Delaware | 1-15295 | 25-1843385 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||
1049 Camino Dos Rios Thousand Oaks, California | 91360-2362 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240. 13e-4(c)) |
Exhibit 99.1 | Press Release announcing second quarter 2013 financial results dated July 25, 2013. |
TELEDYNE TECHNOLOGIES INCORPORATED | ||||
By: | /s/ Susan L. Main | |||
Susan L. Main | ||||
Senior Vice President and Chief Financial Officer |
Exhibit 99.1 | Press Release announcing second quarter 2013 financial results dated July 25, 2013. |
1049 Camino Dos Rios |
Thousand Oaks, CA 91360-2362 |
• | All-time record quarterly sales of $601.0 million |
• | Record second quarter earnings per share of $1.13 |
• | Instrumentation segment operating profit increased 33.9% |
• | Raising full year 2013 GAAP earnings outlook to $4.50 to $4.55 per share |
Free Cash Flow(a) | Second Quarter | |||||||
(in millions, brackets indicate use of funds) | 2013 | 2012 | ||||||
Cash provided by operating activities | $ | 112.8 | $ | 69.0 | ||||
Capital expenditures for property, plant and equipment | (20.0 | ) | (17.1 | ) | ||||
Free cash flow | $ | 92.8 | $ | 51.9 | ||||
(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. |
Investor Contact: | Jason VanWees |
(805) 373-4542 | |
Media Contact: | Robyn McGowan |
(805) 373-4540 |
Second Quarter | Second Quarter | Six Months | Six Months | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 601.0 | $ | 518.5 | $ | 1,170.4 | $ | 1,012.5 | ||||||||
Costs and expenses: | ||||||||||||||||
Costs of sales | 383.6 | 343.0 | 749.0 | 671.1 | ||||||||||||
Selling, general and administrative expenses | 152.5 | 115.8 | 297.6 | 226.2 | ||||||||||||
Total costs and expenses | 536.1 | 458.8 | 1,046.6 | 897.3 | ||||||||||||
Income before other expense and income taxes | 64.9 | 59.7 | 123.8 | 115.2 | ||||||||||||
Other income/(expense), net | — | 1.4 | (0.5 | ) | 1.0 | |||||||||||
Interest and debt expense, net | (5.1 | ) | (4.1 | ) | (10.5 | ) | (8.1 | ) | ||||||||
Income before income taxes | 59.8 | 57.0 | 112.8 | 108.1 | ||||||||||||
Provision for income taxes | 16.5 | 17.4 | 29.7 | 32.9 | ||||||||||||
Net income | 43.3 | 39.6 | 83.1 | 75.2 | ||||||||||||
Noncontrolling interest | (0.4 | ) | (0.1 | ) | 0.2 | — | ||||||||||
Net income attributable to Teledyne | $ | 42.9 | $ | 39.5 | $ | 83.3 | $ | 75.2 | ||||||||
Diluted earnings per common share | $ | 1.13 | $ | 1.06 | $ | 2.20 | $ | 2.02 | ||||||||
Weighted average diluted common shares outstanding | 38.0 | 37.3 | 37.9 | 37.3 |
Second Quarter | Second Quarter | % Change | Six Months | Six Months | % Change | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||
Instrumentation | $ | 257.7 | $ | 179.6 | 43.5 | % | $ | 490.4 | $ | 354.8 | 38.2 | % | ||||||||||
Digital Imaging | 104.3 | 110.9 | (6.0 | )% | 206.7 | 205.1 | 0.8 | % | ||||||||||||||
Aerospace and Defense Electronics | 169.5 | 151.6 | 11.8 | % | 332.6 | 301.8 | 10.2 | % | ||||||||||||||
Engineered Systems | 69.5 | 76.4 | (9.0 | )% | 140.7 | 150.8 | (6.7 | )% | ||||||||||||||
Total net sales | $ | 601.0 | $ | 518.5 | 15.9 | % | $ | 1,170.4 | $ | 1,012.5 | 15.6 | % | ||||||||||
Operating profit and other segment income: | ||||||||||||||||||||||
Instrumentation | $ | 41.1 | $ | 30.7 | 33.9 | % | $ | 77.7 | $ | 66.3 | 17.2 | % | ||||||||||
Digital Imaging | 7.9 | 7.5 | 5.3 | % | 13.1 | 11.8 | 11.0 | % | ||||||||||||||
Aerospace and Defense Electronics | 20.6 | 21.8 | (5.5 | )% | 40.8 | 40.7 | 0.2 | % | ||||||||||||||
Engineered Systems | 5.7 | 7.4 | (23.0 | )% | 12.1 | 13.6 | (11.0 | )% | ||||||||||||||
Segment operating profit and other segment income | 75.3 | 67.4 | 11.7 | % | 143.7 | 132.4 | 8.5 | % | ||||||||||||||
Corporate expense | (10.4 | ) | (7.7 | ) | 35.1 | % | (19.9 | ) | (17.2 | ) | 15.7 | % | ||||||||||
Other income/(expense), net | — | 1.4 | (100.0 | )% | (0.5 | ) | 1.0 | * | ||||||||||||||
Interest and debt expense, net | (5.1 | ) | (4.1 | ) | 24.4 | % | (10.5 | ) | (8.1 | ) | 29.6 | % | ||||||||||
Income before income taxes | 59.8 | 57.0 | 4.9 | % | 112.8 | 108.1 | 4.3 | % | ||||||||||||||
Provision for income taxes | 16.5 | 17.4 | (5.2 | )% | 29.7 | 32.9 | (9.7 | )% | ||||||||||||||
Net income | 43.3 | 39.6 | 9.3 | % | 83.1 | 75.2 | 10.5 | % | ||||||||||||||
Noncontrolling interest | (0.4 | ) | (0.1 | ) | 300.0 | % | 0.2 | — | * | |||||||||||||
Net income attributable to Teledyne | $ | 42.9 | $ | 39.5 | 8.6 | % | $ | 83.3 | $ | 75.2 | 10.8 | % |
(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. |
June 30, 2013 | December 30, 2012 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 70.1 | $ | 45.8 | ||||
Accounts receivable, net | 346.7 | 350.3 | ||||||
Inventories, net | 293.7 | 281.2 | ||||||
Deferred income taxes, net | 33.9 | 39.8 | ||||||
Prepaid expenses and other assets | 33.9 | 27.7 | ||||||
Total current assets | 778.3 | 744.8 | ||||||
Property, plant and equipment, net | 354.4 | 349.5 | ||||||
Goodwill and acquired intangible assets, net | 1,277.2 | 1,255.9 | ||||||
Other assets, net | 104.2 | 56.2 | ||||||
Total assets | $ | 2,514.1 | $ | 2,406.4 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accounts payable | $ | 156.5 | $ | 148.6 | ||||
Accrued liabilities | 244.5 | 256.7 | ||||||
Current portion of long-term debt and capital leases | 1.9 | 2.0 | ||||||
Total current liabilities | 402.9 | 407.3 | ||||||
Long-term debt and capital lease obligations | 626.2 | 556.2 | ||||||
Other long-term liabilities | 204.4 | 239.5 | ||||||
Total liabilities | 1,233.5 | 1,203.0 | ||||||
Total stockholders’ equity | 1,280.6 | 1,203.4 | ||||||
Total liabilities and stockholders’ equity | $ | 2,514.1 | $ | 2,406.4 |
First Quarter 2012 | Second Quarter 2012 | Third Quarter 2012 | Fourth Quarter 2012 | Total Year 2012 | |||||||||||
Net sales: | |||||||||||||||
Instrumentation | $ | 175.2 | $ | 179.6 | $ | 206.3 | $ | 243.6 | $ | 804.7 | |||||
Digital Imaging | 94.2 | 110.9 | 108.1 | 102.7 | 415.9 | ||||||||||
Aerospace and Defense Electronics | 150.2 | 151.6 | 151.7 | 151.8 | 605.3 | ||||||||||
Engineered Systems | 74.4 | 76.4 | 81.3 | 69.3 | 301.4 | ||||||||||
Total Net Sales | $ | 494.0 | $ | 518.5 | $ | 547.4 | $ | 567.4 | $ | 2,127.3 | |||||
Operating profit and other segment income: | |||||||||||||||
Instrumentation | $ | 35.6 | $ | 30.7 | $ | 31.8 | $ | 47.9 | $ | 146.0 | |||||
Digital Imaging | 4.3 | 7.5 | 7.6 | 5.4 | 24.8 | ||||||||||
Aerospace and Defense Electronics | 18.9 | 21.8 | 22.2 | 17.6 | 80.5 | ||||||||||
Engineered Systems | 6.2 | 7.4 | 8.3 | 6.6 | 28.5 | ||||||||||
Segment operating profit and other segment income | $ | 65.0 | $ | 67.4 | $ | 69.9 | $ | 77.5 | $ | 279.8 |
First Quarter 2011 | Second Quarter 2011 | Third Quarter 2011 | Fourth Quarter 2011 | Total Year 2011 | |||||||||||
Net sales: | |||||||||||||||
Instrumentation | $ | 165.2 | $ | 160.9 | $ | 165.4 | $ | 156.7 | $ | 648.2 | |||||
Digital Imaging | 66.2 | 96.2 | 95.0 | 92.5 | 349.9 | ||||||||||
Aerospace and Defense Electronics | 159.6 | 161.4 | 162.9 | 155.3 | 639.2 | ||||||||||
Engineered Systems | 77.1 | 84.4 | 73.1 | 70.0 | 304.6 | ||||||||||
Total Net Sales | $ | 468.1 | $ | 502.9 | $ | 496.4 | $ | 474.5 | $ | 1,941.9 | |||||
Operating profit and other segment income: | |||||||||||||||
Instrumentation | $ | 33.5 | $ | 32.3 | $ | 33.8 | $ | 29.7 | $ | 129.3 | |||||
Digital Imaging | 3.9 | 7.6 | 2.3 | 2.3 | 16.1 | ||||||||||
Aerospace and Defense Electronics | 20.1 | 22.5 | 23.2 | 21.6 | 87.4 | ||||||||||
Engineered Systems | 6.6 | 8.6 | 6.4 | 6.5 | 28.1 | ||||||||||
Segment operating profit and other segment income | $ | 64.1 | $ | 71.0 | $ | 65.7 | $ | 60.1 | $ | 260.9 |
(a) | Our previously reported segment data has been restated to reflect a revised segment reporting structure adopted in the second quarter of 2013. Two business units that were formally part of the Aerospace and Defense Electronics segment are now reported as part of the Instrumentation segment. |
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