News Details

Fourth Quarter Cash Flow from Continuing Operations of $108.6 million, up 89% Fourth Quarter diluted EPS from Continuing Operations Excluding Special Items of $1.01 per share, up 31% Full Year diluted EPS from Continuing Operations Excluding Special Items of $3.64, up 16% Fourth Quarter GAAP diluted EPS from Continuing Operations of $1.20 per share, up 135% Full Year GAAP diluted EPS from Continuing Operations of $3.55 per share, up 45%LIMERICK, Pa., Feb 24, 2010 (BUSINESS WIRE) -- Teleflex Incorporated (NYSE: TFX) today announced financial results for the fourth quarter and year ended December 31, 2009.

Financial Highlights

For the fourth quarter 2009, revenues from continuing operations were $515.0 million compared to $497.2 million in the fourth quarter of 2008, up 4%. The increase resulted principally from a favorable currency impact of 4%. Core revenue was up 2% in the Medical segment and down 7% and 4% in the Aerospace and Commercial segments, respectively.

For the full year 2009, Teleflex revenues from continuing operations decreased 9% to $1,890.1 million from $2,066.7 million in 2008, principally due to a decline in core revenues in our Aerospace and Commercial businesses, and an unfavorable currency impact of 3%.

Income from continuing operations attributable to common shareholders in the fourth quarter of 2009 increased to $48.0 million, or $1.20 per diluted share compared to $20.1 million, or $0.51 per diluted share in the prior year quarter. As detailed in the tables below, fourth quarter 2009 income from continuing operations excluding special charges increased 32% to $40.3 million, or $1.01 per diluted share compared to $30.6 million or $0.77 per diluted share in the prior year quarter.

Income from continuing operations attributable to common shareholders for the full year 2009 increased to $141.8 million, or $3.55 per diluted share compared to $97.4 million or $2.44 per diluted share in the prior year. As detailed in the tables below, full year 2009 income from continuing operations excluding special items increased 17% to $145.4 million or $3.64 per diluted share, compared to $124.6 million or $3.13 per diluted share in the prior year.

Fourth quarter 2009 cash flow from continuing operations increased 89% to $108.6 million, up from $57.5 million in the prior year quarter.

Cash flow from continuing operations for the full year 2009 totaled $287.3 million, excluding a tax payment of approximately $97.5 million related to the gain on sale of ATI. Excluding tax payments of $90.2 million related to the divestiture of the automotive and industrial businesses, cash flow from continuing operations for 2008 was $195.9 million.

Net income attributable to common shareholders for the fourth quarter and full year 2009 was $42.7 million and $303.0 million, respectively. These results included a loss from discontinued operations of $5.3 million in the fourth quarter, and income from discontinued operations of $161.2 million for the full year 2009.

"2009 had its challenges, but as the calendar has changed to a new decade our company has changed as well," said Jeffrey P. Black chairman and chief executive officer. "We are a company that reduced its exposure to cyclical industries through the divestiture of components of our Aerospace and Commercial segments, made progress with the FDA remediation, continued to make investments in areas that offer long-term growth potential, and executed very well financially. We are prepared to execute in 2010 as well."

Fourth Quarter Business Segment Commentary

Medical Segment

Medical Segment revenues in the quarter increased 6% to $396.8 million from $373.4 million in the prior year period. The increase resulted from core growth of 2%, and a favorable currency impact of 4%. Core revenue increases in vascular access, respiratory, and anesthesia products more than offset declines in cardiac care, surgical and orthopedic devices sold to medical OEM's.

Medical Segment sales by product group were comprised of the following:

		Three Months Ended						% Increase/ (Decrease)
		December 31, 2009			December 31, 2008*			Core Growth			Currency Impact			Total Change
			(Dollars in millions)
Critical Care		$	258.7		$	236.7		4			5			9
Surgical			74.0			72.9		(3	)		5			2
Cardiac Care			19.2			18.4		(1	)		5			4
OEM			40.4			41.8		(5	)		2			(3	)
Other			4.5			3.6		15			10			25
Total net sales		$	396.8		$	373.4		2			4			6

*Certain reclassifications within product categories have been made to 2008 results to conform with current year presentation.

Adjusted segment operating profit in the quarter, which excludes the impact of certain integration costs not qualified for restructuring increased to $83.1 million from $74.5 million in the prior year period. The improvement resulted from increased volume, lower operating expenses, reduced FDA remediation spending, synergies from the Arrow integration activities, and the effect of the weaker U.S. dollar compared with the prior year quarter. Adjusted segment operating margins in the quarter improved to 21.0% versus 19.9% in the prior year quarter. A reconciliation of adjusted segment operating profit and margins are noted on the table below.

Aerospace Segment

Aerospace Segment revenues in the quarter declined 2% to $58.6 million from $59.7 million in the prior year period. Higher sales of wide and narrow-body cargo handling systems to OEM's, and increases in cargo spares, components and repair sales, were reduced by lower cargo systems sales for aftermarket conversions, and lower demand for cargo containers, resulting in a 7% decline in core revenue during the quarter. This was somewhat compensated for by a favorable currency impact of 5%.

Segment operating profit increased to $6.8 million from $6.2 million in the same period last year. This was principally due to the favorable mix of higher margin spares and repairs sales, as well as cost reduction initiatives. Segment operating margin for the quarter was 11.6% versus 10.3% in the prior year quarter.

Commercial Segment

Commercial Segment revenues in the quarter declined 7% to $59.7 million from $64.2 million in the same period last year. Reductions in core revenue, which accounted for 4% of the decline, were principally a result of a decrease in sales of rigging and Marine OEM products, partially offset by sales of the modern burner unit to the U.S. military and Marine aftermarket sales. The impact of the Marine gauge business divestiture contributed 4% to the decline. This was somewhat balanced by a favorable currency impact of 1%.

During the fourth quarter of 2009, operating profit in the Commercial segment declined to $3.7 million from $4.7 million in the prior year period, principally due to lower sales volumes, which more than offset the impact of cost reduction initiatives. Segment operating margin for the quarter was 6.2% versus 7.3% in the prior year quarter.

Balance Sheet Highlights

Cash on hand at December 31, 2009 was $188.3 million compared to $107.3 million at December 31, 2008, up 75%.

Net accounts receivable at December 31, 2009 was $265.3 million compared to $311.9 million at December 31, 2008, a decline of 15%.

Net inventory at December 31, 2009 was $360.8 million compared to $424.7 million at December 31, 2008, a decline of 15%.

Net debt at December 31, 2009 was $1,008.2 million compared to $1,439.1 million at December 31, 2008, a decline of 30%.

Business Outlook for 2010

The Company's financial estimates for 2010 include total revenues in excess of $1.92 billion and diluted earnings per share from continuing operations excluding special items in the range of $4.10 to $4.25. Cash flow from continuing operations, exclusive of the impact of the adoption of the amendment to Accounting Standards Codification topic 860 "Transfers and Servicing", is expected to be in the range of $275 to $280 million. Restructuring and other special charges related to the Arrow integration program are anticipated to be $0.05 per diluted share for the year.

Conference Call Webcast and Additional Information

As previously announced, Teleflex will comment on its fourth quarter results on a conference call to be held today at 9:00 a.m. (ET). The call will be available live and archived on the company's website at www.teleflex.comand the accompanying presentation will be posted prior to the call. An audio replay will be available until March 1, 2010, 12:00pm (ET), by calling 888-286-8010 (U.S./Canada) or 617-801-6888 (International), Passcode: 53763506.

Additional Notes

Core growth includes activity of a purchased company beyond the initial twelve months after the date of acquisition. Core growth excludes the impact of translating the results of international subsidiaries at different currency exchange rates from year to year, and the activity of companies that have been divested within the most recent twelve month period.

Certain financial information is presented on a rounded basis, which may cause minor differences.

Segment operating profit includes a segment's net revenues reduced by its materials, labor and other product costs along with the segment's selling, engineering and administrative expenses and non-controlling interest. Unallocated corporate expenses, gains or losses on sales of assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

Segment commentary excludes the impact of discontinued operations, items included in restructuring and impairment charges, losses and other charges, and fair market value adjustments for inventory as disclosed in the condensed consolidated statements of income.

Notes on Non-GAAP Financial Measures

This press release addresses certain non-GAAP income and cash flow measures. We use 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 GAAP and should not be relied upon as a substitute for GAAP financial measures.

This press release includes financial measures which exclude the effect of charges associated with our restructuring programs and asset impairments, charges related to the Arrow acquisition, (gain)/loss on sale of assets and other charges, tax adjustments, and income tax payments related to gains on business divestitures. Management believes these measures are useful to investors because they eliminate items that do not reflect Teleflex's day-to-day operations. Tables reconciling these non-GAAP measures to the most directly comparable GAAP measures are set forth below.

Fourth Quarter and Year to Date Reconciliation of Income from Continuing Operations

		Three Months			Three Months			Twelve Months			Twelve Months
		Ended			Ended			Ended			Ended
		Dec. 31, 2009			Dec. 31, 2008			Dec. 31, 2009			Dec. 31, 2008
		(Dollars in thousands, except per share)
Income and diluted earnings per share attributable
to common shareholders		$	47,973		$	20,110		$	141,785		$	97,369
			$1.20			$0.51			$3.55			$2.44
Restructuring and impairment charges			1,644			12,059			18,472			23,976
Tax benefit			(349	)		(2,090	)		(3,266	)		(5,908	)
Restructuring and impairment charges, net of tax			1,295			9,969			15,206			18,068
			$0.03			$0.25			$0.38			$0.45
Losses and other charges (A)			703			1,098			5,052			6,989
Tax benefit			(261	)		(610	)		(1,871	)		(2,305	)
Losses and other charges net of tax			442			488			3,181			4,684
			$0.01			$0.01			$0.08			$0.12
Fair market value inventory adjustment (C)			--			--			--			6,936
Tax Benefit			--			--			--			(2,487	)
Fair market value inventory adjustment, net of tax			--			--			--			4,449
			--			--			--			$0.11
Tax adjustments (B)			(9,404	)		--			(14,802	)		--
			($0.24	)		--			($0.37	)		--
Income and diluted earnings per share excluding restructuring and impairment charges, losses and other charges, fair market value inventory adjustment, and tax adjustments		$	40,306		$	30,567		$	145,370		$	124,570
			$1.01			$0.77			$3.64			$3.13

(A) In 2009, losses and other charges principally relate to loss on sale of assets and restructuring related costs associated with the Arrow acquisition. In 2008, losses and other charges relate to restructuring related costs associated with the Arrow acquisition.

(B) The tax adjustment represents a benefit from the net reduction in income tax reserves and discrete tax benefits related primarily to the resolution of various uncertain tax provisions; the settlement of tax audits; and other adjustments to taxes recorded with respect to prior years, principally resulting from changes to tax law and adjustments to previously filed income tax returns.

(C) The fair market value inventory adjustment reflects the absorption of the residual Arrow inventory purchase price adjustment from acquisition date.

Adjusted Medical Segment Operating Profit and Margin
		Three Months			Three Months			Twelve Months			Twelve Months
		Ended			Ended			Ended			Ended
		Dec. 31, 2009			Dec. 31, 2008			Dec. 31, 2009			Dec. 31, 2008
		(Dollars in thousands)
Medical Segment operating profit as reported		$	82,444		$	73,378		$	305,051		$	286,330
Medical Segment operating margin as reported			20.8%			19.7%			20.9%			19.1%
Add: Inventory Fair Market Value Adjustment			--			--			--			6,936
Add: Integration costs not qualified for restructuring			703			1,098			2,455			6,971
Adjusted Medical Segment operating profit			83,147			74,476			307,506			300,237
Adjusted Medical Segment operation margin			21.0%			19.9%			21.1%			20.0%

Year to Date Reconciliation of Cash Flow from Operations
		Twelve Months Ended December 31, 2009				Twelve Months Ended December 31, 2008
		(Dollars in thousands)
Cash flow from operations as reported		$	189,813			$	105,656
Add: Tax payments on gain on sale of ATI business			97,536				--
Add: Tax payments on gain on sale of automotive and industrial businesses			--				90,235
Adjusted cash flow from operations		$	287,349			$	195,891
Net Debt Reconciliation
		Twelve Months Ended December 31, 2009				Twelve Months Ended December 31, 2008
		(Dollars in thousands)
Note payable and current portion of long-term borrowings		$	4,008			$	108,853
Long term borrowings			1,192,491				1,437,538
Total debt			1,196,499				1,546,391
Less: cash and cash equivalents			188,305				107,275
Net Debt		$	1,008,194			$	1,439,116

About Teleflex Incorporated

Teleflex is a global provider of medical technology products that enable healthcare providers to improve patient outcomes, reduce infections and support patient and provider safety. Teleflex, which employs approximately 12,700 people worldwide, also has niche businesses that serve segments of the aerospace and commercial markets with specialty engineered products. Additional information about Teleflex can be obtained from the company's website at www.teleflex.com.

Caution Concerning Forward-looking Information

This press release contains forward-looking statements, including, but not limited to, statements relating to our 2010 forecast of diluted earnings per share from continuing operations excluding special items; forecasted cash flow from continuing operations, excluding the impact of Accounting Standards Codification Topic 860 "Transfers and Servicing;" and expected restructuring and other special charges related to the Arrow restructuring for 2010. 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; unanticipated difficulties in connection with consolidation of manufacturing and administrative functions; unanticipated difficulties, expenditures and delays in connection with the integration of Arrow International; unanticipated difficulties, expenditures and delays in complying with government regulations applicable to our businesses, including unanticipated costs and difficulties in connection with the resolution of issues related to the FDA corporate warning letter issued to Arrow; 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 in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

TELEFLEX INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
		Three Months Ended
		December 31, 2009				December 31, 2008
	(Dollars and shares in thousands, except per share)
Net revenues		$	515,003			$	497,245
Materials, labor and other product costs			295,277				293,924
Gross profit			219,726				203,321
Selling, engineering and administrative expenses			138,793				129,811
Restructuring and other impairment charges			1,645				15,784
Net (gain) on sales of businesses and assets			--				(314	)
Income from continuing operations before interest and taxes			79,288				58,040
Interest expense			20,993				30,155
Interest income			(634	)			(411	)
Income from continuing operations before taxes			58,929				28,296
Taxes on income from continuing operations			10,642				8,081
Income from continuing operations			48,287				20,215
Operating income from discontinued operations (including loss on disposal of $0 and $3,430, respectively)			--				19,249
Taxes on income from discontinued operations			5,272				10,846
Income from discontinued operations			(5,272	)			8,403
Net income			43,015				28,618
Less: Net income attributable to noncontrolling interest			314				105
Income from discontinued operations attributable to noncontrolling interest			--				8,944
Net income attributable to common shareholders		$	42,701			$	19,569
Earnings per share available to common shareholders:
Basic:
Income from continuing operations		$	1.21			$	0.51
Loss from discontinued operations		$	(0.13	)		$	(0.01	)
Net income		$	1.07			$	0.49
Diluted:
Income from continuing operations		$	1.20			$	0.51
Loss from discontinued operations		$	(0.13	)		$	(0.01	)
Net income		$	1.07			$	0.49
Dividends per share		$	0.34			$	0.34
Weighted average common shares outstanding:
Basic			39,740				39,677
Diluted			40,013				39,819
Amounts attributable to common shareholders:
Income from continuing operations, net of tax		$	47,973			$	20,110
(Loss) from discontinued operations, net of tax			(5,272	)			(541	)
Net income		$	42,701			$	19,569

TELEFLEX INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
	Year Ended December 31,
	2009			2008
	(Dollars and shares in thousands, except per share)
Net revenues	$	1,890,062		$	2,066,731
Materials, labor and other product costs		1,075,987			1,211,726
Gross profit		814,075			855,005
Selling, engineering and administrative expenses		519,925			562,644
Goodwill impairment		6,728			--
Restructuring and other impairment charges		15,057			27,701
Net loss (gain) on sales of businesses and assets		2,597			(296	)
Income from continuing operations before interest and taxes		269,768			264,956
Interest expense		89,463			121,588
Interest income		(2,541	)		(2,272	)
Income from continuing operations before taxes		182,846			145,640
Taxes on income from continuing operations		39,904			47,524
Income from continuing operations		142,942			98,116
Operating income from discontinued operations (including gain (loss) on disposal of $272,307 and $(8,238), respectively)		269,222			67,099
Taxes on income from discontinued operations		98,153			10,613
Income from discontinued operations		171,069			56,486
Net income		314,011			154,602
Less: Net income attributable to noncontrolling interest		1,157			747
Income from discontinued operations attributable to noncontrolling interest		9,860			34,081
Net income attributable to common shareholders	$	302,994		$	119,774
Earnings per share available to common shareholders:
Basic:
Income from continuing operations	$	3.57		$	2.46
Income from discontinued operations	$	4.06		$	0.57
Net income	$	7.63		$	3.03
Diluted:
Income from continuing operations	$	3.55		$	2.44
Income from discontinued operations	$	4.04		$	0.56
Net income	$	7.59		$	3.01
Dividends per share	$	1.36		$	1.34
Weighted average common shares outstanding:
Basic		39,718			39,584
Diluted		39,936			39,832
Amounts attributable to common shareholders:
Income from continuing operations, net of tax	$	141,785		$	97,369
Income from discontinued operations, net of tax		161,209			22,405
Net income	$	302,994		$	119,774

TELEFLEX INCORPORATED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
		December 31,
		2009				2008
		(Dollars and shares in thousands)
ASSETS
Current assets
Cash and cash equivalents		$	188,305			$	107,275
Accounts receivable, net			265,305				311,908
Inventories, net			360,843				424,653
Prepaid expenses and other current assets			21,872				21,373
Income taxes receivable			100,733				17,958
Deferred tax assets			58,010				66,009
Assets held for sale			8,866				8,210
Total current assets			1,003,934				957,386
Property, plant and equipment, net			317,499				374,292
Goodwill			1,459,441				1,474,123
Intangibles and other assets, net			1,045,706				1,090,852
Investments in affiliates			12,089				28,105
Deferred tax assets			336				1,986
Total assets		$	3,839,005			$	3,926,744
LIABILITIES AND EQUITY
Current liabilities
Notes payable		$	3,997			$	5,195
Current portion of long-term borrowings			11				103,658
Accounts payable			94,983				139,677
Accrued expenses			97,274				125,183
Payroll and benefit-related liabilities			70,537				83,129
Derivative liabilities			16,709				27,370
Accrued interest			22,901				26,888
Income taxes payable			30,695				12,613
Deferred tax liabilities			--				2,227
Total current liabilities			337,107				525,940
Long-term borrowings			1,192,491				1,437,538
Deferred tax liabilities			398,923				324,678
Pension and postretirement benefit liabilities			164,726				169,841
Other liabilities			160,684				182,864
Total liabilities			2,253,931				2,640,861
Commitments and contingencies
Shareholders' equity
Common shares, $1 par value Issued: 2009 -- 42,033 shares; 2008 -- 41,995 shares			42,033				41,995
Additional paid-in capital			277,050				268,263
Retained earnings			1,431,878				1,182,906
Accumulated other comprehensive income			(34,120	)			(108,202	)
			1,716,841				1,384,962
Less: Treasury stock, at cost			136,600				138,507
Total shareholders' equity			1,580,241				1,246,455
Noncontrolling interest			4,833				39,428
Total equity			1,585,074				1,285,883
Total liabilities and equity		$	3,839,005			$	3,926,744

TELEFLEX INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
		Year Ended December 31,
		2009				2008
		(Dollars in thousands)
Cash Flows from Operating Activities of Continuing Operations:
Net income		$	314,011			$	154,602
Adjustments to reconcile net income to net cash provided by operating activities:
Income from discontinued operations			(171,069	)			(56,486	)
Depreciation expense			56,140				58,748
Amortization expense of intangible assets			44,917				45,163
Amortization expense of deferred financing costs			5,511				5,330
Stock-based compensation			9,059				8,464
Net loss (gain) on sales of businesses and assets			2,597				(296	)
Impairment of long-lived assets			5,788				10,399
Impairment of goodwill			6,728				--
Deferred income taxes			14,247				(28,963	)
Other			3,204				13,110
Changes in operating assets and liabilities, net of effects of acquisitions and disposals:
Accounts receivable			10,545				11,143
Inventories			37,040				(14,298	)
Prepaid expenses and other current assets			487				4,455
Accounts payable and accrued expenses			(28,678	)			2,509
Income taxes receivable and payable, net			(120,714	)			(108,224	)
Net cash provided by operating activities from continuing operations			189,813				105,656
Cash Flows from Financing Activities of Continuing Operations:
Proceeds from long-term borrowings			10,018				92,897
Reduction in long-term borrowings			(357,608	)			(226,687	)
Payments of debt issuance and amendment costs			--				(656	)
Decrease in notes payable and current borrowings			(1,452	)			(492	)
Proceeds from stock compensation plans			1,553				7,955
Payments to noncontrolling interest shareholders			(702	)			(739	)
Dividends			(54,022	)			(53,047	)
Net cash used in financing activities from continuing operations			(402,213	)			(180,769	)
Cash Flows from Investing Activities of Continuing Operations:
Expenditures for property, plant and equipment			(30,409	)			(35,169	)
Payments for businesses and intangibles acquired, net of cash acquired			(1,730	)			(6,083	)
Proceeds from sales of businesses and assets			314,513				8,464
Investments in affiliates			--				(320	)
Net cash provided by (used in) investing activities from continuing operations			282,374				(33,108	)
Cash Flows from Discontinued Operations:
Net cash provided by operating activities			14,358				65,513
Net cash used in financing activities			(11,075	)			(37,240	)
Net cash used in investing activities			(1,173	)			(6,343	)
Net cash (used in) provided by discontinued operations			2,110				21,930
Effect of exchange rate changes on cash and cash equivalents			8,946				(7,776	)
Net increase (decrease) in cash and cash equivalents			81,030				(94,067	)
Cash and cash equivalents at the beginning of the year			107,275				201,342
Cash and cash equivalents at the end of the year		$	188,305			$	107,275
Cash interest paid		$	88,583			$	113,892
Income taxes paid		$	181,051			$	206,369

TELEFLEX INCORPORATED AND SUBSIDIARIES SUMMARY OF SEGMENT RESULTS
																		Three Months Ended December 31,
																		2009			2008
Segment data:																		(Dollars in thousands)
Medical																		$	396,762		$	373,390
Aerospace																			58,589			59,692
Commercial																			59,652			64,163
Net revenues																			515,003			497,245
Medical																			82,444			73,378
Aerospace																			6,822			6,173
Commercial																			3,716			4,702
Segment operating profit(1)																			92,982			84,253
Corporate expenses																			12,363			10,848
Restructuring and other impairment charges																			1,645			15,784
Net (gain) on sales of businesses and assets																			--			(314	)
Noncontrolling interest																			(314	)		(105	)
Income from continuing operations before interest and taxes																		$	79,288		$	58,040

(1)		Segment operating profit includes a segment's net revenues reduced by its materials, labor and other product costs along with the segment's selling, engineering and administrative expenses and noncontrolling interest. Unallocated corporate expenses, (gain) loss on sales of businesses and assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

TELEFLEX INCORPORATED AND SUBSIDIARIES SUMMARY OF SEGMENT RESULTS
																	Twelve Months Ended December 31,
																	2009			2008
Segment data:																	(Dollars in thousands)
Medical																	$	1,457,108		$	1,499,109
Aerospace																		185,126			253,818
Commercial																		247,828			313,804
Net revenues																		1,890,062			2,066,731
Medical																		305,051			286,330
Aerospace																		15,433			26,067
Commercial																		15,245			26,078
Segment operating profit(1)																		335,729			338,475
Corporate expenses																		42,736			46,861
Goodwill impairment																		6,728			--
Restructuring and other impairment charges																		15,057			27,701
Net loss (gain) on sales of businesses and assets																		2,597			(296	)
Noncontrolling interest																		(1,157	)		(747	)
Income from continuing operations before interest and taxes																	$	269,768		$	264,956

(1)

Segment operating profit includes a segment's net revenues reduced by its materials, labor and other product costs along with the segment's selling, engineering and administrative expenses and noncontrolling interest. Unallocated corporate expenses, (gain) loss on sales of businesses and assets, restructuring and impairment charges, interest income and expense and taxes on income are excluded from the measure.

SOURCE: Teleflex Incorporated

Teleflex Incorporated
Jake Elguicze
Vice President Investor Relations
610-948-2836