0001094285-14-000158.txt : 20140724 0001094285-14-000158.hdr.sgml : 20140724 20140724081013 ACCESSION NUMBER: 0001094285-14-000158 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20140722 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140724 DATE AS OF CHANGE: 20140724 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TELEDYNE TECHNOLOGIES INC CENTRAL INDEX KEY: 0001094285 STANDARD INDUSTRIAL CLASSIFICATION: SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812] IRS NUMBER: 251843385 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15295 FILM NUMBER: 14990126 BUSINESS ADDRESS: STREET 1: 1049 CAMINO DOS RIOS CITY: THOUSAND OAKS STATE: CA ZIP: 91360 BUSINESS PHONE: 805-373-4545 MAIL ADDRESS: STREET 1: 1049 CAMINO DOS RIOS CITY: THOUSAND OAKS STATE: CA ZIP: 91360 8-K 1 tdypressreleaseq-22014.htm 8-K TDY Press Release Q-2 2014


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 22, 2014
 
Teledyne Technologies Incorporated
(Exact name of registrant as specified in its charter)
 
 
 
 
 
 
 
 
 
 
 
 
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)
Registrant’s telephone number, including area code: (805) 373-4545
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
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))






Item 2.02 Results of Operations and Financial Condition

On July 24, 2014, Teledyne issued a press release with respect to its second quarter 2014 financial results. That press release is attached hereto as Exhibit 99.1, and is incorporated herein by reference. The information furnished pursuant to this Item 2.02 shall in no way be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

On July 22, 2014, Teledyne’s Board of Directors, in accordance with Teledyne’s Amended and Restated By-laws, as then amended, and following the recommendation of the Nominating and Governance Committee, fixed the number of directors at 11, and appointed Jane C. Sherburne as a Class II Director effective August 1, 2014, for a term expiring at the 2016 Annual Meeting of Stockholders.

Ms. Sherburne is a principal of Sherburne PLLC, a legal consulting firm providing strategic advice in crisis environments and in connection with regulatory policy developments that she formed before joining The Bank of New York Mellon Corporation. From May 2010 to July 2014, Ms. Sherburne served as Senior Executive Vice President, General Counsel and Corporate Secretary of The Bank of New York Mellon Corporation. Ms. Sherburne served as senior executive vice president and corporate secretary of Wachovia Corporation from June 2008 to January 2009, during which time Wachovia Corporation merged with Wells Fargo & Company. From December 2006 to June 2008, Sherburne was General Counsel of Citigroup Inc.’s Global Consumer Business, having first joined Citigroup in July 2001 as a Deputy General Counsel. Until July 2001, Sherburne was a litigation partner at the Washington, D.C. law firm of Wilmer, Cutler & Pickering, having joined the firm in 1984. Sherburne interrupted her private practice from 1994 to 1997 to serve as Special Counsel to the President in the Clinton White House.

As a director, Ms. Sherburne will be entitled to receive an annual retainer fee, currently $80,000. For 2014, this retainer fee will be prorated for the amount of days remaining in the year. Ms. Sherburne will also be paid $1,500 for each Board and Committee meeting attended. Pursuant to administrative rules adopted under the Teledyne Technologies Incorporated 2014 Incentive Award Plan, in lieu of cash annual retainer fees and cash Board and Committee meeting fees, Ms. Sherburne may elect to receive shares of our common stock and/or stock options or to defer compensation under the Teledyne Technologies Incorporated Executive Deferred Compensation Plan (including a phantom share fund); provided, however, that at least 25% of the annual retainer fee must be paid in the form of our common stock and/or options to acquire our common stock. It also provides for automatic stock option grants for 4,000 shares of our common stock at the end of each Annual Meeting of Stockholders. A non-employee director like Ms. Sherburne that is first elected other than at an annual meeting will receive an automatic option grant for 2,000 shares of our common stock.

A press release dated July 23, 2014 announcing Ms. Sherburne’s appointment as a new member of Teledyne’s Board of Directors is included as Exhibit 99.2 to this report.

Item 5.03 Amendments to the Articles of Incorporation or By-laws; Change in Fiscal Year

Effective July 22, 2014, Teledyne's Board of Directors amended Section 2 of Article III of the Amended and Restated By-laws to increase the maximum number of members of the Board of Directors from 10 to 12 members. A copy of this By-law amendment is filed as Exhibit 3.1 to this report.



Item 9.01 Financial Statements and Exhibits
(d) Exhibits
 
Exhibit 3.1
 
Amendment to Amended and Restated By-laws.
 
 
 
Exhibit 99.1
  
Press Release announcing second quarter 2014 financial results dated July 24, 2014.
 
 
 
Exhibit 99.2
 
Press Release dated July 23, 2014, announcing appointment of Jane Sherburne to Teledyne's Board of Directors.
 
 
 





SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
 
 
 
TELEDYNE TECHNOLOGIES INCORPORATED
 
 
 
 
 
By:
 
/s/ Susan L. Main
 
 
 
 
Susan L. Main
 
 
 
 
Senior Vice President and Chief Financial Officer
 
 
 
 
Dated: July 24, 2014
                     





EXHIBIT INDEX
Description
 
 
 
 
Exhibit 3.1
 
Amendment to Amended and Restated By-laws.
 
 
 
Exhibit 99.1
  
Press Release announcing second quarter 2014 financial results dated July 24, 2014.
 
 
 
Exhibit 99.2
 
Press Release dated July 23, 2014, announcing appointment of Jane Sherburne to Teledyne's Board of Directors.




EX-3.1 2 exhibit31amendedandrestate.htm AMENDEMENT TO AMENDED AND RESTATED BY-LAWS Exhibit 3.1 Amended and Restated Bylaws


Exhibit 3.1

Item 5.03 Amendment to first paragraph of Section 2 of ARTICLE III of the Amended and Restated Bylaws of Teledyne Technologies Incorporated - effective July 22, 2014

Section 2. Number and Term of Office. The Board of Directors shall consist of not less than four (4) and not more than twelve (12) members. Subject to the foregoing sentence, the number of directors shall be fixed and may be changed from time to time by resolution duly adopted by a majority of the directors then in office, except as otherwise provided by law, the Certificate of Incorporation or these Bylaws.

[The remaining paragraphs of this Section 2 remain unchanged.]




EX-99.1 3 q2-2014earningsrelease.htm PRESS RELEASE ANNOUNCING SECOND QUARTER 2014 Q2-2014 Earnings Release


Exhibit 99.1

 
1049 Camino Dos Rios
Thousand Oaks, CA 91360-2362

NEWSRELEASE    

TELEDYNE TECHNOLOGIES REPORTS
SECOND QUARTER RESULTS

THOUSAND OAKS, Calif. – July 24, 2014 – Teledyne Technologies Incorporated (NYSE:TDY)

Second quarter sales of $597.1 million
All-time record quarterly earnings per share from continuing operations of $1.47
Raising full year 2014 GAAP earnings outlook to $5.31 to $5.35, an increase from the prior outlook of $5.10 to $5.14

Teledyne today reported second quarter 2014 sales of $597.1 million, compared with sales of $601.0 million for the second quarter of 2013, a decrease of 0.6%. Net income attributable to Teledyne was $56.1 million ($1.47 per diluted share) for the second quarter of 2014, compared with $42.9 million ($1.13 per diluted share) for the second quarter of 2013, an increase of 30.8%.

“Our results demonstrate the successful transformation of Teledyne into a higher-margin, industrial technology company,” said Robert Mehrabian, Chairman, President and Chief Executive Officer. “With record sales to the marine and offshore energy markets, instrumentation segment sales increased 7.3% in the quarter.  In addition, greater sales of higher-margin commercial avionics and machine vision cameras helped offset expected declines in government sales in our digital imaging and defense electronics businesses.  Given the continued mix shift across Teledyne, as well as ongoing cost reduction efforts, operating margin increased 164 basis points and was a record for any quarter.  Free cash flow was almost $100 million during the first six months, enabling continued capital deployment for acquisitions and share repurchases.”

Review of Operations (Comparisons are with the second quarter of 2013, unless noted otherwise.)

Instrumentation
The Instrumentation segment’s second quarter 2014 sales were $276.6 million, compared with $257.7 million, an increase of 7.3%. Second quarter 2014 operating profit was $43.8 million, compared with $41.1 million, an increase of 6.6%.

The second quarter 2014 sales increase resulted from higher sales in the marine instrumentation and environmental instrumentation product lines, partially offset by lower sales of electronic test and measurement instrumentation. The higher sales of $14.5 million for marine instrumentation primarily reflected increased sales of interconnect systems used in offshore energy production, and also included $3.6 million in sales from the October 2013 acquisition of C.D. Limited. Sales for environmental instrumentation increased $6.4 million and included $7.1 million in sales from recent acquisitions. Sales of electronic test and measurement instrumentation decreased $2.0 million. The increase in operating profit reflected the impact of higher sales and a $0.7 million bad debt recovery.


1



Digital Imaging
The Digital Imaging segment’s second quarter 2014 sales were $103.7 million, compared with $104.3 million, a decrease of 0.6%. Operating profit was $11.7 million for the second quarter of 2014, compared with $7.9 million, an increase of 48.1%.

Second quarter 2014 sales primarily reflected increased sales of sensors and cameras for commercial machine vision applications, offset by lower sales of infrared imaging sensors for government applications. Operating profit in 2014 reflected improved margins across most product lines and a greater mix of higher margin commercial sales.

Aerospace and Defense Electronics
The Aerospace and Defense Electronics segment’s second quarter 2014 sales were $152.2 million, compared with $169.5 million, a decrease of 10.2%. Operating profit was $22.9 million for the second quarter of 2014, compared with $20.6 million, an increase of 11.2%.

The second quarter 2014 sales decrease reflected lower sales of $19.7 million from microwave and interconnect systems due to the completion of a program with a foreign government, which impacted the first and second quarters of 2013. The second quarter of 2014 sales also reflected increased sales of $3.6 million from avionics products and electronic relays and lower sales of $1.2 million from electronic manufacturing services products. Operating profit in the second quarter of 2014 reflected lower expenses as a result of cost reduction actions taken in 2013, offset by the impact of lower sales. The second quarter 2014 operating profit also reflected pension income of $0.4 million compared with $2.0 million of pension expense, and the second quarter of 2013 included $1.5 million in severance and facility consolidation costs.

Engineered Systems
The Engineered Systems segment’s second quarter 2014 sales were $64.6 million compared with $69.5 million, a decrease of 7.1%. Operating profit was $6.8 million for the second quarter of 2014, compared with $5.7 million, an increase of 19.3%.

The second quarter 2014 sales decrease primarily reflected lower sales of engineered products and services of $3.4 million, which primarily reflected lower sales of missile defense systems. Sales of turbine engines decreased $2.0 million while energy systems sales increased by $0.5 million. Operating profit in the second quarter of 2014 reflected pension income of $0.4 million compared with $1.7 million of pension expense, partially offset by the impact of lower sales.

Additional Financial Information
Cash Flow
Cash provided by operating activities was $94.0 million for the second quarter of 2014, compared with $112.8 million. The lower cash provided by operating activities in the second quarter of 2014 reflected the timing of accounts receivable collections, payments of accrued severance and facility consolidation costs, higher income tax payments, partially offset by the receipt of $10.0 million related to a legal settlement. Free cash flow (cash provided by operating activities less capital expenditures) was $85.1 million for the second quarter of 2014, compared with $92.8 million and reflected lower cash provided by operating activities. At June 29, 2014, total debt was $509.2 million, which included $30.0 million drawn on the $750.0 million credit facility. Cash and cash equivalents were $103.4 million at June 29, 2014. The company received $6.5 million from the exercise of stock options in the second quarter of 2014, compared with $2.4 million. Capital expenditures for the second quarter of 2014 were $8.9 million, compared with $20.0 million. Depreciation and amortization expense for the second quarter of 2014 was $23.4 million, compared with $22.1 million. In the second quarter of 2014, the company used $12.0 million to repurchase 126,474 shares of its common stock under its stock repurchase program authorized in October 2011. On March 31, 2014, a subsidiary of Teledyne acquired Photon Machines, Inc., a supplier of laser-based sample introduction equipment, for an initial payment of $3.3 million.

2



Free Cash Flow (a)
 
Second Quarter
(in millions, brackets indicate use of funds)
 
2014
 
2013
Cash provided by operating activities
 
$
94.0

 
$
112.8

Capital expenditures for property, plant and equipment
 
(8.9
)
 
(20.0
)
Free cash flow
 
85.1

 
92.8

(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. 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.
Pension
Pension income was $0.4 million for the second quarter of 2014 compared with pension expense of $4.4 million. The change to pension income in 2014 from pension expense in 2013 primarily reflected the impact of using a 5.4% discount rate to determine the benefit obligation for the domestic plan in 2014 compared with a 4.4% discount rate used in 2013. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (“CAS”) was $3.4 million for the second quarter of 2014 compared with $3.6 million. 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 second quarter of 2014 was 28.3% compared with 27.6%. The second quarter of 2013 reflected $0.9 million of net tax benefits for discrete items. Excluding the net tax benefits for discrete items in 2013 the effective tax rate would have been 29.1% for the second quarter of 2013.

Stock Option Compensation Expense
For the second quarter of 2014, the company recorded a total of $3.6 million in stock option expense, of which $2.4 million was recorded in the operating segment results and $1.2 million was recorded as corporate expense. For the second quarter of 2013, the company recorded a total of $2.8 million in stock option expense, of which $1.8 million was recorded in the operating segment results and $1.0 million was recorded as corporate expense.

Other
Interest expense, net of interest income, was $4.6 million for the second quarter of 2014, compared with $5.1 million, and primarily reflected lower average debt levels. Corporate expense was $10.9 million for the second quarter of 2014, compared with $10.4 million. Other income and expense was income of $8.2 million for the second quarter of 2014 and included a net gain on legal settlements of $8.6 million.
  
Outlook
Based on its current outlook, the company’s management believes that third quarter 2014 earnings per diluted share will be in the range of approximately $1.26 to $1.30 and the full year 2014 earnings per diluted share outlook is expected to be in the range of approximately $5.31 to $5.35, an increase from the prior outlook of $5.10 to $5.14. The company’s effective tax rate for 2014 is expected to be 28.7%, before discrete items.


3



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 as amended by the Bipartisan Budget Act of 2013. 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, including economic sanctions, 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 2013 Annual Report on Form 10-K and subsequent 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 second quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, July 24, 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, July 24, 2014.

 
Contact:
Jason VanWees
 
(805) 373-4542
 
 

4



TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE SECOND QUARTER AND SIX MONTHS ENDED
JUNE 29, 2014 AND JUNE 30, 2013
(Unaudited - in millions, except per share amounts)
 
 
Second Quarter
 
Second Quarter
 
Six
Months
 
Six
Months
 
 
2014
 
2013
 
2014
 
2013
Net sales
 
$
597.1

 
$
601.0

 
$
1,170.6

 
$
1,170.4

Costs and expenses:
 
 
 
 
 
 
 
 
  Costs of sales
 
368.4

 
383.6

 
720.1

 
749.0

  Selling, general and administrative expenses
 
154.4

 
152.5

 
310.2

 
297.6

Total costs and expenses
 
522.8

 
536.1

 
1,030.3

 
1,046.6

Operating income
 
74.3

 
64.9

 
140.3

 
123.8

  Other income/(expense), net
 
8.2

 

 
8.8

 
(0.5
)
  Interest and debt expense, net
 
(4.6
)
 
(5.1
)
 
(9.3
)
 
(10.5
)
Income before income taxes
 
77.9

 
59.8

 
139.8

 
112.8

  Provision for income taxes
 
22.1

 
16.5

 
38.0

 
29.7

Net income
 
55.8

 
43.3

 
101.8

 
83.1

  Noncontrolling interest
 
0.3

 
(0.4
)
 
0.1

 
0.2

Net income attributable to Teledyne
 
$
56.1

 
$
42.9

 
$
101.9

 
$
83.3

Diluted earnings per common share
 
$
1.47

 
$
1.13

 
$
2.67

 
2.20

Weighted average diluted common shares outstanding
 
38.1

 
38.0

 
38.2

 
37.9



5



TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT
FOR THE SECOND QUARTER AND SIX MONTHS ENDED
JUNE 29, 2014 AND JUNE 30, 2013
(Unaudited - in millions)
 
 
Second
Quarter
 
Second
Quarter
 
% Change
 
Six
Months
 
Six
Months
 
% Change
 
 
2014
 
2013
 
 
2014
 
2013
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
 
  Instrumentation
 
$
276.6

 
$
257.7

 
7.3
 %
 
$
535.5

 
$
490.4

 
9.2
 %
  Digital Imaging
 
103.7

 
104.3

 
(0.6
)%
 
205.6

 
206.7

 
(0.5
)%
  Aerospace and Defense Electronics
 
152.2

 
169.5

 
(10.2
)%
 
305.5

 
332.6

 
(8.1
)%
  Engineered Systems
 
64.6

 
69.5

 
(7.1
)%
 
124.0

 
140.7

 
(11.9
)%
Total net sales
 
$
597.1

 
$
601.0

 
(0.6
)%
 
$
1,170.6

 
$
1,170.4

 
 %
Segment operating profit:
 
 
 
 
 
 
 
 
 
 
 
 
  Instrumentation
 
$
43.8

 
$
41.1

 
6.6
 %
 
$
81.3

 
$
77.7

 
4.6
 %
  Digital Imaging
 
11.7

 
7.9

 
48.1
 %
 
21.4

 
13.1

 
63.4
 %
  Aerospace and Defense Electronics
 
22.9

 
20.6

 
11.2
 %
 
46.7

 
40.8

 
14.5
 %
  Engineered Systems
 
6.8

 
5.7

 
19.3
 %
 
12.9

 
12.1

 
6.6
 %
Segment operating profit
 
85.2

 
75.3

 
13.1
 %
 
162.3

 
143.7

 
12.9
 %
  Corporate expense
 
(10.9
)
 
(10.4
)
 
4.8
 %
 
(22.0
)
 
(19.9
)
 
10.6
 %
Operating income
 
74.3

 
64.9

 
14.5
 %
 
140.3

 
123.8

 
13.3
 %
  Other income/(expense), net
 
8.2

 

 
*
 
8.8

 
(0.5
)
 
*
  Interest and debt expense, net
 
(4.6
)
 
(5.1
)
 
(9.8
)%
 
(9.3
)
 
(10.5
)
 
(11.4
)%
Income before income taxes
 
77.9

 
59.8

 
30.3
 %
 
139.8

 
112.8

 
23.9
 %
  Provision for income taxes
 
22.1

 
16.5

 
33.9
 %
 
38.0

 
29.7

 
27.9
 %
Net income
 
55.8

 
43.3

 
28.9
 %
 
101.8

 
83.1

 
22.5
 %
  Noncontrolling interest
 
0.3

 
(0.4
)
 
*
 
0.1

 
0.2

 
(50.0
)%
Net income attributable to Teledyne
 
$
56.1

 
$
42.9

 
30.8
 %
 
$
101.9

 
$
83.3

 
22.3
 %
*     not meaningful







6



TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Current period unaudited – in millions)
 
 
June 29, 2014
 
December 29, 2013
ASSETS
 
 
 
 
  Cash and cash equivalents
 
$
103.4

 
$
66.0

  Accounts receivable, net
 
376.3

 
378.0

  Inventories, net
 
318.1

 
294.3

  Prepaid expenses and other current assets
 
60.7

 
60.8

Total current assets
 
858.5

 
799.1

  Property, plant and equipment, net
 
346.5

 
357.7

  Goodwill and acquired intangible assets, net
 
1,301.2

 
1,308.7

  Prepaid pension asset
 
232.7

 
222.0

  Other assets, net
 
67.3

 
63.6

Total assets
 
$
2,806.2

 
$
2,751.1

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
  Accounts payable
 
$
149.7

 
$
147.5

  Accrued liabilities
 
258.7

 
267.1

  Current portion of long-term debt and capital leases
 
5.0

 
3.5

Total current liabilities
 
413.4

 
418.1

  Long-term debt and capital lease obligations
 
504.2

 
549.0

  Other long-term liabilities
 
263.7

 
265.3

Total liabilities
 
1,181.3

 
1,232.4

Total stockholders’ equity
 
1,624.9

 
1,518.7

Total liabilities and stockholders’ equity
 
$
2,806.2

 
$
2,751.1




7
EX-99.2 4 exhibit992boardofdirector.htm PRESS RELEASE DATED JULY 23, 2014, ANNOUNCING APPOINTMENT OF JANE SHERBUNE Exhibit 99.2 Press Release Dated July 23, 2014 announcing appointment of Jane Sherburne



Exhibit 99.2
 
1049 Camino Dos Rios
Thousand Oaks, CA 91360-2362



NewsRelease

Teledyne Technologies Appoints
Jane Sherburne to Board of Directors

THOUSAND OAKS, Calif. - July 23, 2014 - Teledyne Technologies Incorporated (NYSE:TDY) announced today the appointment of Jane C. Sherburne, former Senior Executive Vice President, General Counsel and Corporate Secretary of The Bank of New York Mellon Corporation, to the company’s board of directors, effective August 1, 2014. The addition of Sherburne raises the number of board members to 11.

“Jane is an outstanding addition to our board,” said Robert Mehrabian, Chairman, President and Chief Executive Officer of Teledyne. “She has extensive experience with compliance programs, corporate governance matters, merger and acquisition activities and government affairs, and will be an asset to Teledyne as we continue with our profitable growth and strategic objectives.”

Since leaving Bank of New York Mellon in June 2014, Sherburne has been a principal of Sherburne PLLC, a legal consulting firm providing strategic advice in crisis environments and in connection with regulatory policy developments that she had formed prior to joining BNY Mellon in May 2010. Prior to forming Sherburne PLLC, Sherburne served as Senior Executive Vice President and Corporate Secretary of Wachovia Corporation from June 2008 to January 2009, during which time Wachovia merged with Wells Fargo & Company. From December 2006 to June 2008, Sherburne was General Counsel of Citigroup Inc.’s Global Consumer Business, having first joined Citigroup in July 2001 as a Deputy General Counsel. Until July 2001, Sherburne was a litigation partner at the Washington, D.C. law firm of Wilmer, Cutler & Pickering, having joined the firm in 1984. Sherburne interrupted her private practice from 1994 to 1997 to serve as Special Counsel to the President in the Clinton White House.

Sherburne is Chairman of the Board of the National Woman’s Law Center, a member of the Executive Committee of the Lawyers’ Committee for Civil Rights Under Law, a member of the Board of Trustees of the New York Lawyers for Public Interest, a Trustee of The Constitution Project, a member of the Committee for Economic Development, and a member of the American Law Institute. She also serves on the Council of the Administrative Conference of the United States, to which she was appointed by President Obama in July 2010.

Sherburne holds bachelor’s and masters’ degrees from the University of Minnesota and a law degree from the Georgetown University Law Center, where she was editor of the Georgetown Law Journal.
Teledyne Technologies is a leading provider of sophisticated instrumentation, digital imaging products and software, aerospace and defense electronics, and engineered systems. Teledyne Technologies’ operations are primarily located in the United States, Canada, the United Kingdom, and Western and Northern Europe. For more information, visit Teledyne Technologies’ website at www.teledyne.com.

Contact:
Jason VanWees
(805) 373-4542



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