PLYMOUTH MEETING, Pa., July 15 /PRNewswire/ -- Teleflex Incorporated
(NYSE: TFX) today reported that revenues for the second quarter ended June 28,
1998, increased 30% to $363.0 million compared to $280.3 million for the same
three months last year. Net income increased 16% to $21.2 million in the
quarter from $18.3 million for the same period in 1997. Diluted earnings per
share increased to 55 cents per share for the quarter compared to 49 cents per
share a year ago.
Revenues for the first six months of 1998 increased 29% to $708.8 million
compared to $549.6 million last year. Net income increased 17% to
$41.1 million in the first six months compared with $35.0 million for the same
period in 1997. Diluted earnings per share increased to $1.07 compared to
94 cents per share for the same period in 1997.
David S. Boyer, president and chief executive officer, said, "We are
pleased with the growth achieved by our operating groups in the second
quarter. Teleflex is well positioned to continue that growth in the second
half of the year. All of our businesses are focused on developing new
opportunities in their markets."
The Commercial Segment, which contributed 47% of total revenues, increased
sales 36% over the year-ago quarter. Results included the December 1997
acquisition of European automotive supplier United Parts, which boosted sales,
but, as anticipated, lowered operating margins. The General Motors strike
which began in June reduced operating profits in the quarter by $1.4 million,
or 2 cents per share.
Medical Segment sales, which accounted for 23% of total corporate
revenues, increased 5% in the second quarter, with the growth generated
entirely from core businesses. Margins improved to 12.1% from 10.0% a year
ago.
Aerospace Segment sales increased 46% from the second quarter of 1997, and
contributed 30% of total revenues. Operating profits increased nearly 50% with
both the Telair and Sermatech product lines reporting strong results.
The figures are as follows:
COMPARATIVE SUMMARY OF REVENUES AND EARNINGS
(Unaudited)
Three Months Ended June 28, 1998 June 29, 1997
Revenues $363,011,000 $280,263,000
Operating profit $41,242,000 $34,873,000
Income before taxes $32,533,000 $28,057,000
Net income $21,244,000 $18,349,000
Earnings per share
Basic $.57 $.50
Diluted $.55 $.49
Average shares
outstanding
Basic 37,365,000 36,706,000
Diluted 38,459,000 37,624,000
Six Months Ended June 28, 1998 June 29, 1997
Revenues $708,771,000 $549,607,000
Operating profit $80,479,000 $67,304,000
Income before taxes $63,084,000 $53,635,000
Net income $41,102,000 $35,026,000
Earnings per share
Basic $1.10 $.96
Diluted $1.07 $.94
Average shares outstanding
Basic 37,285,000 36,480,000
Diluted 38,390,000 37,388,000
BUSINESS SEGMENT INFORMATION
(Unaudited)
Three Months Ended June 28, 1998 June 29, 1997
Sales
Commercial Products $170,797,000 $125,692,000
Medical Products $84,911,000 $81,127,000
Aerospace Products $107,303,000 $73,444,000
Total $363,011,000 $280,263,000
Operating Profit
Commercial Products $18,073,000 $18,010,000
Medical Products $10,285,000 $8,101,000
Aerospace Products $12,884,000 $8,762,000
Total $41,242,000 $34,873,000
Six Months Ended June 28, 1998 June 29, 1997
Sales
Commercial Products $333,391,000 $248,432,000
Medical Products $164,255,000 $160,695,000
Aerospace Products $211,125,000 $140,480,000
Total $708,771,000 $549,607,000
Operating Profit
Commercial Products $36,127,000 $34,117,000
Medical Products $19,782,000 $16,689,000
Aerospace Products $24,570,000 $16,498,000
TOTAL $80,479,000 $67,304,000
Teleflex is a diversified industrial company with annual sales of about
$1 billion. The company designs, manufactures and distributes quality
engineered products and services for the automotive, marine, industrial,
medical and aerospace markets worldwide. The company has produced
23 consecutive years of increased revenues and earnings based on its balanced
and diversified portfolio of businesses. Additional information about Teleflex
can be obtained from the company's Web site on the Internet at
http://www.teleflex.com.