Teledyne Technologies Reports Strong Orders for Avionics Systems
LOS ANGELES - March 15, 2001 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that it has received over $18 million in new orders in 2001 for airborne communication and avionics systems, a 30% increase from the same period in 2000.
Cessna Aircraft and Bombardier Inc., placed new orders with Teledyne Controls for the MagnaStarÒ digital airborne telephone system, which is produced by Raytheon Company and marketed by Teledyne. MagnaStar is a digital cellular air telephone system designed specifically for corporate and regional jets. Operating exclusively over GTE's Airfone digital telephone network, the system transfers airborne calls from one cell site to another, giving its customers seamless connectivity across the continental United States, Mexico and Southern Canada.
Gulfstream Aerospace Corporation placed additional orders with Teledyne Controls for their Mini-Flight Data Acquisition Unit (MFDAU), joining Bombardier, CASA, and the Raytheon Aircraft Company in choosing the new Teledyne MFDAU for its data acquisition requirements. The MFDAU system plays an active role as an intermediary device, acquiring and processing mandatory FAA aircraft and engine data for storage in the flight data recorder, commonly known as the black box. When installed with the Aircraft Condition Monitoring System (ACMS) option, and Teledyne Controls' Telelink® data link system, the MFDAU provides the means to transmit real-time critical aircraft-condition information to the ground for analysis. Teledyne's TeleLink system is designed to enhance the efficiency of air traffic management in day-to-day controller-to-pilot communications.
Additionally, the FAA selected Teledyne Controls to supply its Runway Visual Range (RVR) system equipment in support of about 30 airport installations around the United States. The contract is valued at $3.6 million with initial funding received in the amount of $2.75 million. The RVR program is an ongoing FAA priority, with plans for over 300 airport installations across the United States.
Teledyne Technologies is a leading provider of sophisticated electronics and communications products, systems engineering solutions, and aerospace products and components, with operations in the United States, the United Kingdom and Mexico. Teledyne Controls is a major supplier of systems that collect and communicate essential performance data for the commercial airline industry. More information about Teledyne Controls can be found at www.teledynecontrols.com.
This press release contains forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from these forward-looking statements. Many factors, including technological changes and enhancements of competitors' products, changes in funding the prioritization of the RVR program by the FAA and continued weakness in the economy, could affect anticipated results. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in Teledyne Technologies' periodic filings with the Securities and Exchange Commission, including its 2000 Annual Report on Form 10-K.