TELEDYNE TECHNOLOGIES REPORTS FIRST QUARTER RESULTS
THOUSAND OAKS, Calif. – April 22, 2009 – Teledyne Technologies Incorporated (NYSE:TDY) Teledyne Technologies today reported first quarter 2009 sales of $440.3 million, compared with sales of $451.8 million for the same period of 2008. Net income for the first quarter of 2009 was $20.8 million ($0.57 per diluted share), compared with net income of $27.9 million ($0.77 per diluted share) in the first quarter of 2008.
"Sales decreased 2.5% in the first quarter, as growth in our defense and government business did not offset contracting commercial markets amid the global recession," said Robert Mehrabian, chairman, president and chief executive officer. "Nonetheless, first quarter earnings were consistent with our outlook issued in January, since we acted swiftly to adjust our cost structure. Employment reductions over the last several months have already equaled six percent of our North American workforce, and we have eliminated the 2009 annual salary increases and the annual grant of employee stock option awards. In addition, by the end of the second quarter 2009, we expect to have closed or relocated five operating sites. Since late last year, we have absorbed operating expenses of approximately $5.3 million, including $3.2 million in the first quarter of 2009, associated with severance, facility relocations and planned product line terminations. Given recent further deterioration in the general aviation, commercial aerospace and global infrastructure markets, 2009 will continue to be a very challenging year. However, we believe the strength of our defense and government businesses, along with aggressive cost controls, should allow Teledyne to outperform in such an environment."
Investor Contact: Jason VanWees (805) 373-4542
Press Contact: Robyn McGowan (805) 373-4540