Slide 1: Q4 and Year End 2008 Financial Results
Teleflex Incorporated Q4 and Year End 2008 Financial Results February 25, 2009 Exhibit 99.1
Slide 2: Forward-Looking Statements/Additional Notes
Forward-Looking Statements/Additional Notes This presentation and our discussion contain forward-looking information and statements including, but not limited to, such matters as forecasts of earnings per share including special charges, special charges, earnings per share excluding special charges,
Slide 3: Conference Call Logistics
Conference Call Logistics The release, accompanying slides, and replay webcast available online at www.teleflex.com (click on "Investors") Telephone replay available by dialing 888-286-8010 or for international calls, 617-801-6888, pass code number 14873492
Slide 4: Jeff Black, Chairman and Chief Executive Officer
Jeff Black Chairman and Chief Executive Officer
Slide 5: January 2008 Financial Outlook
January 2008 Financial Outlook Goals Repositioned portfolio to deliver Significant operating margin improvement Strong cash flow Solid revenue growth Medical mid single digit revenue growth and return to segment operating margin in 20% range during the year Increased margins in Aerospace and Commerc
Slide 6: 2008 Financial Goals vs. Achievements
2008 Financial Goals vs. Achievements Goal Repositioned portfolio to deliver Significant operating margin improvement Strong cash flow Solid revenue growth Achievement Segment operating margins before special charges improve 210 bps over 2007 Adjusted cash flow from operations of $267 million vs. '0
Slide 7: 2008 Financial Goals vs. Achievements: Medical
Goal Medical mid single digit revenue growth and return to segment operating margin in 20% range during the year Achievement Medical core revenue growth of 2% in 2008 Medical core growth of 7% in Q4'08 led by critical care & OEM products Medical operating margins before special charges of 20% for 20
Slide 8: 2008 Financial Goals vs. Achievements: Aerospace and Commercial
Goal Increased margins in Aerospace and Commercial Achievement Aerospace margins of 12.1% up 170 bps over 2007 led by increased repair vs. parts sales in Repairs Services JV and significant increase in cargo handling aftermarket spares sales Commercial margins of 6.7% up 150 bps over 2007 due to mix
Slide 9: 2008 Financial Goals vs. Achievements: Synergies and Cash
Goal $33 to $37 million in pre-tax synergies from Arrow integration in 2008 Achievement Over $40 million in pre-tax synergies from Arrow integration in 2008 Goal Strong operating cash generation for repayment of debt Achievement Adjusted cash flow from continuing operations of $267 million in 2008 R
Slide 10: Earnings per Share Excluding Special Charges from Continuing Operations
Earnings per Share Excluding Special Charges from Continuing Operations Note: GAAP earnings (loss) per share from continuing operations are as follows for the applicable periods: 2006: $2.40 2007: ($1.08) 2008: $3.36 2006: $2.40 2007: ($1.08) 2008: $3.36 2006: $2.40 2007: ($1.08) 2008: $3.36 2006: $
Slide 11: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Continued strong performance from operations: Core revenue growth of 4% led by Medical core growth of 7% EPS excluding special charges of $1.04 - up 47% Segment operating margins before special charges of 16.3%, up 190 bps Adjusted Segment Operating Margins Medica
Slide 12: Kevin Gordon, Executive Vice President and Chief Financial Officer
Kevin Gordon Executive Vice President and Chief Financial Officer
Slide 13: Three Month Summary from Continuing Operations
Three Month Summary from Continuing Operations
Slide 14: Three Month Summary from Continuing Operations
Three Month Summary from Continuing Operations Note: Q4'08 losses and other charges includes integration costs of $0.5m, net of tax Q4'07 losses and other charges includes deferred financing costs of $3.4m, net of tax
Slide 15: Year-to-Date Summary from Continuing Operations
Year-to-Date Summary from Continuing Operations
Slide 16: Year-to-Date Summary from Continuing Operations
Year-to-Date Summary from Continuing Operations Note: FY'08 losses and other charges includes integration costs of $4.7m, net of tax FY'07 losses and other charges includes deferred financing costs of $3.4m, net of tax
Slide 17: Medical Segment
Medical Segment Note: Quarter and year-to-date operating profit exclude certain charges. See reconciliation table in Appendix for additional details. Core revenue growth achieved in every region in Q4'08 Strongest Q4'08 core revenue growth in OEM, Europe, and Asia/Latin America FDA remediation spend
Slide 18: Q4'08 Medical Segment Results
Q4'08 Medical Segment Results Critical Care Vascular access core revenue growth in EMEA, Asia & Latin America - driven by central venous catheters Anesthesia & Urology core revenue growth in all regions Respiratory core revenue growth in North America Surgical Revenues down 4% due to currency Core r
Slide 19: Aerospace Segment
Cargo Handling Increase in wide-body unit volume at lower overall ship-set value Narrow-body unit volume up 8% over Q4'07 Spares sales down approximately $2M over Q4'07 Nordisk acquisition contributes to year-to-date revenue growth 747-8 system delivery delayed due to Boeing strike Repair Products a
Slide 20: Commercial Segment
Marine Revenues continue to decline in weak market Cost containment initiatives help to mitigate volume decline Rigging Services Core revenue growth of 13% over Q4'07 Wholesale vs. retail mix drives margin improvement Power Systems Significant increase in truck & rail APU volume drive core revenue g
Slide 21: Year-to-Date Adjusted Cash Flow From Continuing Operations
Year-to-Date Adjusted Cash Flow From Continuing Operations ($ Millions) Capital Expenditures - $44.7 million; Dividends - $48.9 million Capital Expenditures - $39.3 million; Dividends - $53.0 million Note: Q4'08 Year-to-Date Cash Flow from Operations & Free Cash Flow exclude tax payments of $90M rel
Slide 22: Capital Structure
Capital Structure ($ Millions) Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Total Debt 1684.3 1681.8 1646 1578.3 1546.391 Weighted Average Interest Rate 0.0686 0.0639 0.0622 0.0616 0.0574
Slide 23: 2009 Outlook
Low High Earnings per share from continuing operations including special charges $3.70 $4.10 Add-back special charges $0.40 $0.30 Earnings per share from continuing operations before special charges $4.10 $4.40 2009 Outlook Cash flow from operations $280 million $290 million
Slide 24: Jeff Black, Chairman and Chief Executive Officer
Jeff Black Chairman and Chief Executive Officer
Slide 25: Summary
Summary Medical Committed to providing solutions that help reduce infections & improve patient & provider safety Aerospace Market leaders with key differentiators that create value for our customers Commercial Businesses that have strong market position, well-known brands & technical expertise Telef
Slide 26: Question and Answer Session
Question and Answer Session
Slide 27: Appendices
Appendices
Slide 28: Appendix A - Reconciliation of Medical Operating Profit and Margins
Appendix A - QTD & YTD Reconciliation of Medical Operating Profit and Margins
Slide 29: Appendix B - Reconciliation of Teleflex Gross Profit and Margins
Appendix B - QTD & YTD Reconciliation of Teleflex Gross Profit and Margins
Slide 30: Appendix C - Reconciliation of Teleflex Operating Expenses
Appendix C - QTD & YTD Reconciliation of Teleflex Operating Expenses
Slide 31: Appendix D - Special Charge Income Statement Classification Summary
Appendix D - Special Charge Income Statement Classification Summary Special Charge Income Statement Classification Summary Special Charge Income Statement Classification Summary
Slide 32: Appendix E - Three Month GAAP to Non-GAAP EPS Reconciliation
Appendix E - Three Month GAAP to Non-GAAP EPS Reconciliation Note: Q4'08 losses and other charges includes integration costs of $0.5m, net of tax Q4'07 losses and other charges includes deferred financing costs of $3.4m, net of tax
Slide 33: Appendix F - Year-to-date GAAP to Non-GAAP EPS Reconciliation
Note: FY'08 losses and other charges includes integration costs of $4.7m, net of tax FY'07 losses and other charges includes deferred financing costs of $3.4m, net of tax Appendix F - Year-to-date GAAP to Non-GAAP EPS Reconciliation
Slide 34: Appendix G - Reconciliation of Teleflex Cash Flow from Operations
Appendix G - QTD & YTD Reconciliation of Teleflex Cash Flow from Operations
Slide 35: Appendix H - Q4 Medical Revenue by Region & Product Summary
Appendix H - Q4 Medical Revenue by Region & Product Summary Appendix H - Q4 Medical Revenue by Region & Product Summary
Slide 36: Appendix I - Year-to-Date Medical Revenue by Region & Product Summary
Appendix I - Year-to-Date Medical Revenue by Region & Product Summary Appendix I - Year-to-Date Medical Revenue by Region & Product Summary