-----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, IWmQlbzyeQ8aJdcl2vyZR839ydcz+aHCgZLTNXnI4eBKSLcO5P0GRN7fvmJ3MnLn 9rKW0esorO3aTOSS+aQfqg== 0000893220-94-000365.txt : 19940815 0000893220-94-000365.hdr.sgml : 19940815 ACCESSION NUMBER: 0000893220-94-000365 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940626 FILED AS OF DATE: 19940811 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: 94542845 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 June 26, 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 June 26, 1994 - - ----------------------------- ---------------------------- Common Stock, $1.00 Par Value 17,178,035 2 Teleflex Incorporated Condensed Consolidated Balance Sheet (Dollars in Thousands)
Assets June 26, Dec. 26, 1994 1993 -------- -------- Current assets Cash and cash equivalents $17,025 $11,255 Accounts receivable less allowance for 175,310 143,489 doubtful accounts Inventories Raw materials and manufactured parts 71,974 67,979 Work-in-process and finished goods 86,076 91,308 Prepaid expenses 7,615 8,218 -------- -------- 358,000 322,249 Property, plant and equipment, at cost, less accumulated depreciation 263,470 261,421 Investments in affiliates 7,132 5,297 Intangibles and other assets 50,130 51,609 -------- -------- $678,732 $640,576 ======== ========
Liabilities and shareholders' equity Current liabilities Current portion of borrowings and demand loans $70,080 $70,739 Accounts payable and accrued expenses 86,284 77,259 Estimated income taxes payable 4,539 2,855 -------- -------- 160,903 150,853 Long-term borrowings 189,229 183,504 Deferred income taxes and other 37,021 36,429 -------- -------- 387,153 370,786 Shareholders' equity 291,579 269,790 -------- -------- $678,732 $640,576 ======== ========
3 Teleflex Incorporated Condensed Consolidated Statement of Income (Dollars in Thousands Except for Per Share Amounts)
Three Months Ended Six Months Ended ------------------- ---------------------- June 26, June 27, June 26, June 27, 1994 1993 1994 1993 -------- -------- -------- -------- Revenues $209,456 $174,921 $400,540 $332,496 -------- -------- -------- -------- Cost of sales 144,691 120,500 277,267 228,818 Operating expenses 42,987 36,456 81,484 69,096 Interest expense 4,584 3,715 9,265 7,158 -------- -------- -------- -------- 192,262 160,671 368,016 305,072 -------- -------- -------- -------- Income before taxes 17,194 14,250 32,524 27,424 Provision for taxes on income 6,018 4,987 11,383 9,598 -------- -------- -------- -------- Net income $11,176 $9,263 $21,141 $17,826 ======== ======== ======== ======== Earnings per share $0.64 $0.54 $1.21 $1.04 Dividends per share $0.135 $0.115 $0.250 $0.220 Average number of common and common equivalent shares outstanding 17,474 17,220 17,493 17,207
4 Teleflex Incorporated Condensed Consolidated Statement of Cash Flows (Dollars in Thousands)
Six Months Ended ------------------ June 26, June 27, 1994 1993 ------- ------- Cash flows from operating activities: Net income $21,141 $17,826 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 16,226 13,731 (Increase) in accounts receivable (26,205) (5,408) Decrease in inventory 5,809 6,712 Decrease (increase) in prepaid expenses 603 (441) Increase in accounts payable and accrued expenses 6,582 5,234 Increase (decrease) in estimated income taxes payable 1,430 (4,135) ------- ------- 25,586 33,519 ------- ------- Cash flows from financing activities: Proceeds from new borrowings 10,667 Reduction in long-term borrowings (1,222) (3,221) (Decrease) increase in current borrowings and demand loans (2,090) 520 Proceeds from stock compensation plans and distribution of treasury shares 2,359 1,628 Dividends (4,286) (3,722) ------- ------- (5,239) 5,872 ------- ------- Cash flows from investing activities: Expenditures for plant assets 10,293 10,703 Payments for businesses acquired 1,564 37,065 Investments in affiliates 2,109 1,395 Other 611 1,586 ------- ------- 14,577 50,749 ------- ------- Net increase (decrease) in cash and cash equivalents 5,770 (11,358) Cash and cash equivalents at the beginning of the period 11,255 36,331 ------- ------- Cash and cash equivalents at the end of the period $17,025 $24,973 ======= =======
5 Teleflex Incorporated Notes to Condensed Consolidated Financial Statements Note 1 The accompanying unaudited condensed consolidated financial statements for the three months ended June 26, 1994 and June 27, 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 June 26, 1994, 1,262,234 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 20% to $209.5 million in the second quarter of 1994 compared to $174.9 million in 1993. The increase was the result of gains in the Commercial Products and Medical Products segments which offset a decline in Aerospace Products and Services Segment sales. The Commercial Segment increase was brought about by improved market conditions for the Automotive, Marine and Industrial product lines and increased sales of new marine electronics products. Medical Segment sales increased primarily from the acquisition of Edward Weck Incorporated in December 1993. The decline in Aerospace Segment sales was attributable to continued weakness in the aerospace controls and commercial aviation markets. Overall gross product margin as a percentage of sales declined slightly from 31.1% in 1993 to 30.9% in 1994 due to a decline in the Aerospace Segment which was nearly offset by increases in Medical and Commercial Segment margins. Operating expenses decreased to 20.5% of sales in 1994 from 20.8% of sales in 1993 resulting generally from a decline in the Commercial Segment while the Medical Segment remained unchanged. Working capital increased from $171.4 million at December 26, 1993 to $197.1 million at June 26, 1994 due primarily to the increase in accounts receivable associated with the increase in revenues. The ratio of current assets to current liabilities was 2.2 to 1 at June 26, 1994 compared to 2.1 to 1 at December 26, 1993. Cash provided by operations decreased during the second quarter of 1994 compared with 1993 due to the volume-related increase in accounts receivable. Long-term borrowings increased from $183.5 million at December 26, 1993 to $189.2 million at June 26, 1994. The increase resulted principally from the effects of translation on the Company's foreign currency denominated long-term debt. Long-term debt to total capitalization was approximately 40% at both December 26, 1993 and at June 26, 1994. 7 Teleflex Incorporated Part II Other Information Item 6. Exhibits and Reports on Form 8-K (A) Reports on Form 8-K. No reports on Form 8-K were filed during the quarter. 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) August 11, 1994 -----END PRIVACY-ENHANCED MESSAGE-----