EX-99.2 3 c89796exv99w2.htm EXHIBIT 99.2 Exhibit 99.2
Exhibit 99.2
TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Cash Flows
To Reflect Discontinued Operations
(Unaudited)
                         
    For the Year Ended December 31,  
    2008     2007     2006  
    (Dollars in thousands)  
Cash Flows from Operating Activities of Continuing Operations:
                        
Net income
   $ 154,602     $ 177,162     $ 164,387  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
Income from discontinued operations
     (56,486 )     (208,817 )     (94,630 )
Depreciation expense
     58,748       42,745       38,327  
Amortization expense of intangible assets
     45,163       19,438       9,412  
Amortization expense of deferred financing costs
     5,330       6,946       1,332  
In-process research and development charge
     —       30,000       —  
Stock-based compensation
     8,464       7,352       5,722  
Net (gain) loss on sales of businesses and assets
     (296 )     1,110       732  
Impairment of long-lived assets
     10,399       3,868       8,305  
Impairment of goodwill
     —       2,448       1,003  
Other
     13,110       5,132       (535 )
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
                        
Accounts receivable
     11,143       1,083       21,696  
Inventories
     (14,298 )     55,929       (368 )
Prepaid expenses and other current assets
     4,455       (707 )     (9,874 )
Accounts payable and accrued expenses
     2,509       18,202       (8,030 )
Income taxes payable and deferred income taxes
     (137,187 )     72,438       (7,188 )
 
                  
Net cash provided by operating activities from continuing operations
     105,656       234,329       130,291  
 
                  
 
                        
Cash Flows from Financing Activities of Continuing Operations:
                        
Proceeds from long-term borrowings
     92,897       1,620,000       —  
Reduction in long-term borrowings
     (226,687 )     (463,391 )     (7,031 )
Payments of debt issuance and amendment costs
     (656 )     (21,565 )     —  
(Decrease) increase in notes payable and current borrowings
     (492 )     1,321       (59,912 )
Proceeds from stock compensation plans
     7,955       24,171       11,952  
Payments to noncontrolling interest shareholders
     (739 )     (189 )     (129 )
Purchase of treasury stock
     —       —       (93,552 )
Dividends
     (53,047 )     (48,929 )     (44,096 )
 
                  
Net cash (used in) provided by financing activities from continuing operations
     (180,769 )     1,111,418       (192,768 )
 
                  
 
                        
Cash Flows from Investing Activities of Continuing Operations:
                        
Expenditures for property, plant and equipment
     (35,169 )     (41,383 )     (35,001 )
Proceeds from sales of businesses and assets
     8,464       702,314       3,644  
Payments for businesses and intangibles acquired, net of cash acquired
     (6,083 )     (2,174,517 )     (28,002 )
(Investments in) proceeds from affiliates
     (320 )     446       2,597  
Working capital payment for divested businesses
     —       —       (6,029 )
 
                  
Net cash used in investing activities from continuing operations
     (33,108 )     (1,513,140 )     (62,791 )
 
                  
 
                        
Cash Flows from Discontinued Operations:
                        
Net cash provided by operating activities
     65,513       159,259       214,371  
Net cash used in financing activities
     (37,240 )     (25,959 )     (57,337 )
Net cash used in investing activities
     (6,343 )     (26,455 )     (37,717 )
 
                  
Net cash provided by discontinued operations
     21,930       106,845       119,317  
 
                  
Effect of exchange rate changes on cash and cash equivalents
     (7,776 )     13,481       14,824  
 
                  
Net (decrease) increase in cash and cash equivalents
     (94,067 )     (47,067 )     8,873  
Cash and cash equivalents at the beginning of the period
     201,342       248,409       239,536  
 
                  
Cash and cash equivalents at the end of the period
   $ 107,275     $ 201,342     $ 248,409  
 
                  

 

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TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Cash Flows
To Reflect Discontinued Operations
(Unaudited)
                 
    2009 Year to Date  
    March 29,     June 28,  
    2009     2009  
    (Dollars in thousands)  
Cash Flows from Operating Activities of Continuing Operations:
                
Net income
   $ 225,607     $ 232,379  
Adjustments to reconcile net income to net cash used in operating activities:
                
Income from discontinued operations
     (200,510 )     (172,763 )
Depreciation expense
     14,186       28,598  
Amortization expense of intangible assets
     10,918       21,795  
Amortization expense of deferred financing costs
     2,641       3,610  
Stock-based compensation
     2,202       4,138  
Net loss on sales of businesses and assets
     2,597       2,597  
Impairment of long-lived assets
     —       2,474  
Impairment of goodwill
     —       6,728  
Other
     749       2,986  
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
                
Accounts receivable
     (15,635 )     2,993  
Inventories
     (10,961 )     (7,308 )
Prepaid expenses and other current assets
     1,822       1,592  
Accounts payable and accrued expenses
     (34,662 )     (36,024 )
Income taxes payable and deferred income taxes
     (5,335 )     (116,058 )
 
            
Net cash used in operating activities from continuing operations
     (6,381 )     (22,263 )
 
            
 
                
Cash Flows from Financing Activities of Continuing Operations:
                
Proceeds from long-term borrowings
     10,000       10,000  
Reduction in long-term borrowings
     (249,178 )     (249,178 )
Decrease in notes payable and current borrowings
     (659 )     (651 )
Proceeds from stock compensation plans
     367       367  
Payments to noncontrolling interest shareholders
     (295 )     (295 )
Dividends
     (13,511 )     (27,014 )
 
            
Net cash used in financing activities from continuing operations
     (253,276 )     (266,771 )
 
            
Cash Flows from Investing Activities of Continuing Operations:
                
Expenditures for property, plant and equipment
     (6,985 )     (15,012 )
Proceeds from sales of businesses and assets
     296,883       300,000  
Payments for businesses and intangibles acquired, net of cash acquired
     (1,108 )     (541 )
 
            
Net cash provided by investing activities from continuing operations
     288,790       284,447  
 
            
Cash Flows from Discontinued Operations:
                
Net cash provided by operating activities
     19,110       20,634  
Net cash used in financing activities
     (11,075 )     (11,075 )
Net cash used in investing activities
     (1,138 )     (1,169 )
 
            
Net cash provided by discontinued operations
     6,897       8,390  
 
            
Effect of exchange rate changes on cash and cash equivalents
     (254 )     3,192  
 
            
Net increase in cash and cash equivalents
     35,776       6,995  
Cash and cash equivalents at the beginning of the period
     107,275       107,275  
 
            
Cash and cash equivalents at the end of the period
   $ 143,051     $ 114,270  
 
            

 

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