Teledyne Technologies Reports First-Quarter Results
Teledyne Technologies Inc. (Los Angeles, CA) reported first-quarter 2003 sales of $197.2 million, compared with sales of $183.3 million for the same period in 2002. Net income for the first quarter of 2003 was $5.5 million, or $0.17 per diluted share, compared with net income of $5.1 million, or $0.16 per diluted share, in the first quarter of 2002. Net income for the first quarter of 2003 included pretax non-cash pension expense of $1.7 million, compared with pretax non-cash pension income of $0.6 million for the same period of 2002.
"Earnings per share increased for the fifth consecutive quarter despite the negative effect of non-cash pension income and the continuing weak economic environment in many of our commercial markets," said Robert Mehrabian, chairman, president and chief executive officer. "Revenues increased 7.6% and earnings per share, excluding non-cash pension income and expense, increased 33%. Furthermore, our balance sheet remains strong and gives us flexibility to continue pursuing acquisitions in our strategic businesses."