(*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain (loss) on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.
1
Teleflex Incorporated
Pro forma Segment Results of Operations
2003 - (Unaudited)
Restated to Reflect Discontinued Operations
Full
Q1
Q2
Q3
Q4
Year
Revenues
Commercial
$
267,323
$
286,603
$
252,027
$
283,591
$
1,089,544
Medical
118,145
129,679
139,644
147,243
534,711
Aerospace
128,265
130,061
131,965
138,309
528,600
$
513,733
$
546,343
$
523,636
$
569,143
$
2,152,855
Operating profit (*)
Commercial
$
29,440
$
33,664
$
19,359
$
28,990
$
111,453
Medical
19,047
21,576
20,992
23,740
85,355
Aerospace
1,913
1,940
469
4,917
9,239
50,400
57,180
40,820
57,647
206,047
Corporate expenses
5,055
4,981
5,387
6,041
21,464
Gain on sale of businesses and assets
(3,068
)
—
—
—
(3,068
)
Income before interest and taxes
48,413
52,199
35,433
51,606
187,651
Interest expense
6,565
6,610
6,580
6,582
26,337
Income before taxes from continuing operations
41,848
45,589
28,853
45,024
161,314
Taxes on income from continuing operations
12,171
13,015
7,364
10,562
43,112
Net income from continuing operations
29,677
32,574
21,489
34,462
118,202
Operating loss from discontinued operations
(313
)
(759
)
(3,544
)
(5,207
)
(9,823
)
Taxes on earnings from discontinued operations
123
(20
)
(277
)
(550
)
(724
)
Net income
$
29,241
$
31,835
$
18,222
$
29,805
$
109,103
Earnings per share:
Basic:
Earnings from continuing operations
0.75
0.83
0.54
0.87
2.99
Loss from discontinued operations
(0.01
)
(0.02
)
(0.08
)
(0.12
)
(0.23
)
Net earnings
0.74
0.81
0.46
0.75
2.76
Diluted:
Earnings from continuing operations
0.75
0.82
0.53
0.86
2.96
Loss from discontinued operations
(0.01
)
(0.02
)
(0.08
)
(0.12
)
(0.23
)
Net earnings
0.74
0.80
0.45
0.74
2.73
Average number of common and common equivalent
shares outstanding
Basic
39,446
39,539
39,655
39,751
39,598
Diluted
39,700
39,837
40,072
40,157
39,942
(*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.
2
Teleflex Incorporated
Pro forma Segment Results of Operations
2002 - (Unaudited)
Restated to Reflect Discontinued Operations
Full
Q1
Q2
Q3
Q4
Year
Revenues
Commercial
$
237,350
$
263,758
$
236,274
$
234,748
$
972,130
Medical
107,303
113,473
112,223
115,678
448,677
Aerospace
135,341
141,185
133,899
131,630
542,055
$
479,994
$
518,416
$
482,396
$
482,056
$
1,962,862
Operating profit (*)
Commercial
$
25,996
$
30,301
$
19,820
$
25,142
$
101,259
Medical
17,367
18,394
17,617
18,935
72,313
Aerospace
11,429
10,888
7,954
3,905
34,176
54,792
59,583
45,391
47,982
207,748
Corporate expenses
4,570
4,613
4,893
4,828
18,904
Gain on sale of businesses and assets
—
—
—
(10,085
)
(10,085
)
Income before interest and taxes
50,222
54,970
40,498
53,239
198,929
Interest expense
6,036
6,239
6,280
6,468
25,023
Income before taxes from continuing operations
44,186
48,731
34,218
46,771
173,906
Taxes on income from continuing operations
13,537
14,764
7,323
12,104
47,728
Net income from continuing operations
30,649
33,967
26,895
34,667
126,178
Operating (loss) profit from discontinued operations
(292
)
(617
)
(1,078
)
569
(1,418
)
Taxes on earnings from discontinued operations
(61
)
(186
)
(463
)
204
(506
)
Net income
$
30,418
$
33,536
$
26,280
$
35,032
$
125,266
Earnings per share:
Basic:
Earnings from continuing operations
0.79
0.86
0.68
0.88
3.21
(Loss) income from discontinued operations
(0.01
)
(0.01
)
(0.01
)
0.01
(0.02
)
Net earnings
0.78
0.85
0.67
0.89
3.19
Diluted:
Earnings from continuing operations
0.77
0.85
0.68
0.87
3.17
(Loss) income from discontinued operations
—
(0.01
)
(0.02
)
0.01
(0.02
)
Net earnings
0.77
0.84
0.66
0.88
3.15
Average number of common and common equivalent
shares outstanding
Basic
39,038
39,241
39,341
39,384
39,251
Diluted
39,638
39,968
39,820
39,717
39,786
(*) Segment operating profit is defined as a segment’s revenues reduced by its cost of sales and its operating expenses. Corporate expenses, gain on sale of businesses and assets, interest expense and taxes on income are excluded from the measure.
These discontinued operations have not historically been separately identified, consolidated and audited as presented in this schedule. Thus these estimates may be revised during the audit process.
3
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