Teledyne Technologies Reports Fourth Quarter Results
LOS ANGELES - January 30, 2003 - Teledyne Technologies Incorporated (NYSE:TDY)
- Revenues of $209.6 million increased 13% compared to last year
- Earnings per share of $0.22 increased 10% compared to last year
- Excluding pension, earnings per share increased 31%
- Cash from operating activities from continuing operations of $14.6 million
- Reaffirms 2003 outlook
Teledyne Technologies Incorporated (NYSE:TDY) today reported fourth quarter 2002 sales of $209.6 million, compared with sales of $185.0 million for the same period in 2001. Net income for the fourth quarter of 2002 was $7.2 million ($0.22 per diluted share), compared with net income of $6.5 million ($0.20 per diluted share) in the fourth quarter of 2001.
"Teledyne continued the positive trend in year-over-year earnings established in each of the previous three quarters of 2002," said Robert Mehrabian, chairman, president and chief executive officer. "While revenues increased 13%, earnings per share increased 31%, excluding non-cash pension income. The performance of our Electronics and Communications and Systems Engineering segments further reinforces our strategic focus to invest in and grow these businesses. In both segments, year-over-year sales growth was approximately 20%. Despite the challenging market environment facing many of our businesses, sales in all segments for the full year 2002 increased compared to 2001. Additionally, we continued to generate strong cash flow during the fourth quarter. Full year 2002 cash from operations of $73.3 million was greater than cash from operations in 2000 and 2001 combined. Our strong balance sheet will permit the company to continue acquisitions in our strategic businesses in 2003."
Full Release: 4th Quarter Earnings.pdf