Teledyne Technologies Reports Second Quarter Results
LOS ANGELES - July 27, 2006 - Teledyne Technologies today reported second quarter 2006 sales of $348.1 million, compared with sales of $303.3 million for the same period of 2005. Net income for the second quarter of 2006 was $20.9 million ($0.59 per diluted share), compared with net income of $16.1 million ($0.47 per diluted share) in the second quarter of 2005.
"This was a record quarter for Teledyne in terms of sales and earnings per share. Our strong performance was due to a balanced mix of businesses enjoying favorable end markets, and our continued success in both operational excellence initiatives and integration of strategic acquisitions," said Robert Mehrabian, chairman, president and chief executive officer. "Total sales growth of 14.8%, resulted from organic growth of 7.2% and the contribution from acquisitions. Earlier this morning, we announced an agreement to acquire Rockwell Scientific Company for $167.5 million. The pending acquisition of Rockwell Scientific, whose technology and operations are related to multiple Teledyne businesses, emphasizes our strategy to acquire complementary businesses focused on our core electronics and engineering services markets. In addition, since the pending acquisition of Rockwell Scientific will be funded under our recently expanded $400 million credit facility, we will continue to maintain significant financial flexibility."
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