Second Quarter Revenues Increase 11.4% to
$468.1 million; up 10.1% on Constant Currency Basis
Second Quarter GAAP Diluted EPS of $1.04, up
5.1% over the prior year; Adjusted Diluted EPS of $1.51 up
18.9%
2014 Guidance Range for Constant Currency
Revenue Growth of 7% to 9% Reaffirmed
2014 Guidance Range for Adjusted Diluted EPS
Increased from $5.35 to $5.55 to $5.45 to $5.60
Teleflex Incorporated (NYSE: TFX) (the “Company”) today
announced financial results for the second quarter ended June 29,
2014.
Second quarter 2014 net revenues were $468.1 million, an
increase of 11.4% over the prior year period. Excluding the impact
of foreign currency fluctuations, second quarter 2014 net revenues
increased 10.1% over the prior year period.
Second quarter 2014 GAAP diluted earnings per share from
continuing operations were $1.04, as compared to $0.99 in the prior
year period, an increase of 5.1%. Second quarter 2014 adjusted
diluted earnings per share from continuing operations were $1.51,
as compared to $1.27 in the prior year period, an increase of
18.9%.
“Despite the impact of one less selling day in the second
quarter of 2014 as compared to the prior year period, Teleflex
delivered double-digit constant currency revenue and adjusted
earnings per share growth,” said Benson Smith, Chairman, President
and Chief Executive Officer. “Our second quarter performance was
aided by the contribution from the acquisitions of Vidacare and
Mayo Healthcare, an improvement in the average selling price of
products, the introduction of new products to the market and a
slight improvement in the sales of existing products resulting from
a modest improvement in end-market utilization.”
Added Mr. Smith, “Based on the Company’s performance during the
first six months of 2014, and our outlook for the remainder of the
year, we are reaffirming our full year constant currency revenue
growth guidance range of 7% to 9%, and increasing our full year
adjusted diluted earnings per share guidance range from $5.35 to
$5.55 to $5.45 to $5.60.”
SECOND QUARTER NET REVENUE BY SEGMENT
Vascular North America second quarter 2014 net revenues were
$64.2 million, an increase of 13.1% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
second quarter 2014 net revenues increased 13.5% compared to the
prior year period. The increase in constant currency revenue was
largely due to Vidacare product sales, the introduction of new
products to the market and price increases. This was somewhat
offset by lower sales volume of existing products.
Anesthesia/Respiratory North America second quarter 2014 net
revenues were $55.0 million, a decrease of 5.9% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, second quarter 2014 net revenues decreased 5.7%
compared to the prior year period. The decrease in constant
currency revenue was largely due to lower sales volume of existing
products. This was somewhat offset by the introduction of new
products to the market and price increases.
Surgical North America second quarter 2014 net revenues were
$38.0 million, an increase of 0.6% compared to the prior year
period. Excluding the impact of foreign currency fluctuations,
second quarter 2014 net revenues increased 1.3% compared to the
prior year period. The increase in constant currency revenue was
largely due to price increases and the introduction of new products
to the market. This was somewhat offset by lower sales volume of
existing products.
EMEA second quarter 2014 net revenues were $154.7 million, an
increase of 12.2% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, second quarter 2014 net
revenues increased 7.3% compared to the prior year period. The
increase in constant currency revenue was largely due to Vidacare
product sales, higher sales volume of existing products, price
increases and the introduction of new products to the market.
Asia second quarter 2014 net revenues were $62.5 million, an
increase of 24.1% compared to the prior year period. Excluding the
impact of foreign currency fluctuations, second quarter 2014 net
revenues increased 25.2% compared to the prior year period. The
increase in constant currency revenue was largely due to the
acquisitions of Mayo Healthcare and Vidacare, price increases, the
introduction of new products to the market and higher sales volume
of existing products.
OEM and Development Services (“OEM”) second quarter 2014 net
revenues were $36.6 million, an increase of 14.0% compared to the
prior year period. Excluding the impact of foreign currency
fluctuations, second quarter 2014 net revenues increased 13.1%
compared to the prior year period. The increase in constant
currency revenue was largely due to higher sales volume of existing
products and the introduction of new products to the market. This
was somewhat offset by lower average selling prices.
Three Months Ended % Increase/
(Decrease) June 29, 2014 June 30, 2013
ConstantCurrency
ForeignCurrency
TotalChange
(Dollars in millions) Vascular North America $ 64.2 $ 56.8 13.5%
(0.4% ) 13.1% Anesthesia/Respiratory North America 55.0 58.5 (5.7%
) (0.2% ) (5.9% ) Surgical North America 38.0 37.8 1.3% (0.7% )
0.6% EMEA 154.7 137.8 7.3% 4.9% 12.2% Asia 62.5 50.4 25.2% (1.1% )
24.1% OEM 36.6 32.1 13.1% 0.9% 14.0% All Other 57.1
46.7 23.0% (0.7% ) 22.3% Total $ 468.1 $ 420.1 10.1% 1.3% 11.4%
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE
METRICS
Depreciation expense and amortization of intangible assets and
deferred financing costs for first six months of 2014 were $63.8
million compared to $52.0 million for the prior year period.
Cash and cash equivalents at June 29, 2014 were $237.4 million
compared to $432.0 million at December 31, 2013. The decline in
cash and cash equivalents is primarily due to a $235 million
repayment of a portion of the outstanding principal amount of
borrowings under the revolving credit facility.
Net accounts receivable at June 29, 2014 were $301.7 million
compared to $295.3 million at December 31, 2013.
Net inventories at June 29, 2014 were $356.5 million compared to
$333.6 million at December 31, 2013.
Net debt obligations at June 29, 2014 were $867.3 million
compared to $902.7 million at December 31, 2013.
“During the first six months of 2014, Teleflex significantly
improved cash flow from operations, reaching $120.2 million,” said
Thomas Powell, Executive Vice President and Chief Financial
Officer. “In addition, during the second quarter we took steps to
refine our capital structure and repay debt. As a result, we will
be better positioned to take advantage of future strategic
opportunities.”
2014 OUTLOOK
The Company reaffirmed its full year 2014 constant currency
revenue growth guidance range of 7% and 9%, and increased its full
year 2014 adjusted diluted earnings per share guidance from a range
of $5.35 to $5.55 to a range of $5.45 to $5.60.
FORECASTED 2014 CONSTANT CURRENCY
REVENUE GROWTH RECONCILIATION
Low High Forecasted 2014 GAAP
revenue growth 7.0 % 9.0 % Estimated impact of foreign
currency fluctuations — —
Forecasted 2014 constant currency revenue growth 7.0 %
9.0 %
FORECASTED 2014 ADJUSTED EARNINGS PER
SHARE RECONCILIATION
Low High Forecasted 2014 diluted
earnings per share attributable to common shareholders $3.50 $3.60
Restructuring, impairment charges and special items, net of
tax $0.85 $0.90 Intangible amortization expense, net of tax
$0.93 $0.93 Amortization of debt discount on convertible
notes, net of tax $0.17 $0.17
Forecasted 2014 adjusted diluted earnings per share $5.45
$5.60
CONFERENCE CALL WEBCAST AND ADDITIONAL INFORMATION
As previously announced, Teleflex will comment on its financial
results on a conference call to be held today at 8:00 a.m. (ET).
The call will be available live and archived on the company’s
website at www.teleflex.com and the accompanying
presentation will be posted prior to the call. An audio replay will
be available until August 6, 2014 at 11:59 p.m. (ET), by calling
888-286-8010 (U.S./Canada) or 617-801-6888 (International),
Passcode: 18970797.
ADDITIONAL NOTES
Constant currency revenue and growth exclude the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
Certain financial information is presented on a rounded basis,
which may cause minor differences.
Segment results and commentary exclude the impact of
discontinued operations, items included in restructuring and
impairment charges, and losses and other charges set forth in the
condensed consolidated statements of income and in the
Reconciliation of Consolidated Statement of Income Items set forth
below.
NOTES ON NON-GAAP FINANCIAL MEASURES
This press release includes certain non-GAAP financial measures,
which include:
Adjusted diluted earnings per share. This measure excludes,
depending on the period presented (i) the effect of charges
associated with our restructuring programs, as well as goodwill and
other asset impairment charges; (ii) losses and other charges
related to acquisition and integration costs, the reversal of
liabilities related to certain contingent consideration
arrangements, the establishment of a litigation reserve and a
litigation verdict against the Company with respect to a
non-operating joint venture; (iii) amortization of the debt
discount on the Company’s convertible notes; (iv) intangible
amortization expense; and (v) tax benefits resulting from the
resolution of, or expiration of the statute of limitations with
respect to, prior years’ tax matters. In addition, the calculation
of diluted shares within adjusted earnings per share gives effect
to the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of the Company’s senior
subordinated convertible notes (under GAAP, the anti-dilutive
impact of the convertible note hedge agreements is not reflected in
diluted shares).
Constant currency revenue. This measure excludes the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
Management believes these measures are useful to investors
because they eliminate items that do not reflect Teleflex’s
day-to-day operations. In addition, management believes that the
calculation of non-GAAP diluted shares is useful to investors
because it provides insight into the offsetting economic effect of
the convertible note hedge against conversions of the convertible
notes. Management uses these financial measures for internal
managerial purposes, when publicly providing guidance on possible
future results, and to assist in our evaluation of period-to-period
comparisons. These financial measures are presented in addition to
results presented in accordance with generally accepted accounting
principles (“GAAP”) and should not be relied upon as a substitute
for GAAP financial measures. Tables reconciling historical non-GAAP
measures to the most directly comparable historical GAAP measures
are set forth below. Tables reconciling forecasted non-GAAP
measures to the most directly comparable forecasted GAAP measures
are set forth above.
RECONCILIATION OF CONSOLIDATED STATEMENT OF INCOME ITEMS
Dollars in millions, except per share amounts
Quarter Ended - June 29, 2014 Net income
Shares used in (loss) attributable Diluted
calculation of Cost Selling,
Restructuring to common earnings per GAAP
and of general and Research and and
other Interest shareholders share
available adjusted goods administrative
development impairment expense, Income
from continuing to common earnings per
sold expenses expenses charges
net taxes operations shareholders
share GAAP Basis $224.0 $146.8 $14.9 $7.6 $15.9 $10.0 $48.4
$1.04 46,392 Adjustments
Restructuring and other impairment
charges
— — — 7.6 — 3.5 4.2 $0.09 —
Losses and other charges (A)
0.9 (1.1) 0.1 — — — (0.2) $0.00 —
Amortization of debt discount on
convertible notes
— — — — 3.0 1.1 1.9 $0.04 — Intangible amortization expense — 16.1
— — — 4.4 11.7 $0.25 — Tax adjustment (B) — — — — — — — $0.00 —
Shares due to Teleflex under note hedge
(C)
— — — — — — — $0.09 (2,714) Adjusted basis $223.1 $131.9 $14.8 —
$12.9 $19.0 $65.9 $1.51 43,678
Quarter Ended – June 30,
2013 Net income Shares used in (loss)
attributable
Diluted
calculation of Cost Selling,
Restructuring to common
earnings per
GAAP and of general and Research and
and other Interest shareholders
share available
adjusted goods administrative
Development impairment expense, Income
from continuing
to common
earnings per sold expenses expenses
charges net taxes operations
shareholders share GAAP Basis $210.6 $116.3 $16.5
$13.0 $14.3 $6.1 $43.2 $0.99 43,429 Adjustments
Restructuring and other impairment
charges
— — — 13.0 — 2.0 11.0 $0.25 — Losses and other charges (A) (0.3)
(4.9) — — — 0.8 (6.0) ($0.13) —
Amortization of debt discount on
convertible notes
— — — — 2.8 1.0 1.8 $0.04 — Intangible amortization expense — 12.1
— — — 4.2 7.9 $0.18 —
Tax adjustment (B)
— — — — — 4.7 (4.7) ($0.11) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — $0.04 (1,514) Adjusted basis $210.9 $109.0 $16.5 —
$11.5 $18.7 $53.2 $1.27 41,915
(A) In 2014, losses and other charges include approximately
($4.4) million, net of tax, or ($0.09) per share, related to the
reversal of contingent consideration liabilities; and approximately
$4.2 million, net of tax, or $0.09 per share, related to
acquisition and integration costs, and charges related to facility
consolidations. In 2013, losses and other charges include
approximately ($7.1) million, net of tax, or ($0.16) per share,
related to the reversal of contingent consideration liabilities;
approximately $1.5 million, net of tax, or $0.04 per share, related
to acquisition and integration costs; and approximately ($0.4)
million, net of tax, or ($0.01) per share, related to a reserve
reversal associated with a previously announced stock keeping unit
(“SKU”) rationalization charge.
(B) The tax adjustment represents a net benefit resulting from
the resolution of, or the expiration of statute of limitations with
respect to various prior years’ U.S. federal, state and foreign tax
matters.
(C) Adjusted diluted shares are calculated by giving effect to
the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of our senior subordinated
convertible notes. Under GAAP, the anti-dilutive impact of the
convertible note hedge agreements is not reflected in diluted
shares.
RECONCILIATION
OF CONSOLIDATED STATEMENT OF INCOME ITEMS Dollars in
millions, except per share amounts Six Months Ended -
June 29, 2014 Net income Shares used
in (loss) attributable Diluted calculation
of Cost Selling, Restructuring to
common earnings per GAAP and of general
and Research and and other Interest
shareholders share available adjusted
goods administrative development
impairment expense, Income from
continuing to common earnings per sold
expenses expenses charges net
taxes operations shareholders share
GAAP Basis $441.4 $287.1 $28.9 $15.4 $31.1 $18.5 $83.5 $1.81 46,071
Adjustments
Restructuring and other impairment
charges
— — — 15.4 — 4.5 10.9 $0.24 —
Losses and other charges (A)
0.9 (1.2) 0.1 — — 0.8 (1.1) ($0.03) —
Amortization of debt discount on
convertible notes
— — — — 6.0 2.2 3.8 $0.08 — Intangible amortization expense — 32.1
— — — 9.9 22.2 $0.48 — Tax adjustment (B) — — — — — 0.2 (0.2)
($0.01) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — $0.15 (2,582) Adjusted basis $440.5 $256.3 $28.9 —
$25.1 $36.3 $118.9 $2.73 43,489
Six Months Ended – June
30, 2013 Net income Shares used in (loss)
attributable Diluted calculation of Cost
Selling, Restructuring to common earnings
per GAAP and of general and Research
and and other Interest shareholders
share available adjusted goods
administrative Development impairment
expense, Income from continuing to
common earnings per sold expenses
expenses charges net taxes
operations shareholders share GAAP Basis
$421.9 $243.2 $31.5 $22.1 $28.3 $13.7 $70.7 $1.64 43,238
Adjustments
Restructuring and other impairment
charges
— — — 22.1 — 4.6 17.5 $0.41 — Losses and other charges (A) 0.2
(3.4) — — — 1.6 (4.7) ($0.11) —
Amortization of debt discount on
convertible notes
— — — — 5.5 2.0 3.5 $0.08 — Intangible amortization expense — 24.6
— — — 8.5 16.1 $0.37 —
Tax adjustment (B)
— — — — — 5.6 (5.6) ($0.13) —
Shares due to Teleflex under note hedge
(C)
— — — — — — — $0.07 (1,443) Adjusted basis $421.7 $222.0 $31.5 —
$22.8 $36.0 $97.5 $2.33 41,795
(A) In 2014, losses and other charges include approximately
($6.7) million, net of tax, or ($0.15) per share, related to the
reversal of contingent consideration liabilities; and approximately
$5.6 million, net of tax, or $0.12 per share, related to
acquisition and integration costs, and charges related to facility
consolidations. In 2013, losses and other charges include
approximately ($8.1) million, net of tax, or ($0.19) per share,
related to the reversal of contingent consideration liabilities;
approximately $0.8 million, net of tax, or $0.02 per share, related
to a litigation verdict against the Company with respect to a
non-operating joint venture; and $3.0 million, net of tax, or $0.07
per share, related to acquisition and integration costs; and ($0.4)
million, net of tax, or ($0.01) per share, related to a reserve
reversal associated with a previously announced stock keeping unit
(“SKU”) rationalization charge.
(B) The tax adjustment represents a net benefit resulting from
the resolution of, or the expiration of statute of limitations with
respect to various prior years’ U.S. federal, state and foreign tax
matters.
(C) Adjusted diluted shares are calculated by giving effect to
the anti-dilutive impact of the Company’s convertible note hedge
agreements, which reduce the potential economic dilution that
otherwise would occur upon conversion of our senior subordinated
convertible notes. Under GAAP, the anti-dilutive impact of the
convertible note hedge agreements is not reflected in diluted
shares.
RECONCILIATION OF NET DEBT
OBLIGATIONS
June 29, 2014 December 31, 2013
(Dollars in thousands) Note payable and current portion of long
term borrowings $ 362,273 $ 356,287 Long term
borrowings 700,000 930,000 Unamortized debt discount 42,427
48,413 Total debt obligations 1,104,700 1,334,700
Less: cash and cash equivalents 237,382 431,984 Net debt
obligations $ 867,318 $ 902,716
ABOUT TELEFLEX INCORPORATED
Teleflex is a leading global provider of specialty medical
devices for a range of procedures in critical care and surgery. Our
mission is to provide solutions that enable healthcare providers to
improve outcomes and enhance patient and provider safety.
Headquartered in Wayne, PA, Teleflex employs approximately 11,500
people worldwide and serves healthcare providers in more than 150
countries. For additional information about Teleflex please refer
to www.teleflex.com.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements,
including, but not limited to, forecasted 2014 GAAP and constant
currency revenue growth and GAAP and adjusted diluted earnings per
share. Actual results could differ materially from those in the
forward-looking statements due to, among other things, conditions
in the end markets we serve, customer reaction to new products and
programs, our ability to achieve sales growth, price increases or
cost reductions; changes in the reimbursement practices of third
party payors; our ability to realize efficiencies and to execute on
our strategic initiatives; changes in material costs and
surcharges; market acceptance and unanticipated difficulties in
connection with the introduction of new products and product line
extensions; product recalls; unanticipated difficulties in
connection with the consolidation of manufacturing and
administrative functions, including as a result of difficulties
with various employees, labor representatives or regulators; the
loss of skilled employees in connection with such initiatives;
unanticipated difficulties, expenditures and delays in complying
with government regulations applicable to our businesses; the
impact of government healthcare reform legislation; our ability to
meet our debt obligations; changes in general and international
economic conditions; and other factors described or incorporated in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended December 31,
2013.
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
Three Months Ended
June 29,2014
June 30,2013
(Dollars and shares inthousands,
except per share)
Net revenues $ 468,105 $ 420,059 Cost of goods sold
224,017 210,569 Gross profit 244,088 209,490 Selling,
general and administrative expenses 146,843 116,253 Research and
development expenses 14,870 16,524 Restructuring and other
impairment charges 7,623 12,962 Income from
continuing operations before interest and taxes 74,752 63,751
Interest expense 16,062 14,425 Interest income (146 )
(157 ) Income from continuing operations before taxes 58,836 49,483
Taxes on income from continuing operations 10,006
6,082 Income from continuing operations 48,830 43,401
Operating loss from discontinued operations (1,594 ) (1,026 ) Tax
benefit on loss from discontinued operations (469 )
(260 ) Loss from discontinued operations (1,125 )
(766 ) Net income 47,705 42,635 Less: Income from continuing
operations attributable to noncontrolling interest 453
194 Net income attributable to common shareholders $ 47,252
$ 42,441 Earnings per share available to common
shareholders: Basic: Income from continuing operations $ 1.17 $
1.05 Loss from discontinued operations (0.03 ) (0.02
) Net income $ 1.14 $ 1.03 Diluted: Income from continuing
operations $ 1.04 $ 0.99 Loss from discontinued operations
(0.02 ) (0.01 ) Net income $ 1.02 $ 0.98 Dividends
per common share $ 0.34 $ 0.34 Weighted average common
shares outstanding: Basic 41,380 41,115 Diluted 46,392 43,429
Amounts attributable to common shareholders: Income from
continuing operations, net of tax $ 48,377 $ 43,207 Loss from
discontinued operations, net of tax (1,125 ) (766 )
Net income $ 47,252 $ 42,441
TELEFLEX INCORPORATED AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) Six Months Ended
June 29,2014
June 30,2013
(Dollars and shares inthousands,
except per share)
Net revenues $ 906,651 $ 831,936 Cost of goods sold
441,404 421,926 Gross profit 465,247 410,010 Selling,
general and administrative expenses 287,140 243,203 Research and
development expenses 28,932 31,531 Restructuring and other
impairment charges 15,403 22,121 Income from
continuing operations before interest and taxes 133,772 113,155
Interest expense 31,466 28,618 Interest income (333 )
(314 ) Income from continuing operations before taxes 102,639
84,851 Taxes on income from continuing operations 18,540
13,749 Income from continuing operations 84,099
71,102 Operating loss from discontinued operations (1,619 )
(1,784 ) Tax benefit on loss from discontinued operations
(369 ) (556 ) Loss from discontinued operations
(1,250 ) (1,228 ) Net income 82,849 69,874 Less: Income from
continuing operations attributable to noncontrolling interest
639 395 Net income attributable to common
shareholders $ 82,210 $ 69,479 Earnings per share available
to common shareholders: Basic: Income from continuing operations $
2.02 $ 1.72 Loss from discontinued operations (0.03 )
(0.03 ) Net income $ 1.99 $ 1.69 Diluted: Income from
continuing operations $ 1.81 $ 1.64 Loss from discontinued
operations (0.03 ) (0.03 ) Net income $ 1.78 $ 1.61
Dividends per common share $ 0.68 $ 0.68 Weighted
average common shares outstanding: Basic 41,321 41,064 Diluted
46,071 43,238 Amounts attributable to common shareholders:
Income from continuing operations, net of tax $ 83,460 $ 70,707
Loss from discontinued operations, net of tax (1,250 )
(1,228 ) Net income $ 82,210 $ 69,479
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) June
29, December 31, 2014 2013
(Dollars in thousands) ASSETS Current assets Cash and
cash equivalents $ 237,382 $ 431,984 Accounts receivable, net
301,720 295,290 Inventories, net 356,467 333,621 Prepaid expenses
and other current assets 38,386 39,810 Prepaid taxes 47,641 36,504
Deferred tax assets 50,497 52,917 Assets held for sale 9,161
10,428 Total current assets 1,041,254 1,200,554 Property,
plant and equipment, net 343,408 325,900 Goodwill 1,373,356
1,354,203 Intangible assets, net 1,233,905 1,255,597 Investments in
affiliates 1,465 1,715 Deferred tax assets 944 943 Other assets
69,501 70,095 Total assets $ 4,063,833 $ 4,209,007
LIABILITIES AND EQUITY Current liabilities Current
borrowings $ 362,273 $ 356,287 Accounts payable 73,533 71,967
Accrued expenses 80,040 74,868 Current portion of contingent
consideration 2,959 4,131 Payroll and benefit-related liabilities
66,569 73,090 Accrued interest 9,991 8,725 Income taxes payable
21,817 23,821 Other current liabilities 35,308 22,231
Total current liabilities 652,490 635,120 Long-term borrowings
700,000 930,000 Deferred tax liabilities 517,433 514,715 Pension
and postretirement benefit liabilities 102,194 109,498 Noncurrent
liability for uncertain tax positions 56,687 55,152 Other
liabilities 50,650 48,506 Total liabilities 2,079,454
2,292,991 Commitments and contingencies Total common shareholders’
equity 1,982,277 1,913,527 Noncontrolling interest 2,102
2,489 Total equity 1,984,379 1,916,016 Total
liabilities and equity $ 4,063,833 $ 4,209,007
TELEFLEX
INCORPORATED AND SUBSIDIARIES CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) Six
Months Ended
June 29, 2014
June 30, 2013
(Dollars in thousands) Cash Flows from Operating Activities
of Continuing Operations: Net income $ 82,849 $ 69,874 Adjustments
to reconcile net income to net cash provided by operating
activities: Loss from discontinued operations 1,250 1,228
Depreciation expense 23,997 19,876 Amortization expense of
intangible assets 32,102 24,551 Amortization expense of deferred
financing costs and debt discount 7,716 7,533 Changes in contingent
consideration (6,617 ) (7,926 ) Stock-based compensation 5,726
5,766 Deferred income taxes, net 2,811 (3,351 ) Other (2,142 )
(8,243 )
Changes in operating assets and
liabilities, net of effects of acquisitions and disposals:
Accounts receivable 640 (18,084 ) Inventories (16,385 ) (29,354 )
Prepaid expenses and other current assets 2,407 303 Accounts
payable and accrued expenses (1,731 ) 1,163 Income taxes receivable
and payable, net (12,462 ) (7,093 ) Net cash provided
by operating activities from continuing operations 120,161
56,243 Cash Flows from Investing Activities of
Continuing Operations: Expenditures for property, plant and
equipment (30,850 ) (36,897 ) Proceeds from sales of assets and
investments 4,139 — Payments for businesses and intangibles
acquired, net of cash acquired (28,535 ) (36,954 ) Investment in
affiliates (60 ) (50 ) Net cash used in investing
activities from continuing operations (55,306 )
(73,901 ) Cash Flows from Financing Activities of Continuing
Operations: Proceeds from long-term borrowings 250,000 — Repayment
of long-term borrowings (480,000 ) — Debt issuance fees (3,275 ) —
Proceeds from share based compensation plans and the related tax
impacts 2,391 3,892 Payments to noncontrolling interest
shareholders (1,094 ) (736 ) Payments for contingent consideration
— (9,487 ) Dividends (28,093 ) (27,944 ) Net cash
used in financing activities from continuing operations
(260,071 ) (34,275 ) Cash Flows from Discontinued
Operations: Net cash used in operating activities (1,531 )
(1,437 ) Net cash used in discontinued operations
(1,531 ) (1,437 ) Effect of exchange rate changes on
cash and cash equivalents 2,145 (2,251 ) Net decrease
in cash and cash equivalents (194,602 ) (55,621 ) Cash and cash
equivalents at the beginning of the period 431,984
337,039 Cash and cash equivalents at the end of the period $
237,382 $ 281,418
Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
Teleflex (NYSE:TFX)
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Teleflex (NYSE:TFX)
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From Sep 2023 to Sep 2024