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News

Teledyne Technologies Reports Second Quarter Earnings

--  Revenue from continuing operations increased 9.7% in the
    second quarter of 2000 from the same period of 1999.

--  Earnings per share from continuing operations, excluding
    product recall reserves, were $0.36 per share for the second
    quarter 2000, compared with $0.32 per share for the pro forma
    second quarter of 1999. Total earnings per share, excluding
    product recall reserves, were $0.37 for the second quarter of
    2000.

--  Discontinued operations include Teledyne Cast Parts which
    management intends to divest.

LOS ANGELES: July 27, 2000
Teledyne Technologies Incorporated (NYSE:TDY) today reported
second quarter 2000 sales of $202.3 million, compared with sales of
$184.4 million for the same period in 1999.

Excluding piston engine product recall reserves, net income from
continuing operations was $10.1 million ($0.36 per diluted share) for
the second quarter of 2000, compared with pro forma net income of $8.9
million ($0.32 per diluted share) for the second quarter of 1999. The
second quarters of 2000 and 1999 included pre-tax charges of $12
million and $3 million, respectively, for piston engine product recall
reserves. Including these charges, earnings from continuing operations
were $2.8 million ($0.10 per diluted share) for the second quarter of
2000, compared with $7.1 million ($0.26 per diluted share) for the
same period of 1999. For the second quarter of 2000, net income
including discontinued operations was $3.1 million ($0.11 per diluted
share), compared with net income of $7.9 million ($0.29 per diluted
share) for the same period of 1999.
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*T
Second Quarter Earnings Summary
                                 Millions of Dollars     Dollars per 
                                                        Diluted Share
                                   ----------------   ----------------
                                   Second   Second    Second   Second
                                   Quarter  Quarter   Quarter  Quarter
                                     2000   1999(a)     2000   1999(a)
 ================================= =======  =======   =======  =======

 Continuing operations, excluding
  special charges                  $ 10.1   $  8.9    $ 0.36   $ 0.32
 Product recall charge               (7.3)    (1.8)    (0.26)   (0.06)
                                   -------  -------   -------  -------
 Income from continuing operations    2.8      7.1      0.10     0.26
 Discontinued operations, net         0.3      0.8      0.01     0.03
                                   -------  -------   -------  -------
 Net Income                        $  3.1   $  7.9    $ 0.11   $ 0.29
 ================================= =======  =======   =======  =======
(a)   On a pro forma basis

"This quarter we achieved record sales in our Electronics and
Communications and Systems Engineering Solutions segments," said
Robert Mehrabian, president and chief executive officer of Teledyne
Technologies. "Our focus remains on increasing our participation in
attractive markets in broadband communications, including fiber optic,
wireless and satellite communication applications. Our decision to
exit the aerospace castings business is consistent with this
strategy."

Sales for the first six months of 2000 were $397.7 million,
compared with $375.4 million for the first six months of 1999. For the
first six months of 2000, net income including discontinued operations
was $13.3 million ($0.49 per diluted share), compared with pro forma
net income of $17.6 million ($0.64 per diluted share), for the same
period in 1999. Net income before product recall reserves was $20.6
million ($0.75 per diluted share) for the first six months of 2000,
compared with pro forma net income before product recall reserves of
$19.3 million ($0.70 per diluted share) for the same period of 1999.

Since Teledyne Technologies plans to divest Teledyne Cast Parts,
which is part of the company's Aerospace Engines and Components
segment, the attached consolidated financial statements have been
restated to reflect Teledyne Cast Parts as a discontinued operation,
with no loss on disposal anticipated.

Teledyne Technologies was spun off from Allegheny Technologies
Incorporated effective November 29, 1999. Pro forma adjustments in
1999 reflect the estimated expense impacts (primarily interest expense
and corporate expenses) that would have been incurred had Teledyne
Technologies operated as a separate company and as capitalized at the
time of the spin-off for the 1999 periods presented. Net income,
before pro forma adjustments, was $10.2 million ($0.37 per diluted
share) for the second quarter of 1999 and $22.1 million ($0.80 per
diluted share) for the first six months of 1999.

Revised Public Offering Requirement

As previously announced, the Internal Revenue Service agreed to a
modification of the tax ruling issued in connection with the spin-off
of Teledyne Technologies from Allegheny Technologies Incorporated. The
revised ruling requires Teledyne Technologies to complete a smaller
public offering of 15 to 18 percent of its outstanding common stock.
On July 21, 2000, Teledyne Technologies filed a registration statement
to register 4.1 million shares of its common stock with the Securities
and Exchange Commission to further this public offering requirement.
The underwriting is to be managed by Goldman, Sachs & Co., Banc of
America Securities LLC and A.G. Edwards & Sons, Inc.

The registration statement has been filed with the Securities and
Exchange Commission but has not yet become effective. These securities
may not be sold nor may offers to buy be accepted prior to the time
the registration statement becomes effective. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any State in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
State.

Review of Operations

Electronics and Communications
The Electronics and Communications segment second quarter sales
were $91.4 million, up 4.7 percent from 1999 second quarter sales of
$87.3 million. Second quarter operating profit rose 1.9 percent to
$10.9 million, from $10.7 million in the second quarter of 1999.

Second quarter sales, compared with the same period in 1999, grew
significantly in electronic manufacturing services, relay products,
business and commuter aircraft communications equipment and microwave
products. Sales from electronic manufacturing services and microwave
products grew as a result of new orders from military and commercial
customers. Relay products reported its strongest quarterly sales in
over two years based on demand from the communications and
semiconductor test equipment markets. Sales of medical and military
microelectronics were down from the same period last year. Segment
operating profit improved due to growth in sales, partially offset by
reduced margins on electronic manufacturing services and increased
spending in optoelectronics and broadband wireless initiatives.

Systems Engineering Solutions

The Systems Engineering Solutions segment second quarter sales
were $61.0 million, up 15.5 percent from 1999 second quarter sales of
$52.8 million. Operating profit for the second quarter improved
6.7 percent to $4.8 million, from $4.5 million in the same period last
year.

Second quarter performance reflected strong sales growth in
environmental programs, systems engineering and integration,
information technology and space programs. Operating results reflected
increased revenue, partially offset by mix differences in systems
engineering and integration and environmental sales.

Aerospace Engines and Components

The Aerospace Engines and Components segment second quarter sales
were $49.9 million, up 12.6 percent from $44.3 million in the 1999
second quarter. Excluding piston engine product recall reserves taken
in the second quarters of 2000 and 1999, operating profit in 2000 was
$6.4 million, compared with operating profit of $4.2 million in the
second quarter of 1999. Including product recall reserves, the
Aerospace Engines and Components segment incurred an operating loss of
$5.6 million for the second quarter 2000, compared with operating
profit of $2.5 million in the same period of 1999.

Increased sales for piston engines were driven by aftermarket new
engine sales and overhaul services. Sales and operating profit in the
turbine engine business grew due to an increase in military spare
parts sales.

The results of the Aerospace Engines and Components segment have
been restated to reflect Teledyne Cast Parts (which manufactures a
wide range of castings for the aerospace and defense industries) as a
discontinued operation.

Additional Financial Information

Prior to the product recall reserves, earnings from continuing
operations before interest, taxes, depreciation and amortization
(EBITDA) for the second quarter of 2000 were $22.1 million, compared
with pro forma EBITDA of $20.0 million for the same period of 1999.
Net pension income for the second quarter was $2.2 million, compared
with net pension income of $1.6 million for the same period of 1999.
Capital expenditures from continuing operations for the first six
months of 2000 were $9.3 million, compared with $6.4 million for the
same period in 1999.

This press release contains forward-looking statements, as defined
in the Private Securities Litigation Reform Act of 1995, relating to
earnings, growth opportunities, capital investments and strategic
plans. Actual results could differ materially from these
forward-looking statements. Many factors, including the extent and
timing of the required public offering, market, economic and political
conditions, and funding and continuation of government programs, as
well as the outcome of the crankshaft investigation, could change the
anticipated results. The disposition of Teledyne Cast Parts is subject
to many factors, including the terms and conditions of any definitive
asset sale and purchase agreement, as well as industry and business
conditions. 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 1999 Annual Report on Form 10-K, as well as the
registration statement filed in connection with the anticipated public
offering.

Teledyne Technologies is a leading provider of sophisticated
electronics and communication products, systems engineering solutions
and aerospace engines and components. Teledyne Technologies has
operations in the United States, the United Kingdom and Mexico. For
more information, visit Teledyne Technologies' website at
www.teledyne.com.

A replay of Teledyne Technologies' second quarter earnings
conference call will be available from Thursday, July 27, 2:00 p.m.
(EDT) until Friday, July 28, 11:59 p.m. (EDT). To listen to the
replay, dial 1-800-475-6701 (or 320-365-3844 for international
callers), access code 530171.
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                  TELEDYNE TECHNOLOGIES INCORPORATED
               CONSOLIDATED STATEMENTS OF OPERATIONS(a)
    ACTUAL RESULTS FOR THE THREE AND SIX MONTHS ENDED JULY 2, 2000
 AND PRO FORMA RESULTS FOR THE THREE AND SIX MONTHS ENDED JULY 4, 1999
          (Unaudited - In millions, except per share amounts)

                                   Second   Second     Six      Six
                                   Quarter  Quarter   Months   Months
                                    2000     1999      2000     1999
================================  ======== ========  ======== ========

Net sales                         $ 202.3  $ 184.4   $ 397.7  $ 375.4
Costs and expenses:
   Costs of sales                   146.9    133.3     287.4    275.3
   Selling, general and
    administrative expenses(b)       49.3     37.2      85.4     68.7
                                  -------- --------  -------- --------
Income before other income and
 expense and taxes                    6.1     13.9      24.9     31.4
   Other income                       0.3      0.2       0.4      0.5
   Interest expense, net              1.8      2.0       3.6      4.0
                                  -------- --------  -------- --------
Income before taxes                   4.6     12.1      21.7     27.9
   Provision for taxes                1.8      5.0       8.6     11.5
                                  -------- --------  -------- --------
Income from continuing operations     2.8      7.1      13.1     16.4
   Discontinued operations, net       0.3      0.8       0.2      1.2
                                  -------- --------  -------- --------
Net Income                        $   3.1  $   7.9   $  13.3  $  17.6
                                  ======== ========  ======== ========
Diluted earnings per common share:
  Income from continuing operations  0.10     0.26      0.48     0.60
  Discontinued operations, net       0.01     0.03      0.01     0.04
                                  -------- --------  -------- --------
Diluted earnings per common share $  0.11  $  0.29   $  0.49  $  0.64
                                  ======== ========  ======== ========
Weighted average diluted common
 shares outstanding                  27.6     27.5      27.3     27.6

EBITDA - continuing operations(c) $  22.1  $  20.0   $  45.1  $  40.8
================================  ======== ========  ======== ========
(a)   Restated to reflect Teledyne Cast Parts as a discontinued
      operation.
(b)   Includes pre-tax charges of $12 million and $3 million in the
      second quarters of 2000 and 1999, respectively, for product
      recall reserves.
(c)   Excludes pre-tax charges of $12 million and $3 million in the
      second quarters of 2000 and 1999, respectively, for product
      recall reserves.

      The pro forma financial information has been presented for
      informational purposes only and may not reflect the results of
      operations or financial position of Teledyne Technologies that
      would have occurred had Teledyne Technologies operated as a
      separate, independent company for the 1999 periods presented.
      The pro forma financial information should not be relied upon as
      being indicative of future results. Pro forma adjustments
      reflect the estimated expense impacts (primarily interest
      expense and corporate expenses) that would have been incurred
      had Teledyne Technologies been operated as a separate company as
      of the beginning of the 1999 fiscal year and as capitalized at
      the time of the spin-off for the 1999 periods presented. As part
      of the spin-off, Teledyne Technologies incurred $100 million in
      long-term debt and Allegheny Technologies (its former parent)
      retained the proceeds. Pro forma income includes pro forma
      interest expense on the long-term debt as if it was outstanding
      for the 1999 periods presented. Pro forma income adjusts
      corporate expenses to an annual level of $15 million from the
      amount previously allocated, which was lower.


                  TELEDYNE TECHNOLOGIES INCORPORATED
          HISTORICAL CONSOLIDATED STATEMENTS OF OPERATIONS(a)
            FOR THE THREE AND SIX MONTHS ENDED JULY 2, 2000
          AND FOR THE THREE AND SIX MONTHS ENDED JULY 4, 1999
          (Unaudited - In millions, except per share amounts)

                                   Second   Second     Six      Six
                                   Quarter  Quarter   Months   Months
                                    2000     1999      2000     1999
================================  ======== ========  ======== ========

Net sales                         $ 202.3  $ 184.4   $ 397.7  $ 375.4
Costs and expenses:
   Costs of sales                   146.9    133.3     287.4    275.3
   Selling, general and
    administrative expenses(b)       49.3     35.3      85.4     65.0
                                  -------- --------  -------- --------
Income before other income and
 expense and taxes                    6.1     15.8      24.9     35.1
   Other income                       0.3      0.2       0.4      0.5
   Interest expense, net              1.8       --       3.6       --
                                  -------- --------  -------- --------
Income before taxes                   4.6     16.0      21.7     35.6
   Provision for taxes                1.8      6.6       8.6     14.7
                                  -------- --------  -------- --------
Income from continuing operations     2.8      9.4      13.1     20.9
   Discontinued operations, net       0.3      0.8       0.2      1.2
                                  -------- --------  -------- --------
Net Income                        $   3.1  $  10.2   $  13.3  $  22.1
                                  ======== ========  ======== ========
Diluted earnings per common share:
  Income from continuing operations  0.10     0.35      0.48     0.76
  Discontinued operations, net       0.01     0.02      0.01     0.04
                                  -------- --------  -------- --------
Diluted earnings per common share $  0.11  $  0.37   $  0.49  $  0.80
                                  ======== ========  ======== ========
Weighted average diluted common
 shares outstanding                  27.6     27.5      27.3     27.6

EBITDA - continuing operations(c) $  22.1  $  21.9   $  45.1  $  44.5
================================  ======== ========  ======== ========
(a)   Restated to reflect Teledyne Cast Parts as a discontinued
      operation.
(b)   Includes pre-tax charges of $12 million and $3 million in the
      second quarters of 2000 and 1999, respectively, for product
      recall reserves.
(c)   Excludes pre-tax charges of $12 million and $3 million in the
      second quarters of 2000 and 1999, respectively, for product
      recall reserves.


                  TELEDYNE TECHNOLOGIES INCORPORATED
           SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT
            FOR THE THREE AND SIX MONTHS ENDED JULY 2, 2000
          AND FOR THE THREE AND SIX MONTHS ENDED JULY 4, 1999
                 (Unaudited - In millions of dollars)

                                   Second   Second     Six      Six
                                   Quarter  Quarter   Months   Months
                                    2000     1999      2000     1999
================================  ======== ========  ======== ========

Net Sales:
Electronics and Communications    $  91.4  $  87.3   $ 177.1  $ 170.5
Systems Engineering Solutions        61.0     52.8     118.2    112.4
Aerospace Engines and
 Components(a)                       49.9     44.3     102.4     92.5
                                  -------- --------  -------- --------
   Total Net Sales                $ 202.3  $ 184.4   $ 397.7  $ 375.4
                                  ======== ========  ======== ========

Operating Profit:
Electronics and Communications    $  10.9  $  10.7   $  20.4  $  19.2
Systems Engineering Solutions         4.8      4.5      10.4      9.4
Aerospace Engines and
 Components(a,b)                      6.4      5.5      14.0     13.5
                                  -------- --------  -------- --------
   Total Operating Profit         $  22.1  $  20.7   $  44.8  $  42.1
================================  ======== ========  ======== ========
(a)   Restated to reflect Teledyne Cast Parts as a discontinued
      operation.
(b)   Excludes pre-tax charges of $12 million and $3 million in the
      second quarters of 2000 and 1999, respectively, for product
      recall reserves.


                  TELEDYNE TECHNOLOGIES INCORPORATED
            BALANCE SHEET FOR THE PERIOD ENDED JULY 2, 2000
             AND THE FISCAL YEAR ENDED JANUARY 2, 2000(a)
          (Current period unaudited - In millions of dollars)


                                                July 2,     January 2,
                                                 2000          2000
==========================================   ===========   ===========

ASSETS
Cash and cash equivalents                    $      3.2    $      7.1
Accounts receivable, net                          123.4         109.1
Inventories, net                                   57.4          51.4
Deferred income taxes, net                         20.2          21.7
Prepaid expenses and other current assets           8.6           4.5
                                             -----------   -----------
   Total Current Assets                           212.8         193.8

Property, plant and equipment, net                 58.5          56.0
Deferred income taxes, net                         31.6          25.6
Cost in excess of net assets acquired, net          7.8           8.2
Other assets                                       19.4          16.9
Net assets of discontinued operation               12.4          12.9
                                             -----------   -----------
   Total Assets                              $    342.5    $    313.4
                                             ===========   ===========

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable                             $     54.6    $     44.2
Accrued liabilities                                61.6          47.3
Income taxes payable                                 --           3.8
                                             -----------   -----------
   Total Current Liabilities                      116.2          95.3

Long-term debt                                     91.0          97.0
Other long-term liabilities                        77.0          76.6
                                             -----------   -----------
   Total Liabilities                              284.2         268.9

   Total Stockholders' Equity                      58.3          44.5
                                             -----------   -----------
   Total Liabilities and
    Stockholders' Equity                     $    342.5    $    313.4
==========================================   ===========   ===========
(a)   Restated to reflect Cast Parts as a discontinued operation.
*T

	   --30--SJK/la* BB/la

Investor Contact:
Jason VanWees
(310) 893-1642

Press Contact:
Robyn McGowan
(310) 893-1640




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