0000950123-11-076170.txt : 20110811 0000950123-11-076170.hdr.sgml : 20110811 20110811162812 ACCESSION NUMBER: 0000950123-11-076170 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20110811 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110811 DATE AS OF CHANGE: 20110811 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEFLEX INC CENTRAL INDEX KEY: 0000096943 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 231147939 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05353 FILM NUMBER: 111028090 BUSINESS ADDRESS: STREET 1: 155 SOUTH LIMERICK ROAD STREET 2: CORPORATE OFFICES CITY: LIMERICK STATE: PA ZIP: 19468 BUSINESS PHONE: 610 948-5100 MAIL ADDRESS: STREET 1: 155 SOUTH LIMERICK ROAD CITY: LIMERICK STATE: PA ZIP: 19468 8-K 1 w83839e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 11, 2011
Teleflex Incorporated
(Exact name of registrant as specified in its charter)
         
Delaware   1-5353   23-1147939
         
(State or other jurisdiction
of incorporation) 		  (Commission
File Number) 		  (I.R.S. Employer
Identification No.)
     
155 South Limerick Road, Limerick,    
Pennsylvania   19468
     
(Address of principal executive offices)   (Zip Code)
Registrant’s telephone number, including area code: 610-948-5100
Not Applicable
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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))
 
 

 

 

Item 2.02 Results of Operations and Financial Condition.
On August 11, 2011, Teleflex Incorporated (the “Company”) made certain historical financial information available through the Company’s website. The information includes condensed consolidated statements of income and income from continuing operations, net of tax, and diluted earnings per share attributable to common shareholders, which, in each case, reflect the Company’s marine, cargo container and cargo systems businesses as discontinued operations for the historical periods presented. The cargo container and cargo systems businesses have been included in discontinued operations as a result of management’s approval in the first half of 2011 of plans to sell those businesses. The Company’s marine business was sold in the first quarter of 2011.
A copy of such financial information is furnished as Exhibits 99.1 and 99.2 to this Current Report.
The information furnished pursuant to Item 2.02 of this Current Report, including Exhibits 99.1 and 99.2 hereto, shall not be considered “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of such section, nor shall it be incorporated by reference into future filings by the Company under the Securities Act of 1933, as amended or under the Securities Exchange Act of 1934, as amended, unless the Company expressly sets forth in such future filing that such information is to be considered “filed” or incorporated by reference therein.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
99.1 Condensed Consolidated Statements of Income Adjusted to Reflect Discontinued Operations
99.2 Income from Continuing Operations, Net of Tax and Diluted Earnings Per Share Attributable to Common Shareholders Adjusted to Reflect Discontinued Operations

2

 

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
 		  
  By:   /s/ Richard A. Meier    
    Richard A. Meier   
    Executive Vice President and Chief Financial Officer
(Principal Financial Officer) 		  
 
     
  By:   /s/ Charles E. Williams    
    Charles E. Williams   
    Corporate Controller and Chief Accounting Officer
(Principal Accounting Officer) 		  
 
Dated: August 11, 2011

3

 

Exhibit Index
     
Exhibit No.   Description
99.1
  Condensed Consolidated Statements of Income Adjusted to Reflect Discontinued Operations
 
    
99.2
  Income from Continuing Operations, Net of Tax, and Diluted Earnings Per Share Attributable to Common Shareholders Adjusted to Reflect Discontinued Operations

4

EX-99.1 2 w83839exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
TELEFLEX INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
Adjusted To Reflect Discontinued Operations
(Unaudited)
                 
    Three Months Ended  
    March 27,     March 28,  
    2011     2010  
    (Dollars and shares in thousands, except  
    per share)  
Net revenues
   $ 354,004     $ 343,537  
Cost of goods sold
     189,500       172,726  
 
            
Gross profit
     164,504       170,811  
Selling, general and administrative expenses
     103,386       95,651  
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
     49,485       65,386  
Interest expense
     16,146       18,920  
Interest income
     (105 )     (206 )
Loss on extinguishments of debt
     14,597       —  
 
            
Income from continuing operations before taxes
     18,847       46,672  
Taxes on income from continuing operations
     4,850       13,923  
 
            
Income from continuing operations
     13,997       32,749  
 
            
 
                
Operating income from discontinued operations (including gain on disposal of $56,773 and $9,737, respectively)
     63,936       14,375  
Taxes (benefit) on income from discontinued operations
     (261 )     9,166  
 
            
Income from discontinued operations
     64,197       5,209  
 
            
 
                
Net income
     78,194       37,958  
Less: Income from continuing operations attributable to noncontrolling interest
     223       172  
Income from discontinued operations attributable to noncontrolling interest
     159       114  
 
            
Net income attributable to common shareholders
   $ 77,812     $ 37,672  
 
            
 
                
Earnings per share available to common shareholders:
                
Basic:
                
Income from continuing operations
   $ 0.34     $ 0.82  
Income from discontinued operations
     1.60       0.13  
 
            
Net income
   $ 1.94     $ 0.95  
 
            
 
                
Diluted:
                
Income from continuing operations
   $ 0.34     $ 0.81  
Income from discontinued operations
     1.58       0.13  
 
            
Net income
   $ 1.92     $ 0.94  
 
            
 
                
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
   $ 13,774     $ 32,577  
Income from discontinued operations, net of tax
     64,038       5,095  
 
            
Net income
   $ 77,812     $ 37,672  
 
            
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.

5

 

TELEFLEX INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
Adjusted To Reflect Discontinued Operations
(Unaudited)
                 
    Year Ended December 31,  
    2010     2009  
    (Dollars and shares in thousands, except  
    per share)  
Net revenues
   $ 1,433,282     $ 1,434,885  
Cost of goods sold
     744,811       749,344  
 
            
Gross profit
     688,471       685,541  
Selling, general and administrative expenses
     409,924       388,281  
Research and development expenses
     42,621       36,685  
Restructuring and other impairment charges
     2,875       10,347  
Gain on sales of businesses and assets
     (341 )     —  
 
            
Income from continuing operations before interest, loss on extinguishments of debt and taxes
     233,392       250,228  
Interest expense
     79,789       89,143  
Interest income
     (719 )     (2,480 )
Loss on extinguishments of debt
     46,630       —  
 
            
Income from continuing operations before taxes
     107,692       163,565  
Taxes on income from continuing operations
     18,002       36,976  
 
            
Income from continuing operations
     89,690       126,589  
 
            
 
                
Operating income from discontinued operations (including gain on disposal of $114,702 and $272,307, respectively)
     165,727       288,503  
Taxes on income from discontinued operations
     52,962       101,081  
 
            
Income from discontinued operations
     112,765       187,422  
 
            
Net income
     202,455       314,011  
Less: Income from continuing operations attributable to noncontrolling interest
     861       632  
Income from discontinued operations attributable to noncontrolling interest
     500       10,385  
 
            
Net income attributable to common shareholders
   $ 201,094     $ 302,994  
 
            
 
                
Earnings per share available to common shareholders:
                
Basic:
                
Income from continuing operations
   $ 2.23     $ 3.17  
Income from discontinued operations
     2.81       4.46  
 
            
Net income
   $ 5.04     $ 7.63  
 
            
 
                
Diluted:
                
Income from continuing operations
   $ 2.21     $ 3.15  
Income from discontinued operations
     2.79       4.43  
 
            
Net income
   $ 4.99     $ 7.59  
 
            
 
                
Weighted Average common shares outstanding:
                
Basic
     39,906       39,718  
Diluted
     40,280       39,936  
 
                
Amounts attributable to common shareholders:
                
Income from continuing operations, net of tax
   $ 88,829     $ 125,957  
Income from discontinued operations, net of tax
     112,265       177,037  
 
            
Net income
   $ 201,094     $ 302,994  
 
            
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.

6

 

TELEFLEX INCORPORATED AND SUBSIDIARIES
Condensed Consolidated Statements of Income
Adjusted To Reflect Discontinued Operations
(Unaudited)
                                         
    Three Months Ended     Year Ended  
    March 28,     June 27,     September 26,     December 31,     December 31,  
    2010     2010     2010     2010     2010  
    (Dollars and shares in thousands, except per share)  
Net revenues
   $ 343,537     $ 358,427     $ 345,041     $ 386,277     $ 1,433,282  
Cost of goods sold
     172,726       184,126       178,477       209,482       744,811  
 
                              
Gross profit
     170,811       174,301       166,564       176,795       688,471  
Selling, general and administrative expenses
     95,651       99,768       101,542       112,963       409,924  
Research and development expenses
     9,311       10,288       10,571       12,451       42,621  
Restructuring and other impairment charges
     463       75       1,141       1,196       2,875  
Gain on sales of businesses and assets
     —       —       (183 )     (158 )     (341 )
 
                              
Income from continuing operations before interest, loss on extinguishments of debt and taxes
     65,386       64,170       53,493       50,343       233,392  
Interest expense
     18,920       19,534       20,047       21,288       79,789  
Interest income
     (206 )     (150 )     (219 )     (144 )     (719 )
Loss on extinguishments of debt
     —       —       30,354       16,276       46,630  
 
                              
Income from continuing operations before taxes
     46,672       44,786       3,311       12,923       107,692  
Taxes (benefit) on income from continuing operations
     13,923       12,440       (7,676 )     (685 )     18,002  
 
                              
Income from continuing operations
     32,749       32,346       10,987       13,608       89,690  
 
                              
Operating income from discontinued operations (1)
     14,375       45,634       14,143       91,575       165,727  
Taxes on income from discontinued operations
     9,166       17,454       2,595       23,747       52,962  
 
                              
Income from discontinued operations
     5,209       28,180       11,548       67,828       112,765  
 
                              
Net income
     37,958       60,526       22,535       81,436       202,455  
Less: Income from continuing operations attributable to noncontrolling interest
     172       259       226       204       861  
Income from discontinued operations attributable to noncontrolling interest
     114       119       113       154       500  
 
                              
Net income attributable to common shareholders
   $ 37,672     $ 60,148     $ 22,196     $ 81,078     $ 201,094  
 
                              
 
                                        
Earnings per share available to common shareholders:
                                        
Basic:
                                        
 
                                        
Income from continuing operations
   $ 0.82     $ 0.80     $ 0.27     $ 0.34     $ 2.23  
 
                                        
Income from discontinued operations
     0.13       0.70       0.29       1.69       2.81  
 
                              
Net income
   $ 0.95     $ 1.51     $ 0.56     $ 2.03     $ 5.04  
 
                              
Diluted:
                                        
 
                                        
Income from continuing operations
   $ 0.81     $ 0.80     $ 0.27     $ 0.33     $ 2.21  
 
                                        
Income from discontinued operations
     0.13       0.70       0.28       1.68       2.79  
 
                              
Net income
   $ 0.94     $ 1.49     $ 0.55     $ 2.01     $ 4.99  
 
                              
 
                                        
Weighted Average common shares outstanding:
                                        
Basic
     39,791       39,913       39,933       39,987       39,906  
Diluted
     40,199       40,356       40,254       40,313       40,280  
 
                                        
Amounts attributable to common shareholders:
                                        
Income from continuing operations, net of tax
   $ 32,577     $ 32,087     $ 10,761     $ 13,404     $ 88,829  
Income from discontinued operations, net of tax
     5,095       28,061       11,435       67,674       112,265  
 
                              
Net income
   $ 37,672     $ 60,148     $ 22,196     $ 81,078     $ 201,094  
 
                              
 
(1)   Gain on disposal of discontinued operations included in operating income from discontinued operations is as follows:
                                         
    Three Months Ended   Year Ended
    March 28,   June 27,   September 26,   December 31,   December 31,
    2010   2010   2010   2010   2010
    (Dollars in thousands)
Gain on disposal of discontinued operations
   $ 9,737     $ 28,825     $ —     $ 76,140     $ 114,702  
     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.

7

EX-99.2 3 w83839exv99w2.htm EX-99.2 exv99w2
Exhibit 99.2
TELEFLEX INCORPORATED AND SUBSIDIARIES
Income from Continuing Operations, Net of Tax
And Diluted Earnings Per Share Attributable to Common Shareholders
Adjusted To Reflect Discontinued Operations
(Unaudited)
                                 
    Three Months Ended  
    March 27, 2011     March 28, 2010  
    (Dollars in thousands, except per share)  
            EPS             EPS  
Amounts attributable to common shareholders:
                                
Income from continuing operations, net of tax
   $ 13,774     $ 0.34     $ 32,577     $ 0.81  
Restructuring and other impairment charges, net of tax
     370       0.01       348       0.01  
Losses and other charges, net of tax (A)
     12,793       0.32       —       —  
Amortization of debt discount on convertible notes, net of tax
     1,501       0.04       —       —  
Intangible amortization expense, net of tax
     6,994       0.17       6,701       0.17  
 
                        
Income from continuing operations, net of tax excluding restructuring and other impairment charges, net of tax, losses and other charges, net of tax, amortization of debt discount on convertible notes, net of tax and intangible amortization expense, net of tax
   $ 35,432     $ 0.88     $ 39,626     $ 0.99  
 
                        
 
(A)   Losses and other charges include loss on extinguishment of debt and charges related to severance payments and benefits to be provided to our former chief executive officer.
Diluted earnings per share information is presented on a rounded basis, which may cause minor differences.

8

 

TELEFLEX INCORPORATED AND SUBSIDIARIES
Income from Continuing Operations, Net of Tax
And Diluted Earnings Per Share Attributable to Common Shareholders
Adjusted To Reflect Discontinued Operations
(Unaudited)
                                 
    Year Ended December 31,  
    2010     2009  
    (Dollars in thousands, except per share)  
            EPS             EPS  
Amounts attributable to common shareholders:
                                
Income from continuing operations, net of tax
   $ 88,829     $ 2.21     $ 125,957     $ 3.15  
Restructuring and other impairment charges, net of tax
     1,863       0.05       5,511       0.14  
Losses and other charges, net of tax(A)
     34,798       0.86       1,592       0.04  
Tax adjustments(B)
     (2,939 )     (0.07 )     (14,802 )     (0.37 )
Amortization of debt discount on convertible notes, net of tax
     2,444       0.06       —       —  
Intangible amortization expense, net of tax
     26,866       0.67       26,647       0.67  
 
                        
Income from continuing operations, net of tax excluding restructuring and other impairment charges, net of tax, losses and other charges, net of tax, tax adjustments, amortization of debt discount on convertible notes, net of tax and intangible amortization expense, net of tax
   $ 151,861     $ 3.77     $ 144,905     $ 3.63  
 
                        
 
(A)   In 2010, losses and other charges principally related to the loss on extinguishment of debt and factory shut down costs associated with the custom IV tubing product. In 2009, losses and other charges relate to restructuring related costs associated with the Arrow acquisition.
 
(B)   The tax adjustments represents a benefit from the net reduction in income tax reserves and discrete tax benefits related primarily to the resolution of various uncertain tax provisions; the settlement of tax audits; and other adjustments to taxes recorded with respect to prior years, principally resulting from changes to tax law and adjustments to previously filed income tax returns.
Diluted earnings per share information is presented on a rounded basis, which may cause minor differences.

9

 

TELEFLEX INCORPORATED AND SUBSIDIARIES
Income from Continuing Operations, Net of Tax
And Diluted Earnings Per Share Attributable to Common Shareholders
Adjusted To Reflect Discontinued Operations
(Unaudited)
                                                                                 
    Three Months Ended     Year Ended  
    March 28, 2010     June 27, 2010     September 26, 2010     December 31, 2010     December 31, 2010  
    (Dollars in thousands, except per share)  
            EPS             EPS             EPS             EPS             EPS  
Amounts attributable to common shareholders:
                                                                                
Income from continuing operations, net of tax
   $ 32,577     $ 0.81     $ 32,087     $ 0.80     $ 10,761     $ 0.27     $ 13,404     $ 0.33     $ 88,829     $ 2.21  
Restructuring and other impairment charges, net of tax
     348       0.01       (82 )     —       761       0.02       836       0.02       1,863       0.05  
Losses and other charges, net of tax(A)
     —       —       —       —       20,876       0.52       13,922       0.35       34,798       0.86  
Tax adjustments(B)
     —       —       —       —       —       —       (2,939 )     (0.07 )     (2,939 )     (0.07 )
Amortization of debt discount on convertible notes, net of tax
     —       —       —       —       979       0.02       1,465       0.04       2,444       0.06  
Intangible amortization expense, net of tax
     6,701       0.17       6,940       0.17       6,609       0.16       6,616       0.16       26,866       0.67  
 
                                                            
Income from continuing operations, net of tax excluding restructuring and other impairment charges, net of tax, losses and other charges, net of tax, tax adjustments, amortization of debt discount on convertible notes, net of tax and intangible amortization expense, net of tax
   $ 39,626     $ 0.99     $ 38,945     $ 0.97     $ 39,986     $ 0.99     $ 33,304     $ 0.83     $ 151,861     $ 3.77  
 
                                                            
 
(A)   In 2010, losses and other charges principally related to the loss on extinguishment of debt and factory shut down costs associated with the custom IV tubing product.
 
(B)   The tax adjustments represents a benefit from the net reduction in income tax reserves and discrete tax benefits related primarily to the resolution of various uncertain tax provisions; the settlement of tax audits; and other adjustments to taxes recorded with respect to prior years, principally resulting from changes to tax law and adjustments to previously filed income tax returns.
Diluted earnings per share information is presented on a rounded basis, which may cause minor differences.

10