TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. – January 24, 2008 – Teledyne Technologies Incorporated (NYSE:TDY)
- Revenue increased 9.3% to $427.5 million compared with last year
- Earnings per diluted share increased 37.7% to $0.73 compared with last year
- Full year revenues increased 13.2% to over $1.62 billion
- Full year earnings per diluted share increased 20.4% to $2.72
- Recently announced three complementary acquisitions
Teledyne Technologies today reported fourth quarter 2007 sales of $427.5 million, compared with sales of $391.3 million for the same period of 2006. Net income for the fourth quarter of 2007 was $26.6 million ($0.73 per diluted share), compared with net income of $18.9 million ($0.53 per diluted share) in the fourth quarter of 2006.
“Teledyne ended 2007 with a great quarter. We achieved record sales, operating margin increased 129 basis points, and earnings per share increased 37.7% compared with last year,” said Robert Mehrabian, chairman, president and chief executive officer. “In addition, free cash flow for the full year 2007 was almost two and a half times the amount generated in 2006. We continue to deploy cash flow on complementary acquisitions in our core markets. The recent acquisitions of Storm Products Co. and Impulse Enterprise further expand our defense microwave and marine instrumentation businesses with additional high reliability interconnect products. The pending acquisition of Judson Technologies, LLC, our second acquisition in the infrared imaging domain, will enhance the capabilities of our Teledyne Imaging Sensors operation."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540