EX-99.1 2 w08040exv99w1.htm PRO FORMA SEGMENT RESULTS OF OPERATIONS TO REFLECT DISCONTINUED OPERATIONS exv99w1
 

Exhibit 99.1

Teleflex Incorporated
Pro forma Segment Results of Operations
To Reflect Discontinued Operations

                                         
    2004 - (Unaudited)  
                                    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
     115,742       113,697       105,858       117,914       453,211  
 
                              
 
   $ 579,689     $ 594,510     $ 578,302     $ 647,753     $ 2,400,254  
 
                              
 
                                        
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
     1,447       (5,515 )     2,512       (8,963 )     (10,519 )
 
                              
 
     56,069       57,184       49,519       49,539       212,311  
 
                                        
Corporate expenses
     6,561       6,527       7,585       11,215       31,888  
Minority interest in consolidated subsidiaries
     (4,112 )     (4,764 )     (4,457 )     (5,886 )     (19,219 )
(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
     53,620       60,504       45,828       (25,195 )     134,757  
Interest expense
     6,775       6,145       12,590       11,608       37,118  
 
                              
Income (loss) from continuing operations before taxes and minority interest
     46,845       54,359       33,238       (36,803 )     97,639  
Tax (benefit) on income from continuing operations
     11,138       13,487       5,249       (16,868 )     13,006  
 
                              
Income (loss) from continuing operations before minority interest
     35,707       40,872       27,989       (19,935 )     84,633  
Minority interest in consolidated subsidiaries
     4,112       4,764       4,457       5,886       19,219  
 
                              
Income (loss) from continuing operations
     31,595       36,108       23,532       (25,821 )     65,414  
Operating loss from discontinued operations
     (1,800 )     (2,144 )     (7,639 )     (57,180 )     (68,763 )
Tax (benefit) from discontinued operations
     323       (201 )     (1,600 )     (11,388 )     (12,866 )
 
                              
Net income
   $ 29,472     $ 34,165     $ 17,493     $ (71,613 )   $ 9,517  
 
                              
 
                                        
Earnings per share:
                                        
Basic:
                                        
Income (loss) from continuing operations
     0.79       0.90       0.58       (0.64 )     1.63  
Loss from discontinued operations
     (0.05 )     (0.05 )     (0.15 )     (1.13 )     (1.39 )
 
                              
Net income
     0.74       0.85       0.43       (1.77 )     0.24  
 
                                        
Diluted:
                                        
Income (loss) from continuing operations
     0.78       0.89       0.58       (0.64 )     1.62  
Loss from discontinued operations
     (0.05 )     (0.05 )     (0.15 )     (1.13 )     (1.38 )
 
                              
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 materials, labor and other products costs along with the segment’s selling, engineering and administrative expenses and minority interest. Corporate expenses, (gain) loss on sale of businesses and assets, restructuring costs, interest expense and taxes 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.