Teledyne Technologies Inc. (Los Angeles, CA) reported first-quarter 2002 sales of $183.3 million, compared with sales of $189.7 million for the same period in 2001. Net income for the first quarter of 2002 was $5.1 million, or $0.16 per diluted share, compared with net income of $4.8 million, or $0.15 per diluted share, in the first quarter of 2001.
"The benefits of the multiple cost-reduction efforts undertaken in 2001 are clearly reflected in the improved financial performance of our company," said President and CEO Robert Mehrabian. "Excluding non-cash pension income, pre-tax income in the first quarter of 2002 increased 44 percent, compared with the first quarter of 2001. Furthermore, management of working capital helped the company achieve positive cash flow from operations of $8.5 million in the first quarter of 2002, compared with a cash usage of $25.9 million in the first quarter of 2001."
