Teledyne Technologies Reports Second Quarter Results

LOS ANGELES - July 24, 2003 - Teledyne Technologies Incorporated (NYSE:TDY)

• Revenues of $205.4 million increased 9.3% compared to last year
• Earnings per share of $0.20 increased 5.3% compared to last year
• Excluding pension income and expense, earnings per share increased 27.8%
• Acquired Emerson's Tekmar-Dohrmann and Spirent's Aviation Information Solutions businesses
• Raising 2003 full year EPS outlook

Teledyne Technologies today reported second quarter 2003 sales of $205.4 million, compared with sales of $188.0 million for the same period in 2002. Net income for the second quarter of 2003 was $6.5 million ($0.20 per diluted share), compared with net income of $6.2 million ($0.19 per diluted share) in the second quarter of 2002. Net income for the second quarter of 2003 included a $2.0 million pretax charge related to the write off of the company's $2.0 million minority investment in a private company engaged in manufacturing and development of micro optics and microelectromechanical devices. Net income for the second quarter of 2003 also 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.

Full Release: 2nd Quarter Earnings.pdf