Teledyne Income Up in Q4, Fiscal 2010

Higher sales in commercial electronics and instrumentation for industrial and energy uses contributed to Teledyne Technologies Inc. increasing its fourth quarter net income by 13.7 percent when compared to the previous year. The Thousand Oak-based engineering services and electronic components company reported net income of $36.6 million, or $.099 per diluted share, on revenues of $452.3 million for the quarter ending Jan. 2. For the same period a year ago, the company had net income of $32.2 million, or $0.88 per diluted share, on revenues of $454.4 million. For the 2010 fiscal year, Teledyne reported net income of $120.5 million, or $3.27 per diluted share, on revenues of $1.8 billion. For the previous fiscal year, the company had net income of $113.3 million, or $3.10 per diluted share, on revenues of $1.8 billion. During the fourth quarter Teledyne made moves to focus on its core business and make it into an electronics, instrumentation and engineering focused company. The company exits the aviation parts business with the sale of its Continental Motors piston aircraft engine subsidiary for $186 million to Technify Motor (USA) LTD. Brought into the company as a new subsidiary is DALSA Corporation, whose imaging sensors, cameras and software primarily serve the commercial machine vision market. Mark R. Madler