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