EX-99.2 3 w06200exv99w2.htm PRO FORMA SEGMENT RESULTS exv99w2
 

Exhibit 99.2

                                         
Teleflex Incorporated      
Pro forma Segment Results of Operations   2002 - (Unaudited)  
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  
Minority interest in consolidated subsidiaries
     (4,032 )     (3,839 )     (4,399 )     (3,914 )     (16,184 )
Gain from asset sales and net insurance proceeds
     —       —       —       (10,085 )     (10,085 )
 
                              
Income from continuing operations before interest, taxes and minority interest
     54,254       58,809       44,897       57,153       215,113  
Interest expense
     6,036       6,239       6,280       6,468       25,023  
 
                              
Income from continuing operations before taxes and minority interest
     48,218       52,570       38,617       50,685       190,090  
Taxes on income from continuing operations
     13,537       14,764       7,323       12,104       47,728  
 
                              
Income from continuing operations before minority interest
     34,681       37,806       31,294       38,581       142,362  
Minority interest in consolidated subsidiaries
     4,032       3,839       4,399       3,914       16,184  
 
                              
Income from continuing operations
     30,649       33,967       26,895       34,667       126,178  
Operating income (loss) from discontinued operations
     (292 )     (617 )     (1,078 )     569       (1,418 )
Tax (benefit) from discontinued operations
     (61 )     (186 )     (463 )     204       (506 )
 
                              
Net income
   $ 30,418     $ 33,536     $ 26,280     $ 35,032     $ 125,266  
 
                              
 
                                        
Earnings (losses) per share:
                                        
Basic:
                                        
Income from continuing operations
     0.79       0.86       0.68       0.88       3.21  
Income (loss) from discontinued operations
     (0.01 )     (0.01 )     (0.01 )     0.01       (0.02 )
 
                              
Net income
     0.78       0.85       0.67       0.89       3.19  
Diluted:
                                        
Income from continuing operations
     0.77       0.85       0.68       0.87       3.17  
Income (loss) from discontinued operations
     —       (0.01 )     (0.02 )     0.01       (0.02 )
 
                              
Net income
     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 from asset sales and net insurance proceeds, interest expense and taxes on income are excluded from this measure.
 
    These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
 
    The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.

 

 

                                         
Teleflex Incorporated      
Pro forma Segment Results of Operations   2003 - (Unaudited)  
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  
Minority interest in consolidated subsidiaries
     (3,789 )     (4,529 )     (3,757 )     (4,459 )     (16,534 )
Gain on sale of businesses and assets
     (3,068 )     —       —       —       (3,068 )
 
                              
Income from continuing operations before interest, taxes and minority interest
     52,202       56,728       39,190       56,065       204,185  
Interest expense
     6,565       6,610       6,580       6,582       26,337  
 
                              
Income from continuing operations before taxes and minority interest
     45,637       50,118       32,610       49,483       177,848  
Taxes on income from continuing operations
     12,171       13,015       7,364       10,562       43,112  
 
                              
Income from continuing operations before minority interest
     33,466       37,103       25,246       38,921       134,736  
Minority interest in consolidated subsidiaries
     3,789       4,529       3,757       4,459       16,534  
 
                              
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 )
Tax (benefit) from discontinued operations
     123       (20 )     (277 )     (550 )     (724 )
 
                              
Net income
   $ 29,241     $ 31,835     $ 18,222     $ 29,805     $ 109,103  
 
                              
 
                                        
Earnings (losses) per share:
                                        
Basic:
                                        
Income 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 income
     0.74       0.81       0.46       0.75       2.76  
Diluted:
                                        
Income 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 income
     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 this measure.
 
    These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
 
    The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.

 

 

                                         
Teleflex Incorporated      
Pro forma Segment Results of Operations   2004 - (Unaudited)  
To Reflect Discontinued Operations                                   Full  
    Q1     Q2     Q3     Q4     Year  
Revenues
                                        
Commercial
   $ 313,347     $ 322,568     $ 267,620     $ 297,313     $ 1,200,848  
Medical
     150,600       158,245       204,824       232,526       746,195  
Aerospace
     136,590       136,168       125,785       139,792       538,335  
 
                              
 
   $ 600,537     $ 616,981     $ 598,229     $ 669,631     $ 2,485,378  
 
                              
Operating profit (*)
                                        
Commercial
   $ 31,716     $ 36,201     $ 16,542     $ 21,206     $ 105,665  
Medical
     22,906       26,498       30,465       37,296       117,165  
Aerospace
     1,613       (4,579 )     3,519       (6,807 )     (6,254 )
 
                              
 
     56,235       58,120       50,526       51,695       216,576  
Corporate expenses
     6,561       6,527       7,585       11,215       31,888  
Minority interest in consolidated subsidiaries
     (4,236 )     (4,900 )     (4,564 )     (5,983 )     (19,683 )
(Gain) loss on sale of businesses and assets
     —       (5,083 )     563       1,787       (2,733 )
Restructuring costs
     —       —       —       67,618       67,618  
 
                              
Income (loss) from continuing operations before interest, taxes and minority interest
     53,910       61,576       46,942       (22,942 )     139,486  
Interest expense
     6,775       6,145       12,590       11,608       37,118  
 
                              
Income (loss) from continuing operations before taxes and minority interest
     47,135       55,431       34,352       (34,550 )     102,368  
Tax (benefit) on income from continuing operations
     11,211       13,859       5,534       (16,253 )     14,351  
 
                              
Income (loss) from continuing operations before minority interest
     35,924       41,572       28,818       (18,297 )     88,017  
Minority interest in consolidated subsidiaries
     4,236       4,900       4,564       5,983       19,683  
 
                              
Income from continuing operations
     31,688       36,672       24,254       (24,280 )     68,334  
Operating loss from discontinued operations
     (1,966 )     (3,080 )     (8,646 )     (59,336 )     (73,028 )
Tax (benefit) from discontinued operations
     250       (573 )     (1,885 )     (12,003 )     (14,211 )
 
                              
Net income
   $ 29,472     $ 34,165     $ 17,493     $ (71,613 )   $ 9,517  
 
                              
 
                                        
Earnings per share:
                                        
Basic:
                                        
Income (loss) from continuing operations
     0.80       0.91       0.60       (0.60 )     1.70  
Loss from discontinued operations
     (0.06 )     (0.06 )     (0.17 )     (1.17 )     (1.46 )
 
                              
Net income
     0.74       0.85       0.43       (1.77 )     0.24  
Diluted:
                                        
Income (loss) from continuing operations
     0.78       0.90       0.60       (0.60 )     1.69  
Loss from discontinued operations
     (0.05 )     (0.06 )     (0.17 )     (1.17 )     (1.45 )
 
                              
Net income
     0.73       0.84       0.43       (1.77 )     0.24  
 
                                        
Average number of common and common equivalent shares outstanding:
                                        
Basic
     39,990       40,195       40,273       40,361       40,205  
Diluted
     40,457       40,538       40,414       40,571       40,495  

    (*) 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, restructuring costs, interest expense and taxes on income are excluded from this measure.
 
    These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
 
    The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.