Teledyne Technologies Reports Fourth Quarter Results

While the company’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to integrate acquired businesses, retain customers and achieve identified financial and operating synergies. There are additional risks associated with acquiring, owning and operating businesses internationally, including those arising from U.S. and foreign policy changes and exchange rate fluctuations.

While the company believes its internal and disclosure control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected.

Readers are urged to read the company’s periodic reports filed with the Securities and Exchange Commission (“SEC”) for a more complete description of the company, its businesses, its strategies and the various risks that the company faces. Various risks are identified in Teledyne’s 2011 Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Readers, particularly those interested in investing in Teledyne, should read these risk factors. The company assumes no duty to publicly update or revise any forward-looking statements, whether as a result of new information or otherwise.

A live webcast of Teledyne’s fourth quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, January 24, 2013. To access the call, go to www.earnings.com or www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month at these same sites starting at 12:00 p.m. (Eastern) on Thursday, January 24, 2013.

TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 30, 2012 AND JANUARY 1, 2012 (Unaudited, - in millions, except per share amounts)
		Fourth				Fourth				Twelve				Twelve
		Quarter				Quarter				Months				Months
		2012				2011				2012				2011
Net sales		$	567.4			$	474.5			$	2,127.3			$	1,941.9
Costs and expenses:
Costs of sales		359.0				315.7				1,379.1				1,290.7
Selling, general and administrative expenses		140.8				105.0				505.1				424.0
Total costs and expenses		499.8				420.7				1,884.2				1,714.7
Income before other income and income taxes		67.6				53.8				243.1				227.2
Other income, net		0.7				3.1				2.9				0.6
Interest and debt expense, net		(5.2		)		(3.8		)		(17.8		)		(16.2		)
Income from continuing operations before income taxes		63.1				53.1				228.2				211.6
Provision for income taxes		18.6				16.4				65.4				69.5
Net income from continuing operations including noncontrolling interest		44.5				36.7				162.8				142.1
Discontinued operations		2.3				—				2.3				113.1
Net income		46.8				36.7				165.1				255.2
Less: Net (income) loss attributable to noncontrolling interest		(0.6		)		0.1				(1.0		)		—
Net income attributable to Teledyne		$	46.2			$	36.8			$	164.1			$	255.2
Diluted earnings per common share:
Continuing operations (a)		$	1.17			$	0.99			$	4.33			$	3.81
Discontinued operations		0.06				—				0.06				3.03
Net income attributable to Teledyne		$	1.23			$	0.99			$	4.39			$	6.84
Weighted average diluted common shares outstanding		37.6				37.3				37.4				37.3
(a) Excluding noncontrolling interest

TELEDYNE TECHNOLOGIES INCORPORATED SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED DECEMBER 30, 2012 AND JANUARY 1, 2012 (Unaudited, - in millions)
		Fourth				Fourth								Twelve				Twelve
		Quarter				Quarter								Months				Months
		2012				2011				% Change				2012				2011				% Change
Net sales:
Instrumentation		$	232.6			$	148.9			56.2		%		$	749.4			$	616.6			21.5		%
Digital Imaging		102.7				92.5				11.0		%		415.9				349.9				18.9		%
Aerospace and Defense Electronics		162.8				163.1				(0.2	)	%		660.6				670.8				(1.5	)	%
Engineered Systems		69.3				70.0				(1.0	)	%		301.4				304.6				(1.1	)	%
Total net sales		$	567.4			$	474.5			19.6		%		$	2,127.3			$	1,941.9			9.5		%
Operating profit and other segment income:
Instrumentation		$	46.7			$	28.2			65.6		%		$	136.2			$	122.8			10.9		%
Digital Imaging		5.4				2.3				134.8		%		24.8				16.1				54.0		%
Aerospace and Defense Electronics		18.8				23.1				(18.6	)	%		90.3				93.9				(3.8	)	%
Engineered Systems		6.6				6.5				1.5		%		28.5				28.1				1.4		%
Segment operating profit and other segment income		77.5				60.1				29.0		%		279.8				260.9				7.2		%
Corporate expense		(9.9		)		(6.3		)		57.1		%		(36.7		)		(33.7		)		8.9		%
Other income, net		0.7				3.1				(77.4	)	%		2.9				0.6				*
Interest and debt expense, net		(5.2		)		(3.8		)		36.8		%		(17.8		)		(16.2		)		9.9		%
Income from continuing operations before income taxes		63.1				53.1				18.8		%		228.2				211.6				7.8		%
Provision for income taxes		18.6				16.4				13.4		%		65.4				69.5				(5.9	)	%
Net income from continuing operations including noncontrolling interest		44.5				36.7				21.3		%		162.8				142.1				14.6		%
Discontinued operations		2.3				—				*				2.3				113.1				*
Net income		46.8				36.7				27.5		%		165.1				255.2				(35.3	)	%
Less: Net (income) loss attributable to noncontrolling interest		(0.6		)		0.1				*				(1.0		)		—				*
Net income attributable to Teledyne		$	46.2			$	36.8			25.5		%		$	164.1			$	255.2			(35.7	)	%
* percentage change not meaningful

TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (Current period unaudited – in millions)
		December 30, 2012				January 1, 2012
ASSETS
Cash and cash equivalents		$	45.8			$	49.4
Accounts receivable, net		350.3				270.0
Inventories, net		281.2				219.4
Deferred income taxes, net		41.0				35.1
Prepaid expenses and other assets		27.7				28.8
Total current assets		746.0				602.7
Property, plant and equipment, net		349.5				254.6
Goodwill and acquired intangible assets, net		1,255.9				899.2
Other assets, net		56.3				69.6
Total assets		$	2,407.7			$	1,826.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable		$	148.6			$	102.0
Accrued liabilities		257.8				230.8
Current portion of long-term debt and capital leases		2.0				1.4
Total current liabilities		408.4				334.2
Long-term debt and capital lease obligations		556.2				311.4
Other long-term liabilities		237.6				196.4
Total liabilities		1,202.2				842.0
Total stockholders’ equity		1,205.5				984.1
Total liabilities and stockholders’ equity		$	2,407.7			$	1,826.1

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