Teledyne Technologies Reports Fourth Quarter Results
LOS ANGELES - January 25, 2007 - Teledyne Technologies Incorporated (NYSE:TDY). Teledyne Technologies today reported fourth quarter 2006 sales of $391.3 million, compared with sales of $310.4 million for the same period of 2005. Net income for the fourth quarter of 2006 was $18.9 million ($0.53 per diluted share), compared with net income of $16.6 million ($0.48 per diluted share) in the fourth quarter of 2005.
"With record revenue in the fourth quarter, full year 2006 sales exceeded $1.4 billion," said Robert Mehrabian, chairman, president and chief executive officer. "As many of our end markets continued to expand, organic growth in the fourth quarter and full year 2006 were 8.4 percent and 8.6 percent, respectively. In addition, full year 2006 earnings per diluted share increased 22.2 percent, the fifth consecutive year of double-digit earnings growth. Through our operational excellence initiatives, new product development and a number of focused acquisitions, we have continued to strengthen our core businesses in defense electronics, instrumentation, and government systems engineering. Furthermore, despite spending $278 million in 2006 on acquisitions and capital equipment, our balance sheet remains strong."
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