TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. – January 27, 2011 – Teledyne Technologies Incorporated (NYSE:TDY)
- Record fourth quarter earnings per share of $0.99
- Fourth quarter 2010 earnings per share included $0.24 of tax credits offset by $0.08 of acquisition and disposition activity.
Fourth quarter 2009 earnings per share of $0.88 included $0.16 of net tax credits offset by after-tax charges of $0.04
- Record full year earnings per share of $3.27
- Announced agreement to acquire DALSA Corporation
- Announced agreement to sell Teledyne’s general aviation piston engine businesses
Teledyne Technologies today reported fourth quarter 2010 sales of $452.3 million, compared with sales of $454.4 million for the same period of 2009. Net income for the fourth quarter of 2010 was $36.6 million ($0.99 per diluted share), compared with net income of $32.2 million ($0.88 per diluted share) in the fourth quarter of 2009. The fourth quarters of 2010 and 2009 included net tax credits of $9.0 million and $6.0 million, respectively. The fourth quarter of 2010 also included certain pretax charges totaling $4.8 million for acquisition and disposition related expenses. The fourth quarter of 2009, also included certain pretax charges totaling $2.5 million for the net impact of product recall and replacement costs, acquisition related expenses and inventory write-downs.
"We are pleased to report record quarterly and full year earnings per share. In addition, we are proud of our consistent performance, having grown full year earnings per share for nine consecutive years," said Robert Mehrabian, chairman, president and chief executive officer. "Teledyne continues to evolve, with a greater proportion of sales and operating profit derived from commercial electronics and instrumentation for global energy, water quality and industrial applications. We also recently announced two significant transactions which will further transition our business mix. The pending acquisition of DALSA Corporation, whose imaging sensors, cameras and software primarily serve the commercial machine vision market, will add total sales of approximately $200 million on a full year basis. In addition, the pending sale of Continental Motors to a strong international buyer will enhance Continental Motors' opportunity to enter the global market for general aviation piston engines, while allowing Teledyne to focus on our core businesses. Following these transactions, which we expect to close in the first quarter of 2011, Teledyne will be transformed into a pure-play electronics, instrumentation and engineering focused company.
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540