Teleflex Marine today reported a 2 percent increase in revenue for the fourth quarter, which ended Dec. 31, 2008. Revenues in that period grew from $583.1 million in the same period of 2007 to $596.5 million.
Net income for the quarter was $19.6 million, or 49 cents per diluted share, compared to $65.4 million, or $1.66 per diluted share, in the prior year quarter.
“The solid performance of our core operations reflects the strength of our businesses and our management teams’ ability to execute,” said Jeffrey P. Black, chairman and chief executive officer of Teleflex, in a statement.
In the commercial segment, which includes products for the marine industry, revenues were $97.6 million, a 5 percent decline compared to the prior year. The decline in core revenues resulted from a significant decrease in sales of products in the marine business, which was nearly offset by an increase in auxiliary power units sold in the power systems business and 13 percent core growth in sales of rigging services products.
“Our power systems and rigging services businesses executed well in the quarter, with increased sales and strong operating profit improvement,” said Black.” We also took action to further restructure our marine business as it continued its decline in both sales and profitability as a result of the extremely challenging recreational marine market.”
For 2008, revenues from continuing operations increased 25 percent to $2.4 billion compared to revenues of $1.9 billion for the same period in 2007. Core revenues increased in both medical and aerospace, while commercial revenues declined.
Net income for the full year was $119.8 million, or $3.01 per diluted share, compared to $146.5 million, or $3.73 per diluted share, in the prior year.
Teleflex also announced today that its board of directors declared a regular quarterly cash dividend of 34 cents per share of common stock. This dividend is payable March 17 to shareholders of record at the close of business March 5.