TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. January 28, 2010 Teledyne Technologies Incorporated (NYSE:TDY)
- Fourth quarter earnings per share of $0.88
- Fourth quarter net income of $32.2 million, including R&D tax credits of $6.1 million and after-tax charges of $1.5 million
- Record fourth quarter free cash flow
- Record full year earnings per share of $3.10
- Record full year free cash flow, excluding voluntary pension contributions
Teledyne Technologies today reported fourth quarter 2009 sales of $454.4 million, compared with sales of $464.8 million for the same period of 2008. Net income for the fourth quarter of 2009 was $32.2 million ($0.88 per diluted share), compared with net income of $19.9 million ($0.54 per diluted share) in the fourth quarter of 2008. The fourth quarters of 2009 and 2008 included research and development tax credits of $6.1 million and $1.2 million, respectively. The fourth quarter of 2009, also included certain pretax charges totaling $2.5 million for the net impact of product recall and replacement costs, acquisition related expenses and inventory write-downs. The fourth quarter of 2008, included a pretax charge of $18.0 million for the impact of product recall and replacement costs.
"While the economic environment of 2009 brought many challenges, we were pleased to end the year with a strong quarter. Fourth quarter earnings increased significantly from last year, and record free cash flow of $70.4 million was more than twice net income. Furthermore, for the full year 2009, earnings per share of $3.10 and free cash flow of $189.8 million, excluding voluntary pension contributions, net of tax, were also at record levels, said Robert Mehrabian, chairman, president and chief executive officer. In 2009, we chose to manage the company cautiously, focusing on reducing costs, improving operations and maximizing cash flow. While some of our commercial markets are beginning to improve, we expect weakness in selected government services businesses in 2010, and we will continue to manage the company appropriately. In addition, given our strong cash flow and ample liquidity, we plan to pursue acquisitions more aggressively, as we have in prior years."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540