Teledyne Technologies Reports Fourth Quarter Results

LOS ANGELES - January 29, 2004 - Teledyne Technologies Incorporated (NYSE:TDY) today reported fourth quarter 2003 sales of $222.4 million, compared with sales of $209.6 million for the same period in 2002. Net income for the fourth quarter of 2003 was $7.8 million ($0.24 per diluted share), compared with net income of $7.2 million ($0.22 per diluted share) in the fourth quarter of 2002. Net income for the fourth quarter of 2003 included pretax pension expense of $1.8 million, compared with pretax pension income of $0.6 million for the same period of 2002.

• Revenues of $222.4 million increased 6.1% compared to last year
• Earnings per share of $0.24 increased 9.1% compared to last year
• Excluding pension income and expense, EPS increased 28.6%
• Raising 2004 full year EPS outlook

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