EX-99.1 2 c89796exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Statements of Income
To Reflect Discontinued Operations
(Unaudited)
                         
    For the Year Ended December 31,  
    2008     2007     2006  
    (Dollars and shares in thousands, except per share)  
Net revenues
   $ 2,066,731     $ 1,575,082     $ 1,327,969  
Materials, labor and other product costs
     1,211,726       983,313       832,415  
 
                  
Gross profit
   $ 855,005     $ 591,769     $ 495,554  
Selling, engineering and administrative expenses
     562,644       407,291       340,506  
In-process research and development charge
     —       30,000       —  
Goodwill impairment
     —       2,448       1,003  
Restructuring and other impairment charges
     27,701       7,421       19,275  
Net (gain) loss on sales of businesses and assets
     (296 )     1,110       732  
 
                  
Income from continuing operations before interest and taxes
     264,956       143,499       134,038  
Interest expense, net
     119,316       65,221       33,713  
 
                  
Income from continuing operations before taxes
     145,640       78,278       100,325  
Taxes on income from continuing operations
     47,524       109,933       30,568  
 
                  
Income (loss) from continuing operations
     98,116       (31,655 )     69,757  
 
                  
Operating income from discontinued operations (including net (loss) gain on disposal of $(8,238), $299,456, and $182, respectively)
     67,099       382,716       118,219  
Taxes on income from discontinued operations
     10,613       173,899       23,589  
 
                  
Income from discontinued operations
     56,486       208,817       94,630  
 
                  
Net income
     154,602       177,162       164,387  
Less: Net income (loss) attributable to noncontrolling interest
     747       525       (314 )
Income from discontinued operations attributable to noncontrolling interest
     34,081       30,153       25,271  
 
                  
Net income attributable to common shareholders
   $ 119,774     $ 146,484     $ 139,430  
 
                  
 
                        
Earnings per share available to common shareholders:
                        
Basic:
                        
Income (loss) from continuing operations
   $ 2.46     $ (0.82 )   $ 1.76  
Income from discontinued operations
   $ 0.57     $ 4.55     $ 1.74  
 
                  
Net income
   $ 3.03     $ 3.73     $ 3.51  
 
                  
Diluted:
                        
Income (loss) from continuing operations
   $ 2.44     $ (0.82 )   $ 1.75  
Income from discontinued operations
   $ 0.56     $ 4.55     $ 1.73  
 
                  
Net income
   $ 3.01     $ 3.73     $ 3.49  
 
                  
 
                        
Weighted average common shares outstanding:
                        
Basic
     39,584       39,259       39,760  
Diluted
     39,832       39,259       39,988  
 
                        
Amounts attributable to common shareholders:
                        
Income (loss) from continuing operations, net of tax
   $ 97,369     $ (32,180 )   $ 70,071  
Discontinued operations, net of tax
     22,405       178,664       69,359  
 
                  
Net income
   $ 119,774     $ 146,484     $ 139,430  
 
                  
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
Certain financial information is presented on a rounded basis, which may cause minor differences.

 

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TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Statements of Income
To Reflect Discontinued Operations
(Unaudited)
                         
    2009 Quarters     2009 Year to Date  
    March 29     June 28     June 28  
    (Dollars and shares in thousands, except per share)  
Net revenues
   $ 445,825     $ 467,755     $ 913,580  
Materials, labor and other product costs
     255,612       264,173       519,785  
 
                  
Gross profit
     190,213       203,582       393,795  
Selling, engineering and administrative expenses
     125,645       129,336       254,981  
Goodwill impairment
     —       6,728       6,728  
Restructuring and other impairment charges
     2,463       6,166       8,629  
Net loss on sales of businesses and assets
     2,597       —       2,597  
 
                  
Income from continuing operations before interest and taxes
     59,508       61,352       120,860  
Interest expense, net
     25,184       20,538       45,722  
 
                  
Income from continuing operations before taxes
     34,324       40,814       75,138  
Taxes on income from continuing operations
     9,227       6,295       15,522  
 
                  
Income from continuing operations
     25,097       34,519       59,616  
 
                  
Operating income (loss) from discontinued operations (including net gain on disposal of $275,787 for the three months ended March 29 and six months ended June 28)
     300,763       (27,334 )     273,429  
Taxes on income from discontinued operations
     100,253       413       100,666  
 
                  
Income (loss) from discontinued operations
     200,510       (27,747 )     172,763  
 
                  
Net income
     225,607       6,772       232,379  
Less: Net income attributable to noncontrolling interest
     236       302       538  
Income from discontinued operations attributable to noncontrolling interest
     9,860       —       9,860  
 
                  
Net income attributable to common shareholders
   $ 215,511     $ 6,470     $ 221,981  
 
                  
 
                        
Earnings per share available to common shareholders:
                        
Basic:
                        
 
                        
Income from continuing operations
   $ 0.63     $ 0.86     $ 1.49  
Income (loss) from discontinued operations
   $ 4.80     $ (0.70 )   $ 4.10  
 
                  
Net income
   $ 5.43     $ 0.16     $ 5.59  
 
                  
 
                        
Diluted:
                        
Income from continuing operations
   $ 0.62     $ 0.86     $ 1.48  
Income (loss) from discontinued operations
   $ 4.78     $ (0.70 )   $ 4.08  
 
                  
Net income
   $ 5.40     $ 0.16     $ 5.56  
 
                  
 
                        
Weighted average common shares outstanding:
                        
Basic
     39,692       39,717       39,704  
Diluted
     39,876       39,921       39,899  
 
                        
Amounts attributable to common shareholders:
                        
Income from continuing operations, net of tax
   $ 24,861     $ 34,217     $ 59,078  
Discontinued operations, net of tax
     190,650       (27,747 )     162,903  
 
                  
Net income
   $ 215,511     $ 6,470     $ 221,981  
 
                  
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule.
Certain financial information is presented on a rounded basis, which may cause minor differences.

 

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