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Teledyne Technologies Reports Fourth Quarter Results

Income Taxes

The effective tax rate for the fourth quarter of 2012 was 29.4% compared with 31.0%. The decrease reflected $1.1 million in net tax benefits in the fourth quarter of 2012, primarily due to the expiration of the statute of limitations. Excluding this amount, the effective tax rate for the fourth quarter of 2012 would have been 31.1%. Excluding any tax credits and other adjustments, the effective tax rate was 31.0% for fiscal year 2012.

Stock Option Compensation Expense

For the fourth quarter of 2012, the company recorded a total of $2.1 million in stock option expense, of which $0.6 million was recorded as corporate expense and $1.5 million was recorded in the operating segment results. For the fourth quarter of 2011, the company recorded a total of $1.5 million in stock option expense, of which $0.6 million was recorded as corporate expense and $0.9 million was recorded in the operating segment results. The lower amount in 2011 primarily reflected the absence of employee stock option grants in 2009.

Other

Interest expense, net of interest income, was $5.2 million for the fourth quarter of 2012, compared with $3.8 million, and reflected higher debt levels. Corporate expense was $9.9 million for the fourth quarter of 2012, compared with $6.3 million and reflected compensation accruals and higher professional fees expense. Other income and expense reflected income of $0.7 million for the fourth quarter of 2012, compared with income of $3.1 million. Other income and expense for the fourth quarter of 2011 included income of $2.3 million related to the reduction of an environmental reserve no longer needed. The fourth quarter of 2012 includes income of $2.3 million from discontinued operations related to the finalization of income tax benefits on the sale of the piston engines businesses.

Outlook

Based on its current outlook, the company’s management believes that first quarter 2013 earnings per diluted share will be in the range of approximately $0.97 to $1.00. The full year 2013 earnings per diluted share is expected to be in the range of approximately $4.42 to $4.46.

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