Teledyne Ends Year on Strong Note

Teledyne Technologies Inc. increased its net profits by 62 percent in the fourth quarter when compared to the previous year. The Thousand Oaks-based developer and manufacturer for the defense, aerospace, and energy industries reported net income of $32.2 million, or $0.88 per diluted share, on revenues of $454.4 million for the quarter ending Jan. 3. For the same period a year ago, the company reported net income of $19.9 million, or $0.54 per diluted share, on revenues of $464.8 million. For the full fiscal year, Teledyne reported net income $113.3 million, or $3.10 per diluted share, on revenues of $1.8 billion. For the previous fiscal year, the company reported net income of $111.3 million, or $3.05 per diluted share, on revenues of $1.9 billion. Teledyne management operated the company cautiously in 2009, with a focus on cost cutting, maximizing cash flow and improving operations, said Chairman, President and CEO Robert Mehrabian. “While some of our commercial markets are beginning to improve, we expect weakness in selected government services businesses in 2010, and we will continue to manage the company appropriately,” Mehrabian said. “. In addition, given our strong cash flow and ample liquidity, we plan to pursue acquisitions more aggressively, as we have in prior years.” Mark R. Madler