Teledyne Technologies Reports Third Quarter Results
LOS ANGELES -October 28, 2004 - Teledyne Technologies today reported third quarter 2004 sales of $270.0 million, compared with sales of $215.7 million for the same period in 2003. Net income for the third quarter of 2004 was $12.5 million ($0.37 per diluted share), compared with net income of $9.9 million ($0.30 per diluted share) in the third quarter of 2003. Net income for the third quarter of 2003 was $7.5 million excluding a $2.4 million income tax benefit that resulted from the reversal of an income tax contingency reserve. Net income for the third quarter of 2004 included pretax pension expense of $2.2 million, compared with pretax pension expense of $1.7 million for the same period of 2003.
"This was another outstanding quarter for Teledyne," said Robert Mehrabian, chairman, president and chief executive officer. "The significant increase in sales resulted from several complementary acquisitions and double-digit organic growth. Earnings per share increased over the prior year period for the eleventh consecutive quarter, driven by strong margins in our Electronics and Communications and Systems Engineering Solutions business segments, as well as a payment from Honda Motor Co., Ltd. related to the piston engine business. In addition, on October 22, we closed the acquisition of the defense electronics business of Celeritek, Inc. - our fifth acquisition in 2004. During the quarter, we generated free cash flow of $26.4 million, and given our strong balance sheet and cash flow, we intend to pursue additional acquisitions in our strategic businesses."
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