Delaware | 1-5353 | 23-1147939 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
155 South Limerick Road, Limerick, Pennsylvania |
19468 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
99.1 | Press Release, dated April 26, 2011 |
Date: April 26, 2011 | TELEFLEX INCORPORATED |
|||
By: | /s/ Richard A. Meier | |||
Name: | Richard A. Meier | |||
Title: | Executive Vice President and Chief Financial Officer |
Exhibit No. | Description | |||
99.1 | Press Release, dated April 26, 2011 |
Contact:
|
Jake Elguicze | |
Vice President Investor Relations | ||
610-948-2836 |
FOR IMMEDIATE RELEASE
|
April 26, 2011 |
Three Months Ended | % Increase/ (Decrease) | |||||||||||||||||||
Constant | Foreign | Total | ||||||||||||||||||
March 27, 2011 | March 28, 2010 | Currency | Currency | Change | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Critical Care |
$ | 237.1 | $ | 225.9 | 5 | % | | 5 | % | |||||||||||
Surgical Care |
65.0 | 63.1 | 3 | % | | 3 | % | |||||||||||||
Cardiac Care |
17.7 | 18.3 | (4 | %) | 1 | % | (3 | %) | ||||||||||||
OEM |
33.9 | 35.3 | (4 | %) | | (4 | %) | |||||||||||||
Other |
0.3 | 0.9 | (67 | %) | | (67 | %) | |||||||||||||
Total |
$ | 354.0 | $ | 343.5 | 3 | % | | 3 | % | |||||||||||
Low | High | |||||||
Diluted earnings per share attributable to common shareholders |
$ | 3.15 | $ | 3.35 | ||||
Special items, net of tax |
$ | 0.45 | $ | 0.45 | ||||
Intangible amortization expense, net of tax |
$ | 0.70 | $ | 0.70 | ||||
Amortization of debt discount on convertible notes, net of tax |
$ | 0.15 | $ | 0.15 | ||||
Adjusted diluted earnings per share1 |
$ | 4.45 | $ | 4.65 | ||||
(1) | This measure was previously referred to as adjusted diluted cash earnings per share. |
| Consolidated revenue growth of approximately 5% | ||
| Consolidated gross margins of approximately 55% |
| Consolidated research and development expense of approximately 5% | ||
| Consolidated operating margins of approximately 25% | ||
| Return on equity of approximately 15% |
Three Months Ended | Three Months Ended | |||||||
March 27, 2011 | March 28, 2010 | |||||||
(Dollars in thousands, except per share) | ||||||||
Income and diluted earnings per share attributable to common shareholders |
$ | 17,118 | $ | 33,234 | ||||
Restructuring and impairment charges |
595 | 463 | ||||||
Tax benefit |
(225 | ) | (115 | ) | ||||
Restructuring and impairment charges, net of tax |
370 | 348 | ||||||
$ | 0.01 | $ | 0.01 | |||||
Losses and other charges (A) |
20,097 | | ||||||
Tax benefit |
(7,304 | ) | | |||||
Losses and other charges, net of tax |
12,793 | | ||||||
$ | 0.32 | | ||||||
Amortization of debt discount on convertible notes |
2,363 | | ||||||
Tax benefit |
(862 | ) | | |||||
Amortization of debt discount on convertible notes, net of tax |
1,501 | | ||||||
$ | 0.04 | | ||||||
Intangible amortization expense |
11,220 | 10,732 | ||||||
Tax benefit |
(4,094 | ) | (3,901 | ) | ||||
Intangible amortization expense, net of tax |
7,126 | 6,831 | ||||||
$ | 0.18 | $ | 0.17 | |||||
Adjusted income and diluted earnings per share |
$ | 38,908 | $ | 40,413 | ||||
$ | 0.96 | $ | 1.01 |
(A) | In 2011, losses and other charges include approximately $9.3 million, net of tax, or $0.23 per share, related to the prepayment of Teleflexs outstanding senior notes issued in 2004, and related transaction fees and expenses; and approximately $3.5 million, net of tax, or $0.09 per share, in charges related to severance payments and benefits to be provided to our former chief executive officer. |
Three Months Ended | Three Months Ended | |||||||
March 27, 2011 | March 28, 2010 | |||||||
(Dollars in thousands) | ||||||||
Cash flow from operations as reported |
$ | 14,062 | $ | 34,377 | ||||
Add: Impact of the adoption of the
amendment to Accounting Standards
Codification topic 860 Transfers and
Servicing |
| 39,700 | ||||||
Less: Tax refund on sale of ATI business |
| 49,418 | ||||||
Adjusted cash flow from operations |
$ | 14,062 | $ | 24,659 | ||||
March 27, 2011 | December 31, 2010 | |||||||
(Dollars in thousands) | ||||||||
Note payable and current
portion of long-term
borrowings |
$ | 29,700 | $ | 103,711 | ||||
Long term borrowings |
822,473 | 813,409 | ||||||
Unamortized debt discount |
77,527 | 79,891 | ||||||
Total debt obligations |
929,700 | 997,011 | ||||||
Less: cash and cash equivalents |
202,298 | 208,452 | ||||||
Net debt obligations |
$ | 727,402 | $ | 788,559 | ||||
Three Months Ended | ||||||||
March 27, | March 28, | |||||||
2011 | 2010 | |||||||
(Dollars and shares in thousands, | ||||||||
except per share) | ||||||||
Net revenues |
$ | 388,658 | $ | 367,332 | ||||
Cost of goods sold |
212,620 | 190,435 | ||||||
Gross profit |
176,038 | 176,897 | ||||||
Selling, general and administrative expenses |
109,831 | 100,568 | ||||||
Research and development expenses |
11,038 | 9,311 | ||||||
Restructuring and other impairment charges |
595 | 463 | ||||||
Income from continuing operations before interest, loss
on extinguishments of debt and taxes |
54,574 | 66,555 | ||||||
Interest expense |
16,157 | 18,994 | ||||||
Interest income |
(106 | ) | (206 | ) | ||||
Loss on extinguishments of debt |
14,597 | | ||||||
Income from continuing operations before taxes |
23,926 | 47,767 | ||||||
Taxes on income from continuing operations |
6,426 | 14,247 | ||||||
Income from continuing operations |
17,500 | 33,520 | ||||||
Operating income from discontinued operations
(including gain on disposal of $56,773 and $9,737,
respectively) |
58,857 | 13,280 | ||||||
Taxes (benefit) on income from discontinued operations |
(1,837 | ) | 8,842 | |||||
Income from discontinued operations |
60,694 | 4,438 | ||||||
Net income |
78,194 | 37,958 | ||||||
Less: Net income attributable to noncontrolling interest |
382 | 286 | ||||||
Net income attributable to common shareholders |
$ | 77,812 | $ | 37,672 | ||||
Earnings per share available to common shareholders: |
||||||||
Basic: |
||||||||
Income from continuing operations |
$ | 0.43 | $ | 0.84 | ||||
Income from discontinued operations |
$ | 1.52 | $ | 0.11 | ||||
Net income |
$ | 1.94 | $ | 0.95 | ||||
Diluted: |
||||||||
Income from continuing operations |
$ | 0.42 | $ | 0.83 | ||||
Income from discontinued operations |
$ | 1.50 | $ | 0.11 | ||||
Net income |
$ | 1.92 | $ | 0.94 | ||||
Dividends per share |
$ | 0.34 | $ | 0.34 | ||||
Weighted average common shares outstanding: |
||||||||
Basic |
40,057 | 39,791 | ||||||
Diluted |
40,424 | 40,199 | ||||||
Amounts attributable to common shareholders: |
||||||||
Income from continuing operations, net of tax |
$ | 17,118 | $ | 33,234 | ||||
Income from discontinued operations, net of tax |
60,694 | 4,438 | ||||||
Net income |
$ | 77,812 | $ | 37,672 | ||||
March 27, | December 31, | |||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
ASSETS |
||||||||
Current assets |
||||||||
Cash and cash equivalents |
$ | 202,298 | $ | 208,452 | ||||
Accounts receivable, net |
289,788 | 294,196 | ||||||
Inventories, net |
319,905 | 338,598 | ||||||
Prepaid expenses and other current assets |
29,019 | 28,831 | ||||||
Income taxes receivable |
10,392 | 3,888 | ||||||
Deferred tax assets |
34,351 | 39,309 | ||||||
Assets held for sale |
40,165 | 7,959 | ||||||
Total current assets |
925,918 | 921,233 | ||||||
Property, plant and equipment, net |
274,328 | 287,705 | ||||||
Goodwill |
1,468,990 | 1,442,411 | ||||||
Intangible assets, net |
927,636 | 918,522 | ||||||
Investments in affiliates |
4,723 | 4,899 | ||||||
Deferred tax assets |
370 | 358 | ||||||
Other assets |
76,838 | 68,027 | ||||||
Total assets |
$ | 3,678,803 | $ | 3,643,155 | ||||
LIABILITIES AND EQUITY |
||||||||
Current liabilities |
||||||||
Current borrowings |
$ | 29,700 | $ | 103,711 | ||||
Accounts payable |
82,675 | 84,846 | ||||||
Accrued expenses |
116,577 | 117,488 | ||||||
Payroll and benefit-related liabilities |
67,626 | 71,418 | ||||||
Derivative liabilities |
15,315 | 15,634 | ||||||
Accrued interest |
8,952 | 18,347 | ||||||
Income taxes payable |
4,630 | 4,886 | ||||||
Deferred tax liabilities |
4,802 | 4,433 | ||||||
Liabilities held for sale |
11,629 | | ||||||
Total current liabilities |
341,906 | 420,763 | ||||||
Long-term borrowings |
822,473 | 813,409 | ||||||
Deferred tax liabilities |
387,001 | 370,819 | ||||||
Pension and postretirement benefit liabilities |
117,590 | 141,769 | ||||||
Noncurrent liability for uncertain tax positions |
73,697 | 62,602 | ||||||
Other liabilities |
47,148 | 46,515 | ||||||
Total liabilities |
1,789,815 | 1,855,877 | ||||||
Commitments and contingencies |
||||||||
Total common shareholders equity |
1,884,710 | 1,783,376 | ||||||
Noncontrolling interest |
4,278 | 3,902 | ||||||
Total equity |
1,888,988 | 1,787,278 | ||||||
Total liabilities and equity |
$ | 3,678,803 | $ | 3,643,155 | ||||
Three Months Ended | ||||||||
March 27, 2011 | March 28, 2010 | |||||||
(Dollars in thousands) | ||||||||
Cash Flows from Operating Activities of Continuing Operations: |
||||||||
Net income |
$ | 78,194 | $ | 37,958 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Income from discontinued operations |
(60,694 | ) | (4,438 | ) | ||||
Depreciation expense |
10,849 | 11,274 | ||||||
Amortization expense of intangible assets |
11,220 | 10,731 | ||||||
Amortization expense of deferred financing costs and debt discount |
3,300 | 945 | ||||||
Loss on extinguishments of debt |
14,597 | | ||||||
Stock-based compensation |
(1,055 | ) | 1,695 | |||||
Deferred income taxes, net |
(1,701 | ) | 10,130 | |||||
Other |
903 | 444 | ||||||
Changes in operating assets and liabilities, net of effects of acquisitions and
disposals: |
||||||||
Accounts receivable |
(20,951 | ) | (43,023 | ) | ||||
Inventories |
(10,656 | ) | 493 | |||||
Prepaid expenses and other current assets |
(1,032 | ) | (1,914 | ) | ||||
Accounts payable and accrued expenses |
(8,189 | ) | (33,777 | ) | ||||
Income taxes receivable and payable, net |
(723 | ) | 43,859 | |||||
Net cash provided by operating activities from continuing operations |
14,062 | 34,377 | ||||||
Cash Flows from Investing Activities of Continuing Operations: |
||||||||
Expenditures for property, plant and equipment |
(6,444 | ) | (6,737 | ) | ||||
Proceeds from sales of businesses and assets, net of cash sold |
101,600 | 24,750 | ||||||
Payments for businesses and intangibles acquired, net of cash acquired |
(30,570 | ) | (81 | ) | ||||
Net cash provided by investing activities from continuing operations |
64,586 | 17,932 | ||||||
Cash Flows from Financing Activities of Continuing Operations: |
||||||||
Proceeds from long-term borrowings |
265,000 | | ||||||
Reduction in long-term borrowings |
(330,800 | ) | (51,090 | ) | ||||
Increase in notes payable and current borrowings |
| 39,700 | ||||||
Proceeds from stock compensation plans |
6,764 | 3,670 | ||||||
Dividends |
(13,614 | ) | (13,536 | ) | ||||
Debt extinguishment, issuance and amendment fees |
(14,838 | ) | | |||||
Net cash used in financing activities from continuing operations |
(87,488 | ) | (21,256 | ) | ||||
Cash Flows from Discontinued Operations: |
||||||||
Net cash used in operating activities |
(5,109 | ) | (3,314 | ) | ||||
Net cash used in investing activities |
(249 | ) | (611 | ) | ||||
Net cash used in discontinued operations |
(5,358 | ) | (3,925 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents |
8,044 | (4,714 | ) | |||||
Net (decrease) increase in cash and cash equivalents |
(6,154 | ) | 22,414 | |||||
Cash and cash equivalents at the beginning of the period |
208,452 | 188,305 | ||||||
Cash and cash equivalents at the end of the period |
$ | 202,298 | $ | 210,719 | ||||
Three Months Ended | ||||||||
March 27, | March 28, | |||||||
2011 | 2010 | |||||||
(Dollars in thousands) | ||||||||
Segment data: |
||||||||
Medical |
$ | 354,004 | $ | 343,537 | ||||
Aerospace |
34,654 | 23,795 | ||||||
Segment net revenues |
$ | 388,658 | $ | 367,332 | ||||
Medical |
$ | 60,537 | $ | 73,498 | ||||
Aerospace |
4,986 | 1,171 | ||||||
Segment operating profit |
65,523 | 74,669 | ||||||
Less: Corporate expenses |
10,736 | 7,937 | ||||||
Restructuring and impairment charges |
595 | 463 | ||||||
Noncontrolling interest |
(382 | ) | (286 | ) | ||||
Income from continuing operations
before interest, loss
on extinguishments of debt and taxes |
$ | 54,574 | $ | 66,555 | ||||
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