Teledyne Technologies Reports Third Quarter Results

LOS ANGELES - October 23, 2003 - Teledyne Technologies Incorporated (NYSE:TDY)

• Revenues of $215.7 million increased 12.5% compared to last year
• Earnings per share of $0.30 included a one-time tax benefit of $0.07 per share
• Excluding pension income and expense and the tax benefit, EPS increased 30.0%
• Raising 2003 full year EPS outlook

Teledyne Technologies today reported third quarter 2003 sales of $215.7 million, compared with sales of $191.8 million for the same period in 2002. Net income for the third quarter of 2003 was $9.9 million ($0.30 per diluted share), compared with net income of $6.9 million ($0.21 per diluted share) in the third quarter of 2002. Net income for the third quarter of 2003 was $7.5 million ($0.23 per diluted share) excluding a $2.4 million one-time income tax benefit, resulting from the reversal of an income tax contingency reserve. Net income for the third quarter of 2003 included pretax non-cash pension expense of $1.7 million, compared with pretax non-cash pension income of $0.5 million for the same period of 2002.

Full Release: 3rd Quarter Earnings.pdf