term borrowings 182,301 183,504 Deferred income taxes and other 36,454 36,429 --------- --------- 372,977 370,786 Shareholders' equity 279,631 269,790 --------- --------- $652,608 $640,576 ========= ========= 3 Teleflex Incorporated Condensed Consolidated Statement of Income (Dollars in Thousands Except for Per Share Amounts) Three Months Ended ------------------ Mar. 27, Mar. 28, 1994 1993 -------- -------- Revenues $191,084 $157,575 -------- -------- Cost of sales 132,576 108,318 Operating expenses 38,497 32,640 Interest expense 4,681 3,443 -------- -------- 175,754 144,401 -------- -------- Income before taxes 15,330 13,174 Provision for taxes on income 5,365 4,611 -------- -------- Net income $9,965 $8,563 ======== ======== Earnings per share $0.57 $0.50 Dividends per share $0.115 $0.105 Average number of common and common equivalent shares outstanding 17,512 17,195 4 Teleflex Incorporated Condensed Consolidated Statement of Cash Flows (Dollars in Thousands) Mar. 27 Mar. 28, 1994 1993 ------- -------- Cash flows from operating activities: Net income $9,965 $8,563 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 7,936 6,392 (Increase) in accounts receivable (23,794) (6,113) Decrease in inventory 2,650 4,036 (Increase) decrease in prepaid expenses 392 (567) (Decrease) increase in accounts payable and accrued expenses 708 (1,036) Increase in estimated income taxes payable 3,153 801 ------- ------- 1,010 12,076 ------- ------- Cash flows from financing activities: Proceeds from new borrowings 10,000 Reduction in long-term borrowings (1,474) (4,442) Increase (decrease) in current borrowings and demand loans (349) 6,428 Proceeds from stock option transactions and distribution of treasury shares 1,262 155 Dividends (1,990) (1,773) ------- ------- (2,551) 10,368 ------- ------- Cash flows from investing activities: Expenditures for plant assets 4,104 4,836 Payments for businesses acquired 37,065 Investments in affiliates 1,370 370 Other (137) 690 ------- ------- 5,337 42,961 ------- ------- Net (decrease) in cash and cash equivalents (6,878) (20,517) Cash and cash equivalents at the beginning of the period 11,255 36,331 ------- ------- Cash and cash equivalents at the end of the period $4,377 $15,814 ======= ======= 5 Teleflex Incorporated Notes to Condensed Consolidated Financial Statements Note 1 The accompanying unaudited condensed consolidated financial statements for the three months ended March 27, 1994 and March 28, 1993 contain all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to present fairly the financial position, results of operations and cash flows for the periods then ended in accordance with the current requirements for Form 10-Q. Note 2 At March 27, 1994, 1,277,990 shares of common stock were reserved for issuance under the Company's stock compensation plans. 6 Management's Analysis of Quarterly Financial Data Revenues increased 21% to $191.1 million in the first quarter of 1994 compared to $157.6 million in 1993, resulting from gains in all three segments: Commercial, Medical and Aerospace. Improved market conditions in the Automotive, Marine and Industrial product lines and new marine electronics products sales resulted in the Commercial Segment increase. Medical Segment revenues increased primarily from the acquisition of Edward Weck Incorporated in December 1993. Aerospace Segment revenues increased solely from the acquisition of Mal Tool & Engineering in March 1993. Overall gross product margin as a percentage of sales declined from 31.3% in 1993 to 30.6% in 1994 due to declines in Aerospace Segment margins which were offset partially by increases in the Commercial Segment. Operating expenses declined to 20.1% of sales in 1994 from 20.7% of sales in 1993 due to decreases, as a percentage of sales in the Commercial Segment offset by increases in the Aerospace and Medical Segments. Working capital increased from $171.4 million at December 26, 1993 to $182.6 million at March 27, 1994 due primarily to increased accounts receivable associated with the revenue gain. The ratio of current assets to current liabilities was 2.2 to 1 at March 27, 1994 compared to 2.1 to 1 at December 26, 1993. Cash provided by operations decreased during the first quarter of 1994 compared with 1993 due principally to growth in accounts receivable related to volume. Long-term borrowings of $182.3 million remained relatively constant with the level at December 26, 1993. Long-term debt to total capitalization was approximately 40% at both December 26, 1993 and at March 27, 1994. The decline in cash and cash equivalents resulted from the cash used to finance working capital, primarily accounts receivable. 7 Teleflex Incorporated Part II Other Information Item 6. Exhibits and Reports on Form 8-K (A) Reports on Form 8-K. A Form 8-K was filed on January 5, 1994, as amended February 24, 1994 in connection with the acquisition of certain assets and the assumption of certain liabilities of Edward Weck Incorporated. 8 Teleflex Incorporated Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TELEFLEX INCORPORATED /s/ Harold L. Zuber, Jr. ------------------------- Harold L. Zuber, Jr. (Principal Financial and Accounting Officer) /s/ Steve K. Chance ------------------------- Steven K. Chance (Vice President) May 10, 1994 -----END PRIVACY-ENHANCED MESSAGE-----