Teledyne Technologies Reports First Quarter Results
LOS ANGELES - April 26, 2006 - Teledyne Technologies Incorporated (NYSE:TDY)
Teledyne Technologies today reported first quarter 2006 sales of $330.2 million, compared with sales of $297.5 million for the same period of 2005. Net income for the first quarter of 2006 was $17.9 million ($0.51 per diluted share), compared with net income of $15.8 million ($0.46 per diluted share) in the first quarter of 2005.
- Revenues of $330.2 million increased 11.0% compared to last year
- Earnings per share of $0.51 increased 10.9% compared to last year
- Completed acquisition of Benthos, Inc.
- Raising 2006 earnings per share outlook
"Teledyne began 2006 with a great quarter. Both revenue and earnings per share were at record levels," said Robert Mehrabian, chairman, president and chief executive officer. "Furthermore, margin improvement offset new expense resulting from the adoption of SFAS No. 123(R). First quarter 2006 earnings per share increased 10.9% despite $1.4 million ($0.03 per share) of stock option compensation expense. Due to strong execution, as well as focused acquisitions, we continue to believe that Teledyne is well positioned in a number of attractive markets, including defense electronics, commercial aviation and environmental and marine instrumentation."
Investor Contact: Jason VanWees (310) 893-1642
Press Contact: Robyn Choi(310) 893-1640