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News

TELEDYNE TECHNOLOGIES REPORTS FIRST QUARTER RESULTS

THOUSAND OAKS, Calif. – April 23, 2008 – Teledyne Technologies Incorporated (NYSE:TDY)

  • Revenue increased 17.2% to $451.8 million compared with last year
  • Earnings per diluted share increased 35.1% to $0.77 compared with last year
  • Completed four strategic acquisitions
  • Raising 2008 earnings per share outlook

Teledyne Technologies today reported first quarter 2008 sales of $451.8 million, compared with sales of $385.6 million for the same period of 2007. Net income for the first quarter of 2008 was $27.9 million ($0.77 per diluted share), compared with net income of $20.5 million ($0.57 per diluted share) in the first quarter of 2007.

“We started 2008 with record sales and earnings per share. Operating margin increased 99 basis points, and earnings per share increased 35.1% compared with last year. This was the twenty-fifth consecutive quarter of year-over-year earnings growth,” said Robert Mehrabian, chairman, president and chief executive officer. “In a world of rising energy prices, heightened pollution concerns and turbulent financial markets, we believe Teledyne remains strategically well positioned. For example, Teledyne’s marine and environmental instrumentation businesses, which are leveraged to offshore energy exploration and production, as well as environmental monitoring markets, performed exceptionally well in the first quarter, with strong organic growth bolstered by our recent acquisitions. We completed four strategic acquisitions during the quarter, and despite tighter credit markets, we were able to increase availability under our credit facility with no increase in marginal borrowing cost.”

Investor Contact: Jason VanWees (805) 373-4542

Press Contact: Robyn McGowan (805) 373-4540




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