Teledyne Technologies Reports Third Quarter Results

Teledyne Technologies today reported third quarter 2006 sales of $363.6 million, compared with sales of $295.3 million for the same period of 2005. Net income for the third quarter of 2006 was $22.6 million ($0.63 per diluted share), compared with net income of $15.7 million ($0.45 per diluted share) in the third quarter of 2005.

"Teledyne achieved outstanding financial results during the third quarter," said Robert Mehrabian, chairman, president and chief executive officer. "Each of our business segments experienced double-digit sales growth, and overall organic growth was 13.6% during the quarter. Excluding tax benefits totaling $3.3 million, third quarter earnings per share increased significantly from 2005 despite $1.5 million of stock option compensation expense. During the quarter, we also closed three acquisitions, one in each of our core markets of aerospace and defense electronics, electronic instrumentation and government engineering services."