PLYMOUTH MEETING, Pa., Feb. 11 /PRNewswire/ -- Teleflex Incorporated
(NYSE: TFX) today reported that revenues for the year ended December 28, 1997
increased 23% to more than $1.1 billion compared to $931.2 million in 1996.
Net income increased 23% to $70.1 million from $57.2 million the prior year.
Diluted earnings per share increased to $1.86 in 1997 compared to $1.58 in
1996. Basic earnings per share were $1.91 compared to $1.61 in 1996.
In the fourth quarter, revenues increased 29% to $314.4 million from
$243.2 million in 1996. Net income increased 24% to $21.2 million. Diluted
earnings per share were $.56 in 1997 compared to $.46 in 1996. Basic earnings
per share were $.57 compared to $.47 in 1996.
David S. Boyer, president and chief executive officer, said, "We set
aggressive goals of 15% to 20% growth, and in 1997, we exceeded those goals.
All three segments -- Commercial, Medical and Aerospace -- increased sales and
operating profits, with Aerospace having an extraordinary year. In addition,
we made a number of strategic acquisitions which strengthen our technology
base, extend our product lines and broaden our capabilities in global
markets."
The Commercial Segment, which contributed approximately 44% of total
revenues in 1997, increased sales 18%. Strong performances in Industrial and
Automotive offset softness in Marine.
The Medical Segment accounted for 28% of total revenues in 1997. Sales
increased 5% with both the Hospital Supply and Surgical Device product lines
achieving growth.
The Aerospace Segment contributed 28% of total 1997 revenues. Sales
jumped 62%, with strong growth achieved in both the Telair cargo products and
the Sermatech turbine engine related products.
The figures are as follows:
TELEFLEX INCORPORATED
COMPARATIVE SUMMARY OF REVENUES AND EARNINGS
Three Months Ended December 28, 1997 December 29, 1996
Revenues $314,409,000 $243,197,000
Operating profit $39,807,000 $31,760,000
Income before taxes $31,594,000 $25,369,000
Net income $21,218,000 $17,124,000
Earnings per share
Basic $.57 $.47
Diluted $.56 $.46
Average shares outstanding
Basic 37,076,000 36,200,000
Diluted 37,982,000 36,942,000
Year Ended December 28, 1997 December 29, 1996
Revenues $1,145,773,000 $931,183,000
Operating profit $135,815,000 $113,486,000
Income before taxes $106,405,000 $86,779,000
Net income $70,072,000 $57,162,000
Earnings per share
Basic $1.91 $1.61
Diluted $1.86 $1.58
Average shares outstanding
Basic 36,759,000 35,482,000
Diluted 37,661,000 36,197,000
BUSINESS SEGMENT INFORMATION
Three Months Ended December 28, 1997 December 29, 1996
Sales
Commercial Products $129,430,000 $104,701,000
Medical Products 84,055,000 78,460,000
Aerospace Products 100,924,000 60,036,000
$314,409,000 $243,197,000
Operating Profit
Commercial Products $16,134,000 $15,899,000
Medical Products 10,618,000 9,097,000
Aerospace Products 13,055,000 6,764,000
$39,807,000 $31,760,000
Year Ended December 28, 1997 December 29, 1996
Sales
Commercial Products $497,366,000 $422,443,000
Medical Products 323,114,000 307,555,000
Aerospace Products 325,293,000 201,185,000
$1,145,773,000 $931,183,000
Operating Profit
Commercial Products $61,562,000 $57,849,000
Medical Products 35,466,000 34,630,000
Aerospace Products 38,787,000 21,007,000
$135,815,000 $113,486,000
Teleflex is a diversified industrial company with annual sales in excess
of $1 billion. The company designs, manufactures and distributes quality
engineered products and services for the automotive, marine, industrial,
medical and aerospace markets worldwide. Teleflex employs more than 11,000
people in 70 units worldwide.
Additional information about Teleflex can be obtained from the company's
Web site on the Internet at http://www.teleflex.com.