Teleflex revenues rise in 1Q

LIMERICK, Pa. - Teleflex Inc. recently reported revenues from continuing operations for the first quarter of 2005 increased 8 percent to $626.0 million, compared to $579.7 million for the first quarter of 2004, the company said in a release.

Cash flow from continuing operations increased substantially to $59.4 million, compared to $16.8 million realized in the same quarter last year. Free cash flow (cash flow from operations less capital expenditures and dividends) was $36.9 million, an increase of more than $40 million over the same period in the prior year.

For the first quarter of 2005, the company reported net income of $38.7 million or 95 cents per diluted share compared to net income of $29.5 million or 73 cents per diluted share for the prior year period. For the first quarter of 2005, income from continuing operations was $25.0 million or 61 cents per diluted share.

"In the first quarter, Teleflex showed positive momentum from an operating standpoint," said Jeffrey P. Black, president and chief executive officer. "In particular, our core businesses demonstrated their underlying ability to generate strong cash flow. We expect the benefits of our ongoing restructuring program and the pruning of our portfolio to accelerate our cash generating ability as the year progresses."

Teleflex said its Commercial Segment revenue declined 3 percent and that a slow start for the marine aftermarket resulted in a slight decline in marine market revenues as compared with the prior year.

The company says it anticipates diluted earnings per share from continuing operations excluding special charges related to restructuring and divestiture for the full year 2005 will be in the range of $3.60 to $3.80. This outlook also does not include any gains, losses, or other costs associated with portfolio actions.

"This should be a strong year for Teleflex, with excellent cash flow from operations and improving financial performance,” Black said.

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