Third Quarter Revenues of $443.7 million,
Down 2.9% Versus Prior Year Period; Up 4.2% on Constant Currency
Basis
Third Quarter GAAP Diluted EPS of $1.27, Up
7.6% Over the Prior Year Period
Third Quarter Adjusted Diluted EPS of $1.60,
up 1.9%, Including the Unfavorable Impact From Foreign Currency of
Approximately 17%
2015 Guidance Range for Constant Currency
Revenue Growth Narrowed From a Range of 4.0% to 6.0% to a Range of
4.7% to 5.5%
2015 Guidance Range for Adjusted Diluted EPS
Narrowed From a Range of $6.10 to $6.35 to a Range of $6.20 to
$6.30
Teleflex Incorporated (NYSE: TFX) (the “Company”) today
announced financial results for the third quarter ended September
27, 2015.
Third quarter net revenues were $443.7 million, a decrease of
2.9% over the third quarter 2014. Excluding the impact of foreign
currency fluctuations, third quarter net revenues increased 4.2%
over the year ago quarter.
Third quarter GAAP diluted earnings per share from continuing
operations increased 7.6% to $1.27, as compared to $1.18 in the
prior year period. Third quarter adjusted diluted earnings per
share from continuing operations increased 1.9% to $1.60, compared
to $1.57 in the prior year period.
“During the third quarter of 2015, Teleflex's North American
business units continued their strong performance," said Benson
Smith, Chairman, President and Chief Executive Officer. "The
investments we have been making in our key North American strategic
business units are yielding returns, as our revenue growth was
broad-based, and included volume growth of over 3%, increased
revenue from new product introductions of approximately 1%, and the
contribution from improved pricing and recently completed
acquisitions, which together total approximately 1.5%. In addition
to North American strength, constant currency revenue growth in
Asia returned to double-digit levels. However, our top-line
performance this quarter was adversely affected by a year-over-year
revenue decline in Latin America due to macroeconomic factors
impacting the region."
Added Smith, "In addition, despite softness in Latin America and
significant foreign currency headwinds, the Company continued to
grow adjusted earnings per share thanks to operational initiatives
and a reduction in our tax rate. Looking forward, we anticipate a
strong close to the year from the perspective of constant currency
revenue growth and adjusted earnings per share, as our facility
footprint restructuring remains on track."
THIRD QUARTER NET REVENUE BY SEGMENT AND GEOGRAPHY
Vascular North America third quarter net revenues were $82.6
million, an increase of 7.8% compared to the third quarter 2014.
Excluding the impact of foreign currency fluctuations, third
quarter net revenues increased 8.6% compared to the year ago
quarter. The increase in constant currency revenue was largely due
to higher sales volume of existing products.
Surgical North America third quarter net revenues were $39.6
million, an increase of 9.6% compared to the third quarter 2014.
Excluding the impact of foreign currency fluctuations, third
quarter net revenues increased 11.1% compared to the year ago
quarter. The increase in constant currency revenue was largely due
to product sales resulting from acquisitions, an increase in new
product sales, price increases and higher sales volume of existing
products.
Anesthesia North America third quarter net revenues were $47.6
million, an increase of 0.9% compared to the third quarter 2014.
Excluding the impact of foreign currency fluctuations, third
quarter net revenues increased 1.6% compared to the year ago
quarter. The increase in constant currency revenue was largely due
to new product sales.
EMEA third quarter net revenues were $120.9 million, a decrease
of 14.4% compared to the third quarter 2014. Excluding the impact
of foreign currency fluctuations, third quarter net revenues
increased 1.1% compared to the year ago quarter. The increase in
constant currency revenue was largely due to new product sales.
Asia third quarter net revenues were $61.9 million, a decrease
of 0.2% compared to the third quarter 2014. Excluding the impact of
foreign currency fluctuations, third quarter net revenues increased
11.3% compared to the year ago quarter. The increase in constant
currency revenue was largely due to price increases, product sales
resulting from acquisitions and higher sales volume of existing
products.
OEM and Development Services (“OEM”) third quarter net revenues
were $39.0 million, a decrease of 0.6% compared to the third
quarter 2014. Excluding the impact of foreign currency
fluctuations, third quarter net revenues increased 2.5% compared to
the year ago quarter. The increase in constant currency revenue was
largely due to an increase in new product sales.
Three Months Ended %
Increase/ (Decrease)
September 27,
2015
September 28,
2014
Constant
Currency
Foreign
Currency
Total
Change
(Dollars in millions) Vascular North America $ 82.6 $ 76.7 8.6 %
(0.8 %) 7.8 % Surgical North America 39.6 36.1 11.1 % (1.5 %) 9.6 %
Anesthesia North America 47.6 47.2 1.6 % (0.7 %) 0.9 % EMEA 120.9
141.2 1.1 % (15.5 %) (14.4 %) Asia 61.9 62.0 11.3 % (11.5 %) (0.2
%) OEM 39.0 39.2 2.5 % (3.1 %) (0.6 %) All Other 52.1
54.8 (2.7 %) (2.3 %) (5.0 %) Total $ 443.7 $ 457.2 4.2 %
(7.1
%)
(2.9
%)
OTHER FINANCIAL HIGHLIGHTS AND KEY PERFORMANCE
METRICS
Depreciation expense, amortization of intangible assets and
deferred financing costs for the first nine months of 2015
aggregated $92.0 million compared to $96.3 million for the prior
year period.
Cash and cash equivalents at September 27, 2015 were $276.5
million compared to $303.2 million at December 31, 2014.
Net accounts receivable at September 27, 2015 were $273.0
million compared to $273.7 million at December 31, 2014.
Net inventories at September 27, 2015 were $345.9 million
compared to $335.6 million at December 31, 2014.
Net debt obligations at September 27, 2015 were $812.6 million
compared to $801.4 million at December 31, 2014.
2015 OUTLOOK
The Company narrowed its full year 2015 constant currency
revenue growth guidance from a range of 4.0% to 6.0% to a range of
4.7% to 5.5%. On a GAAP basis, revenues are expected to decrease
1.5% to 2.3% compared to the prior year due to the unfavorable
impact of foreign currency fluctuations. Previously, the Company
estimated that GAAP revenue would range from flat to a 2.0%
decrease compared to the prior year.
In addition, the Company narrowed its full year 2015 adjusted
diluted earnings per share guidance from a range of $6.10 to $6.35
to a range of $6.20 to $6.30. Consistent with management's previous
expectations, foreign currency fluctuations are anticipated to
negatively impact adjusted earnings per share in 2015 by
approximately 15%. The Company has updated its full year 2015 GAAP
diluted earnings per share from continuing operations range from
$4.23 to $4.38 to a range of $4.53 to $4.63, reflecting an expected
reduction in 2015 forecasted restructuring, impairment charges and
special items, net of tax.
FORECASTED 2015 CONSTANT CURRENCY
REVENUE GROWTH RECONCILIATION
Low High
Forecasted 2015 GAAP revenue growth (2.3%) (1.5%)
Estimated impact of foreign currency fluctuations 7.0%
7.0% Forecasted 2015 constant currency revenue growth
4.7% 5.5%
FORECASTED 2015 ADJUSTED EARNINGS PER
SHARE RECONCILIATION
Low High Diluted earnings
per share attributable to common shareholders $4.53 $4.63
Restructuring, impairment charges and special items, net of tax
$0.60 $0.60 Intangible amortization expense, net of tax
$0.90 $0.90 Amortization of debt discount on convertible
notes, net of tax $0.17 $0.17 Adjusted diluted
earnings per share $6.20 $6.30
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 November 3, 2015 at 11:59pm (ET), by calling
888-286-8010 (U.S./Canada) or 617-801-6888 (International),
Passcode: 53575576.
ADDITIONAL NOTES
Constant currency revenue growth excludes the impact of
translating the results of international subsidiaries at different
currency exchange rates from period to period.
References in this release to the unfavorable impact of foreign
currency on adjusted diluted earnings per share include both the
impact of translating foreign currencies into U.S. dollars and the
impact of foreign currency exchange rate fluctuations on foreign
currency denominated transactions.
In the discussion of segment results, "new products" refers to
products we have sold for 36 months or less, and "existing
products" refers to products we have sold for more than 36
months.
Certain financial information is presented on a rounded basis,
which may cause minor differences.
Segment results and commentary exclude the impact of
discontinued operations.
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) restructuring and impairment
charges; (ii) certain losses and other charges, including
acquisition and integration costs, charges related to facility
consolidations, net of specified reversals, including a reversal of
liabilities related to certain contingent consideration
arrangements and a reversal related to 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; (v) loss on
extinguishment of debt; and (vi) 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 growth. 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 adjusted
diluted earnings per share to historical GAAP earnings per share
are set forth below. Tables reconciling constant currency net
revenues to GAAP net revenues and 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 – September 27, 2015
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research
and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense, net
Income
taxes
Net income
(loss)
attributable
to common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares used
in calculation
of GAAP and
adjusted
earnings per
share
GAAP Basis $215.5 $138.8 $12.6 $0.7 ($0.4 ) $14.2 $0.8 $61.5 $1.27
48,532 Adjustments Restructuring and other impairment charges — — —
0.7 — — 0.3 0.4 $0.01 — Losses and other charges (A) 2.3 (0.5 ) — —
(0.4 ) — 0.8 0.6 $0.01 — Amortization of debt discount on
convertible notes — — — — — 3.3 1.2 2.1 $0.04 — Intangible
amortization expense — 15.5 — — — — 4.1 11.4 $0.23 — Tax adjustment
(B) — — — — — — 3.9 (3.9 ) ($0.08 ) — Shares due to Teleflex under
note hedge (C) — — — — — — — — $0.11 (3,536 ) Adjusted basis $213.2
$123.9 $12.6 — — $10.8 $11.1 $72.1 $1.60 44,996
Quarter Ended – September 28, 2014
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research
and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense, net
Income
taxes
Net income
(loss)
attributable
to common
shareholders
from continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares used
in calculation
of GAAP and
adjusted
earnings per
share
GAAP Basis $221.0 $138.3 $14.9 $1.1 — $17.0 $9.7 $55.1 $1.18 46,628
Adjustments Restructuring and other impairment charges — — — 1.1 —
— 0.1 1.0 $0.02 — Losses and other charges (A) 1.9 (0.9 ) 0.0 — — —
1.1 (0.0 ) — — Amortization of debt discount on convertible notes —
— — — — 3.1 1.1 2.0 $0.04 — Intangible amortization expense — 15.0
— — — — 4.0 11.0 $0.24 — Shares due to Teleflex under note hedge
(C) — — — — — — — — $0.09 (2,799 ) Adjusted basis $219.1 $124.2
$14.8 — — $13.9 $16.0 $69.0 $1.57 43,829
(A) In 2015, losses and other charges include approximately $1.9
million, net of tax, or $0.04 per share, related to acquisition and
integration costs, and charges related to facility consolidations;
approximately ($0.3) million, net of tax, or ($0.01) per share,
related to a gain on sale of business and assets; reversals
included approximately ($1.0) million, net of tax, or ($0.02) per
share, related to contingent consideration liabilities. In 2014,
losses and other charges include approximately $1.5 million, net of
tax, or $0.03 per share, related to acquisition and integration
costs; reversals included approximately ($1.5) million, net of tax,
or ($0.03) per share, related to the reversal of contingent
consideration liabilities.
(B) The tax adjustment represents a net benefit resulting from
legislative tax law change impacting our deferred tax
liability.
(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
Year-to-date Ended – September 27, 2015
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research
and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense, net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares used
in calculation
of GAAP and
adjusted
earnings per
share
GAAP Basis $641.1 $420.8 $38.9 $5.7 ($0.4 ) $47.2 $10.5 $15.4
$145.4 $3.03 47,969 Adjustments: Restructuring and other impairment
charges — — — 5.7 — — — 2.1 3.6 $0.08 — Losses and other charges
(A) 7.6 (3.0 ) — — (0.4 ) — — 2.2 1.9 $0.03 — Amortization of debt
discount on convertible notes — — — — — 9.8 — 3.6 6.2 $0.13 —
Intangible amortization expense — 45.3 — — — — — 12.0 33.3 $0.69 —
Loss on extinguishment of debt, net — — — — — — 10.5 3.8 6.6 $0.14
— Tax adjustment (B) — — — — — — — 4.1 (4.1 ) ($0.08 ) — Shares due
to Teleflex under note hedge (C) — — — — — — — — — $0.30 (3,319 )
Adjusted basis $633.5 $378.5 $38.9 — — $37.4 — $43.1 $193.0 $4.32
44,650
Year-to-date Ended – September 28, 2014
Cost of
goods
sold
Selling,
general and
administrative
expenses
Research
and
development
expenses
Restructuring
and other
impairment
charges
(Gain)
loss on
sale of
business
and
assets
Interest
expense, net
Loss on
extinguishment
of debt, net
Income
taxes
Net income
(loss)
attributable to
common
shareholders
from
continuing
operations
Diluted
earnings per
share
available to
common
shareholders
Shares used
in calculation
of GAAP and
adjusted
earnings per
share
GAAP Basis $662.4 $425.4 $43.8 $16.5 — $48.2 — $28.2 $138.6 $3.00
46,256 Adjustments: Restructuring and other impairment charges — —
— 16.5 — — — 4.7 11.8 $0.26 — Losses and other charges (A) 2.8 (2.1
) 0.1 — — — — 1.9 (1.1 ) ($0.02 ) — Amortization of debt discount
on convertible notes — — — — — 9.1 — 3.3 5.8 $0.12 — Intangible
amortization expense — 47.1 — — — — — 13.9 33.1 $0.72 — Loss on
extinguishment of debt, net — — — — — — — — — — — Tax adjustment
(B) — — — — — — — 0.2 (0.2 ) ($0.01 ) — Shares due to Teleflex
under note hedge (C) — — — — — — — — — $0.25 (2,654 ) Adjusted
basis $659.6 $380.4 $43.7 — — $39.1 — $52.3 $187.9 $4.31 43,602
(A) In 2015, losses and other charges include approximately $5.8
million, net of tax, or $0.12 per share, related to acquisition and
integration costs, and charges related to facility consolidations;
approximately ($0.3) million, net of tax, or ($0.01) per share,
related to a gain on sale of business and assets; reversals
included approximately ($3.4) million, net of tax, or ($0.07) per
share, related to contingent consideration liabilities and
approximately ($0.2) million, net of tax, or ($0.01) per share,
related to a litigation verdict against the Company with respect to
a non-operating joint venture. In 2014, losses and other charges
include approximately $7.0 million, net of tax, or $0.16 per share,
related to acquisition and integration costs; reversals included
approximately ($8.1) million, net of tax, or ($0.18) per share,
related to the reversal of contingent consideration
liabilities.
(B) In 2015, the tax adjustment represents a net benefit
resulting from legislative tax law change impacting our deferred
tax liability. In 2014, the tax adjustment represents a benefit
resulting from the expiration of statute of limitations with
respect to a foreign tax matter.
(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
September 27, 2015
December 31, 2014
(Dollars in thousands) Note payable and current portion of long
term borrowings $ 416,685 $ 368,401 Long term borrowings
646,000 700,000
Unamortized debt discount 26,386 36,197 Total
debt obligations 1,089,071 1,104,598 Less: cash and cash
equivalents
276,463
303,236 Net debt obligations $ 812,608 $ 801,362
ABOUT TELEFLEX INCORPORATED
Teleflex is a global provider of medical technologies designed
to improve the health and quality of people’s lives. We apply
purpose driven innovation - a relentless pursuit of identifying
unmet clinical needs - to benefit patients and healthcare
providers. Our portfolio is diverse, with solutions in the fields
of vascular and interventional access, surgical, anesthesia,
cardiac care, urology, emergency medicine and respiratory care.
Teleflex employees worldwide are united in the understanding that
what we do every day makes a difference. For more information,
please visit teleflex.com.
Teleflex is the home of Arrow®, Deknatel®, Hudson RCI®, LMA®,
Pilling®, Rusch® and Weck® - trusted brands united by a common
sense of purpose.
CAUTION CONCERNING FORWARD-LOOKING INFORMATION
This press release contains forward-looking statements,
including, but not limited to, our expectation of a strong close to
the year from the perspective of constant currency revenue growth
and adjusted earnings per share; and forecasted 2015 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, including fluctuations in foreign currency
exchange rates; 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,
2014.
TELEFLEX INCORPORATED AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF
INCOME
(Unaudited)
Three Months Ended
Nine Months Ended
September 27,
2015
September 28,
2014
September 27,
2015
September 28,
2014
(Dollars and shares in thousands, except per share) Net
revenues $ 443,714 $ 457,173 $ 1,325,189 $ 1,363,824 Cost of goods
sold 215,501 221,007 641,102
662,411 Gross profit 228,213 236,166 684,087
701,413 Selling, general and administrative expenses 138,840
138,252 420,765 425,392 Research and development expenses 12,571
14,871 38,898 43,803 Restructuring charges 660 1,108 5,688 16,511
Gain on sale of assets (408 ) — (408 )
— Income from continuing operations before interest,
extinguishment of debt and taxes 76,550 81,935 219,144 215,707
Interest expense 14,306 17,184 47,685 48,650 Interest income (130 )
(161 ) (453 ) (494 ) Loss on extinguishment of debt —
— 10,454 — Income from
continuing operations before taxes 62,374 64,912 161,458 167,551
Taxes on income from continuing operations 803
9,684 15,415 28,224 Income from
continuing operations 61,571 55,228
146,043 139,327 Operating loss from
discontinued operations (788 ) (247 ) (1,432 ) (1,866 ) (Benefit)
taxes on loss from discontinued operations (69 ) 24
180 (345 ) Loss from discontinued
operations (719 ) (271 ) (1,612 )
(1,521 ) Net income 60,852 54,957 144,431 137,806
Less: Income from continuing operations
attributable to noncontrolling interest
28 126 692 765
Net income attributable to common shareholders $ 60,824
$ 54,831 $ 143,739 $ 137,041 Earnings
per share available to common shareholders: Basic: Income from
continuing operations $ 1.48 $ 1.33 $ 3.50 $ 3.35 Loss from
discontinued operations (0.02 ) (0.01 ) (0.04
) (0.04 ) Net income $ 1.46 $ 1.32 $ 3.46
$ 3.31 Diluted: Income from continuing operations $
1.27 $ 1.18 $ 3.03 $ 3.00 Loss from discontinued operations
(0.02 ) — (0.03 ) (0.04 ) Net income $
1.25 $ 1.18 $ 3.00 $ 2.96 Dividends per
share $ 0.34 $ 0.34 $ 1.02 $ 1.02 Weighted average common shares
outstanding Basic 41,597 41,399 41,542 41,347 Diluted 48,532 46,628
47,969 46,256 Amounts attributable to common shareholders: Income
from continuing operations, net of tax $ 61,543 $ 55,102 $ 145,351
$ 138,562 Loss from discontinued operations, net of tax (719
) (271 ) (1,612 ) (1,521 ) Net income $ 60,824
$ 54,831 $ 143,739 $ 137,041
TELEFLEX INCORPORATED AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 27, December 31, 2015 2014
(Dollars in thousands) ASSETS Current assets Cash and cash
equivalents $ 276,463 $ 303,236 Accounts receivable, net 272,996
273,704 Inventories, net 345,899 335,593 Prepaid expenses and other
current assets 33,798 35,697 Prepaid taxes 43,966 40,256 Deferred
tax assets 55,981 57,301 Assets held for sale 7,044 7,422 Total
current assets 1,036,147 1,053,209 Property, plant and equipment,
net 313,244 317,435 Goodwill 1,303,175 1,323,553 Intangible assets,
net 1,192,364 1,216,720 Investments in affiliates 324 1,150
Deferred tax assets 940 1,178 Other assets 61,507 64,010 Total
assets $ 3,907,701 $ 3,977,255 LIABILITIES AND EQUITY Current
liabilities Current borrowings $ 416,685 $ 368,401 Accounts payable
67,906 64,100 Accrued expenses 67,027 72,383 Current portion of
contingent consideration 545 11,276 Payroll and benefit-related
liabilities 77,435 85,442 Accrued interest 7,490 9,169 Income taxes
payable 9,728 13,768 Other current liabilities 10,655 10,360 Total
current liabilities 657,471 634,899 Long-term borrowings 646,000
700,000 Deferred tax liabilities 406,101 451,541 Pension and
postretirement benefit liabilities 148,514 167,241 Noncurrent
liability for uncertain tax provisions 50,817 50,884 Other
liabilities 57,737 58,991 Total liabilities 1,966,640 2,063,556
Commitments and contingencies Total common shareholders' equity
1,938,891 1,911,309 Noncontrolling interest 2,170 2,390 Total
equity 1,941,061 1,913,699 Total liabilities and equity $ 3,907,701
$ 3,977,255
TELEFLEX INCORPORATED AND
SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited) Nine Months Ended
September 27, September 28, 2015
2014 (Dollars in thousands) Cash Flows from Operating
Activities of Continuing Operations Net income $ 144,431 $ 137,806
Adjustments to reconcile net income to net cash provided by
operating activities: Loss from discontinued operations 1,612 1,521
Depreciation expense 34,035 37,409 Amortization expense of
intangible assets 45,278 47,053 Amortization expense of deferred
financing costs and debt discount 12,662 11,792 Loss on
extinguishment of debt 10,454 — Gain on sale of assets (408 ) —
Changes in contingent consideration (3,260 ) (7,670 ) Stock-based
compensation 10,379 9,125 Deferred income taxes, net (21,960 )
(2,808 ) Other (18,329 ) (4,310 ) Changes in operating assets and
liabilities, net of effects of acquisitions and disposals: Accounts
receivable (8,714 ) 2,442 Inventories (19,904 ) (23,084 ) Prepaid
expenses and other current assets 1,636 (4,087 ) Accounts payable
and accrued expenses (2,855 ) 14,258 Income taxes receivable and
payable, net (8,297 ) (10,649 ) Net cash provided by operating
activities from continuing operations 176,760 208,798
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment (45,566 ) (48,220 )
Proceeds from sale of assets 408 5,251 Payments for businesses and
intangibles acquired, net of cash acquired (63,451 ) (28,535 )
Investment in affiliates — (40 ) Net cash used in investing
activities from continuing operations (108,609 ) (71,544 ) Cash
Flows from Financing Activities of Continuing Operations: Proceeds
from new borrowings 288,100 250,000 Reduction in borrowings
(303,627 ) (480,009 ) Debt extinguishment, issuance and amendment
fees (9,017 ) (3,689 ) Net proceeds from share based compensation
plans and the related tax impacts 4,815 2,936 Payments to
noncontrolling interest shareholders (833 ) (1,094 ) Payments for
contingent consideration (7,974 ) — Dividends paid (42,382 )
(42,174 ) Net cash used in financing activities from continuing
operations (70,918 ) (274,030 ) Cash Flows from Discontinued
Operations: Net cash used in operating activities (1,954 ) (1,946 )
Net cash used in discontinued operations (1,954 ) (1,946 ) Effect
of exchange rate changes on cash and cash equivalents (22,052 )
(6,880 ) Net decrease in cash and cash equivalents (26,773 )
(145,602 ) Cash and cash equivalents at the beginning of the period
303,236 431,984 Cash and cash equivalents at the end
of the period $ 276,463 $ 286,382
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151029005067/en/
Teleflex IncorporatedJake ElguiczeTreasurer and Vice President
of Investor Relations610-948-2836
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