EX-99.1 2 exhibit1.htm EX-99.1 EX-99.1

Exhibit 99.1

TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Segment Results of Operations
To Reflect Discontinued Operations
(Unaudited)

                 
    For the Year Ending December 31,
    2007   2006
    (Dollars and shares in thousands,
 
   except per share)        
Medical
   $ 1,041,349   $ 858,676
Aerospace
   197,813   155,037
Commercial
   441,195   426,761
 
                
Net revenues
   $ 1,680,357   $ 1,440,474
 
                
Medical
   $ 182,636   $ 161,707
Aerospace
   18,253   13,605
Commercial
   22,990   30,498
 
                
Segment operating profit (1)
   223,879   205,810
Corporate expenses
   48,046   47,808
In-process research and development charge
   30,000   —
Goodwill impairment
   18,896   1,003
Restructuring and other impairment charges
   10,019   19,611
Loss on sales of businesses and assets
   1,110   732
Noncontrolling interest in consolidated subsidiaries
   (525 )   314
 
                
Income from continuing operations before interest and taxes
   116,333   136,342
Interest expense, net
   65,108   33,713
 
                
Income from continuing operations before taxes
   51,225   102,629
Taxes on income from continuing operations
   109,120   30,166
 
                
(Loss) income from continuing operations
   (57,895 )   72,463
 
                
Operating income from discontinued operations (including net gain on disposal of $299,456 and $182, respectively)
   408,040   115,915
Taxes on income from discontinued operations
   174,712   23,991
 
                
Income from discontinued operations
   233,328   91,924
 
                
Net income
   175,433   164,387
Less: Net income attributable to noncontrolling interest
   525   (314 )
Income from discontinued operations attributable to noncontrolling interest
   28,424   25,271
 
                
Net income attributable to common shareholders
   $ 146,484   $ 139,430
 
                
Earnings per share available to common shareholders:
                
Basic:
                
(Loss) income from continuing operations
   $ (1.49 )   $ 1.83
Income from discontinued operations
   $ 5.22   $ 1.68
 
                
Net income
   $ 3.73   $ 3.51
 
                
Diluted:
                
(Loss) income from continuing operations
   $ (1.49 )   $ 1.82
Income from discontinued operations
   $ 5.22   $ 1.67
 
                
Net income
   $ 3.73   $ 3.49
 
                
Weighted Average common shares outstanding:
                
Basic
   39,259   39,760
Diluted
   39,259   39,988
Amounts attributable to common shareholders
                
(Loss) income from continuing operations, net of tax
   $ (58,420 )   $ 72,777
Discontinued operations, net of tax
   204,904   66,653
 
                
Net income
   $ 146,484   $ 139,430
 
                

  (1)   Segment operating profit includes a segment’s net revenues reduced by its materials, labor and other product costs along with the segment’s selling, engineering and administrative expenses and noncontrolling interest. Unallocated corporate expenses, loss on sales of businesses and assets, restructuring and other impairment charges, interest income and expense and taxes on income are excluded from the measure.

      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.

TELEFLEX INCORPORATED AND SUBSIDIARIES
Adjusted Segment Results of Operations
To Reflect Discontinued Operations
(Unaudited)

                                                         
    2008 Quarters   2008 Year to Date
                                    6 MTHS   9 MTHS   12 MTHS
    3/30   6/29   9/28   12/31   6/29   9/28   12/31
            (Dollars and shares in thousands, except per share)        
Medical
   $ 374,057     $ 384,335     $ 367,327     $ 373,390     $ 758,392     $ 1,125,719     $ 1,499,109  
Aerospace
     66,288       65,733       62,105       59,692       132,021       194,126       253,818  
Commercial
     101,765       109,610       101,628       97,591       211,375       313,003       410,594  
 
                                                        
Net revenues
   $ 542,110     $ 559,678     $ 531,060     $ 530,673     $ 1,101,788     $ 1,632,848     $ 2,163,521  
 
                                                        
Medical
   $ 70,912     $ 70,652     $ 71,388     $ 73,378     $ 141,564     $ 212,952     $ 286,330  
Aerospace
     4,928       7,657       7,309       6,173       12,585       19,894       26,067  
Commercial
     2,847       9,460       7,067       8,083       12,307       19,374       27,457  
 
                                                        
Segment operating profit (1)
     78,687       87,769       85,764       87,634       166,456       252,220       339,854  
Corporate expenses
     13,008       11,157       11,228       10,527       24,165       35,393       45,920  
Restructuring and other impairment charges
     8,856       2,591       470       15,784       11,447       11,917       27,701  
Loss (gain) on sales of businesses and assets
     18       —       —       (314 )     18       18       (296 )
Noncontrolling interest in consolidated subsidiaries
     (187 )     (259 )     (196 )     (105 )     (446 )     (642 )     (747 )
 
                                                        
Income from continuing operations before interest and taxes
     56,992       74,280       74,262       61,742       131,272       205,534       267,276  
Interest expense, net
     30,122       30,930       28,501       29,758       61,052       89,553       119,311  
 
                                                        
Income from continuing operations before taxes
     26,870       43,350       45,761       31,984       70,220       115,981       147,965  
Taxes on income from continuing operations
     11,662       14,477       13,406       10,545       26,139       39,545       50,090  
 
                                                        
Income from continuing operations
     15,208       28,873       32,355       21,439       44,081       76,436       97,875  
 
                                                        
Operating income from discontinued operations
     15,195       14,132       19,886       15,561       29,327       49,213       64,774  
Taxes (benefit) on income from discontinued operations
     406       (1,036 )     295       8,382       (630 )     (335 )     8,047  
 
                                                        
Income from discontinued operations
     14,789       15,168       19,591       7,179       29,957       49,548       56,727  
 
                                                        
Net income
     29,997       44,041       51,946       28,618       74,038       125,984       154,602  
Less: Income attributable to noncontrolling interest
     187       259       196       105       446       642       747  
Income from discontinued operations attributable to noncontrolling interest
     6,867       8,839       9,431       8,944       15,706       25,137       34,081  
 
                                                        
Net income attributable to common shareholders
   $ 22,943     $ 34,943     $ 42,319     $ 19,569     $ 57,886     $ 100,205     $ 119,774  
 
                                                        
Earnings per share available to common shareholders:
                                                        
Basic:
                                                        
Income from continuing operations
   $ 0.38     $ 0.72     $ 0.81     $ 0.54     $ 1.10     $ 1.92     $ 2.45  
Income (loss) from discontinued operations
   $ 0.20     $ 0.16     $ 0.26     $ (0.04 )   $ 0.36     $ 0.62     $ 0.57  
 
                                                        
Net income
   $ 0.58     $ 0.88     $ 1.07     $ 0.49     $ 1.47     $ 2.53     $ 3.03  
 
                                                        
Diluted:
                                                        
Income from continuing operations
   $ 0.38     $ 0.72     $ 0.80     $ 0.54     $ 1.10     $ 1.90     $ 2.44  
Income (loss) from discontinued operations
   $ 0.20     $ 0.16     $ 0.25     $ (0.04 )   $ 0.36     $ 0.61     $ 0.57  
 
                                                        
Net income
   $ 0.58     $ 0.88     $ 1.06     $ 0.49     $ 1.46     $ 2.52     $ 3.01  
 
                                                        
Weighted Average common shares outstanding:
                                                        
Basic
     39,454       39,562       39,645       39,677       39,508       39,553       39,584  
Diluted
     39,709       39,831       39,970       39,819       39,770       39,837       39,832  
Amounts attributable to common shareholders
                                                        
Income from continuing operations, net of tax
   $ 15,021     $ 28,614     $ 32,159     $ 21,334     $ 43,635     $ 75,794     $ 97,128  
Discontinued operations, net of tax
     7,922       6,329       10,160       (1,765 )     14,251       24,411       22,646  
 
                                                        
Net income
   $ 22,943     $ 34,943     $ 42,319     $ 19,569     $ 57,886     $ 100,205     $ 119,774  
 
                                                        

  (1)   Segment operating profit includes a segment’s net revenues reduced by its materials, labor and other product costs along with the segment’s selling, engineering and administrative expenses and noncontrolling interest. Unallocated corporate expenses, loss (gain) on sales of businesses and assets, restructuring and other impairment charges, interest income and expense and taxes on income are excluded from the measure.

      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.