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TDY · Teledyne Technologies

27 filings

10-K

TDY 10-K Annual Reports

Teledyne Technologies - 27 annual reports

Filing record · 2016–202610-K1210-Q338-K120

2025
Teledyne Technologies Annual Report, Year Ended Dec 28, 2025
Teledyne Technologies Incorporated (TDY) reported fiscal 2025 net sales of $6,115.4 million, up 7.9% from $5,670.0 million in 2024, and net income attributable to Teledyne of $894.8 million, up 9.2%. Diluted earnings per share rose to $18.88 from $17.21, a 9.7% increase. Operating income grew 16.2% to $1,149.8 million, helped by acquisitions and by the absence of the $52.5 million trademark impairment recorded in 2024. Aerospace and Defense Electronics was the fastest-growing segment, with net sales up 36.3%, largely from the Qioptiq acquisition completed in February 2025 and other 2025 deals. U.S. Government sales were $1,559.4 million, or 25.5% of net sales. Cash flow from operations was $1,191.3 million, roughly flat with 2024, and free cash flow was $1,074.0 million. Cash and cash equivalents fell to $352.4 million from $649.8 million, as the company spent $821.4 million on business acquisitions and $402.9 million on share repurchases, and repaid $162.0 million of senior notes. Total debt was $2,475.4 million at year end, and the $1.20 billion credit facility was undrawn. In July 2025 the Board authorized a new $2.0 billion repurchase program, and the company does not expect to pay cash dividends. The filing also flags material risks. Management cites exposure to tariffs and Chinese export restrictions, U.S. Government shutdowns (one lasting 43 days in fall 2025), NASA budget cuts, and a January 2026 executive order that could restrict stock buybacks and dividends for major defense contractors. The FLIR reporting unit had goodwill of $5,193.4 million, and its estimated fair value exceeded carrying value by approximately $619.2 million, or 8%.
Feb 20, 2026
2024
Teledyne Technologies Annual Report, Year Ended Dec 29, 2024
Teledyne Technologies Incorporated reported fiscal 2024 net sales of $5.67 billion, up 0.6% from $5.64 billion in 2023, while operating income declined 4.4% to $989.1 million. The decline was driven primarily by $52.5 million of pretax, non-cash trademark impairments recorded in 2024 in the Digital Imaging and Instrumentation segments. Net income attributable to Teledyne was $819.2 million, or $17.21 diluted earnings per share, down from $885.7 million and $18.49 in 2023. Digital Imaging, the largest segment at $3.07 billion in net sales, saw sales decline 2.3% and operating income fall 14.6%, while Instrumentation, Aerospace and Defense Electronics, and Engineered Systems sales all increased or were flat. Cash generation strengthened materially. Net cash provided by operating activities was $1,191.9 million, compared with $836.1 million in 2023, and free cash flow (operating cash flow less capital expenditures) was $1,108.2 million. The company used cash to reduce debt, repaying $450.0 million of senior notes and a $150.0 million term loan, and repurchased $354.0 million of stock. Long-term debt, including unamortized issuance costs, declined to $2,649.0 million from $3,244.9 million at year-end 2023. Total goodwill of $7,990.5 million, of which $5,827.1 million relates to the FLIR reporting unit, remains a significant balance sheet item. Looking ahead, the filing notes two acquisitions completed after year-end: Micropac Industries for approximately $57.6 million on December 30, 2024, and select aerospace and defense electronics businesses of Excelitas Technologies for approximately $700.3 million on February 3, 2025. The company describes an uncertain tariff environment, U.S. government funding risks, and export control matters, including voluntary disclosures related to Teledyne FLIR shipments, and plans approximately $130 million of capital expenditures in 2025.
Feb 21, 2025
2023
Teledyne Technologies Annual Report, Year Ended Dec 31, 2023
Teledyne Technologies Incorporated (NYSE: TDY) reported 2023 net sales of $5,635.5 million, up from $5,458.6 million in 2022, and net income attributable to Teledyne of $885.7 million, up from $788.6 million. Operating income rose to $1,034.4 million from $972.0 million. Diluted earnings per share were $18.49, compared with $16.53 in 2022. The filing notes that 2023 net income included net discrete tax benefits of $137.5 million, versus $86.7 million in 2022, and the effective tax rate was 7.5% compared with 13.1% in 2022. The company operates four segments: Digital Imaging (56% of 2023 net sales), Instrumentation (23%), Aerospace and Defense Electronics (13%) and Engineered Systems (8%). Digital Imaging operating income was $517.4 million, roughly flat year over year, while Instrumentation operating income rose to $338.3 million. U.S. Government sales were $1,381.7 million, or 24.5% of total net sales. Cash provided by operating activities was $836.1 million, and free cash flow was $721.2 million. Long-term debt fell to $3,244.9 million from $3,920.6 million after repayments during 2023. Risk factors highlighted in the filing include a possible recession, China economic slowdown, a cyclical semiconductor downturn affecting Digital Imaging and Instrumentation, government funding and shutdown risks, tariffs and export restrictions, and the goodwill and trademark carrying values for the FLIR reporting unit, where estimated fair value exceeded carrying value by approximately $460 million or 6%. The company completed two acquisitions in 2023 and announced an agreement on February 13, 2024 to acquire Adimec Holding B.V.
Feb 23, 2024
2023
Teledyne Technologies Annual Report, Year Ended Jan 1, 2023
Teledyne Technologies Incorporated (NYSE: TDY) reported fiscal 2022 net sales of $5,458.6 million, up 18.3% from $4,614.3 million in 2021, with operating income of $972.0 million versus $624.3 million, and diluted earnings per share of $16.53 compared with $10.05. The growth was driven largely by the May 2021 acquisition of FLIR Systems, which contributed $593.7 million of incremental net sales in 2022, and the Digital Imaging segment, whose net sales rose 28.9% to $3,110.9 million. Net income attributable to Teledyne was $788.6 million, and the effective tax rate was 13.1%, which benefited from $86.7 million of net discrete tax benefits. Cash generation was weaker than earnings. Net cash provided by operating activities fell to $486.8 million from $824.6 million, mainly because of a $296.4 million payment to the Swedish Tax Authority related to a pre-acquisition FLIR tax reassessment, along with higher inventory purchases and income tax payments. Free cash flow was $394.2 million, and adjusted free cash flow, which adds back the Swedish tax payment, was $690.6 million. Total long-term debt including unamortized issuance costs was $3,920.6 million at January 1, 2023, down from $4,099.4 million, and cash and cash equivalents were $638.1 million. The company does not pay cash dividends and repurchased no shares since 2015. Investors should note the risk factors the filing emphasizes: supply chain constraints and cost inflation, U.S. Government contract dependence (about 25% of 2022 net sales), trade tensions with China, and goodwill of $7,873.0 million, which is large relative to total assets of $14,354.0 million. The filing also discloses ongoing FLIR export-control matters for which the company cannot reasonably estimate potential penalties.
Feb 24, 2023
2022
Teledyne Technologies Annual Report, Year Ended Jan 2, 2022
Teledyne Technologies Incorporated (TDY) reported fiscal 2021 net sales of $4,614.3 million, up 49.5% from $3,086.2 million in 2020, driven largely by its May 14, 2021 acquisition of FLIR Systems, Inc. The FLIR acquisition, valued at approximately $8.1 billion (net cash payments of $3.7 billion, $3.9 billion in Teledyne share issuances, and $0.5 billion of assumed FLIR debt), contributed $1,273.6 million of incremental net sales. Net income rose 10.8% to $445.3 million, or $10.05 per diluted share, compared with $10.62 per diluted share in 2020. Operating income increased 30.0% to $624.3 million, though results absorbed $350.3 million in pretax FLIR-related expenses, including $110.3 million of intangible amortization and $106.4 million of acquired inventory step-up expense. The balance sheet and cash flow profile changed significantly. Total assets grew to $14,430.3 million from $5,084.8 million, goodwill rose to $7,986.7 million, and total long-term debt reached $4,099.4 million, up from $680.9 million. Net cash provided by operating activities was $824.6 million and free cash flow was $723.0 million. Management stated it does not plan to pay cash dividends and will use earnings for growth and acquisitions. Teledyne also disclosed a Swedish tax matter in which it paid $296.4 million on February 2, 2022, following a January 26, 2022 appellate ruling, and FLIR export-control matters that remain unresolved. The Digital Imaging segment now represents 52% of net sales, up from 32% in 2020, which increases concentration in that segment. Investors should weigh the higher leverage, acquisition integration risk, supply chain constraints and inflation expected to persist into 2022, and the ongoing FLIR export and tax matters against the scale and profitability the acquisition adds.
Feb 25, 2022
2021
Teledyne Technologies Annual Report, Year Ended Jan 3, 2021
Teledyne Technologies Incorporated (TDY) reported fiscal 2020 net sales of $3,086.2 million, down from $3,163.6 million in 2019, and net income of $401.9 million ($10.62 per diluted share), compared with $402.3 million ($10.73 per diluted share) a year earlier. Fiscal 2020 was a 53-week year. Operating income was $480.1 million, and the company reported cash provided by operating activities of $618.9 million and free cash flow of $547.5 million. Management described 2020 as the company's best operating margin and cash flow year in its history. Segment results were mixed: Instrumentation, Digital Imaging and Engineered Systems grew operating income, while Aerospace and Defense Electronics fell sharply on weaker commercial aerospace demand tied to COVID-19 and Boeing 737 MAX production delays. Year-end cash rose to $673.1 million, and total debt was $778.5 million. The dominant event in the filing is the pending acquisition of FLIR Systems, Inc., announced January 4, 2021, in a cash and stock transaction valued at approximately $8.0 billion. FLIR stockholders will receive $28.00 in cash and 0.0718 Teledyne shares per FLIR share, implying about $56.00 per share based on Teledyne's 5-day VWAP as of December 31, 2020. The transaction is expected to close in the middle of 2021, subject to regulatory approvals and stockholder approvals. Teledyne has arranged a $4.5 billion 364-day credit commitment to support funding, and the filing notes risks including a $250.0 million termination fee payable to FLIR in certain circumstances and a higher leverage profile after closing. The filing also highlights risk concentrations. U.S. Government sales were approximately 26% of 2020 net sales, international sales about 45%, and offshore oil and gas exposure is a material revenue driver for the Instrumentation segment. Teledyne did not pay cash dividends and had no share repurchases since 2015.
Feb 26, 2021
2019
Teledyne Technologies Annual Report, Year Ended Dec 29, 2019
Teledyne Technologies Incorporated (TDY) reported fiscal 2019 net sales of $3,163.6 million, up from $2,901.8 million in 2018, and net income of $402.3 million ($10.73 per diluted share), compared with $333.8 million ($9.01 per diluted share) in 2018. Operating income rose to $491.7 million from $416.6 million. Growth came from all four segments: Instrumentation ($1,105.1 million), Digital Imaging ($992.9 million), Aerospace and Defense Electronics ($690.1 million) and Engineered Systems ($375.5 million). Acquisitions of the scientific imaging businesses of Roper Technologies, Inc., the gas and flame detection businesses of 3M Company and Micralyne Inc. totaled $484.0 million in cash during 2019, and OakGate Technology, Inc. was acquired for $28.0 million in January 2020. Cash provided by operating activities was $482.1 million and free cash flow was $393.7 million in 2019. Total debt outstanding was $851.8 million at December 29, 2019, against a $750.0 million credit facility with $598.3 million of available borrowing capacity. The company stated it was in compliance with its financial covenants, with a consolidated leverage ratio of 1.4 to 1 versus a 3.25 to 1 maximum. The filing highlights risks tied to U.S.-China trade tensions and export restrictions (including Huawei's addition to the Entity list), oil and gas industry cyclicality, dependence on U.S. Government contracts (about 24% of 2019 net sales), and the Coronavirus outbreak, which the company said had led it to restrict travel to China. The company does not expect to pay cash dividends and has no share repurchases since 2015.
Feb 24, 2020
2018
Teledyne Technologies Annual Report, Year Ended Dec 30, 2018
Teledyne Technologies Incorporated (TDY) reported fiscal 2018 net sales of $2,901.8 million, up from $2,603.8 million in 2017, and net income of $333.8 million ($9.01 per diluted share), compared with $227.2 million ($6.26 per diluted share) in 2017. Operating income rose to $416.6 million from $321.7 million. Growth was led by Digital Imaging, where net sales increased 23.3% to $885.2 million, helped by the March 2017 e2v acquisition, and by Instrumentation (up 7.1%) and Aerospace and Defense Electronics (up 7.8%). Operating cash flow was $446.9 million and free cash flow was $360.1 million. Total debt fell to $748.8 million from $1,068.2 million at the prior year-end, and the effective tax rate dropped to 15.3% from 20.8%, aided by net discrete tax benefits of $23.8 million. The company's backlog of confirmed and funded orders was $1,568.8 million at December 30, 2018, versus $1,250.2 million a year earlier. U.S. Government sales were about 23% of net sales, and fixed-price contracts made up 67% of U.S. Government prime contracts and subcontracts. Management disclosed that a Missile Defense Agency follow-on program was not awarded to Teledyne in November 2018 and has been put on hold pending an Agency investigation. The company also noted the partial U.S. Government shutdown that began in December 2018 delayed some contract awards and invoice payments. In February 2019, Teledyne acquired the scientific imaging businesses of Roper Technologies, Inc. (including Princeton Instruments, Photometrics and Lumenera) for $225.0 million in cash, to be included in the Digital Imaging segment. The company does not pay dividends and expects to use earnings for growth, acquisitions and possibly share repurchases.
Feb 25, 2019
2017
Teledyne Technologies Annual Report, Year Ended Dec 31, 2017
Teledyne Technologies Incorporated (TDY) reported 2017 net sales of $2,603.8 million, up from $2,149.9 million in 2016, with net income of $227.2 million ($6.26 per diluted share) versus $190.9 million ($5.37 per diluted share). The increase in sales was driven largely by the March 2017 acquisition of e2v technologies plc, which contributed $273.7 million in net sales, and by acquisition-related growth in the Digital Imaging segment. Operating income rose to $335.6 million from $253.8 million, while the company absorbed $27.0 million in e2v-related pretax charges and $4.2 million in severance and facility consolidation costs. The company spent $774.1 million on acquisitions and investments in 2017, funded largely by borrowings. Total debt rose to $1,068.2 million at December 31, 2017, from $611.7 million a year earlier, and total assets grew to $3,846.4 million from $2,774.4 million. Cash flow from operations was $374.7 million and free cash flow was $316.2 million. The company stated it does not anticipate paying cash dividends in the foreseeable future and intends to use earnings for growth and potential acquisitions, with no share repurchases made in 2017 or 2016. Risk disclosures highlight exposure to U.S. Government contracts (about 24% of 2017 sales), international sales (about 46% of sales), currency fluctuations following the e2v acquisition, and cyclicality in the oil and gas markets. The company also noted a provisional Tax Cuts and Jobs Act charge of $4.7 million and a 2017 effective tax rate of 20.8%.
Feb 27, 2018
2017
Teledyne Technologies Annual Report, Year Ended Jan 1, 2017
Teledyne Technologies Incorporated (TDY) reported 2016 sales of $2,149.9 million, down from $2,298.1 million in 2015 and $2,394.0 million in 2014. Net income attributable to Teledyne was $190.9 million ($5.37 per diluted share) in 2016, compared with $195.8 million ($5.44 per diluted share) in 2015. Operating income fell to $253.8 million from $281.7 million, reflecting lower Instrumentation sales tied to weak energy markets, partially offset by growth in Aerospace and Defense Electronics and Digital Imaging. Cash provided by operating activities rose to $317.0 million, and free cash flow was $229.4 million. The most significant pending event is the acquisition of e2v technologies plc for approximately £619.6 million on a fully diluted basis, with an aggregate enterprise value of about $788.9 million. The company expects to complete the deal in the first half of 2017. Total indebtedness at January 1, 2017 was $611.7 million, and the company expects total indebtedness to initially increase by approximately $700.0 million upon closing. Shareholder approval has been obtained, and some regulatory clearances, including German and French approvals, remained outstanding at the filing date. For 2016, the company made five acquisitions totaling $93.4 million, including Hanson Research, CARIS, Quantum Data, Frontline and IN USA. Backlog of confirmed orders was $916.4 million at January 1, 2017, versus $802.8 million a year earlier. The company did not repurchase shares in 2016 and does not anticipate paying cash dividends.
Mar 2, 2017
2016-A
Teledyne Technologies Annual Report (Amendment), Year Ended Jan 3, 2016
This Form 10-K/A (Amendment No. 1) from Teledyne Technologies Incorporated for the fiscal year ended January 3, 2016 is a narrow filing. Its sole purpose, as stated in the explanatory note, is to correct a typographical error in the date of Deloitte & Touche LLP's report on internal control over financial reporting. The corrected date is February 29, 2016, and the amendment includes the corrected report, which replaces the original report in its entirety. The amendment does not update or restate any other item of the original Form 10-K. The filing reports that the aggregate market value of common stock held by non-affiliates was $3.4 billion as of June 26, 2015, and that 34,467,315 shares of common stock were outstanding at February 25, 2016. Common stock trades on the New York Stock Exchange. The auditor's report states that Deloitte concluded the company maintained effective internal control over financial reporting as of January 3, 2016, in all material respects. Management excluded the 2015 acquisitions, Bowtech and ICM (acquired in February 2015 and June 2015, respectively), from its assessment. The auditor notes these acquisitions represented less than 3% of total assets and less than 1% of both total revenues and net income. This amendment contains no financial statement results, segment data, or guidance.
May 17, 2016
2016
Teledyne Technologies Annual Report, Year Ended Jan 3, 2016
Teledyne Technologies Incorporated (TDY) reported 2015 total sales of $2,298.1 million, down from $2,394.0 million in 2014, and net income attributable to Teledyne of $195.8 million ($5.44 per diluted share), compared with $217.7 million ($5.75 per diluted share) in 2014. Operating income was $281.7 million versus $294.5 million a year earlier. Approximately 74% of 2015 sales were to commercial and international customers and 26% to the U.S. Government, and international sales were about 44% of total sales. Instrumentation remained the largest segment at 46% of sales, followed by Aerospace and Defense Electronics at 26%, Digital Imaging at 16% and Engineered Systems at 12%. Cash flow and capital deployment were central to the year. Cash provided by operating activities was $210.2 million, and free cash flow was $163.2 million. Teledyne spent $66.7 million on acquisitions and investments, including Bowtech Products Limited, Industrial Control Machines SA and the remaining 49% noncontrolling interest in Optech Incorporated, and repurchased common stock for $243.8 million. Total outstanding indebtedness was $765.5 million at January 3, 2016, and the company reported compliance with its financial covenants. Management also authorized a new repurchase program of 3,000,000 shares in January 2016. The filing highlights exposure to the offshore oil and gas market, where Brent crude fell from a high of $116 in June 2014 to a low of $27 in January 2016, and to U.S. Government funding, with fixed-price contracts representing 54% of U.S. Government contracts in 2015. Total backlog of confirmed orders was $802.8 million at January 3, 2016, down from $944.6 million a year earlier, and the company expects to fulfill 96% of it during 2016.
Mar 1, 2016
2014
Teledyne Technologies Annual Report, Year Ended Dec 28, 2014
Teledyne Technologies Incorporated (TDY) reported record fiscal 2014 results in its 10-K filed February 26, 2015. Sales rose to $2,394.0 million from $2,338.6 million in 2013, and net income attributable to Teledyne increased to $217.7 million, or $5.75 per diluted share, compared with $185.0 million, or $4.87 per diluted share, in 2013. Segment operating profit and other segment income reached $338.4 million, up from $277.9 million, with the Instrumentation segment, which now accounts for 47% of sales, driving growth largely through marine instrumentation and the 2014 acquisition of Bolt Technology Corporation for $171.0 million. The company describes its shift toward commercial and international markets, with about 75% of 2014 sales going to commercial and international customers and about 45% to international customers. Cash generation improved, with cash provided by operating activities of $287.9 million and free cash flow of $244.4 million, compared with $130.7 million in 2013. Total debt rose to $694.7 million at year-end 2014, and Teledyne repurchased $146.6 million of common stock during 2014. In February 2015 the board approved an additional 2,500,000-share repurchase program, and the company executed a $142.0 million accelerated share repurchase, funded partly by $120.0 million of floating-rate borrowings under its $750 million credit facility. The filing states that the company does not anticipate paying cash dividends in the foreseeable future. Risk factors highlighted in the filing include exposure to offshore oil and gas activity, following a decline in Brent crude from $116 in June 2014 to $56 in December 2014. The company also cites U.S. Government funding and sequestration pressures, with government sales at about 25% of total sales in 2014 compared with 32% in 2012, and fixed-price contract risk, with about 58% of 2014 U.S. Government contracts fixed-price. Goodwill totaled $1,150.6 million, a significant share of total assets of $2,862.2 million.
Feb 26, 2015
2013
Teledyne Technologies Annual Report, Year Ended Dec 29, 2013
Teledyne Technologies Incorporated (TDY) reported record 2013 results in its Form 10-K filed for fiscal year ended December 29, 2013. Sales rose 9.9% to $2,338.6 million from $2,127.3 million in 2012, and net income attributable to Teledyne was $185.0 million, or $4.87 per diluted share, versus $164.1 million ($4.39) a year earlier. Management attributed growth to acquisitions, which contributed $172.0 million of incremental sales, and to higher organic sales in the Instrumentation segment, which rose 27.1% on marine products and the LeCroy test and measurement business. The effective tax rate fell to 17.7% from 28.7%, aided by $21.3 million of net discrete tax benefits. The company is shifting away from U.S. Government dependence: government sales were about 27% of 2013 sales versus 32% in 2012, and international sales rose to about 44%. Segment operating profit was $277.9 million, roughly flat versus $279.8 million, after $24.0 million of pretax severance, facility consolidation and environmental charges. Aerospace and Defense Electronics and Engineered Systems profit declined, while Instrumentation and Digital Imaging improved. Total debt was $540.2 million at year-end, against a $750.0 million revolving credit facility with $662.0 million available, and cash flow from operations was $204.1 million with free cash flow of $131.5 million. Risks highlighted in the filing include sequestration and defense budget cuts, dependence on offshore oil and gas activity for a growing share of revenue, integration of acquisitions, and pension funding. The company spent $128.2 million on 2013 acquisitions and states that it does not anticipate paying cash dividends, intending to retain earnings for growth and acquisitions.
Feb 25, 2014
2012
Teledyne Technologies Annual Report, Year Ended Dec 30, 2012
Teledyne Technologies Incorporated (NYSE: TDY) reported record 2012 results in this Form 10-K filed February 26, 2013. Total sales were $2,127.3 million, up from $1,941.9 million in 2011, an increase of 9.5%. Net income attributable to Teledyne was $164.1 million ($4.39 per diluted share), compared with $255.2 million ($6.84 per diluted share) in 2011, which included a $113.8 million gain on the sale of the general aviation piston engine businesses. Net income from continuing operations rose 13.9% to $161.8 million ($4.33 per diluted share). Segment operating profit and other segment income rose to $279.8 million from $260.9 million. Growth was driven largely by acquisitions, including LeCroy, DALSA-related businesses and Optech, which together contributed to the increase in sales. The company spent $389.2 million on five acquisitions in 2012. The balance sheet and leverage increased materially. Total assets rose to $2,406.4 million from $1,826.1 million, and total outstanding indebtedness was $543.9 million at December 30, 2012. Teledyne made voluntary pretax contributions of $92.8 million to its domestic pension plan in 2012 and a further $83.0 million on January 7, 2013. The company does not pay cash dividends and intends to retain earnings for growth and acquisitions. A pending acquisition of RESON A/S for approximately 53 million euros was announced January 29, 2013. Mix shifted toward commercial customers, which accounted for approximately 68% of 2012 sales, while U.S. Government sales were approximately 32%. International sales rose to approximately 39% of total sales. Backlog of confirmed orders was approximately $952.5 million at December 30, 2012, and the company expects to fulfill 99% of it during 2013.
Feb 26, 2013
2012
Teledyne Technologies Annual Report, Year Ended Jan 1, 2012
Teledyne Technologies Incorporated reported a strong 2011, with sales of $1,941.9 million, up from $1,644.2 million in 2010, an increase of 18.1%. Net income attributable to Teledyne Technologies was $255.2 million ($6.84 per diluted share), compared with $120.5 million ($3.27 per diluted share) in 2010. Income from continuing operations was $142.1 million ($3.81 per diluted share), up 18.4%. The results were driven by the February 2011 acquisition of DALSA Corporation, which contributed $214.0 million of Digital Imaging revenue, and by higher organic growth in every segment except Engineered Systems. The $113.8 million gain on the April 2011 sale of the general aviation piston engine businesses also boosted reported net income. Operating cash flow from continuing operations was $219.5 million, and free cash flow was $177.8 million, compared with $96.1 million in 2010. Total debt rose to $298.0 million at year-end 2011, including $250.0 million of senior notes and $48.0 million drawn under a $550.0 million credit facility. Total equity increased to $984.1 million. Teledyne made a $50.0 million voluntary pension contribution on January 9, 2012, and expects to contribute a further $42.8 million in the third quarter of 2012. Backlog of confirmed orders was $944.6 million at January 1, 2012, and the company expects to fulfill 98% of it during 2012. Investors should note the company's shift toward commercial markets: about 64% of 2011 sales were commercial, compared with roughly 55% ten years earlier. U.S. Government sales were 36% of total sales, down from 44% in 2010. Risk factors highlighted by the filing include U.S. defense budget reductions under the Budget Control Act of 2011, fixed-price government contract exposure, pension funding, and integration risk from DALSA. Teledyne does not pay cash dividends and intends to retain earnings to fund growth, including acquisitions. On February 25, 2012, it acquired VariSystems Inc. for $34.3 million in cash.
Feb 29, 2012
2011
Teledyne Technologies Annual Report, Year Ended Jan 2, 2011
Teledyne Technologies Incorporated (TDY) reported fiscal 2010 sales of $1,644.2 million, compared with $1,652.1 million in 2009, and net income attributable to Teledyne of $120.5 million, or $3.27 per diluted share, versus $113.3 million ($3.10 per diluted share) in 2009. Net income excluding discontinued operations was $119.9 million ($3.25 per diluted share). Results were supported by a 6.5% sales increase in Instrumentation and a 6.1% increase in Aerospace and Defense Electronics, offset by an 18.0% decline in Engineered Systems and a 3.8% decline in Digital Imaging. The Company describes itself as being transformed into an electronics, instrumentation, digital imaging and engineering focused company following two transactions. The two transactions are the February 12, 2011 acquisition of DALSA Corporation for approximately CAD $337 million, funded by borrowings under its bank credit facility and cash on hand, and the pending sale of its general aviation piston engines businesses to Technify Motor (USA) Ltd. for $186.0 million in cash, which is classified as discontinued operations and expected to close in the first quarter of 2011. On February 25, 2011, the Company replaced its $590.0 million credit facility with a $550.0 million facility, of which $273.0 million was outstanding. Total debt at January 2, 2011 was $250.0 million in senior unsecured notes. Investors should note the disclosed risk areas: approximately 44% of 2010 sales came from U.S. Government contracts, Engineered Systems sales fell as missile defense and NASA work declined, and the Company is working through an unresolved SEC staff comment on its segment reporting. Cash flow from continuing operations was $127.1 million in 2010, and free cash flow was $96.1 million. The Company expects to make a voluntary pension contribution of $37.0 million in the first quarter of 2011, with an additional $32.0 million if the piston engines sale closes.
Mar 3, 2011
2010
Teledyne Technologies Annual Report, Year Ended Jan 3, 2010
Teledyne Technologies Incorporated (TDY) reported 2009 sales of $1,765.2 million, down 6.8% from $1,893.0 million in 2008, while net income attributable to Teledyne rose to $113.3 million ($3.10 per diluted share) from $111.3 million ($3.05) in 2008. The decline in sales reflected lower sales in every segment, with Aerospace Engines and Components falling 33.9% on weak general aviation demand. Segment operating profit and other segment income fell to $193.3 million from $218.5 million, but the effective tax rate dropped to 29.4% from 36.4%, helped by $14.3 million of prior-year R&D tax credits. Electronics and Communications remained the dominant segment at 70% of 2009 sales. Cash flow and balance sheet items were a focus for the year. Net cash provided by operating activities was $154.9 million, and free cash flow was $118.7 million. The company made voluntary after-tax pension contributions of $71.1 million, and pretax contributions totaled $117.0 million. Long-term debt fell to $240.0 million under a $590.0 million credit facility that expires in July 2011, and total equity rose to $667.4 million from $506.9 million. The company stated it expects to refinance the facility before maturity at higher interest rates. The filing highlights a heavy dependence on government business: U.S. Government sales were about 44% of 2009 sales, and about 50% of U.S. Government prime and subcontract work was fixed-price. Backlog of confirmed orders stood at $831.0 million at January 3, 2010. The company also flagged risks including missile defense budget reductions, delays in JASSM production funding, the general aviation downturn, and product liability exposure, including a $17.2 million annual self-insured retention for general aviation aircraft liabilities. The company does not pay cash dividends and intends to retain earnings for growth and acquisitions.
Mar 2, 2010
2008
Teledyne Technologies Annual Report, Year Ended Dec 28, 2008
Teledyne Technologies Incorporated (TDY) reported 2008 sales of $1,893.0 million, up 16.7% from $1,622.3 million in 2007, and net income of $111.3 million ($3.05 per diluted share), up 13.0% from $98.5 million ($2.72 per diluted share). Growth was led by the Electronics and Communications segment, which grew sales 19.1% to $1,276.6 million, and was supported by nine acquisitions totaling $246.1 million net of cash acquired. Segment operating profit rose 12.1% to $218.5 million, but the Aerospace Engines and Components segment swung to an operating loss of $9.7 million, reflecting an $18.0 million charge for a voluntary recall of aircraft piston engine cylinders. Cash flow and balance sheet items were pressured by pension funding and acquisitions. Net cash provided by operations fell to $120.4 million from $166.7 million, and free cash flow was $78.5 million. Long-term debt rose to $332.1 million, with $326.0 million outstanding under the $590.0 million credit facility, and the company made an $80.0 million voluntary pension contribution in February 2009. Accrued pension obligation increased to $227.9 million, and accumulated other comprehensive loss widened to $205.8 million. Management expects Aerospace Engines and Components sales to decline further in 2009 and expects marine instrument sales to contract in the second half of 2009. Investors should weigh the strong acquisition-driven growth against the weaker Aerospace Engines and Components results, the rising pension and debt burden, and the company's stated intention to retain earnings rather than pay dividends. The board also approved a repurchase program of up to 1,500,000 shares on February 24, 2009.
Feb 26, 2009
2007
Teledyne Technologies Annual Report, Year Ended Dec 30, 2007
Teledyne Technologies Incorporated (TDY) reported 2007 sales of $1,622.3 million, up 13.2% from $1,433.2 million in 2006, and net income of $98.5 million ($2.72 per diluted share) versus $80.3 million ($2.26 per diluted share) a year earlier, an increase of 22.7%. Growth was led by the Electronics and Communications segment, which grew 19.1% in sales to $1,071.6 million and 31.0% in operating profit to $143.2 million, driven partly by acquisitions such as Teledyne Scientific & Imaging, ODI and Benthos. Free cash flow was $126.4 million, compared with $52.0 million in 2006, and cash from operations was $166.7 million. The company spent $42.7 million on acquisitions in fiscal 2007 and $167.4 million on deals completed in early fiscal 2008, including TSS International, Impulse, Storm Products and Judson Technologies. Total debt was $143.2 million at year-end 2007, and the credit facility was increased to $590.0 million in February 2008. Government contracts represented approximately 41% of 2007 sales, and fixed-price government contracts were 42% of such work, which the filing flags as a source of risk. For 2008, management's full-year diluted EPS outlook is $2.86 to $2.94, reflecting expected sales growth in defense electronics and instrumentation and higher amortization and interest expense from the recent acquisitions. The company does not anticipate paying cash dividends, intending to retain earnings for growth and acquisitions. Its pension plan remained underfunded at year-end 2007, with an accrued pension obligation of $74.3 million.
Feb 28, 2008
2006
Teledyne Technologies Annual Report, Year Ended Dec 31, 2006
Teledyne Technologies Incorporated reported 2006 sales of $1,433.2 million, up 18.8% from $1,206.5 million in 2005, and net income of $80.3 million ($2.26 per diluted share), up 25.1% from $64.2 million ($1.85 per diluted share). Growth came from the Electronics and Communications segment, which grew sales 25.3% to $899.4 million, largely through acquisitions. Segment operating profit and other segment income rose 22.7% to $155.3 million. The company spent $250.4 million, net of cash acquired, on 2006 acquisitions including Rockwell Scientific (Teledyne Scientific & Imaging), Benthos, Ocean Design, KW Microwave and CollaborX, and it reported $231.9 million of total outstanding indebtedness at December 31, 2006, including $216.9 million under its $400 million credit facility. About 40% of 2006 sales came from U.S. Government contracts, and the filing notes that 47% of U.S. Government sales were fixed-price type contracts. International sales were approximately 21% of total sales. The filing flags risks tied to government funding and program changes, acquisition integration, product liability exposure at Teledyne Continental Motors, and pension underfunding. Management's 2007 outlook projects full-year earnings per diluted share of $2.33 to $2.38, and the company does not anticipate paying cash dividends in the foreseeable future.
Mar 1, 2007
2006
Teledyne Technologies Annual Report, Year Ended Jan 1, 2006
Teledyne Technologies Incorporated (NYSE: TDY) reported 2005 sales of $1,206.5 million, up from $1,016.6 million in 2004 and $840.7 million in 2003, and net income of $64.2 million, or $1.85 per diluted share, compared with $41.7 million ($1.24 per diluted share) in 2004. Electronics and Communications was the largest segment at $717.8 million in sales and $84.0 million in operating profit, driven largely by acquisitions including Cougar Components, RD Instruments and the Celeritek defense electronics business. Acquisition-related revenue added $100.8 million to that segment's 2005 sales compared with 2004. U.S. Government sales were $510.6 million in 2005, about 42% of total sales, and the company's backlog of confirmed orders stood at $521.9 million at January 1, 2006. The filing highlights significant exposure to government contracting risk, a pension plan that was underfunded at year-end 2005 (accrued pension obligation of $68.2 million), and a $38.9 million non-cash reduction to stockholders' equity under SFAS No. 87. Cash flow from continuing operations was $92.3 million, and total debt at year-end 2005 included $39.0 million under a $280.0 million credit facility, with $220.2 million of committed credit available. For 2006, management's outlook calls for full-year diluted earnings per share of approximately $1.85 to $1.90 on a GAAP basis, after roughly $0.10 per share of stock option expense and higher pension expense. The company acquired Benthos, Inc. in January 2006 for approximately $40.6 million including stock option settlements, or $32.2 million net of cash acquired. Teledyne does not pay cash dividends and intends to retain earnings for growth.
Mar 3, 2006
2005
Teledyne Technologies Annual Report, Year Ended Jan 2, 2005
Teledyne Technologies Incorporated's 10-K for fiscal 2004 (year ended January 2, 2005) reports total sales of $1,016.6 million, up from $840.7 million in 2003, and net income of $41.7 million ($1.24 per diluted share), compared with $29.7 million ($0.91 per diluted share) in 2003. The company attributes the sales increase to growth in all four segments, with the Electronics and Communications segment the largest contributor, including $98.6 million of incremental revenue from acquisitions. Five acquisitions were completed in 2004, including Isco, Inc., Reynolds Industries, Incorporated, Celeritek's defense electronics business, Leeman Labs' assets and Filtronic Solid State's assets. Segment operating profit rose to $89.2 million from $61.9 million. Government exposure remains significant: sales to U.S. Government agencies and prime contractors were about 43% of total sales in 2004, and international sales were about 19%. Backlog of confirmed orders was approximately $471.3 million at January 2, 2005, up from $369.7 million a year earlier. Cash fell to $11.4 million from $37.8 million, as acquisitions were funded in part with $70.5 million of net borrowings under a $280.0 million credit facility, with $203.0 million available at year-end. Long-term debt and capital lease obligations were $74.4 million, and stockholders' equity increased to $262.1 million. Management guided to 2005 diluted earnings per share of approximately $1.35 to $1.43, and expects to begin expensing stock options from the third quarter of 2005. The company also notes ongoing risks including aircraft product liability costs, a pension plan that was underfunded at year-end 2004, and the Company's continued dependence on U.S. Government contracts.
Mar 2, 2005
2003-A2
Teledyne Technologies Annual Report (Amendment), Year Ended Dec 28, 2003
Teledyne Technologies Incorporated (TDY) filed this Form 10-K/A (Amendment No. 2) on August 13, 2004, amending its annual report for fiscal 2003 (year ended December 28, 2003). For 2003, total sales were $840.7 million, up from $772.7 million in 2002, and net income was $29.7 million ($0.91 per diluted share), compared with $25.4 million ($0.77 per diluted share) in 2002. Growth was led by the Electronics and Communications segment, which reported sales of $446.9 million and operating profit of $33.0 million, down from $35.9 million in 2002 due to pension expense and other charges. Systems Engineering Solutions, Aerospace Engines and Components, and Energy Systems also grew sales, and aggregate segment operating profit rose to $61.9 million from $57.3 million. The company had no long-term debt at year-end 2003, $37.8 million in cash, and $200 million of available committed credit under a revolving facility that the filing says terminates in November 2004 and is being replaced. The company's outlook calls for first-quarter and full-year 2004 earnings per share of approximately $0.15 to $0.17 and $0.80 to $0.86, respectively. Management cites pension expense of approximately $8.5 million ($0.16 per share) in 2004, compared with $6.9 million in 2003, and expects Systems Engineering Solutions margins to be lower in 2004 because of the finalization of prior-year fee negotiations. Government contracts represented approximately 46% of 2003 sales, and the company completed several acquisitions in 2003 and early 2004, including Tekmar, AIS, Filtronic Solid State and Leeman Labs. Key risks disclosed include dependence on U.S. Government contracts, aircraft product liability costs and insurance, a pension plan that was underfunded at year-end 2003, and the execution risk of integrating acquisitions. The filing also notes a pending False Claims Act civil action against the Electronic Safety Products unit that the company intends to defend vigorously.
Aug 13, 2004
2003-A
Teledyne Technologies Annual Report (Amendment), Year Ended Dec 28, 2003
Teledyne Technologies Incorporated filed this Form 10-K/A (Amendment No. 1) for the fiscal year ended December 28, 2003. The filing states that its sole purpose is to amend and restate the certifications attached as Exhibits 31.1 and 31.2 to the original Form 10-K. The certifications were revised to conform to Regulation S-K Item 601(b)(31) and SEC Release No. 33-8238, which concerns management's reports on internal control over financial reporting and certification of disclosure in Exchange Act periodic reports. Exhibits 31.3 and 31.4, new certifications from the CEO and CFO, are also filed because an amendment to a Form 10-K is being filed. The cover page identifies the registrant as a Delaware corporation headquartered at 12333 West Olympic Boulevard, Los Angeles, California, with common stock and preferred share purchase rights listed on the New York Stock Exchange. The aggregate market value of common stock held by non-affiliates was $413.9 million, based on a closing price of $13.69 on June 27, 2003. As of February 27, 2004, there were 32,450,566 shares of common stock outstanding. The filing is signed by Chairman, President and CEO Robert Mehrabian and Vice President and CFO Dale A. Schnittjer, with signature dates of July 1, 2004. The filing incorporates portions of the 2004 Proxy Statement by reference for Part III and does not restate the company's operating results or financial statements in this amendment.
Jul 2, 2004
2003
Teledyne Technologies Annual Report, Year Ended Dec 28, 2003
Teledyne Technologies Incorporated, filed as Teledyne Technologies Incorporated, reported fiscal 2003 sales of $840.7 million, up from $772.7 million in 2002, and net income of $29.7 million ($0.91 per diluted share), compared with $25.4 million ($0.77 per diluted share) in 2002. Segment operating profit rose to $61.9 million from $57.3 million. Growth reflected improvement in all four segments, with the largest sales increase in Electronics and Communications, which benefited from both organic growth and acquisitions including Tekmar Company, Monitor Labs and the Aviation Information Solutions businesses of Spirent plc. The effective tax rate was 33.3%, including a $2.4 million benefit from reversing a tax contingency reserve; excluding it, the rate would have been 38.7%. The company ended 2003 with no long-term debt, $37.8 million in cash, and $200 million of available committed credit under a revolving facility that terminates in November 2004 and that management said it was in the process of replacing. Cash provided from continuing operations fell to $56.8 million from $74.2 million, reflecting timing of payables, higher aircraft product liability payments and higher receivables. Pension expense rose to $6.9 million from pension income of $2.3 million in 2002, and management expects pension expense of approximately $8.5 million in 2004. Stockholders' equity increased to $221.0 million from $176.8 million. For 2004, management expects diluted earnings per share from continuing operations of $0.80 to $0.86, with first-quarter EPS of $0.15 to $0.17. The company also cites risks including U.S. Government contract exposure (approximately 46% of 2003 sales), fixed-price contract risk, aircraft product liability insurance costs and a May 2004 expiration of its aircraft product liability policy.
Mar 4, 2004
2002
Teledyne Technologies Annual Report, Year Ended Dec 29, 2002
Teledyne Technologies Incorporated (TDY) reported 2002 sales of $772.7 million, up from $744.3 million in 2001 and below $795.1 million in 2000. Income from continuing operations was $25.4 million ($0.77 per diluted share), compared with $6.8 million ($0.21 per diluted share) in 2001. Aggregate segment operating profit rose to $57.3 million from $24.2 million, though results in 2001 included a $26.4 million pretax charge for asset impairments, restructuring and inventory write-downs. Electronics and Communications, the largest segment at 50% of sales, grew to $388.0 million, while Aerospace Engines and Components operating profit fell to $2.7 million from $8.2 million, and management does not expect a meaningful recovery there in 2003. The company ended 2002 with no long-term debt, compared with $30.0 million at year-end 2001, and cash from continuing operations of $74.2 million. Total assets were $391.1 million and stockholders' equity was $176.8 million after a $23.2 million non-cash charge to equity for a minimum pension liability. Management expects 2003 full-year earnings per share of $0.62 to $0.72, including about $0.13 per share of non-cash pension expense. Investors should weigh several risks: about 46% of sales came from U.S. Government contracts, the aircraft product liability insurance policy expires in May 2003, pension assets are underfunded with cash contributions expected in 2004, and the company is exploring strategic alternatives, including possible divestiture, for its Aerospace Engines and Components segment.
Mar 5, 2003