Teledyne Technologies Reports First Quarter Results

LOS ANGELES - April 23, 2003 - Teledyne Technologies Incorporated (NYSE:TDY)

• Revenues of $197.2 million increased 7.6% compared to last year
• Earnings per share of $0.17 increased 6.3% compared to last year
• Excluding pension income and expense, earnings per share increased 33%
• Reaffirms 2003 outlook

Teledyne Technologies today reported first quarter 2003 sales of $197.2 million, compared with sales of $183.3 million for the same period in 2002. Net income for the first quarter of 2003 was $5.5 million ($0.17 per diluted share), compared with net income of $5.1 million ($0.16 per diluted share) in the first quarter of 2002. Net income for the first quarter of 2003 included pretax non-cash pension expense of $1.7 million, compared with pretax non-cash pension income of $0.6 million for the same period of 2002.

Full Release: 1st Quarter Earnings.pdf

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640