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Teledyne Technologies Reports Fourth Quarter Results

Stocks in this article: TDY

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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