TELEFLEX INC - FORM 8-K - EX-99.1

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8-K - FORM 8-K - TELEFLEX INC	w83839e8vk.htm
EX-99.2 - EX-99.2 - TELEFLEX INC	w83839exv99w2.htm

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.

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.

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.

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