Teleflex revenues up

By IBI Magazine / Ed Slack

Teleflex, a US automotive and marine steering system manufacturer, today reported that revenues for the year ended December 30, 2001 increased 8 per cent to US$1.9 billion compared to US$1.76 billion in 2000. Net income increased 3 per cent to US$112.3 million from US$109.2 million the prior year.

In the fourth quarter, revenues increased 3 per cent to US$465.3 million from US$450.9 million in 2000. Net income declined 7 per cent to US$29.2 million.

Lennox Black, chairman and chief executive officer, said, "Despite soft economic conditions that prevailed in 2001 and downturns in several of our markets the company performed relatively well. In addition our strong cash flows and solid financial condition allowed us to continue to invest in new products, strategic acquisitions, and productivity improvements."

Teleflex's Commercial Segment, which includes its marine division, contributed 48 per cent of total 2001 revenues, increased sales 6 per cent. The February 2001 acquisition of Morse Controls had a significant positive impact on sales and profits, the company claims. Operating profit declined 4 per cent in 2001, as Teleflex claims, soft economic conditions affected its core automotive and marine businesses.

(14 February 2002)