Net income stayed flat in the fourth quarter at instrumentation and digital imaging provider Teledyne Technologies Inc.

As the Thousand Oaks-based company completes its fiscal year, it has positioned itself to serve growing industrial markets, said Chairman, President and CEO Robert Mehrabian.

“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,” Mehrabian said in a prepared statement.

For the quarter ending Jan. 1, Teledyne reported net income of $36.8 million, or $0.99 per diluted share, on revenues of $474.5 million. For the same period in 2010, the company reported net income of $36.6 million, or $0.99 per diluted share, on revenues of $421.5 million.

For the 2011 fiscal year, Teledyne reported net income of $255.2 million, or $6.84 per diluted share, on revenues of $1.9 billion 41.9. For the 2010 fiscal year, the company reported net income of $120.5 million, or $3.27 per diluted share, on revenues of $1.6 billion.

The company’s strongest performing business unit was digital imaging with $92.5 million in revenues in the fourth quarter compared to $32.2 million in the fourth quarter of 2010.

The increase was due to Teledyne’s acquisition in February of DALSA Corp. and higher organic sales, the company said.

Mark R. Madler