EX-99.1 2 c98260exv99w1.htm EXHIBIT 99.1 Exhibit 99.1
Exhibit 99.1
TELEFLEX INCORPORATED AND SUBSIDIARIES
Pro Forma Condensed Consolidated Statements of Income
To Reflect Discontinued Operations
(Unaudited)
                         
    For the Year Ended December 31,  
    2009     2008     2007  
    (Dollars and shares in thousands, except per share)  
Net revenues
   $ 1,867,839     $ 2,043,243     $ 1,552,708  
Materials, labor and other product costs
     1,060,509       1,195,601       967,876  
 
                  
Gross profit
     807,330       847,642       584,832  
Selling, engineering and administrative expenses
     515,644       558,520       403,148  
In-process research and development charge
     —       —       30,000  
Goodwill impairment
     6,728       —       2,448  
Restructuring and other impairment charges
     15,057       27,701       7,421  
Net loss (gain) on sales of businesses and assets
     2,597       (296 )     1,110  
 
                  
Income from continuing operations before interest and taxes
     267,304       261,717       140,705  
Interest expense, net
     86,928       119,317       65,225  
 
                  
Income from continuing operations before taxes
     180,376       142,400       75,480  
Taxes on income from continuing operations
     38,950       46,361       108,904  
 
                  
Income (loss) from continuing operations
     141,426       96,039       (33,424 )
 
                  
Operating income from discontinued operations (including net gain (loss) on disposal of $272,307, $(8,238), and $299,456, respectively)
     271,692       70,339       385,514  
Taxes on income from discontinued operations
     99,107       11,776       174,928  
 
                  
Income from discontinued operations
     172,585       58,563       210,586  
 
                  
Net income
     314,011       154,602       177,162  
Less: Net income attributable to noncontrolling interest
     1,157       747       459  
Income from discontinued operations attributable to noncontrolling interest
     9,860       34,081       30,219  
 
                  
Net income attributable to common shareholders
   $ 302,994     $ 119,774     $ 146,484  
 
                  
Earnings per share available to common shareholders:
                        
Basic:
                        
Income (loss) from continuing operations
   $ 3.53     $ 2.41     $ (0.86 )
Income from discontinued operations
   $ 4.10     $ 0.62     $ 4.59  
 
                  
Net income
   $ 7.63     $ 3.03     $ 3.73  
 
                  
Diluted:
                        
Income (loss) from continuing operations
   $ 3.51     $ 2.39     $ (0.86 )
Income from discontinued operations
   $ 4.07     $ 0.61     $ 4.59  
 
                  
Net income
   $ 7.59     $ 3.01     $ 3.73  
 
                  
 
                        
Weighted average common shares outstanding:
                        
Basic
     39,718       39,584       39,259  
Diluted
     39,936       39,832       39,259  
 
                        
Amounts attributable to common shareholders:
                        
Income (loss) from continuing operations, net of tax
   $ 140,269     $ 95,292     $ (33,883 )
Income from discontinued operations, net of tax
     162,725       24,482       180,367  
 
                  
Net income
   $ 302,994     $ 119,774     $ 146,484  
 
                  
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
Pro Forma Condensed Consolidated Statements of Income
To Reflect Discontinued Operations
(Unaudited)
                                 
    For the Three Months Ended — 2009 Quarters  
    March 29     June 28     September 27     December 31  
    (Dollars and shares in thousands, except per share)  
Net revenues
   $ 440,068     $ 462,105     $ 456,179     $ 509,487  
Materials, labor and other product costs
     251,614       260,302       257,143       291,450  
 
                        
Gross profit
     188,454       201,803       199,036       218,037  
Selling, engineering and administrative expenses
     124,698       128,242       125,341       137,363  
Goodwill impairment
     —       6,728       —       —  
Restructuring and other impairment charges
     2,463       6,166       4,783       1,645  
Net loss on sales of businesses and assets
     2,597       —       —       —  
 
                        
Income from continuing operations before interest and taxes
     58,696       60,667       68,912       79,029  
Interest expense, net
     25,188       20,540       20,841       20,359  
 
                        
Income from continuing operations before taxes
     33,508       40,127       48,071       58,670  
Taxes on income from continuing operations
     8,912       6,029       13,467       10,542  
 
                        
Income from continuing operations
     24,596       34,098       34,604       48,128  
 
                        
Operating income (loss) from discontinued operations (including gain on disposal of $275,787 for the three months ended March 29 and loss on disposal of $(3,480) for the three months ended September 27)
     301,579       (26,647 )     (3,499 )     259  
Taxes (benefit) on income from discontinued operations
     100,568       679       (7,512 )     5,372  
 
                        
Income (loss) from discontinued operations
     201,011       (27,326 )     4,013       (5,113 )
 
                        
Net income
     225,607       6,772       38,617       43,015  
Less: Net income attributable to noncontrolling interest
     236       302       305       314  
Income from discontinued operations attributable to noncontrolling interest
     9,860       —       —       —  
 
                        
Net income attributable to common shareholders
   $ 215,511     $ 6,470     $ 38,312     $ 42,701  
 
                        
Earnings per share available to common shareholders:
                                
Basic:
                                
Income from continuing operations
   $ 0.61     $ 0.85     $ 0.86     $ 1.20  
Income (loss) from discontinued operations
   $ 4.82     $ (0.69 )   $ 0.10     $ (0.13 )
 
                        
Net income
   $ 5.43     $ 0.16     $ 0.96     $ 1.07  
 
                        
Diluted:
                                
Income from continuing operations
   $ 0.61     $ 0.85     $ 0.86     $ 1.19  
Income (loss) from discontinued operations
   $ 4.79     $ (0.68 )   $ 0.10     $ (0.13 )
 
                        
Net income
   $ 5.40     $ 0.16     $ 0.96     $ 1.07  
 
                        
 
                                
Weighted average common shares outstanding:
                                
Basic
     39,692       39,717       39,724       39,740  
Diluted
     39,876       39,921       39,932       40,013  
 
                                
Amounts attributable to common shareholders:
                                
Income from continuing operations, net of tax
   $ 24,360     $ 33,796     $ 34,299     $ 47,814  
Income (loss) from discontinued operations, net of tax
     191,151       (27,326 )     4,013       (5,113 )
 
                        
Net income
   $ 215,511     $ 6,470     $ 38,312     $ 42,701  
 
                        
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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