-----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, t5ZJP5o176PlIRgMVv3zUXXGgb8t5bmdIgyefiEQPJkMrK9iS3GTzBMQH/+9SzY7 nTgrdjd5jzDphoyKUCgFIw== 0000893220-94-000425.txt : 19941031 0000893220-94-000425.hdr.sgml : 19941031 ACCESSION NUMBER: 0000893220-94-000425 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19940925 FILED AS OF DATE: 19941028 SROS: NONE 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: 94555949 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 September 25, 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 September 25, 1994 - ----------------------------- --------------------------------- Common Stock, $1.00 Par Value 17,219,146
2 Teleflex Incorporated Condensed Consolidated Balance Sheet (Dollars in Thousands) Assets
Sept. 25, Dec. 26, 1994 1993 -------- -------- Current assets Cash and cash equivalents $35,964 $11,255 Accounts receivable less allowance for doubtful accounts 176,819 143,489 Inventories Raw materials and manufactured parts 74,475 67,979 Work-in-process and finished goods 90,455 91,308 Prepaid expenses 7,382 8,218 -------- -------- 385,095 322,249 Property, plant and equipment, at cost, less accumulated depreciation 256,491 261,421 Investments in affiliates 8,279 5,297 Intangibles and other assets 49,163 51,609 -------- -------- $699,028 $640,576 ======== ======== Liabilities and shareholders' equity Current liabilities Current portion of borrowings and demand loans $72,657 $70,739 Accounts payable and accrued expenses 92,385 77,259 Estimated income taxes payable 8,223 2,855 -------- -------- 173,265 150,853 Long-term borrowings 191,079 183,504 Deferred income taxes and other 37,399 36,429 -------- -------- 401,743 370,786 Shareholders' equity 297,285 269,790 -------- -------- $699,028 $640,576 ======== ========
3 Teleflex Incorporated Condensed Consolidated Statement of Income (Dollars in Thousands Except for Per Share Amounts)
Three Months Ended Nine Months Ended -------------------- -------------------- Sept. 25, Sept. 26, Sept. 25, Sept. 26, 1994 1993 1994 1993 --------- --------- --------- --------- Revenues $193,367 $156,878 $593,907 $489,374 -------- -------- -------- -------- Cost of sales 133,602 109,178 410,869 337,996 Operating expenses 43,697 34,359 125,181 103,455 Interest expense 4,688 3,680 13,953 10,838 -------- -------- -------- -------- 181,987 147,217 550,003 452,289 -------- -------- -------- -------- Income before taxes 11,380 9,661 43,904 37,085 Provision for taxes on income 3,983 3,757 15,366 13,355 -------- -------- -------- -------- Net income $7,397 $5,904 $28,538 $23,730 ======== ======== ======== ======== Earnings per share $0.42 $0.34 $1.63 $1.38 Dividends per share $0.135 $0.115 $0.385 $0.335 Average number of common and common equivalent shares outstanding 17,543 17,298 17,509 17,238
4 Teleflex Incorporated Condensed Consolidated Statement of Cash Flows (Dollars in Thousands)
Nine Months Ended -------------------- Sept. 25, Sept. 26, 1994 1993 --------- --------- Cash flows from operating activities: Net income $28,538 $23,730 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 24,128 21,019 (Increase) in accounts receivable (26,622) (3,898) Decrease in inventory 111 1,306 Decrease (increase) in prepaid expenses 836 (400) Increase in accounts payable and accrued expenses 12,212 2,653 Increase (decrease) in estimated income taxes payable 4,962 (4,159) -------- -------- 44,165 40,251 -------- -------- Cash flows from financing activities: Proceeds from new borrowings 3,574 10,667 Reduction in long-term borrowings (6,641) (14,785) (Decrease)increase in current borrowings and demand loans (358) 2,100 Proceeds from stock compensation plans and distribution of treasury shares 3,276 3,809 Dividends (6,607) (5,678) -------- -------- (6,756) (3,887) -------- -------- Cash flows from investing activities: Expenditures for plant assets 15,739 17,568 Payments for businesses acquired 1,972 37,315 Proceeds from sale of businesses and assets (6,345) Investments in affiliates 3,180 924 Other (1,846) 346 -------- -------- 12,700 56,153 -------- -------- Net increase (decrease) in cash and cash equivalents 24,709 (19,789) Cash and cash equivalents at the beginning of the period 11,255 36,331 -------- -------- Cash and cash equivalents at the end of the period $35,964 $16,542 ======== ========
5 Teleflex Incorporated Notes to Condensed Consolidated Financial Statements Note 1 The accompanying unaudited condensed consolidated financial statements for the three months ended September 25, 1994 and September 26, 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 September 25, 1994, 1,229,833 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 23% to $193.4 million in the third quarter of 1994 compared to $156.9 million in 1993. The increase was the result of gains in the Commercial Products and Medical Products segments while sales in the Aerospace Products and Services Segment declined slightly. 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 from the acquisition of Edward Weck Incorporated in December 1993 and higher volume in European markets. The decline in Aerospace Segment sales was attributable to continued weakness in the aerospace controls and commercial aviation markets. Overall gross profit as a percentage of sales improved slightly from 30.4% in 1993 to 30.9% in 1994 due to increases in Medical and Commercial Segment margins which offset a decline in the Aerospace Segment. Operating expenses increased from 21.9% of sales in 1993 to 22.6% of sales in 1994 resulting generally from an increase in the Aerospace Segment. Working capital increased from $171.4 million at December 26, 1993 to $211.8 million at September 25, 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 September 25, 1994 compared to 2.1 to 1 at December 26, 1993. Cash provided by operations increased during the third quarter of 1994 compared with 1993 which was due to higher net income and improvement in the changes in current liability accounts mainly related to timing. Long-term borrowings increased from $183.5 million at December 26, 1993 to $191.1 million at September 25, 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 September 25, 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) October 28, 1994 EX-27 2 FINANCIAL DATA SCHEDULE
5 1,000 9-MOS DEC-25-1994 DEC-27-1993 SEP-25-1994 35,964 0 176,819 0 164,930 385,095 256,491 0 699,028 173,265 191,079 0 0 0 297,285 699,028 593,907 593,907 410,869 410,869 125,181 0 13,953 43,904 15,366 28,538 0 0 0 28,538 1.63 1.63
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