-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, BuvfzPfa+RquqiaO5zhpdSVijiFzhHhpNdRV4X6sccvm2nQ2CNSeNdcuL38qPw3n 5ECDaIl4f1ikGrPoM2uGsw== 0000893220-04-000187.txt : 20040212 0000893220-04-000187.hdr.sgml : 20040212 20040212142726 ACCESSION NUMBER: 0000893220-04-000187 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040212 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEFLEX INC CENTRAL INDEX KEY: 0000096943 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 231147939 STATE OF INCORPORATION: DE FISCAL YEAR END: 1226 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05353 FILM NUMBER: 04590118 BUSINESS ADDRESS: STREET 1: 155 SOUTH LIMERICK ROAD STREET 2: CORPORATE OFFICES CITY: LIMERICK STATE: PA ZIP: 19468 BUSINESS PHONE: 610 948-5100 MAIL ADDRESS: STREET 1: 155 SOUTH LIMERICK ROAD CITY: LIMERICK STATE: PA ZIP: 19468 8-K 1 w94192e8vk.htm FORM 8-K TELEFLEX INCORPORATED e8vk
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported)                      February 12, 2004                     

TELEFLEX INCORPORATED

(Exact name of Registrant as Specified in Its Charter)
         
Delaware   1-5353   23-1147939
 
 
(State or Other Jurisdiction
of Incorporation or Organization)		   (Commission File Number)   (IRS Employer
Identification No.)

         
155 South Limerick Road, Limerick, Pennsylvania       19468
(Address of Principal Executive Offices)       (Zip Code)
         
Registrant’s Telephone Number, Including Area Code   (610) 948-5100

Not applicable

(Former Name or Former Address, If Changed Since Last Report)

 

 

Item 7. Financial Statements and Exhibits.

  (c)   Exhibits.

  99.1   Press Release dated February 11, 2004.

Item 9. Regulation FD Disclosure; and

Item 12. Results of Operations and Financial Condition

     On February 11, 2004, Teleflex Incorporated issued a press release announcing its financial results for the fourth quarter of 2003.

     A copy of the press release is furnished as Exhibit 99.1 to this report and is incorporated herein by reference.

 

 

SIGNATURE

     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 hereunto duly authorized.

             
Date: February 12, 2004   TELEFLEX INCORPORATED
 
    By:   /s/
       
        Name:   Joan W. Schwartz
        Title:   Associate General Counsel and and Assistant Secretary

 

 

EXHIBIT INDEX

     
99.1   Press Release dated February 11, 2004

  EX-99.1 3 w94192exv99w1.htm PRESS RELEASE DATED FEBRUARY 11, 2004 exv99w1

 

(TELEFLEX LETTERHEAD)

FOR IMMEDIATE RELEASE   February 11, 2004

TELEFLEX REPORTS FOURTH QUARTER AND YEAR-END 2003 RESULTS
ANNOUNCES OUTLOOK FOR 2004

Limerick, PA — Teleflex Incorporated (NYSE: TFX) today reported that revenues for the fourth quarter of 2003 increased 18 percent to $607.4 million, compared to $513.3 million in 2002. Net income for the quarter was $29.8 million, a 15 percent decline compared to $35.0 million for the same period a year ago. Diluted earnings per share were 74 cents compared to 88 cents per share for the same period in 2002. In 2002, fourth quarter results included 16 cents per share from the sale of two businesses and the receipt of insurance proceeds.

For the year, revenues increased 10 percent to $2.28 billion compared to $2.08 billion in 2002. Net income in 2003 was $109.1 million, a 13 percent decline from $125.3 million in the prior year. Diluted earnings per share were $2.73 in 2003 compared to $3.15 in 2002. Full year 2003 results included 5 cents per share from the sale of an investment in the first quarter. In 2002, full year results included 24 cents per share from insurance proceeds, the sale of businesses, and an income tax settlement.

“In the fourth quarter we began to see results from our strategic initiatives to accelerate core growth, improve productivity, and strengthen our global operations,” said Jeffrey P. Black, president and chief executive officer. “Approximately one-third of our revenue growth in the quarter came from our core businesses. For the first time in eight quarters, Aerospace Segment performance improved when compared to the prior year. We completed the year with record cash flow from operations of $225 million and a strong balance sheet. As we enter 2004, we are better positioned to expedite our transition to a more unified global organization and invest in our future growth.”

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     Commenting on the outlook for 2004, Mr. Black stated, “At this time, we expect 2004 to be a solid year for Teleflex with earnings in the range of $3.10 to $3.20. While earnings in the first quarter of 2004 are likely to be in line with first quarter a year ago, we should see accelerated earnings growth in subsequent quarters. We believe that our Aerospace Segment will continue to benefit from cost reductions that occurred during 2003 and we expect improved performance in the Industrial Gas Turbine Services product line. The Commercial Segment should benefit as new global program launches in Automotive expand production and we introduce new products in our other markets. We also expect Medical Segment operating profit to increase as we achieve gains from the integration of an acquisition.”

     Mr. Black continued, “In addition, we continue to look for opportunities to improve our profitability and position Teleflex to compete more effectively on a global basis. During the year we will continue to consolidate operations and streamline our organization for greater efficiency. As we focus our resources on businesses where we have a competitive advantage and the ability to grow, we will also evaluate the role of those products in our portfolio that have not provided the returns we expected. Our goal is to improve our ability to achieve more consistent earnings growth in the years ahead.”

     For the fourth quarter, revenues increased across all three business segments – Commercial, Medical and Aerospace. Revenue growth of 18 percent in the quarter consisted of 6 percent from core growth, 5 percent from currency translation and 7 percent from acquisitions. New products in the Automotive, Marine and Industrial product lines all made strong contributions to core growth. Operating profit improved in both Aerospace and Medical. Aerospace Segment operating profit increased primarily as a result of improvement in the Industrial Gas Turbine Services product line. Medical Segment operating profit had gains in both Health Care Supply and Surgical Devices. Commercial operating profit was negatively impacted by expenses related to a new product launch in the Automotive product line.

     For the full year 2003, the Commercial Segment reported revenues of $1.22 billion, a 12 percent increase with gains in all three product lines. Commercial Segment operating profit increased 2 percent due to improvement in the Automotive and Industrial product lines. Automotive sales increased primarily as a result of core growth from new products and programs and favorable currency rates. Industrial sales increased largely as a result of acquisitions and to a lesser extent, currency, despite a significant decline in sales for

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the alternative fuel systems business. Marine product line sales increased to a lesser extent as a result of increased sales to industrial customers and sales of new marine products in the fourth quarter.

     Medical Segment revenues were $534.7 million for the year, a 19 percent increase over the prior year. Operating profit for the Medical Segment improved 18 percent for the year as a result of acquisitions and currency. Health Care Supply sales and operating profit increased due to positive currency effects and core growth from new product sales. Surgical Devices sales increased largely due to acquisitions and to a lesser extent, currency.

     Aerospace Segment revenues were $528.6 million, a decline of 2 percent for the year. Aerospace Segment operating profit for the year declined 73 percent due largely to the weaker performance in Industrial Gas Turbine Services and generally to pricing pressures and an adverse product mix. A double digit decline in Industrial Gas Turbine Services sales and smaller declines in sales for the Cargo Systems and Manufactured Components product lines were partially offset by a double digit increase in Repair Services.

     As previously announced, Teleflex will comment on fourth quarter and year end 2003 results on a conference call to be held Thursday, February 12th, at 11:00 a.m. (EDT). The call will be archived and available on the company’s website at www.teleflex.com.

     The figures are as follows:

COMPARATIVE SUMMARY OF REVENUES AND EARNINGS

                             
                        Percent
Three Months Ended   December 28, 2003   December 29, 2002   Change
Sales
                        
 
Commercial Products
   $ 321,867,000     $ 265,981,000       21 %
 
Medical Products
     147,243,000       115,678,000       27 %
 
Aerospace Products
     138,309,000       131,630,000       5 %
 
    
     
         
   
Total
   $ 607,419,000     $ 513,289,000       18 %
Operating Profit
                        
 
Commercial Products
   $ 23,783,000     $ 25,711,000       (7 %)
 
Medical Products
     23,740,000       18,935,000       25 %
 
Aerospace Products
     4,917,000       3,905,000       26 %
 
    
     
         
   
Total
   $ 52,440,000     $ 48,551,000       8 %

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COMPARATIVE SUMMARY OF REVENUES AND EARNINGS (continued)

                           
                      Percent
Three Months Ended   December 28, 2003   December 29, 2002   Change
Less:
                        
 
Interest expense
     6,582,000       6,468,000       2 %
 
Corporate expenses
     6,041,000       4,828,000       25 %
 
Other gains
     —       (10,085,000 )     —  
 
    
     
         
Income before taxes
     39,817,000       47,340,000       (16 %)
Taxes on income
     10,012,000       12,308,000       (19 %)
 
    
     
         
Net income
   $ 29,805,000     $ 35,032,000       (15 %)
 
    
     
         
Earnings per share
                        
 
Basic
   $ .75     $ .89       (16 %)
 
Diluted
   $ .74     $ .88       (16 %)
Average shares outstanding
                        
 
Basic
     39,751,000       39,384,000          
 
Diluted
     40,157,000       39,717,000          
                                 
                            Percent
Year Ended   December 28, 2003   December 29, 2002   Change
Sales
                        
 
Commercial Products
   $ 1,219,124,000     $ 1,085,497,000       12 %
 
Medical Products
     534,711,000       448,677,000       19 %
 
Aerospace Products
     528,600,000       542,055,000       (2 %)
 
 
    
     
     
 
       
Total
   $ 2,282,435,000     $ 2,076,229,000       10 %
Operating Profit
                        
 
Commercial Products
   $ 101,630,000     $ 99,841,000       2 %
 
Medical Products
     85,355,000       72,313,000       18 %
 
Aerospace Products
     9,239,000       34,176,000       (73 %)
 
 
    
     
     
 
       
Total
   $ 196,224,000     $ 206,330,000       (5 %)
Less:
                        
 
Interest expense
     26,337,000       25,023,000       5 %
 
Corporate expenses
     21,464,000       18,904,000       14 %
   
Other gains
     (3,068,000 )     (10,085,000 )     —  
 
 
    
     
     
 
     
Income before taxes
     151,491,000       172,488,000       (12 %)
Taxes on income
     42,388,000       47,222,000       (10 %)
 
 
    
     
     
 
Net income
   $ 109,103,000     $ 125,266,000       (13 %)
 
 
    
     
     
 
Earnings per share
                        
 
Basic
   $ 2.76     $ 3.19       (13 %)
 
Diluted
   $ 2.73     $ 3.15       (13 %)
Average shares outstanding
                        
 
Basic
     39,598,000       39,251,000          
 
Diluted
     39,942,000       39,786,000          

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CONDENSED CONSOLIDATED BALANCE SHEET

                   
      December 28, 2003   December 29, 2002
Assets
                
Current assets Cash and cash equivalents
   $ 56,580,000     $ 44,494,000  
 
Accounts receivable, net
     478,433,000       401,888,000  
 
Inventories
     443,145,000       365,535,000  
 
Prepaid expenses
     28,029,000       25,978,000  
 
    
     
 
 
     1,006,187,000       837,895,000  
Property, plant and equipment, net
     667,619,000       604,241,000  
Goodwill
     289,644,000       257,999,000  
Investments in affiliates
     35,295,000       44,439,000  
Intangibles and other assets
     111,868,000       68,810,000  
 
    
     
 
 
   $ 2,110,613,000     $ 1,813,384,000  
 
    
     
 
Liabilities and shareholders’ equity
                
Current liabilities Current borrowings
   $ 226,103,000     $ 182,776,000  
Accounts payable and accrued expenses
     343,935,000       276,938,000  
 
Income taxes payable
     42,633,000       38,769,000  
 
    
     
 
 
     612,671,000       498,483,000  
Long-term borrowings
     229,882,000       240,123,000  
Deferred income taxes and other
     205,758,000       162,497,000  
 
    
     
 
 
     1,048,311,000       901,103,000  
Shareholders’ equity
     1,062,302,000       912,281,000  
 
    
     
 
 
   $ 2,110,613,000     $ 1,813,384,000  
 
    
     
 

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

                   
Year Ended   December 28, 2003   December 29, 2002
Cash flows from operating activities
   $ 225,199,000     $ 200,585,000  
Cash flows from financing activities:
                
 
Proceeds from new borrowings
     —       53,000,000  
 
Reduction in long-term borrowings
     (37,377,000 )     (35,040,000 )
 
Increase (decrease) in current borrowings and demand loans
     34,159,000       (74,167,000 )
 
Stock compensation plans
     6,495,000       9,846,000  
 
Dividends
     (30,881,000 )     (27,861,000 )
 
    
     
 
 
     (27,604,000 )     (74,222,000 )
 
    
     
 
Cash flows from investing activities:
                
 
Expenditures for plant assets
     (94,230,000 )     (87,163,000 )
 
Payments for businesses acquired
     (93,963,000 )     (57,229,000 )
 
Proceeds from the sale of businesses and other
     2,684,000       15,623,000  
 
    
     
 
 
     (185,509,000 )     (128,769,000 )
 
    
     
 

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CONDENSED CONSOLIDATED STATEMENET OF CASH FLOWS (continued)

                 
Year Ended   December 28, 2003   December 29, 2002
Net increase (decrease) in cash and cash equivalents
     12,086,000       (2,406,000 )
Cash and cash equivalents at the beginning of the year
     44,494,000       46,900,000  
 
    
     
 
Cash and cash equivalents at the end of the year
   $ 56,580,000     $ 44,494,000  
 
    
     
 

Teleflex At A Glance:

Teleflex is a diversified industrial company with annual revenues of more than $2 billion. The company designs, manufactures and distributes quality engineered products and services for the automotive, medical, aerospace, marine and industrial markets worldwide. Teleflex employs more than 19,000 people worldwide who focus on providing innovative solutions for customers. Additional information about Teleflex, including a recent archived conference call with analysts and investors, can be obtained from the company’s website on the Internet at www.teleflex.com.

Forward-looking information:

Statements in this news release, other than historical data, are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that could cause actual results to differ from those contemplated in the statements. These factors are discussed in the company’s Securities and Exchange Commission filings.

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