<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>w60193e10-q.txt
<DESCRIPTION>TELEFLEX, INC. FORM 10-Q
<TEXT>
<PAGE>

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                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549
                            ------------------------

                                   FORM 10-Q

[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934

                 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

                                       OR

[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
   ACT OF 1934

          FOR THE TRANSITION PERIOD FROM ------------ TO ------------

                         COMMISSION FILE NUMBER 1-5353

                             TELEFLEX INCORPORATED
             (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

<Table>
<S>                                            <C>
                   DELAWARE                                      23-1147939
             -------------------                     ---------------------------------
           (STATE OF INCORPORATION)                 (IRS EMPLOYER IDENTIFICATION NUMBER)



     630 WEST GERMANTOWN PIKE, SUITE 450
             PLYMOUTH MEETING, PA                                  19462
  ------------------------------------------                     ----------
   (ADDRESS OF PRINCIPAL EXECUTIVE OFFICE)                       (ZIP CODE)
</Table>

                                 (610) 834-6301
                 ----------------------------------------------
                     (TELEPHONE NUMBER INCLUDING AREA CODE)

                                      NONE
               -------------------------------------------------
              (FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR,
                         IF CHANGED SINCE LAST REPORT)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

                        [X]  Yes                [ ]  No

     Indicate the number of shares outstanding of each of the issuer's classes
of Common Stock as of the latest practicable date.

<Table>
<Caption>
                    CLASS                              OUTSTANDING AT MARCH 31, 2002
        -----------------------------                  -----------------------------
<S>                                            <C>
        Common Stock, $1.00 Par Value                            39,147,949
</Table>

--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
<PAGE>

                             TELEFLEX INCORPORATED

                      CONDENSED CONSOLIDATED BALANCE SHEET
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                               MAR. 31,      DEC. 30,
                                                                 2002          2001
                                                              ----------    ----------
<S>                                                           <C>           <C>
                                        ASSETS
Current assets
  Cash and cash equivalents.................................  $   51,817    $   46,900
  Accounts receivable less allowance for doubtful
     accounts...............................................     394,773       363,674
  Inventories...............................................     321,908       308,775
  Prepaid expenses..........................................      29,155        28,128
                                                              ----------    ----------
                                                                 797,653       747,477
Property, plant and equipment, at cost, less accumulated
  depreciation..............................................     563,615       565,695
Goodwill....................................................     234,524       223,911
Intangibles and other assets................................      61,988        56,444
Investments in affiliates...................................      42,083        41,493
                                                              ----------    ----------
                                                              $1,699,863    $1,635,020
                                                              ==========    ==========
                         LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
  Current portion of borrowings and demand loans............  $  231,021    $  212,122
  Accounts payable and accrued expenses.....................     270,664       251,805
  Income taxes payable......................................      36,909        31,499
                                                              ----------    ----------
                                                                 538,594       495,426
Long-term borrowings........................................     217,294       228,180
Deferred income taxes and other.............................     137,331       133,271
                                                              ----------    ----------
                                                                 893,219       856,877
Shareholders' equity........................................     806,644       778,143
                                                              ----------    ----------
                                                              $1,699,863    $1,635,020
                                                              ==========    ==========
</Table>

                                        2
<PAGE>

                             TELEFLEX INCORPORATED

                   CONDENSED CONSOLIDATED STATEMENT OF INCOME
              (DOLLARS AND SHARES IN THOUSANDS, EXCEPT PER SHARE)

<Table>
<Caption>
                                                               THREE MONTHS ENDED
                                                              --------------------
                                                              MAR. 31,    APR. 1,
                                                                2002        2001
                                                              --------    --------
<S>                                                           <C>         <C>
Revenues....................................................  $508,396    $470,734
                                                              --------    --------
Cost of sales...............................................   373,290     335,501
Operating expenses..........................................    85,176      84,497
Interest expense............................................     6,036       6,711
                                                              --------    --------
                                                               464,502     426,709
                                                              --------    --------
Income before taxes.........................................    43,894      44,025
Provision for taxes on income...............................    13,476      14,044
                                                              --------    --------
Net income..................................................  $ 30,418    $ 29,981
                                                              ========    ========
Earnings per share
  Basic.....................................................  $   0.78    $   0.78
  Diluted...................................................  $   0.77    $   0.77
Dividends per share.........................................  $  0.170    $  0.150
Average number of common and common equivalent shares
  outstanding
  Basic.....................................................    39,038      38,497
  Diluted...................................................    39,638      39,036
</Table>

                                        3
<PAGE>

                             TELEFLEX INCORPORATED

                 CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                               THREE MONTHS ENDED
                                                              ---------------------
                                                              MAR. 31,     APR. 1,
                                                                2002        2001
                                                              --------    ---------
<S>                                                           <C>         <C>
Cash flows from operating activities:
  Net income................................................  $ 30,418    $  29,981
  Adjustments to reconcile net income to cash flows from
     operating activities:
     Depreciation expense...................................    20,455       16,680
     Amortization expense...................................     1,260        4,410
     (Increase) in accounts receivable......................   (21,136)     (31,273)
     (Increase) in inventory................................   (10,618)     (13,304)
     (Increase) in prepaid expenses.........................    (2,280)      (2,154)
     Increase in accounts payable and accrued expenses......     6,033        3,249
     Increase in income taxes payable.......................     4,168        3,590
                                                              --------    ---------
                                                                28,300       11,179
                                                              --------    ---------
Cash flows from financing activities:
  Proceeds from new borrowings..............................        --       97,241
  Reduction in long-term borrowings.........................    (9,933)      (2,264)
  Increase in current borrowings and demand loans...........    21,481       59,462
  Proceeds from stock compensation plans....................     5,951        4,147
  Dividends.................................................    (6,627)      (5,775)
                                                              --------    ---------
                                                                10,872      152,811
                                                              --------    ---------
Cash flows from investing activities:
  Expenditures for plant assets.............................   (22,523)     (22,433)
  Payments for businesses acquired..........................    (9,742)    (142,590)
  Investments in affiliates.................................       (42)         796
  Other.....................................................    (1,948)      (2,518)
                                                              --------    ---------
                                                               (34,255)    (166,745)
                                                              --------    ---------
Net increase (decrease) in cash and cash equivalents........     4,917       (2,755)
Cash and cash equivalents at the beginning of the period....    46,900       45,139
                                                              --------    ---------
Cash and cash equivalents at the end of the period..........  $ 51,817    $  42,384
                                                              ========    =========
</Table>

                                        4
<PAGE>

                             TELEFLEX INCORPORATED

                       STATEMENT OF COMPREHENSIVE INCOME

<Table>
<Caption>
                                                              THREE MONTHS ENDED
                                                              -------------------
                                                              MAR. 31,    APR. 1,
                                                                2002       2001
                                                              --------    -------
<S>                                                           <C>         <C>
Net income..................................................  $30,418     $29,981
Financial instruments marked to market......................      513      (3,916)
Cumulative translation adjustment...........................   (2,726)     (7,793)
                                                              -------     -------
Comprehensive income........................................  $28,205     $18,272
                                                              =======     =======
</Table>

              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1

     The accompanying unaudited condensed consolidated financial statements for
the three months ended March 31, 2002 and April 1, 2001 contain all adjustments,
consisting only of normal recurring adjustments, which in the opinion of
management are necessary to present fairly the financial position, results of
operations and cash flows for the periods then ended in accordance with the
current requirements for Form 10-Q. At March 31, 2002, 5,517,445 shares of
common stock were reserved for issuance under the company's stock compensation
plans.

NOTE 2

     As of December 31, 2001, the company adopted Statement of Financial
Accounting Standards No. 142, Goodwill and Other Intangible Assets, (SFAS 142)
which requires goodwill no longer be amortized, but tested for impairment. The
company did not record an impairment loss for its goodwill at adoption of SFAS
142.

     In accordance with SFAS 142, the company discontinued the amortization of
goodwill effective December 31, 2001. A reconciliation of previously reported
net income and earnings per share to the amounts adjusted for the exclusion of
goodwill amortization net of the related income tax effect follows:

<Table>
<Caption>
                                                              THREE MONTHS ENDED
                                                              -------------------
                                                              MAR. 31,    APR. 1,
                                                                2002       2001
                                                              --------    -------
<S>                                                           <C>         <C>
Reported net income.........................................  $30,418     $29,981
Add: Goodwill amortization, net of tax......................       --       2,368
                                                              -------     -------
Adjusted net income.........................................  $30,418     $32,349
                                                              =======     =======
Basic earnings per share....................................  $   .78     $   .78
Add: Goodwill amortization, net of tax per basic share......       --         .06
                                                              -------     -------
Adjusted basic earnings per share...........................  $   .78     $   .84
                                                              =======     =======
Diluted earnings per share..................................  $   .77     $   .77
Add: Goodwill amortization, net of tax per diluted share....       --         .06
                                                              -------     -------
Adjusted diluted earnings per share.........................  $   .77     $   .83
                                                              =======     =======
</Table>

                                        5
<PAGE>

      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

NOTE 2 -- (CONTINUED)

     Changes in the carrying amount of goodwill for the three months ended March
31, 2002, by operating segment, are as follows:

<Table>
<Caption>
                                       COMMERCIAL   MEDICAL  AEROSPACE   TOTAL
                                       ----------  --------  ---------  --------
<S>                                     <C>        <C>        <C>       <C>
Goodwill, net at December 30, 2001...   $79,048    $120,551   $24,312   $223,911
Goodwill acquired....................     4,993       5,620        --     10,613
                                        -------    --------   -------   --------
Goodwill, net at March 31, 2002......   $84,041    $126,171   $24,312   $234,524
                                        =======    ========   =======   ========
</Table>

     The following table reflects the components of other intangible assets as
of March 31, 2002 which continue being amortized:

<Table>
<Caption>
                                      GROSS CARRYING    ACCUMULATED
                                          AMOUNT        AMORTIZATION
                                      --------------    ------------
<S>                                   <C>               <C>
Intellectual property...............     $21,230          $  4,135
Customer lists......................      21,000             1,055
Distribution rights.................      14,707             4,136
</Table>

     Amortization expense related to those intangible assets was $1.3 million
for the quarter ended March 31, 2002. Estimated annual amortization expense for
each of the five succeeding years is as follows:

<Table>
<S>                                   <C>
2002................................     $ 5,059
2003................................       5,013
2004................................       4,598
2005................................       4,248
2006................................       3,999
</Table>

NOTE 3

     Inventories consisted of the following:

<Table>
<Caption>
                                         MAR. 31,        DEC. 30,
                                           2002            2001
                                      --------------    -----------
<S>                                   <C>               <C>
Raw materials.......................     $144,476        $133,364
Work-in-process.....................       55,127          44,530
Finished goods......................      122,305         130,881
                                         --------        --------
                                         $321,908        $308,775
                                         ========        ========
</Table>

                                        6
<PAGE>

      NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- (CONTINUED)

NOTE 4

     BUSINESS SEGMENT INFORMATION:

<Table>
<Caption>
                                                         THREE MONTHS ENDED
                                                        --------------------
                                                        MAR. 31,    APR. 1,     PERCENT
                                                          2002        2001      CHANGE
                                                        --------    --------    -------
<S>                                                     <C>         <C>         <C>
Sales
  Commercial..........................................  $265,752    $222,818      19%
  Medical.............................................   107,303     106,404       1%
  Aerospace...........................................   135,341     141,512      (4%)
                                                        --------    --------
  Total...............................................  $508,396    $470,734       8%
                                                        ========    ========
Operating Profit
  Commercial..........................................  $ 25,704    $ 25,070       3%
  Medical.............................................    17,367      17,075       2%
  Aerospace...........................................    11,429      16,435     (30%)
                                                        --------    --------
                                                          54,500      58,580*     (7%)
                                                        --------    --------
Less:
  Interest expense....................................     6,036       6,711     (10%)
  Corporate expenses..................................     4,570       4,644      (2%)
  Goodwill amortization expense.......................        --       3,200*      --
                                                        --------    --------
Income before taxes...................................    43,894      44,025       --
Taxes on income.......................................    13,476      14,044      (4%)
                                                        --------    --------
Net income............................................  $ 30,418    $ 29,981       1%
                                                        ========    ========
</Table>

---------------

* Goodwill amortization in 2001 has been reclassified from operating profit to a
  corporate expense item to facilitate comparison with the current period's
  results. In addition, references to prior year operating profit and margin in
  Management's Analysis of Quarterly Financial Data, contained on pages 7 and 8
  herein, are based on the reclassified amounts.

               MANAGEMENT'S ANALYSIS OF QUARTERLY FINANCIAL DATA

RESULTS OF OPERATIONS:

     Revenues increased 8% in the first quarter of 2002 to $508.4 million from
$470.7 million in 2001. The increase resulted from gains in the Commercial and
Medical segments offsetting a decline in the Aerospace Segment. Growth was the
result of core products and acquisitions offset by weaker currencies. The
Commercial, Medical and Aerospace segments comprised 52%, 21% and 27% of the
company's net sales, respectively.

     The gross profit margin declined from 28.7% in 2001 to 26.6% in 2002 as the
Commercial and Aerospace segments were lower while Medical was relatively
unchanged. Operating expenses as a percentage of sales decreased to 16.8% in
2002 compared with 18.0% in 2001 resulting primarily from a reduction in the
Commercial and Medical segments offsetting an increase in Aerospace. In
addition, operating expenses in 2002 exclude the amortization of goodwill in
accordance with SFAS 142.

     Operating profit declined 7% in the first quarter to $54.5 million in 2002
from $58.6 million in 2001 resulting from gains in Commercial and Medical which
were more than offset by a decline in Aerospace. Operating margin declined from
12.4% in 2001 to 10.7% in 2002 as a result of declines in the Commercial and

                                        7
<PAGE>

Aerospace segments. The Commercial, Medical and Aerospace segments comprised
47%, 32% and 21% of the company's operating profit, respectively.

     Net income and diluted earnings per share for the quarter were $30.4
million and $0.77. Excluding goodwill amortization in the first quarter of 2001,
net income and diluted earnings per share declined 6% and 7%, respectively.
Interest expense declined in 2002 as a result of a reduction in the average debt
outstanding and lower interest rates. The effective income tax rate was 30.7% in
2002 compared with 31.9% in 2001. The decline resulted from the impact of SFAS
142 adoption in 2002 and a higher proportion of income in 2002 earned in
countries with relatively lower tax rates.

INDUSTRY SEGMENT REVIEW:

     For comparative purposes 2001 goodwill amortization expense of $3.2 million
(Commercial -- $.7 million, Medical -- $2.1 million, Aerospace -- $.4 million)
has been reclassified from operating profit to a corporate expense item.
Discussion of operating profit and margin below reflects the reclassified
amounts.

     Sales in the Commercial Segment gained 19% from $222.8 million in 2001 to
$265.8 million in 2002 as all three product lines, Automotive, Marine and
Industrial, reported double-digit gains. Acquisitions accounted for more than
two-thirds of this segment's sales growth and nearly all of the operating profit
improvement. Operating profit increased to $25.7 million from $25.1 million in
2001. Operating margin declined from 11.3% in 2001 to 9.7% in 2002 as a result
of pricing pressures in the North American automotive market and a lower
contribution from recently acquired companies.

     Medical Segment sales increased 1% from $106.4 million in 2001 to $107.3
million in 2002. Core product improvements in the Hospital Supply product line
accounted for all of the growth, as Surgical Devices sales remained essentially
constant. Operating profit increased from $17.1 million in 2001 to $17.4 million
in 2002 and operating margin improved slightly from 16.0% to 16.2% as this
Segment continues to target a smaller line of more profitable products.

     Aerospace Segment sales decreased 4% to $135.3 million in 2002 from $141.5
million in 2001 primarily from a decline in cargo handling systems, repair
services and manufactured components, which offset a gain in industrial gas
turbine (IGT) services. Operating profit decreased 30% and operating margin
dropped from 11.6% in 2001 to 8.4% in 2002. Operating profit and margin declined
as a result of the lower sales, start up costs related to a new manufactured
components facility in Mexico, and less favorable product mix in the IGT product
line.

CASH FLOWS FROM OPERATIONS AND LIQUIDITY:

     For the first quarter of 2002, cash flows from operating activities more
than doubled to $28.3 million from $11.2 million during the quarter ended April
1, 2001. The improvement relative to last year was a result of reduced working
capital levels, particularly for accounts receivable and inventories. Total
borrowings increased by $8 million to $448.3 million at March 31, 2002 as
compared to $440.3 million at December 30, 2001. The increase was due to
borrowings incurred to finance acquisitions offset by declines from currency
exchange rate changes and repayments. The ratio of total debt to total
capitalization at both December 30, 2001 and March 31, 2002 was 36%.

FORWARD-LOOKING STATEMENTS:

     This quarterly report includes the company's current plans and expectations
and is based on information available to it. It relies on a number of
assumptions and estimates which could be inaccurate and which are subject to
risks and uncertainties.

                                        8
<PAGE>

                           PART II OTHER INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (A) Reports on form 8-K.

     No reports on form 8-K were filed during the quarter.

                                        9
<PAGE>

                             TELEFLEX INCORPORATED

                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          TELEFLEX INCORPORATED

                                               /s/ HAROLD L. ZUBER, JR.
                                          --------------------------------------
                                                   Harold L. Zuber, Jr.
                                            Executive Vice President and Chief
                                                    Financial Officer

                                                /s/ STEPHEN J. GAMBONE
                                          --------------------------------------
                                                    Stephen J. Gambone
                                                   Controller and Chief
                                                    Accounting Officer

May 14, 2002

                                        10

</TEXT>
</DOCUMENT>
