Teledyne Technologies Reports Third-Quarter Results
Teledyne Technologies Inc. (Los Angeles, CA) reported third-quarter 2001 sales of $185.6 million, compared with sales of $201.1 million for the same period in 2000. Net income for the third quarter of 2001 was $5.7 million, or $0.18 per diluted share, compared with net income of $9.8 million, or $0.32 per diluted share, for the third quarter of 2000.
"Considering the recent tragic events and the continued softening of the economy, I am pleased with our financial performance this quarter," said Robert Mehrabian, chairman, president and CEO. “Teledyne's third-quarter results reflect the impact of our aggressive cost-cutting initiatives, including workforce reductions and the closure or sale of under-performing product lines. So far this year we have reduced headcount by 12 percent, and we expect to reach our previously announced target of 14 percent by year-end. These efforts will enhance our leadership positions in the niche markets that we serve. With the exception of the company's aircraft piston engine business, the September 11th tragedy is not expected to significantly impact our fiscal 2001 financial performance."
Third-quarter 2001 earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations were $14.7 million, compared with EBITDA from continuing operations of $21.2 million for the same period of 2000. Net pension income for the third quarter of 2001 was $2.3 million, compared with net pension income of $2.3 million for the same period of 2000. Third-quarter 2001 cash from operating activities from continuing operations was $11.2 million, compared with $6.3 million for the same period of 2000. Free cash flow was a positive $7.7 million for the third quarter of 2001, compared with a negative $1.6 million for the same period of 2000. Capital expenditures for the first nine months of 2001 were $20.8 million, including $7.4 million committed in 2000, compared with $17.2 million for the first nine months of 2000.