Teledyne Technologies Incorporated (NYSE:TDY):
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Record fourth quarter sales of $596.6 million increased 5.1% compared
to last year
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All-time record quarterly GAAP earnings per share from continuing
operations of $1.44
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Record full-year sales and GAAP earnings per share from continuing
operations of $2,338.6 million and $4.87, respectively
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Fourth quarter 2013 includes pretax charges of $5.3 million for
severance and facility consolidations, offset by net discrete tax
benefits of $6.1 million
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Acquired C.D. Limited (“CDL”), a supplier of subsea inertial
navigation systems and motion sensors
Teledyne today reported fourth quarter 2013 sales of $596.6 million,
compared with sales of $567.4 million for the fourth quarter of 2012, an
increase of 5.1%. Net income from continuing operations was $54.9
million ($1.44 per diluted share) for the fourth quarter of 2013,
compared with net income from continuing operations of $43.9 million
($1.17 per diluted share) for the fourth quarter of 2012, an
increase of 25.1%. Net income attributable to Teledyne, including
discontinued operations, was $54.9 million ($1.44 per diluted share) for
the fourth quarter of 2013, compared with $46.2 million ($1.23 per
diluted share) for the fourth quarter of 2012, an increase of 18.8%.
“We ended 2013 with record quarterly GAAP earnings and achieved our
twelfth consecutive year of earnings growth,” said Robert Mehrabian,
chairman, president and chief executive officer. “The strength of our
high technology industrial businesses continued to propel our growth. In
the fourth quarter, our instrumentation segment had record quarterly
sales, with organic growth in each product category, and for the full
year, instrumentation sales exceeded $1.0 billion. In the marine
instrumentation domain, we acquired CDL, further enhancing our product
portfolio in the offshore oil & gas market. Our commercial aerospace
business also performed extremely well all year, developing new products
and gaining share in this growing market. For example, during the
quarter we announced a landmark single source contract under which we
will supply unique aircraft information management solutions for the
majority of future Boeing commercial aircraft. Throughout 2013, we also
undertook aggressive actions to consolidate our businesses and lower our
cost structure. We enter 2014 with a demonstrated record of performance,
a more efficient and more attractive business portfolio, and a strong
balance sheet.”
The fourth quarter of 2013 reflected pretax charges totaling $5.3
million for severance and facility consolidation expenses. The charges
were comprised of $3.2 million in severance related costs and $2.1
million in facility closure and relocation costs. The fourth quarter of
2012, reflected pretax charges totaling $1.7 million for severance and
facility consolidation costs. The fourth quarter of 2013 also reflected
net discrete tax benefits totaling $6.1 million. The tax benefits for
the fourth quarter of 2013 are primarily due to research and development
credits, the remeasurement of uncertain tax positions and statute of
limitation expirations. The fourth quarter of 2012 also reflected net
discrete tax benefits totaling $1.1 million. The tax benefits for the
fourth quarter of 2012 are primarily due to expirations of the statute
of limitations.
Full Year 2013
Total year sales for 2013 were $2,338.6 million, compared with $2,127.3
million for 2012, an increase of 9.9%. Net income from continuing
operations was $185.0 million ($4.87 per diluted share) for 2013,
compared with net income from continuing operations of $161.8 million
($4.33 per diluted share) for 2012, an increase of 14.3%. Net
income for 2013 and 2012 also included net tax credits of $21.3 million
and $5.4 million, respectively. Net income attributable to Teledyne,
including discontinued operations, was $185.0 million ($4.87 per diluted
share) for 2013 compared with $164.1 million ($4.39 per diluted share)
for 2012.
Review of Operations (Comparisons are with the fourth quarter of 2012,
unless noted otherwise.)
Instrumentation
The Instrumentation segment’s fourth quarter 2013 sales were $275.8
million, compared with $243.6 million, an increase of 13.2%. Fourth
quarter 2013 operating profit was $44.4 million, compared with $47.9
million, a decrease of 7.3%.
The fourth quarter 2013 sales increase primarily resulted from higher
sales of both marine and environmental instrumentation. The higher sales
of $21.5 million for marine instrumentation reflected increased sales of
marine acoustic sensors and systems, as well as interconnect systems
used in offshore energy production, and also included a total of $18.1
million in incremental revenue from recent acquisitions including the
March 2013 acquisition of RESON A/S (“RESON”) and the acquisition of
C.D. Limited on October 22, 2013. Sales for environmental
instrumentation increased $8.6 million and included $7.3 million in
sales from the August 2013 acquisition of assets of CETAC Technologies
(“CETAC”). Sales of electronic test and measurement instrumentation
increased $2.1 million. The decrease in operating profit reflected $1.0
million in increased intangible asset amortization and $1.2 million in
severance and facility consolidation expenses, partially offset by the
impact of higher sales.
Digital Imaging
The Digital Imaging segment’s fourth quarter 2013 sales were $102.9
million, compared with $102.7 million, an increase of 0.2%. Operating
profit was $3.6 million for the fourth quarter of 2013, compared with
$5.4 million, a decrease of 33.3%.
The 2013 sales increase primarily reflected significantly increased
sales of sensors and cameras for commercial machine vision and life
sciences applications, mostly offset by lower sales of infrared imaging
and LIDAR systems primarily for government applications. Operating
profit in 2013 reflected $1.6 million in severance and related expenses
and a $1.2 million asset impairment charge, partially offset by
favorable product mix differences.
Aerospace and Defense Electronics
The Aerospace and Defense Electronics segment’s fourth quarter 2013
sales were $149.4 million, compared with $151.8 million, a decrease of
1.6%. Operating profit was $15.6 million for the fourth quarter of 2013,
compared with $17.6 million, a decrease of 11.4%.
The sales decrease reflected lower sales of $4.9 million from electronic
manufacturing services products and lower sales of $4.0 million from
microwave and interconnect systems. The lower sales were partially
offset by increased sales of $6.5 million from avionics products and
electronic relays. Operating profit in 2013 reflected $3.5 million for
severance and facility consolidation costs associated with certain
defense electronics businesses, while operating profit in 2012 included
$1.7 million in similar costs. Operating profit in the fourth quarter of
2013 also reflected $1.8 million in higher net pension expense.
Engineered Systems
The Engineered Systems segment’s fourth quarter 2013 sales were $68.5
million compared with $69.3 million, a decrease of 1.2%. Operating
profit was $7.2 million for the fourth quarter of 2013, compared with
$6.6 million, an increase of 9.1%.
The fourth quarter 2013 sales decrease reflected lower sales of
engineered products and services of $1.7 million and a slight decrease
in sales of turbine engines, partially offset by higher energy systems
sales of $1.4 million. Operating profit in the fourth quarter of 2013
primarily reflected favorable product mix differences, partially offset
by the impact of lower sales and $0.6 million in higher net pension
expense.
Additional Financial Information
Cash Flow
Cash provided by operating activities was $98.5 million for the fourth
quarter of 2013, compared with $121.9 million. The lower cash provided
by operating activities in the fourth quarter of 2013 reflected
severance and legal settlement payments in the fourth quarter of 2013.
Free cash flow (cash provided by operating activities less capital
expenditures) was $79.9 million for the fourth quarter of 2013, compared
with $99.6 million and reflected lower cash provided by operating
activities. At December 29, 2013, total debt was $552.4 million, which
included $74.1 million drawn on the $750.0 million credit facility,
$250.0 million in senior notes, $200.0 million in term loans, $16.0
million in other debt and $12.3 million in capital lease obligations.
Cash and cash equivalents were $66.0 million at December 29, 2013. The
company received $2.1 million from the exercise of stock options in the
fourth quarter of 2013, compared with $7.7 million. Capital expenditures
for the fourth quarter of 2013 were $18.6 million, compared with $22.3
million. Depreciation and amortization expense for the fourth quarter of
2013 was $24.0 million, compared with $21.9 million.
In October 2013, a subsidiary of Teledyne acquired C.D. Limited for
$22.2 million. The acquisition was funded from borrowings under the
credit facility and cash on hand. In 2014, the company may use funds to
repurchase stock under its stock repurchase program authorized in
October 2011.
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Free Cash Flow(a)
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Fourth Quarter
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Total Year
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(in millions, brackets indicate use of funds)
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2013
|
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2012
|
|
|
|
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2013
|
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2012
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Cash provided by operating activities
|
|
|
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$
|
98.5
|
|
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$
|
121.9
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|
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$
|
204.1
|
|
|
|
|
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$
|
189.5
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Capital expenditures for property, plant and equipment
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|
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(18.6
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)
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(22.3
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)
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(72.6
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)
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(65.3
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)
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Free cash flow
|
|
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79.9
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|
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99.6
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131.5
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|
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124.2
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Pension contributions, net of tax (b)
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—
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—
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51.4
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60.3
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Adjusted free cash flow
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$
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79.9
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$
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99.6
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$
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182.9
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$
|
184.5
|
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(a) The company defines free cash flow as cash provided by operating
activities (a measure prescribed by generally accepted accounting
principles) less capital expenditures for property, plant and
equipment. Adjusted free cash flow eliminates the impact of pension
contributions on a net of tax basis. The company believes that this
supplemental non-GAAP information is useful to assist management and
the investment community in analyzing the company’s ability to
generate cash flow, including the impact of voluntary and required
pension contributions.
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(b) The domestic pension cash contributions were voluntary.
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Pension
Pension expense was $4.5 million for the fourth quarter of 2013 compared
with $1.6 million. The increase in pension expense primarily reflected
the impact of using a 4.4% discount rate to determine the benefit
obligation for the domestic plan in 2013 compared with a 5.5% discount
rate used in 2012. Pension expense allocated to contracts pursuant to
U.S. Government Cost Accounting Standards (“CAS”) was $3.7 million for
the fourth quarters of both 2013 and 2012. Pension expense determined
allowable under CAS can generally be recovered through the pricing of
products and services sold to the U.S. Government.
Income Taxes
The effective tax rate for the fourth quarter of 2013 was 14.9% compared
with 29.4%. The decrease primarily reflected $6.1 million in net tax
benefits for discrete items in the fourth quarter of 2013. The fourth
quarter of 2012 reflected $1.1 million in net tax benefits for discrete
items. Excluding the net tax benefits in both periods, the effective tax
rates would have been 24.4% for the fourth quarter of 2013 and 31.1% for
the fourth quarter of 2012. The lower 2013 tax rate, excluding the net
discrete tax benefits in both quarters, primarily reflected a change in
the proportion of domestic and foreign income, a lower state effective
tax rate and increased federal tax credits for research and development.
Stock Option Compensation Expense
For the fourth quarter of 2013, the company recorded a total of $3.1
million in stock option expense, of which $2.2 million was recorded in
the operating segment results and $0.9 million was recorded as corporate
expense. For the fourth quarter of 2012, the company recorded a total of
$2.1 million in stock option expense, of which $1.5 million was recorded
in the operating segment results and $0.6 million was recorded as
corporate expense.
Other
Interest expense, net of interest income, was $4.8 million for the
fourth quarter of 2013, compared with $5.2 million, and reflected lower
average interest rates and lower debt levels. Corporate expense was $7.3
million for the fourth quarter of 2013, compared with $9.9 million and
primarily reflected lower compensation expense as well as lower
professional fees expense. Other income and expense was income of $5.3
million for the fourth quarter of 2013, compared with income of $0.7
million. The 2013 amount included $3.6 million from the reversal of
reserves no longer needed in connection with a legal settlement. The
fourth quarter of 2012 includes income of $2.3 million from discontinued
operations related to the finalization of income tax benefits on the
April 2011 sale of the piston engines businesses.
Outlook
Based on its current outlook, the company’s management believes that
first quarter 2014 earnings per diluted share will be in the range of
approximately $1.08 to $1.14 and the full year 2014 earnings per diluted
share outlook is expected to be in the range of approximately $5.06 to
$5.12. The company’s effective tax rate for 2014 is expected to be
30.0%, before discrete items. For the company's domestic pension plan,
the discount rate for 2014 will increase to 5.4% from 4.4%.
Forward-Looking Statements Cautionary Notice
This press release contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995, relating to
earnings, growth opportunities, product sales, capital expenditures,
pension matters, stock option compensation expense, stock repurchases,
interest expense, severance, facility consolidation and environmental
remediation costs, taxes, and strategic plans. Forward-looking
statements are generally accompanied by words such as “estimate,”
“project,” “predict,” “believes,” or “expect,” that convey the
uncertainty of future events or outcomes. All statements made in this
press release that are not historical in nature should be considered
forward-looking.
Actual results could differ materially from these forward-looking
statements. Many factors could change the anticipated results,
including: disruptions in the global economy; changes in demand for
products sold to the defense electronics, instrumentation, digital
imaging, energy exploration and production, commercial aviation,
semiconductor and communications markets; funding, continuation and
award of government programs; and cuts to defense spending resulting
from future deficit reduction measures, including potential automatic
cuts to defense spending that have been triggered by the Budget Control
Act of 2011. Increasing fuel costs could negatively affect the markets
of our commercial aviation businesses. Lower oil and natural gas prices,
as well as instability in the Middle East or other oil producing
regions, and new regulations or restrictions relating to energy
production, including with respect to hydraulic fracturing, could
negatively affect the company’s businesses that supply the oil and gas
industry. In addition, financial market fluctuations affect the value of
the company’s pension assets.
Changes in the policies of U.S. and foreign governments could result,
over time, in reductions and realignment in defense or other government
spending and further changes in programs in which the company
participates.
While the company’s growth strategy includes possible acquisitions, we
cannot provide any assurance as to when, if or on what terms any
acquisitions will be made. Acquisitions involve various inherent risks,
such as, among others, our ability to integrate acquired businesses,
retain customers and achieve identified financial and operating
synergies. There are additional risks associated with acquiring, owning
and operating businesses internationally, including those arising from
U.S. and foreign policy changes and exchange rate fluctuations.
While the company believes its internal and disclosure control systems
are effective, there are inherent limitations in all control systems,
and misstatements due to error or fraud may occur and may not be
detected.
Readers are urged to read the company’s periodic reports filed with the
Securities and Exchange Commission (“SEC”) for a more complete
description of the company, its businesses, its strategies and the
various risks that the company faces. Various risks are identified in
Teledyne’s 2012 Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q. The company assumes no duty to publicly update or
revise any forward-looking statements, whether as a result of new
information or otherwise.
A live webcast of Teledyne’s fourth quarter earnings conference call
will be held at 11:00 a.m. (Eastern) on Thursday, January 23, 2014. To
access the call, go to www.teledyne.com
approximately ten minutes before the scheduled start time. A replay will
also be available for one month starting at 12:00 p.m. (Eastern) on
Thursday, January 23, 2014.
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TELEDYNE TECHNOLOGIES INCORPORATED
|
CONSOLIDATED STATEMENTS OF INCOME
|
FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED
|
DECEMBER 29, 2013 AND DECEMBER 30, 2012
|
(Unaudited - in millions, except per share amounts)
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Fourth
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Fourth
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Twelve
|
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Twelve
|
|
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Quarter
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|
Quarter
|
|
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Months
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Months
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2013
|
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2012
|
|
|
|
2013
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|
|
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2012
|
Net sales
|
|
|
|
$
|
596.6
|
|
|
|
|
$
|
567.4
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|
|
|
|
$
|
2,338.6
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|
|
|
|
$
|
2,127.3
|
|
Costs and expenses:
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|
|
|
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|
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Costs of sales
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|
|
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382.0
|
|
|
|
|
359.0
|
|
|
|
|
1,500.0
|
|
|
|
|
1,379.1
|
|
Selling, general and administrative expenses
|
|
|
|
151.1
|
|
|
|
|
140.8
|
|
|
|
|
598.3
|
|
|
|
|
505.1
|
|
Total costs and expenses
|
|
|
|
533.1
|
|
|
|
|
499.8
|
|
|
|
|
2,098.3
|
|
|
|
|
1,884.2
|
|
Income before other income and income taxes
|
|
|
|
63.5
|
|
|
|
|
67.6
|
|
|
|
|
240.3
|
|
|
|
|
243.1
|
|
Other income, net
|
|
|
|
5.3
|
|
|
|
|
0.7
|
|
|
|
|
4.1
|
|
|
|
|
2.9
|
|
Interest and debt expense, net
|
|
|
|
(4.8
|
)
|
|
|
|
(5.2
|
)
|
|
|
|
(20.4
|
)
|
|
|
|
(17.8
|
)
|
Income from continuing operations before income taxes
|
|
|
|
64.0
|
|
|
|
|
63.1
|
|
|
|
|
224.0
|
|
|
|
|
228.2
|
|
Provision for income taxes
|
|
|
|
9.5
|
|
|
|
|
18.6
|
|
|
|
|
39.5
|
|
|
|
|
65.4
|
|
Income from continuing operations including noncontrolling interest
|
|
|
|
54.5
|
|
|
|
|
44.5
|
|
|
|
|
184.5
|
|
|
|
|
162.8
|
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Discontinued operations
|
|
|
|
—
|
|
|
|
|
2.3
|
|
|
|
|
—
|
|
|
|
|
2.3
|
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Net income
|
|
|
|
54.5
|
|
|
|
|
46.8
|
|
|
|
|
184.5
|
|
|
|
|
165.1
|
|
Noncontrolling interest
|
|
|
|
0.4
|
|
|
|
|
(0.6
|
)
|
|
|
|
0.5
|
|
|
|
|
(1.0
|
)
|
Net income attributable to Teledyne
|
|
|
|
$
|
54.9
|
|
|
|
|
$
|
46.2
|
|
|
|
|
$
|
185.0
|
|
|
|
|
$
|
164.1
|
|
Continuing operations (a)
|
|
|
|
$
|
1.44
|
|
|
|
|
$
|
1.17
|
|
|
|
|
$
|
4.87
|
|
|
|
|
$
|
4.33
|
|
Discontinued operations
|
|
|
|
—
|
|
|
|
|
0.06
|
|
|
|
|
—
|
|
|
|
|
0.06
|
|
Diluted earnings per common share
|
|
|
|
$
|
1.44
|
|
|
|
|
$
|
1.23
|
|
|
|
|
$
|
4.87
|
|
|
|
|
4.39
|
|
Weighted average diluted common shares outstanding
|
|
|
|
38.2
|
|
|
|
|
37.6
|
|
|
|
|
38.0
|
|
|
|
|
37.4
|
|
(a) Excluding noncontrolling interest
|
|
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TELEDYNE TECHNOLOGIES INCORPORATED
|
SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT (a)
|
FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED
|
DECEMBER 29, 2013 AND DECEMBER 30, 2012
|
(Unaudited - in millions)
|
|
|
|
|
|
Fourth
Quarter
|
|
|
|
Fourth
Quarter
|
|
|
|
% Change
|
|
|
|
|
|
|
Twelve
Months
|
|
|
|
Twelve
Months
|
|
|
|
% Change
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
|
|
|
|
2013
|
|
|
|
2012
|
|
|
|
|
|
Net sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instrumentation
|
|
|
|
$
|
275.8
|
|
|
|
|
$
|
243.6
|
|
|
|
|
13.2
|
|
%
|
|
|
|
|
$
|
1,022.8
|
|
|
|
|
$
|
804.7
|
|
|
|
|
27.1
|
|
%
|
Digital Imaging
|
|
|
|
102.9
|
|
|
|
|
102.7
|
|
|
|
|
0.2
|
|
%
|
|
|
|
|
414.8
|
|
|
|
|
415.9
|
|
|
|
|
(0.3
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)
|
%
|
Aerospace and Defense Electronics
|
|
|
|
149.4
|
|
|
|
|
151.8
|
|
|
|
|
(1.6
|
)
|
%
|
|
|
|
|
625.1
|
|
|
|
|
605.3
|
|
|
|
|
3.3
|
|
%
|
Engineered Systems
|
|
|
|
68.5
|
|
|
|
|
69.3
|
|
|
|
|
(1.2
|
)
|
%
|
|
|
|
|
275.9
|
|
|
|
|
301.4
|
|
|
|
|
(8.5
|
)
|
%
|
Total net sales
|
|
|
|
$
|
596.6
|
|
|
|
|
$
|
567.4
|
|
|
|
|
5.1
|
|
%
|
|
|
|
|
$
|
2,338.6
|
|
|
|
|
$
|
2,127.3
|
|
|
|
|
9.9
|
|
%
|
Operating profit and other segment income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instrumentation
|
|
|
|
$
|
44.4
|
|
|
|
|
$
|
47.9
|
|
|
|
|
(7.3
|
)
|
%
|
|
|
|
|
$
|
162.0
|
|
|
|
|
$
|
146.0
|
|
|
|
|
11.0
|
|
%
|
Digital Imaging
|
|
|
|
3.6
|
|
|
|
|
5.4
|
|
|
|
|
(33.3
|
)
|
%
|
|
|
|
|
28.2
|
|
|
|
|
24.8
|
|
|
|
|
13.7
|
|
%
|
Aerospace and Defense Electronics
|
|
|
|
15.6
|
|
|
|
|
17.6
|
|
|
|
|
(11.4
|
)
|
%
|
|
|
|
|
65.7
|
|
|
|
|
80.5
|
|
|
|
|
(18.4
|
)
|
%
|
Engineered Systems
|
|
|
|
7.2
|
|
|
|
|
6.6
|
|
|
|
|
9.1
|
|
%
|
|
|
|
|
22.0
|
|
|
|
|
28.5
|
|
|
|
|
(22.8
|
)
|
%
|
Segment operating profit and other segment income
|
|
|
|
70.8
|
|
|
|
|
77.5
|
|
|
|
|
(8.6
|
)
|
%
|
|
|
|
|
277.9
|
|
|
|
|
279.8
|
|
|
|
|
(0.7
|
)
|
%
|
Corporate expense
|
|
|
|
(7.3
|
)
|
|
|
|
(9.9
|
)
|
|
|
|
(26.3
|
)
|
%
|
|
|
|
|
(37.6
|
)
|
|
|
|
(36.7
|
)
|
|
|
|
2.5
|
|
%
|
Other income, net
|
|
|
|
5.3
|
|
|
|
|
0.7
|
|
|
|
|
*
|
|
|
|
|
|
|
4.1
|
|
|
|
|
2.9
|
|
|
|
|
41.4
|
|
%
|
Interest and debt expense, net
|
|
|
|
(4.8
|
)
|
|
|
|
(5.2
|
)
|
|
|
|
(7.7
|
)
|
%
|
|
|
|
|
(20.4
|
)
|
|
|
|
(17.8
|
)
|
|
|
|
14.6
|
|
%
|
Income from continuing operations before income taxes
|
|
|
|
64.0
|
|
|
|
|
63.1
|
|
|
|
|
1.4
|
|
%
|
|
|
|
|
224.0
|
|
|
|
|
228.2
|
|
|
|
|
(1.8
|
)
|
%
|
Provision for income taxes
|
|
|
|
9.5
|
|
|
|
|
18.6
|
|
|
|
|
(48.9
|
)
|
%
|
|
|
|
|
39.5
|
|
|
|
|
65.4
|
|
|
|
|
(39.6
|
)
|
%
|
Income from continuing operations including
noncontrolling interest
|
|
|
|
54.5
|
|
|
|
|
44.5
|
|
|
|
|
22.5
|
|
%
|
|
|
|
|
184.5
|
|
|
|
|
162.8
|
|
|
|
|
13.3
|
|
%
|
Discontinued operations
|
|
|
|
—
|
|
|
|
|
2.3
|
|
|
|
|
*
|
|
|
|
|
|
|
—
|
|
|
|
|
2.3
|
|
|
|
|
*
|
|
|
Net income
|
|
|
|
54.5
|
|
|
|
|
46.8
|
|
|
|
|
16.5
|
|
%
|
|
|
|
|
184.5
|
|
|
|
|
165.1
|
|
|
|
|
11.8
|
|
%
|
Noncontrolling interest
|
|
|
|
0.4
|
|
|
|
|
(0.6
|
)
|
|
|
|
*
|
|
|
|
|
|
|
0.5
|
|
|
|
|
(1.0
|
)
|
|
|
|
*
|
|
|
Net income attributable to Teledyne
|
|
|
|
$
|
54.9
|
|
|
|
|
$
|
46.2
|
|
|
|
|
18.8
|
|
%
|
|
|
|
|
$
|
185.0
|
|
|
|
|
$
|
164.1
|
|
|
|
|
12.7
|
|
%
|
* not meaningful
|
(a) Our previously reported 2012 fiscal year segment data has been
restated to reflect a revised segment reporting structure adopted
in the second quarter of 2013.
|
|
|
TELEDYNE TECHNOLOGIES INCORPORATED
|
CONSOLIDATED CONDENSED BALANCE SHEETS
|
(Current period unaudited – in millions)
|
|
|
|
|
|
|
December 29, 2013
|
|
|
|
|
December 30, 2012
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
$
|
66.0
|
|
|
|
|
|
$
|
45.8
|
Accounts receivable, net
|
|
|
|
|
378.0
|
|
|
|
|
|
350.3
|
Inventories, net
|
|
|
|
|
294.3
|
|
|
|
|
|
281.2
|
Deferred income taxes, net
|
|
|
|
|
31.9
|
|
|
|
|
|
39.8
|
Prepaid expenses and other assets
|
|
|
|
|
28.9
|
|
|
|
|
|
27.7
|
Total current assets
|
|
|
|
|
799.1
|
|
|
|
|
|
744.8
|
Property, plant and equipment, net
|
|
|
|
|
357.7
|
|
|
|
|
|
349.5
|
Goodwill and acquired intangible assets, net
|
|
|
|
|
1,308.7
|
|
|
|
|
|
1,255.9
|
Prepaid pension asset
|
|
|
|
|
222.0
|
|
|
|
|
|
—
|
Other assets, net
|
|
|
|
|
63.6
|
|
|
|
|
|
56.2
|
Total assets
|
|
|
|
|
$
|
2,751.1
|
|
|
|
|
|
$
|
2,406.4
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
|
|
$
|
147.5
|
|
|
|
|
|
$
|
148.6
|
Accrued liabilities
|
|
|
|
|
267.1
|
|
|
|
|
|
256.7
|
Current portion of long-term debt and capital leases
|
|
|
|
|
3.5
|
|
|
|
|
|
2.0
|
Total current liabilities
|
|
|
|
|
418.1
|
|
|
|
|
|
407.3
|
Long-term debt and capital lease obligations
|
|
|
|
|
549.0
|
|
|
|
|
|
556.2
|
Other long-term liabilities
|
|
|
|
|
265.3
|
|
|
|
|
|
239.5
|
Total liabilities
|
|
|
|
|
1,232.4
|
|
|
|
|
|
1,203.0
|
Total stockholders’ equity
|
|
|
|
|
1,518.7
|
|
|
|
|
|
1,203.4
|
Total liabilities and stockholders’ equity
|
|
|
|
|
$
|
2,751.1
|
|
|
|
|
|
$
|
2,406.4
|
Copyright Business Wire 2014