Teledyne Technologies Incorporated Stock Activity on October 9, 2002
LOS ANGELES - October 9, 2002 - Teledyne Technologies Incorporated (NYSE:TDY) announced today that the company does not know any reasons for today's unusual trading activity and decline in price in the company's common stock.
The company will release its financial results for the third quarter ended September 29, 2002, on Thursday, October 24, 2002, before the market open.
Forward-Looking Statements Cautionary Notice
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 changes in demand for products sold to the semiconductor, commercial aviation and communications markets, timely development of acceptable and competitive fuel cell products and systems, funding, continuation and award of government programs, receipt of (or failure to receive) government award fees based on collective performance achievements of multiple contractors, and economic and political conditions, could change the anticipated results.
While Teledyne Technologies' growth strategy includes possible acquisitions, the company cannot provide any assurance as to when, if or on what terms any acquisitions will be made. Acquisitions, including the recent acquisition of Monitor Labs Incorporated, involve various inherent risks, such as, among others, the company's ability to integrate acquired businesses and to achieve identified financial and operating synergies. Also, the company may not be able to sell or exit timely or on acceptable terms its remaining non-core or under-performing product lines, particularly given the current economic environment.
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 2001 Annual Report on Form
10-K and Forms 10-Q.
Teledyne Technologies is a leading provider of sophisticated electronic components, instruments and communication products, systems engineering solutions, aerospace engines and components and on-site gas and power generation systems. Teledyne Technologies has operations in the United States, the United Kingdom and Mexico. For more information, visit Teledyne Technologies' website at www.teledyne.com.