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)) |
Name | Position | Base Salary | |||||
Robert Mehrabian | Chairman, President and Chief Executive Officer | $ | 930,000 | ||||
Susan L. Main | Senior Vice President and Chief Financial Officer | $ | 425,000 | ||||
Aldo Pichelli | Executive Vice President | $ | 435,632 | ||||
Rex D. Geveden | Executive Vice President | $ | 410,005 | ||||
Wajid Ali | Vice President and Controller | $ | 329,608 |
Exhibit 10.1 | Fifth Amended and Restated Employment Agreement, dated October 22, 2013, by and between Teledyne Technologies Incorporated and Dr. Robert Mehrabian | |
Exhibit 10.2 | Restricted Stock Award Agreement, dated October 22, 2013, by and between Teledyne Technologies Incorporated and Dr. Robert Mehrabian | |
Exhibit 99.1 | Press Release announcing third quarter 2013 financial results dated October 24, 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 third quarter 2013 financial results dated October 24, 2013. |
1. | AIP. In the AIP at an annual opportunity at 120% of Base Salary if targets are reached at 100%, or such greater percentage if provided in the AIP for any year. |
2. | PSP. In the PSP at an opportunity equal to 150% of Base Salary if targets are reached at 100%, or such greater percentage if provided in the PSP for any measurement period. |
3. | Restricted Stock Award Program (“RSAP”). In the RSAP with annual grants of restricted stock equal to at least 100% of Base Salary as of the date of this grant subject to meeting targets set forth in the RSAP. |
4. | Stock Options. Eligibility to receive future grants of options in a number determined by the Committee, each subject to the terms and conditions of the Stock Option Incentive Plan. |
(a) | The Executive is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or |
(b) | The Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Company. |
/s/ Robert Mehrabian |
Robert Mehrabian |
By: | /s/ Charles Crocker |
Name: | Charles Crocker |
Title: | Chair, Personnel and Compensation Committee |
4. | ASSIGNMENT; BINDING AGREEMENT |
6. | GOVERNING LAW |
7. | SEVERABILITY |
8. | NO RIGHT TO CONTINUED EMPLOYMENT OR PARTICIPATION; EFFECT ON OTHER PLANS |
9. | NO STRICT CONSTRUCTION |
By: | /s/ Charles Crocker |
Name: | Charles Crocker |
Title: | Chair, Personnel and Compensation Committee of the Board of Directors |
/s/ Robert Mehrabian |
Robert Mehrabian |
1049 Camino Dos Rios |
Thousand Oaks, CA 91360-2362 |
• | Sales of $571.6 million increased 4.4% compared to last year |
• | All-time record quarterly earnings per share from continuing operations of $1.23 |
• | Third quarter 2013 includes pretax charges of $14.3 million primarily related to severance and facility consolidations, offset by net discrete tax benefits of $11.6 million |
• | Raising full year 2013 GAAP earnings outlook to $4.64 to $4.67 per share from $4.50 to $4.55 |
• | Acquired assets of CETAC Technologies |
Free Cash Flow(a) | Third Quarter | |||||||
(in millions, brackets indicate use of funds) | 2013 | 2012 | ||||||
Cash provided by operating activities | $ | 49.5 | $ | 18.3 | ||||
Capital expenditures for property, plant and equipment | (17.7 | ) | (15.3 | ) | ||||
Free cash flow | 31.8 | 3.0 | ||||||
Pension contributions, net of tax (b) | — | 27.8 | ||||||
Adjusted free cash flow | $ | 31.8 | $ | 30.8 | ||||
(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. | ||||||||
(b) The domestic pension cash contributions were voluntary. |
Investor Contact: | Jason VanWees |
(805) 373-4542 | |
Media Contact: | Robyn McGowan |
(805) 373-4540 |
Third Quarter | Third Quarter | Nine Months | Nine Months | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net sales | $ | 571.6 | $ | 547.4 | $ | 1,742.0 | $ | 1,559.9 | ||||||||
Costs and expenses: | ||||||||||||||||
Costs of sales | 369.0 | 349.0 | 1,118.0 | 1,020.1 | ||||||||||||
Selling, general and administrative expenses | 149.6 | 138.1 | 447.2 | 364.3 | ||||||||||||
Total costs and expenses | 518.6 | 487.1 | 1,565.2 | 1,384.4 | ||||||||||||
Income before other expense and income taxes | 53.0 | 60.3 | 176.8 | 175.5 | ||||||||||||
Other income/(expense), net | (0.7 | ) | 1.2 | (1.2 | ) | 2.2 | ||||||||||
Interest and debt expense, net | (5.1 | ) | (4.5 | ) | (15.6 | ) | (12.6 | ) | ||||||||
Income before income taxes | 47.2 | 57.0 | 160.0 | 165.1 | ||||||||||||
Provision for income taxes | 0.3 | 13.9 | 30.0 | 46.8 | ||||||||||||
Net income | 46.9 | 43.1 | 130.0 | 118.3 | ||||||||||||
Noncontrolling interest | (0.1 | ) | (0.4 | ) | 0.1 | (0.4 | ) | |||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | $ | 130.1 | $ | 117.9 | ||||||||
Diluted earnings per common share | $ | 1.23 | $ | 1.14 | $ | 3.42 | $ | 3.16 | ||||||||
Weighted average diluted common shares outstanding | 38.1 | 37.4 | 38.0 | 37.3 |
Third Quarter | Third Quarter | % Change | Nine Months | Nine Months | % Change | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||
Net sales: | ||||||||||||||||||||||
Instrumentation | $ | 256.6 | $ | 206.3 | 24.4 | % | $ | 747.0 | $ | 561.1 | 33.1 | % | ||||||||||
Digital Imaging | 105.2 | 108.1 | (2.7 | )% | 311.9 | 313.2 | (0.4 | )% | ||||||||||||||
Aerospace and Defense Electronics | 143.1 | 151.7 | (5.7 | )% | 475.7 | 453.5 | 4.9 | % | ||||||||||||||
Engineered Systems | 66.7 | 81.3 | (18.0 | )% | 207.4 | 232.1 | (10.6 | )% | ||||||||||||||
Total net sales | $ | 571.6 | $ | 547.4 | 4.4 | % | $ | 1,742.0 | $ | 1,559.9 | 11.7 | % | ||||||||||
Operating profit and other segment income: | ||||||||||||||||||||||
Instrumentation | $ | 39.9 | $ | 31.8 | 25.5 | % | $ | 117.6 | $ | 98.1 | 19.9 | % | ||||||||||
Digital Imaging | 11.5 | 7.6 | 51.3 | % | 24.6 | 19.4 | 26.8 | % | ||||||||||||||
Aerospace and Defense Electronics | 9.3 | 22.2 | (58.1 | )% | 50.1 | 62.9 | (20.3 | )% | ||||||||||||||
Engineered Systems | 2.7 | 8.3 | (67.5 | )% | 14.8 | 21.9 | (32.4 | )% | ||||||||||||||
Segment operating profit and other segment income | 63.4 | 69.9 | (9.3 | )% | 207.1 | 202.3 | 2.4 | % | ||||||||||||||
Corporate expense | (10.4 | ) | (9.6 | ) | 8.3 | % | (30.3 | ) | (26.8 | ) | 13.1 | % | ||||||||||
Other income/(expense), net | (0.7 | ) | 1.2 | * | (1.2 | ) | 2.2 | * | ||||||||||||||
Interest and debt expense, net | (5.1 | ) | (4.5 | ) | 13.3 | % | (15.6 | ) | (12.6 | ) | 23.8 | % | ||||||||||
Income before income taxes | 47.2 | 57.0 | (17.2 | )% | 160.0 | 165.1 | (3.1 | )% | ||||||||||||||
Provision for income taxes | 0.3 | 13.9 | (97.8 | )% | 30.0 | 46.8 | (35.9 | )% | ||||||||||||||
Net income | 46.9 | 43.1 | 8.8 | % | 130.0 | 118.3 | 9.9 | % | ||||||||||||||
Noncontrolling interest | (0.1 | ) | (0.4 | ) | (75.0 | )% | 0.1 | (0.4 | ) | * | ||||||||||||
Net income attributable to Teledyne | $ | 46.8 | $ | 42.7 | 9.6 | % | $ | 130.1 | $ | 117.9 | 10.3 | % |
(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. |
September 29, 2013 | December 30, 2012 | |||||||
ASSETS | ||||||||
Cash and cash equivalents | $ | 88.7 | $ | 45.8 | ||||
Accounts receivable, net | 368.9 | 350.3 | ||||||
Inventories, net | 304.0 | 281.2 | ||||||
Deferred income taxes, net | 30.1 | 39.8 | ||||||
Prepaid expenses and other assets | 51.2 | 27.7 | ||||||
Total current assets | 842.9 | 744.8 | ||||||
Property, plant and equipment, net | 361.0 | 349.5 | ||||||
Goodwill and acquired intangible assets, net | 1,304.2 | 1,255.9 | ||||||
Other assets, net | 112.2 | 56.2 | ||||||
Total assets | $ | 2,620.3 | $ | 2,406.4 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Accounts payable | $ | 159.7 | $ | 148.6 | ||||
Accrued liabilities | 242.1 | 256.7 | ||||||
Current portion of long-term debt and capital leases | 4.5 | 2.0 | ||||||
Total current liabilities | 406.3 | 407.3 | ||||||
Long-term debt and capital lease obligations | 638.6 | 556.2 | ||||||
Other long-term liabilities | 215.8 | 239.5 | ||||||
Total liabilities | 1,260.7 | 1,203.0 | ||||||
Total stockholders’ equity | 1,359.6 | 1,203.4 | ||||||
Total liabilities and stockholders’ equity | $ | 2,620.3 | $ | 2,406.4 |
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