Teleflex (TFX) 8-K TELEFLEX REPORTS THIRD QUARTER 2004 RESULTS 14% Revenue, 29% Cash Flow Growth in the Quarter

Exhibit 99.1

	Teleflex®		NEWS
155 South Limerick Road, Limerick, PA 19468 USA • Phone 610-948-5100 •
Fax 610-948-0811
	Contact:	Julie McDowell Vice President
		Corporate Communications
		610-948-2836

FOR IMMEDIATE RELEASE October 20, 2004

TELEFLEX REPORTS THIRD QUARTER 2004 RESULTS
14% Revenue, 29% Cash Flow Growth in the Quarter

Limerick, PA — Teleflex Incorporated (NYSE: TFX) today reported revenues in the third quarter ended September 26, 2004 increased 14 percent to $625.8 million compared to $550.9 million for the year-ago quarter. Net income in the quarter was $17.5 million, a 4 percent decline from $18.2 million in the prior year and diluted earnings per share were 43 cents compared to 45 cents in the prior year. Current quarter results include a benefit of 5 cents per share from a lower effective tax rate in the quarter due to the release of tax reserves and a loss of 1 cent per share related to the sale of two small product lines in the Commercial and Aerospace segments.

Revenues in the first nine months of 2004 were $1.9 billion, a 14 percent increase compared to $1.7 billion last year. Net income in the first nine months was $81.1 million compared to $79.3 million for the same period in 2003. Diluted earnings per share were $2.00 compared to $1.99 per share for the same period a year ago. Results for the first nine months of both the current and prior year included a gain of 6 cents per share and 5 cents per share respectively from gains associated with portfolio rationalization.

“The fundamentals of our business are strong,” said Jeffrey P. Black, president and chief executive officer of Teleflex. “Revenues increased 14 percent. Orders for the company overall were up 29 percent with Aerospace Segment orders increasing substantially over last year’s third quarter. Cash flow from operations for the quarter was $68.8 million, up 29 percent in the quarter and 19 percent year-to-date. Our cash management performance enabled us to reduce the net debt to capital ratio to 38 percent by the end of the quarter, compared to 40 percent immediately following the acquisition of HudsonRCI. With this strong balance sheet we have the foundation to invest and grow in the future.”

Mr. Black added, “For the quarter, businesses representing 90 percent of our revenues delivered solid performances. The Medical Segment again had double-digit gains with solid core growth and good progress on the integration of HudsonRCI. Aerospace Segment operating results improved significantly

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despite continued weakness in Industrial Gas Turbine Services. However, in the Commercial Segment,
increasing pressure on our Tier 1 automotive pedal systems and alternative fuel systems businesses resulted in losses in these businesses during the quarter. While the marine and industrial businesses in the Commercial Segment generally performed well, the losses in the automotive businesses caused a decline in operating profit for the Commercial Segment overall. These operating losses, combined with a loss in our Aerospace Segment’s Industrial Gas Turbine product line, amounted to $17 million in the quarter.”

Teleflex is taking actions to improve the financial results arising from underperforming businesses in part through aggressive cost saving initiatives. Costs associated with these actions and other one-time costs incurred in these businesses in the quarter were $3.3 million. The company expects costs related to these actions in the fourth quarter to be in the range of $1.2 to $2.5 million. At the end of the quarter, Teleflex completed the divestiture of two product lines in the Tier 1 automotive and Industrial Gas Turbine Services businesses that had combined annualized revenues of $4 to $5 million.

Regarding outlook for the year, the company noted that in the fourth quarter a slight moderation in the level of topline growth may result in part from portfolio changes this year. At the same time the company expects margin improvement. Overall, strength in other businesses is expected to be somewhat offset by continued weakness in the automotive pedal systems business and Industrial Gas Turbine product line. Given the current trends across its businesses, Teleflex now expects earnings per share for the year in the range of $2.64 to $2.74 reflecting the tax benefit in the third quarter. Teleflex is continuing its portfolio evaluation initiative and is evaluating strategic alternatives for certain businesses under review. While some transactions could be completed before year-end, this outlook does not include any gains, losses or costs associated with the termination of operations, further restructuring programs or divestitures.

Third Quarter Business Segment Results

For the third quarter, revenues increased in the Commercial and Medical segments. Revenue growth of 14 percent in the quarter consisted of 3 percent from core growth, 3 percent from currency translation and 8 percent from acquisitions net of dispositions.

Commercial Segment revenues consisted of 7 percent from core growth, 3 percent from currency translation and a negative impact of 4 percent from acquisitions net of dispositions. Medical Segment revenues consisted of 5 percent from core growth, 5 percent from currency translation and 37 percent from acquisitions, principally HudsonRCI. Aerospace reported a 6 percent decline in core growth as the company discontinued certain types of services and a 1 percent increase from favorable currency translation.

For the quarter, Commercial Segment sales were $295.2 million, an increase of 6 percent over the same period last year. Automotive sales declined as a result of price reductions and product mix particularly in the pedal systems business, despite increased sales of shifters and guide controls in

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Europe. This decline was more than offset by double-digit revenue gains in the Marine and Industrial product lines. Marine sales increased on higher volume for marine steering and other OEM products despite softer September sales in the marine aftermarket related to hurricane disruption in the United States. Industrial sales increased as a result of prior year acquisitions and higher volume for a range of industrial products. Commercial Segment operating profit overall declined compared with the third quarter of 2003, primarily as a result of the factors adversely impacting sales in the Automotive product line and to a lesser extent, an automotive program cancellation in the North American alternative fuel systems business. In addition, Commercial Segment operating profit was negatively impacted by costs associated with actions underway to improve the financial results of these underperforming businesses.

Medical Segment sales rose to $204.8 million, an increase of 47 percent compared to the prior year. Health Care Supply reported higher sales primarily as a result of the acquisition of HudsonRCI completed early in the quarter and strong core growth in sales of new products in Europe and specialty devices for the OEM market in North America. Surgical Devices sales improved on core growth in sales of new products, instruments, and OEM specialty devices despite a modest decline in sales of some surgical devices in North America. Medical Segment operating profit gained 45 percent related to acquisitions in Health Care Supply and overall higher volume in Surgical Devices. Operating profit in the quarter was negatively impacted by $3.2 million of inventory revaluation costs associated with the acquisition of HudsonRCI.

Aerospace Segment sales were $125.8 million, a decline of 5 percent when compared to the prior year. Higher volume in Repair Services and Manufactured Components partially offset a decline in sales of Cargo Systems and in the Industrial Gas Turbine Services line which can be attributed to the phase out of services earlier this year. Operating profit for the Aerospace Segment increased compared to the prior year with margin improvement in Cargo Systems and Repairs and reduced losses in the Industrial Gas Turbine product line.

As previously announced, Teleflex will comment on third quarter 2004 results on a conference call to be held Thursday, October 21, at 10:00 a.m. (EDT). The call and accompanying slides will be available live and archived on the company’s web site atwww.teleflex.com.An audio replay will be available from October 21 until October 26 by calling 888-286-8010 (US/Canada) or 617-801-6888 (International), passcode # 56831934.

Teleflex At A Glance:

Teleflex is a diversified industrial company with annual revenues of more than $2.5 billion. The company designs, manufactures and distributes quality engineered products and services for the aerospace, medical, automotive, marine and industrial markets worldwide. Teleflex employs more than 21,000 people worldwide who focus on providing innovative solutions for customers. Additional information about Teleflex, including a recent archived conference call with analysts and investors, can be obtained from the company’s website on the Internet atwww.teleflex.com.

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Caution Concerning Forward-looking Information:
Statements in this news release, other than historical data, are considered forward-looking statements under the federal securities laws including the Private Securities Litigation Reform Act of 1995. These statements are subject to various risks and uncertainties that may cause actual results to differ from those contemplated in the statements. These factors are discussed in the company’s Securities and Exchange Commission filings including the company’s most recent Form 10-K.

Notes:
On March 2, 2004 the company announced that it had been notified that a jury had rendered a verdict against one of its subsidiaries in a trademark infringement case in the amount of $2.6 million as “reasonable royalties” and an additional $32.2 million as “unjust enrichment.” Judgment was not entered on the verdict and the trial judge has reserved judgment on the matter. Under applicable Federal trademark law, the trial judge has the discretion to determine whether and in what amount an award for unjust enrichment will be made. As of October 20, 2004, no judgment had been entered on this matter. The company cannot predict when judgment will be entered in this case, nor predict what amount, if any, may be awarded for unjust enrichment.

For more information please refer to the company’s 2003 Form 10-K and annual report to shareholders available at www.teleflex.com.

The figures are as follows:

TELEFLEX INCORPORATED
CONDENSED CONSOLIDATED STATEMENT OF INCOME
(Unaudited)

					Percent
Three Months Ended	September 26, 2004		September 28, 2003		Change
Sales Commercial Products	$	295,153,000	$	279,241,000		6	%
Medical Products		204,824,000		139,644,000		47	%
Aerospace Products		125,785,000		131,965,000		(5	%)
Total	$	625,762,000	$	550,850,000		14	%
Operating Profit Commercial Products	$	7,896,000	$	15,815,000		(50	%)
Medical Products		30,465,000		20,992,000		45	%
Aerospace Products		___3,519,000		469,000		650	%
Total	$	41,880,000	$	37,276,000		12	%
Less:
Corporate expenses		7,585,000		5,387,000		41	%
Loss on sale of businesses and assets		563,000		—		—
Income before interest and taxes		33,732,000		31,889,000		6	%
Interest expense		12,590,000		6,580,000		91	%
Income before taxes		21,142,000		25,309,000		(16	%)
Taxes on income		3,649,000		7,087,000		(49	%)
Net income	$	17,493,000	$	18,222,000		(4	%)
Earnings per share Basic	$	.43	$	.46		(7	%)
Diluted	$	.43	$	.45		(4	%)
Average shares outstanding Basic		40,273,000		39,655,000
Diluted		40,414,000		40,072,000

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CONDENSED CONSOLIDATED STATEMENT OF INCOME (continued)
(Unaudited)

							Percent
Nine Months Ended	September 26, 2004			September 28, 2003			Change
Sales Commercial Products	$	1,004,979,000		$	897,257,000			12	%
Medical Products		513,669,000			387,468,000			33	%
Aerospace Products		398,543,000			390,291,000			2	%
Total	$	1,917,191,000		$	1,675,016,000			14	%
Operating Profit Commercial Products	$	70,767,000		$	77,847,000			(9	%)
Medical Products		79,869,000			61,615,000			30	%
Aerospace Products		553,000			4,322,000			(87	%)
Total	$	151,189,000		$	143,784,000			5	%
Less:
Corporate expenses		20,673,000			15,423,000			34	%
Gain on sale of businesses and assets		(4,520,000	)		(3,068,000	)		—
Income before interest and taxes		135,036,000			131,429,000			3	%
Interest expense		25,510,000			19,755,000			29	%
Income before taxes		109,526,000			111,674,000			(2	%)
Taxes on income		28,396,000			32,376,000			(12	%)
Net income	$	81,130,000		$	79,298,000			2	%
Earnings per share Basic	$	2.02		$	2.01			—
Diluted	$	2.00		$	1.99			1	%
Average shares outstanding Basic		40,153,000			39,547,000
Diluted		40,470,000			39,870,000

CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited)

	September 26, 2004		December 28, 2003
Assets Current assets Cash and cash equivalents	$	102,580,000	$	56,580,000
Accounts receivable, net		489,731,000		478,433,000
Inventories		452,738,000		443,145,000
Prepaid expenses		28,308,000		28,029,000
		1,073,357,000		1,006,187,000
Property, plant and equipment, net		665,391,000		667,619,000
Goodwill		506,645,000		289,644,000
Intangibles and other assets		245,193,000		111,868,000
Investments in affiliates		22,698,000		35,295,000
	$	2,513,284,000	$	2,110,613,000
Liabilities and shareholders’ equity Current liabilities Current borrowings	$	112,891,000	$	226,103,000
Accounts payable and accrued expenses		375,106,000		343,935,000
Income taxes payable		50,295,000		42,633,000
		538,292,000		612,671,000

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CONDENSED CONSOLIDATED BALANCE SHEET (continued)
(Unaudited)

	September 26, 2004		December 28, 2003
Liabilities and shareholders’ equity Long-term borrowings		688,176,000		229,882,000
Deferred income taxes and other		154,956,000		205,758,000
		1,381,424,000		1,048,311,000
Shareholders’ equity		1,131,860,000		1,062,302,000
	$	2,513,284,000	$	2,110,613,000

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited)

Nine Months Ended	September 26, 2004			September 28, 2003
Cash flows from operating activities:
Net income	$	81,130,000		$	79,298,000
Gain on sale of businesses and assets		(4,520,000	)		(3,068,000	)
Depreciation and amortization		88,372,000			79,112,000
Net change in balance sheet accounts		20,302,000			23,000
		185,284,000			155,365,000
Cash flows from financing activities:
Proceeds from new borrowings		495,300,000			—
Reduction in long-term borrowings		(51,443,000	)		(21,109,000	)
(Decrease) increase in current borrowings and demand loans		(115,830,000	)		28,288,000
Stock compensation plans		12,734,000			3,786,000
Dividends		(25,495,000	)		(22,937,000	)
		315,266,000			(11,972,000	)
Cash flows from investing activities:
Expenditures for plant assets		(43,928,000	)		(67,476,000	)
Payments for businesses acquired		(458,273,000	)		(74,436,000	)
Proceeds from the sale of businesses and assets		43,831,000			4,728,000
Investments in affiliates and other		3,820,000			(4,150,000	)
		(454,550,000	)		(141,334,000	)
Net increase in cash and cash equivalents		46,000,000			2,059,000
Cash and cash equivalents at the beginning of the period		56,580,000			44,494,000
Cash and cash equivalents at the end of the period	$	102,580,000		$	46,553,000

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Notes on Financial Measures(Unaudited):

Net debt to capital

	September 26, 2004			December 28, 2003
Net debt includes:
Current borrowings		112,891			226,103
Long-term borrowings		688,176			229,882
Total debt		801,067			455,985
Less: cash and cash equivalents		102,580			56,580
Net debt		698,487			399,405
Capital includes:
Net debt		698,487			399,405
Shareholders’ equity		1,131,860			1,062,302
Capital		1,830,347			1,461,707
Percent of net debt to capital		38	%		27	%

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