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): January 24, 2012
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) |
Registrants 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 January 26, 2012, Teledyne Technologies Incorporated issued a press release with respect to its fourth quarter 2011 and full year 2011 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 for Certain Officers
On January 24, 2012, the Personnel and Compensation Committee of Teledynes Board of Directors took the following actions:
(a) The Committee authorized payment of Annual Incentive Plan (AIP) cash bonus awards to each of the Named Executive Officers identified in Teledynes 2011 Proxy Statement with respect to the fiscal year ended January 1, 2012. AIP award opportunities are expressed as a percentage of a participants base salary and are based on the achievement of pre-defined performance measures, with up to 200% of the target award eligible to be paid in the case of significant over-achievement. The majority of the award is based on Teledynes achievement of certain financial performance goals, with a smaller portion tied to the achievement of pre-established individual goals. Generally, 40% of the awards are tied to the achievement of predetermined levels of operating profit, 25% to the achievement of predetermined levels of revenue, 15% to the achievement of predetermined levels of accounts receivable and inventory as a percentage of revenue and 20% to the achievement of specified individual performance objectives. These predetermined levels may vary by business unit. In addition, a discretionary adjustment of plus or minus 20% is allowed, unless otherwise determined by the Committee. AIP awards are generally paid from a pool of up to 11% of operating profit, subject to modification by the Committee. No AIP bonus will be earned in any year unless operating profit is positive, after accruing for bonus payments, and operating profit is at least 75% of the operating plan, subject in each case to modification by the Committee.
The following table sets forth the AIP cash bonus payments that will be paid for the fiscal year ended January 1, 2012, to the Named Executive Officers identified in Teledynes 2011 Proxy Statement. The bonus awards reflect favorable 2011 operating results compared to 2010 and the 2011 business plan, the respective executives individual performance and other factors:
Name | Position | 2011 Bonus | ||||
Robert Mehrabian |
Chairman, President and Chief Executive Officer | $ | 1,850,000 | |||
John T. Kuelbs |
Executive Vice President, General Counsel and Secretary | $ | 506,700 | |||
Dale A. Schnittjer |
Senior Vice President and Chief Financial Officer | $ | 477,100 | |||
Aldo Pichelli |
President and Chief Operating Officer, Instrumentation, Digital Imaging and Aerospace and Defense Electronics Segments | $ | 425,500 | |||
Rex D. Geveden |
President, Engineered Systems Segment; and President, Teledyne Scientific & Imaging, LLC | $ | 265,000 |
(b) The Committee approved the 2012 goals for the Annual Incentive Plan cash bonus awards to each of Teledynes Named Executive Officers. AIP awards for 2012 are to be based on the same financial and non-financial measures described above for the fiscal year ended January 1, 2012.
For 2012, subject to the performance measures and discretion of the Committee, as noted above, the following Named Executives Officers are eligible for a target AIP cash bonus based on the following percentage of their annual base salary:
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Name | Position | 2012 AIP Award Eligibility as a % of Base Salary |
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Robert Mehrabian |
Chairman, President and Chief Executive Officer | 100% | ||||
John T. Kuelbs |
Executive Vice President, General Counsel and Secretary | 60% | ||||
Dale A. Schnittjer |
Senior Vice President and Chief Financial Officer | 60% | ||||
Aldo Pichelli |
President and Chief Operating Officer, Instrumentation, Digital Imaging and Aerospace and Defense Electronics Segments | 60% | ||||
Rex D. Geveden |
President, Engineered Systems Segment; and President, Teledyne Scientific & Imaging, LLC | 60% |
(c) The Committee established a new three-year cycle under Teledynes Performance Share Program for key employees, including the Named Executive Officers, which was previously established under the Teledyne Technologies Incorporated 2008 Incentive Award Plan. Performance Share Program awards are intended to reward executives to the extent Teledyne achieves specific pre-established financial performance goals and provides a greater long-term return to shareholders relative to a broader market index. The Performance Share Program provides grants of performance share units, which key officers and executives may earn if Teledyne meets specified performance objectives over a three-year period (2012, 2013 and 2014). Forty percent of the award is based on the achievement of specified levels of operating profit, 30% on the achievement of specified levels of revenue and 30% on the achievement of specified levels of return to shareholders. No awards are made if the three-year aggregate operating profit is less than 75% of target, unless the Committee determines otherwise. A maximum of 200% for each component can be earned if 120% of the target is achieved. For the 2012-2014 performance cycle, established by the Committee at its January 24, 2012 meeting, the Russell 2000 Index is the benchmark for the specified return to shareholders component. Awards are generally paid to the participants in three annual installments after the end of the performance cycle so long as they remain employed. For the 2012-2014 performance cycle, payments under the award will be made 100% in cash.
For 2012-2014 Performance Share Program performance cycle, the following Named Executives Officers are eligible for a target award based on the following percentage of their annual base salary:
Name | Position | Participation as a % of Base Salary |
||||
Robert Mehrabian |
Chairman, President and Chief Executive Officer | 150% | ||||
John T. Kuelbs |
Executive Vice President, General Counsel and Secretary | 125% | ||||
Dale A. Schnittjer |
Senior Vice President and Chief Financial Officer | 125% | ||||
Aldo Pichelli |
President and Chief Operating Officer, Instrumentation, Digital Imaging and Aerospace and Defense Electronics Segments | 125% | ||||
Rex D. Geveden |
President, Engineered Systems Segment; and President, Teledyne Scientific & Imaging, LLC | 125% |
(d) The Committee approved a new annual base salary for Rex D. Geveden of $361,000.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit 99.1 Press Release announcing fourth quarter 2011 and full year 2011 financial results dated January 26, 2012.
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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/ DALE A. SCHNITTJER | |
Dale A. Schnittjer | ||
Senior Vice President and Chief Financial Officer |
Dated January 26, 2012
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EXHIBIT INDEX
Description
Exhibit 99.1 Press Release announcing fourth quarter 2011 and full year 2011 financial results dated January 26, 2012
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Exhibit 99.1
(Logo Omitted)
Teledyne Technologies Incorporated
1049 Camino Dos Rios
Thousand Oaks, CA 91360-2362
NEWSRELEASE
TELEDYNE TECHNOLOGIES REPORTS FOURTH QUARTER RESULTS
THOUSAND OAKS, Calif. January 26, 2012 Teledyne Technologies Incorporated (NYSE:TDY)
| Fourth quarter sales increased 12.6% to $474.5 million |
| Fourth quarter earnings per share from continuing operations of $0.99 vs. $1.00 in 2010 |
| Fourth quarter 2010 earnings per share included $0.24 of tax credits offset by $0.08 of acquisition and disposition expenses |
| Record full-year revenues and earnings per share from continuing operations of $1,941.9 million and $3.81, respectively |
| Full-year earnings per share of $6.84 including discontinued operations |
| Repurchased 658,562 shares of our stock in the fourth quarter |
Teledyne today reported fourth quarter 2011 sales from continuing operations of $474.5 million, compared with sales of $421.5 million for the fourth quarter of 2010, an increase of 12.6%. Net income from continuing operations including noncontrolling interest was $36.8 million ($0.99 per diluted share) for the fourth quarter of 2011, compared with $37.0 million ($1.00 per diluted share) for the fourth quarter of 2010. The fourth quarter of 2010 included net tax credits of $9.0 million and certain pretax charges totaling $4.8 million for acquisition and disposition related expenses.
2011 was a decisive year in the history of Teledyne, both financially and strategically, said Robert Mehrabian, chairman, president and chief executive officer. Full year sales, earnings per share, GAAP operating margin, and free cash flow all were at record levels. In addition to the financial performance, the divestiture of our aircraft piston engine business, along with its liabilities, significantly reduced our risk profile, while the acquisition of DALSA was a major commitment to digital imaging. Teledyne is a different company today. Following a decade of progressive change and continuous improvement in operations, we enter 2012 as a company primarily serving industrial growth markets. We now possess higher technology businesses, a greater research and development capability, and provide proprietary highly engineered products to markets such as offshore energy, global infrastructure, factory automation, transportation and communications.
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Full Year 2011
Sales for 2011 were $1,941.9 million, compared with $1,644.2 million for 2010, an increase of 18.1%. Net income from continuing operations including noncontrolling interest was $142.1 million ($3.81 per diluted share) for 2011, compared with $119.9 million ($3.25 per diluted share) for 2010, an increase of 18.5%. Net income including discontinued operations was $255.2 million ($6.84 per diluted share) for 2011, compared with $120.5 million ($3.27 per diluted share) for 2010. Net income for 2011 and 2010 also included net tax credits of $2.4 million and $12.5 million, respectively. On April 19, 2011, Teledyne completed the sale of its piston engines businesses and recorded a gain on the sale of $113.8 million.
Review of Operations (Comparisons are with the fourth quarter of 2010, unless noted otherwise. The fourth quarter of 2010 results reflect a revised segment reporting structure and the classification of our piston engines businesses as a discontinued operation which were sold on April 19, 2011.)
Instrumentation
The Instrumentation segments fourth quarter 2011 sales were $148.9 million, compared with $148.1 million. Operating profit was $28.2 million, compared with operating profit of $30.9 million, a decrease of 8.7%.
The 2011 sales were comparable to 2010 for both environmental instrumentation products and marine instrumentation products. Most product offerings for environmental instrumentation reflected sales improvement while sales for marine instrumentation primarily reflected reduced sales of geophysical sensors for the energy exploration market, partially offset by increased sales of marine survey systems. The decrease in operating profit reflected slightly lower margins for both marine instrumentation products and environmental instrumentation products.
Digital Imaging
The Digital Imaging segments fourth quarter 2011 sales were $92.5 million, compared with $32.2 million, an increase of 187.3%. Operating profit was $2.3 million, compared with an operating loss of $0.4 million.
The 2011 sales increase included $57.1 million in revenue from recent acquisitions, primarily the February 2011, acquisition of DALSA Corporation (DALSA), as well as higher organic sales. The increase in operating profit reflected the impact of higher sales, partially offset by increased intangible asset amortization of $2.6 million for recent acquisitions, as well as higher research and development spending.
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Aerospace and Defense Electronics
The Aerospace and Defense Electronics segments fourth quarter 2011 sales were $163.1 million, compared with $158.9 million, an increase of 2.6%. Operating profit was $23.1 million, compared with operating profit of $18.8 million, an increase of 22.9%.
The 2011 sales increase resulted from $6.5 million of higher sales of microwave devices and interconnect products, primarily due to counter measure product sales. The 2011 sales increase also reflected increased sales of $4.0 million from avionics products and electronic relays, primarily due to electronic relay sales to the test and measurement and semiconductor markets. These sales increases were partially offset by lower sales of $6.3 million from electronic manufacturing services due to delays in certain defense programs. The increase in operating profit reflected the impact of higher sales and product mix differences.
Engineered Systems
The Engineered Systems segments fourth quarter 2011 sales were $70.0 million, compared with $82.3 million, a decrease of 14.9%. Operating profit was $6.5 million, compared with operating profit of $8.1 million, a decrease of 19.8%.
The 2011 sales decrease reflected lower sales of $12.0 million from engineered products and services and lower sales of $2.6 million from turbine engines, partially offset by higher energy systems sales of $2.3 million. The lower sales for engineered products and services primarily reflected lower sales of missile defense engineering services and gas centrifuge service modules, partially offset by higher sales of manufacturing programs. Operating profit in 2011 reflected the impact of lower total segment sales and lower margins for turbine engines, partially offset by higher margins for engineered products and services and energy systems. Operating profit included pension expense of $0.3 million in the fourth quarter of 2011, compared with $0.4 million. Pension expense allocated to contracts pursuant to U.S. Government Cost Accounting Standards (CAS) was $2.1 million in the fourth quarter of 2011, compared with $1.8 million. Pension expense determined allowable under CAS can generally be recovered through the pricing of products and services sold to the U.S. Government.
Discontinued Operations
On April 19, 2011, Teledyne completed the sale of its piston engines businesses for net cash proceeds of $187.9 million. This amount included an estimated working capital adjustment of $3.8 million and was net of $1.9 million in transaction costs. In the third quarter of 2011, Teledyne paid $3.8 million related to the final working capital adjustment and also paid $4.4 million in income taxes related to the sale. Teledyne paid an additional $46.9 million in income taxes related to the sale in the fourth quarter of 2011.
Additional Financial Information
Cash Flow
Cash provided by operating activities from continuing operations was $79.8 million for the fourth quarter of 2011, compared with $60.2 million. The higher cash provided by operating activities from continuing operations reflected lower income tax payments and improved working capital management. Free cash flow from continuing operations (cash from operating activities less capital expenditures) was $65.7 million for the fourth quarter of 2011, compared with $44.8 million and reflected higher cash provided by operating activities and a decrease in capital spending. At January 1, 2012, total debt was $312.8 million, which included $250.0 million in senior notes, as
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well as $48.0 million drawn on available credit lines and $14.8 million in capital lease obligations. Cash and cash equivalents were $49.4 million at January 1, 2012. As noted above, in the fourth quarter of 2011, Teledyne paid $46.9 million in income taxes related to the sale of discontinued operations. The company paid $34.9 million to repurchase 658,562 shares of Teledyne common stock under a stock repurchase program announced in October 2011. The company received $3.9 million from the exercise of employee stock options in the fourth quarter of 2011, compared with $1.6 million. Capital expenditures for the fourth quarter of 2011 were $14.1 million, compared with $15.4 million. Depreciation and amortization expense for the fourth quarter of 2011 was $16.8 million, compared with $12.0 million.
Free Cash Flow (a) | Fourth | Fourth | Total | Total | ||||||||||||
Quarter | Quarter | Year | Year | |||||||||||||
(in millions, brackets indicate use of funds) |
2011 | 2010 | 2011 | 2010 | ||||||||||||
Cash provided by operating activities from continuing operations |
$ | 79.8 | $ | 60.2 | $ | 219.5 | $ | 127.1 | ||||||||
Capital expenditures for property, plant and equipment |
(14.1 | ) | (15.4 | ) | (41.7 | ) | (31.0 | ) | ||||||||
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Free cash flow |
65.7 | 44.8 | 177.8 | 96.1 | ||||||||||||
Pension contributions, net of tax (b) |
| 5.0 | 44.0 | 28.1 | ||||||||||||
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Adjusted free cash flow |
$ | 65.7 | $ | 49.8 | $ | 221.8 | $ | 124.2 | ||||||||
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(a) | The company defines free cash flow as cash provided by operating activities from continuing operations (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 companys ability to generate cash flow, including the impact of voluntary and required pension contributions. |
(b) | The domestic pension cash contributions were voluntary. |
Pension
Pension expense was $1.5 million for the fourth quarter of 2011 compared with $1.3 million. Pension expense allocated to contracts pursuant to CAS was $3.7 million for the fourth quarter of 2011 compared with $2.5 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 fourth quarter of 2011 was 31.0% compared with 20.1%. The fourth quarter of 2010 included the re-measurement of unrecognized tax benefits for prior years, primarily research and development tax credits, of $9.0 million. Excluding this amount, the effective tax rate for the fourth quarter of 2010 would have been 39.5%. The lower 2011 effective tax rate, compared with the 2010 effective tax rate, excluding tax credits, primarily reflected a change in the proportion of domestic and international income, foreign research and development tax credits and the impact of adjusting to an overall total year effective tax rate of 34.0% prior to any tax credits.
Stock Option Compensation Expense
For the fourth quarter of 2011, the company recorded a total of $1.5 million in stock option expense, of which $0.6 million was recorded as corporate expense and $0.9 million was recorded in the operating segment results. For the fourth quarter of 2010, the company recorded a total of $1.1 million in stock option expense, of which $0.4 million was recorded as corporate expense and $0.7 million was recorded in the operating segment results.
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Other
Interest expense, net of interest income, was $3.8 million for the fourth quarter of 2011, compared with $3.3 million, and primarily reflected higher debt levels. Corporate expense was $6.3 million for the fourth quarter of 2011, compared with $8.5 million, and primarily reflected lower professional fees expense and compensation accruals. Other income and expense for the fourth quarter of 2011 included income of $2.3 million related to the reduction of an environmental reserve no longer needed.
Outlook
Based on its current outlook, the companys management believes that first quarter 2012 earnings per diluted share will be in the range of approximately $0.88 to $0.91. The full year 2012 earnings per diluted share is expected to be in the range of approximately $3.90 to $3.96.
Management believes that sales for the companys commercial businesses, collectively, will increase at a mid-single digit rate in 2012, but be partially offset by declines in the companys government businesses. The companys effective tax rate for 2012 is expected to be 32.5%. For the companys domestic pension plan, the assumed discount rate for 2012 will decrease to 5.50% from 6.15% and the expected rate of return on pension assets for 2012 will remain at 8.25%.
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, interest expense, 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; 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; risks associated with acquisitions, including the companys acquisition of DALSA Corporation; uncertainties associated with global responses to terrorism and other perceived threats; fluctuations in the price of oil and natural gas; financial market fluctuations that could negatively impact the value of the companys pension assets; and exchange rate risks and other risks associated with the companys international operations.
The company continues to take action to assure compliance with the internal controls, disclosure controls and other requirements of the Sarbanes-Oxley Act of 2002. While the company believes its control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected.
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Readers are urged to read the companys 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 Teledynes 2010 Annual Report on Form 10-K and subsequent Quarterly Form 10-Qs. Readers, particularly those interested in investing in Teledyne Technologies, should read these risk factors.
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 Technologies fourth quarter earnings conference call will be held at 11:00 a.m. (Eastern) on Thursday, January 26, 2012. To access the call, go to www.earnings.com or www.teledyne.com approximately ten minutes before the scheduled start time. A replay will also be available for one month at these same sites starting at 12:00 p.m. (Eastern) on Thursday, January 26, 2012.
Investor Contact: | Jason VanWees (805) 373-4542 | |
Media Contact: | Robyn McGowan (805) 373-4540 |
###
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TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED STATEMENTS OF INCOME
FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED
JANUARY 1, 2012 AND JANUARY 2, 2011
(Unaudited In millions, except per share amounts)
Fourth Quarter 2011 |
Fourth Quarter 2010 |
Total Year 2011 |
Total Year 2010 |
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Net sales |
$ | 474.5 | $ | 421.5 | $ | 1,941.9 | $ | 1,644.2 | ||||||||
Costs and expenses: |
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Costs of sales |
315.7 | 288.0 | 1,290.7 | 1,148.1 | ||||||||||||
Selling, general and administrative expenses |
105.0 | 84.6 | 424.0 | 317.6 | ||||||||||||
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Total costs and expenses |
420.7 | 372.6 | 1,714.7 | 1,465.7 | ||||||||||||
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Income before other income and (expense) and taxes |
53.8 | 48.9 | 227.2 | 178.5 | ||||||||||||
Other income |
3.1 | 0.7 | 0.6 | 1.6 | ||||||||||||
Interest expense, net |
(3.8 | ) | (3.3 | ) | (16.2 | ) | (6.5 | ) | ||||||||
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Income from continuing operations before income taxes |
53.1 | 46.3 | 211.6 | 173.6 | ||||||||||||
Provision for income taxes |
16.4 | 9.3 | 69.5 | 53.6 | ||||||||||||
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Net income from continuing operations before noncontrolling interest |
36.7 | 37.0 | 142.1 | 120.0 | ||||||||||||
Income (loss) from discontinued operations |
| (0.4 | ) | (0.7 | ) | 0.6 | ||||||||||
Gain on sale of discontinued operations |
| | 113.8 | | ||||||||||||
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Net income before noncontrolling interest |
36.7 | 36.6 | 255.2 | 120.6 | ||||||||||||
Less: net (income) loss attributable to noncontrolling interest |
0.1 | | | (0.1 | ) | |||||||||||
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Net income attributable to Teledyne Technologies |
$ | 36.8 | $ | 36.6 | $ | 255.2 | $ | 120.5 | ||||||||
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Diluted earnings per common share: |
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Continuing operations (a) |
$ | 0.99 | $ | 1.00 | $ | 3.81 | $ | 3.25 | ||||||||
Income (loss) from discontinued operations |
| (0.01 | ) | (0.02 | ) | 0.02 | ||||||||||
Gain on sale of discontinued operations |
| | 3.05 | | ||||||||||||
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Net income attributable to Teledyne Technologies |
$ | 0.99 | $ | 0.99 | $ | 6.84 | $ | 3.27 | ||||||||
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Weighted average diluted common shares outstanding |
37.3 | 36.9 | 37.3 | 36.8 | ||||||||||||
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(a) | Includes noncontrolling interest |
TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF SEGMENT NET SALES AND OPERATING PROFIT
FOR THE FOURTH QUARTER AND FISCAL YEAR ENDED
JANUARY 1, 2012 AND JANUARY 2, 2011
(Unaudited, In millions)
Fourth Quarter 2011 |
Fourth Quarter 2010 |
% Change |
Total Year 2011 |
Total Year 2010 |
% Change |
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Net sales: |
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Instrumentation |
$ | 148.9 | $ | 148.1 | 0.5 | % | $ | 616.6 | $ | 573.2 | 7.6 | % | ||||||||||||
Digital Imaging |
92.5 | 32.2 | 187.3 | % | 349.9 | 122.5 | 185.6 | % | ||||||||||||||||
Aerospace and Defense Electronics |
163.1 | 158.9 | 2.6 | % | 670.8 | 614.7 | 9.1 | % | ||||||||||||||||
Engineered Systems |
70.0 | 82.3 | (14.9 | )% | 304.6 | 333.8 | (8.7 | )% | ||||||||||||||||
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Total net sales |
$ | 474.5 | $ | 421.5 | 12.6 | % | $ | 1,941.9 | $ | 1,644.2 | 18.1 | % | ||||||||||||
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Operating profit (loss) and other segment income: |
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Instrumentation |
$ | 28.2 | $ | 30.9 | (8.7 | )% | $ | 122.8 | $ | 113.9 | 7.8 | % | ||||||||||||
Digital Imaging |
2.3 | (0.4 | ) | * | 16.1 | 5.2 | 209.6 | % | ||||||||||||||||
Aerospace and Defense Electronics |
23.1 | 18.8 | 22.9 | % | 93.9 | 57.8 | 62.5 | % | ||||||||||||||||
Engineered Systems |
6.5 | 8.1 | (19.8 | )% | 28.1 | 30.4 | (7.6 | )% | ||||||||||||||||
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Segment operating profit and other segment income |
60.1 | 57.4 | 4.7 | % | 260.9 | 207.3 | 25.9 | % | ||||||||||||||||
Corporate expense |
(6.3 | ) | (8.5 | ) | (25.9 | )% | (33.7 | ) | (28.8 | ) | 17.0 | % | ||||||||||||
Other income |
3.1 | 0.7 | * | 0.6 | 1.6 | (62.5 | )% | |||||||||||||||||
Interest expense, net |
(3.8 | ) | (3.3 | ) | 15.2 | % | (16.2 | ) | (6.5 | ) | 149.2 | % | ||||||||||||
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Income from continuing operations before income taxes |
53.1 | 46.3 | 14.7 | % | 211.6 | 173.6 | 21.9 | % | ||||||||||||||||
Provision for income taxes |
16.4 | 9.3 | 76.3 | % | 69.5 | 53.6 | 29.7 | % | ||||||||||||||||
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Net income from continuing operations before noncontrolling interest |
36.7 | 37.0 | (0.8 | )% | 142.1 | 120.0 | 18.4 | % | ||||||||||||||||
Income (loss) from discontinued operations |
| (0.4 | ) | * | (0.7 | ) | 0.6 | * | ||||||||||||||||
Gain on sale of discontinued operations |
| | * | 113.8 | | * | ||||||||||||||||||
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Net income before noncontrolling interest |
36.7 | 36.6 | 0.3 | % | 255.2 | 120.6 | 111.6 | % | ||||||||||||||||
Less: Net (income) loss attributable to noncontrolling interest |
0.1 | | * | | (0.1 | ) | 100.0 | % | ||||||||||||||||
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Net income attributable to Teledyne Technologies |
$ | 36.8 | $ | 36.6 | 0.5 | % | $ | 255.2 | $ | 120.5 | 111.8 | % | ||||||||||||
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* | percentage change not meaningful |
TELEDYNE TECHNOLOGIES INCORPORATED
CONSOLIDATED CONDENSED BALANCE SHEETS
(Current period unaudited in millions)
January 1, 2012 |
January 2, 2011 |
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ASSETS |
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Cash and cash equivalents |
$ | 49.4 | $ | 75.1 | ||||
Accounts receivable, net |
270.0 | 254.8 | ||||||
Inventories, net |
219.4 | 172.3 | ||||||
Deferred income taxes, net |
35.1 | 28.4 | ||||||
Prepaid expenses and other assets |
28.7 | 42.3 | ||||||
Assets of discontinued operations held for sale |
| 75.1 | ||||||
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Total current assets |
602.6 | 648.0 | ||||||
Property, plant and equipment, net |
254.6 | 203.4 | ||||||
Goodwill and acquired intangible assets, net |
899.2 | 660.2 | ||||||
Other assets, net |
69.5 | 46.2 | ||||||
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Total assets |
$ | 1,825.9 | $ | 1,557.8 | ||||
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LIABILITIES AND STOCKHOLDERS EQUITY |
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Accounts payable |
$ | 102.0 | $ | 100.6 | ||||
Accrued liabilities |
230.8 | 177.3 | ||||||
Current portion of long-term debt and capital leases |
1.4 | 2.0 | ||||||
Liabilities of discontinued operations held for sale |
| 61.3 | ||||||
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Total current liabilities |
334.2 | 341.2 | ||||||
Long-term debt and capital lease obligations |
311.4 | 265.3 | ||||||
Other long-term liabilities |
200.8 | 164.3 | ||||||
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Total liabilities |
846.4 | 770.8 | ||||||
Total stockholders equity |
979.5 | 787.0 | ||||||
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Total liabilities and stockholders equity |
$ | 1,825.9 | $ | 1,557.8 | ||||
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TELEDYNE TECHNOLOGIES INCORPORATED
SUMMARY OF QUARTERLY SEGMENT NET SALES AND OPERATING PROFIT (LOSS)
FOR FISCAL YEAR 2010 FROM CONTINUING OPERATIONS
REFLECTS THE SEGMENT REALIGNMENT (a)
(Unaudited in millions)
First Quarter 2010 |
Second Quarter 2010 |
Third Quarter 2010 |
Fourth Quarter 2010 |
Total Year 2010 |
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Net sales: |
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Instrumentation |
$ | 134.4 | $ | 148.2 | $ | 142.5 | $ | 148.1 | $ | 573.2 | ||||||||||
Digital Imaging |
29.8 | 29.6 | 30.9 | 32.2 | 122.5 | |||||||||||||||
Aerospace and Defense Electronics |
149.9 | 150.4 | 155.5 | 158.9 | 614.7 | |||||||||||||||
Engineered Systems |
90.8 | 79.8 | 80.9 | 82.3 | 333.8 | |||||||||||||||
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Total net sales |
$ | 404.9 | $ | 408.0 | $ | 409.8 | $ | 421.5 | $ | 1,644.2 | ||||||||||
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Operating profit (loss) and other segment income: |
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Instrumentation |
$ | 22.7 | $ | 31.5 | $ | 28.8 | $ | 30.9 | $ | 113.9 | ||||||||||
Digital Imaging |
2.2 | 1.5 | 1.9 | (0.4 | ) | 5.2 | ||||||||||||||
Aerospace and Defense Electronics |
15.6 | 9.9 | 13.5 | 18.8 | 57.8 | |||||||||||||||
Engineered Systems |
6.9 | 7.2 | 8.2 | 8.1 | 30.4 | |||||||||||||||
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Segment operating profit and other segment income |
$ | 47.4 | $ | 50.1 | $ | 52.4 | $ | 57.4 | $ | 207.3 | ||||||||||
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(a) | Our previously reported 2010 fiscal year segment data has been restated to reflect a revised reporting structure adopted in the fourth quarter of 2010 and also to reflect the classification of our piston engines businesses as a discontinued operation. |