01—Abstract
Summary
Summary of the 10-K/A filed May 17, 2016. Cited figures are marked; the original filing is the authoritative source.
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 billiona 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%b 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.
02—Key points
Key Highlights
- Form 10-K/A (Amendment No. 1) for the fiscal year ended January 3, 2016, filed to correct a typographical error in the date of Deloitte & Touche LLP's internal control report
- Corrected date of the internal control report is February 29, 2016; the corrected report replaces the original in its entirety
- Deloitte & Touche LLP 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 February 2015 and June 2015), from its internal control assessment
- Bowtech and ICM together represented less than 3% of total assets and less than 1% of both total revenues and net income
- Aggregate market value of non-affiliate common stock was $3.4 billion as of June 26, 2015
- 34,467,315 shares of common stock were outstanding at February 25, 2016
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2016, Teledyne Technologies kept $0.09.
- Revenue$2.30B100.0%
- Cost of revenue−$1.43B62.1%
- Gross profit$870.3M37.9%
- Operating costs−$588.6M25.6%
- Operating income$281.7M12.3%
- Interest, other & tax−$85.9M3.7%
- Net income$195.8M8.5%
Where FY2016 revenue went
$2.30B- Cost of revenue: $1.43B, 62% of revenue
- SG&A: $588.6M, 26% of revenue
- Net income: $195.8M, 8.5% of revenue
- Interest, other & tax: $85.9M, 3.7% of revenue
Kept 8.5% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-K/AFY2016filed May 17, 2016Financial Statements
| Revenue | $2.30B |
| Cost of Revenue | $1.43B |
| Gross Profit | $870.30M |
| SG&A Expenses | $588.60M |
| Operating Expenses | $2.02B |
| Operating Income | $281.70M |
| Interest Expense | $17.20M |
| Net Income | $195.80M |
| EPS (Basic) | $5.55 |
| EPS (Diluted) | $5.44 |
| Shares Outstanding (Basic) | 35.30M |
| Shares Outstanding (Diluted) | 36.00M |
05—Questions
Frequently Asked Questions
Does this amendment change Teledyne's reported financial results?
No. The filing states that the amendment does not amend, update, or restate any information in other items of the original Form 10-K, and it contains no financial statement results.
What was corrected in this amendment?
The date of Deloitte & Touche LLP's report on internal control over financial reporting. The correct date is February 29, 2016, and the corrected report is included with this amendment.
Did Teledyne's internal controls over financial reporting were effective as of fiscal year-end?
Yes. Per the auditor's report, the company maintained, in all material respects, effective internal control over financial reporting as of January 3, 2016, based on the COSO 2013 framework.
Were any acquisitions excluded from the internal control assessment?
Yes. Management excluded Bowtech and ICM, acquired in February 2015 and June 2015 respectively. The filing states these represented less than 3% of total assets and less than 1% of total revenues and net income.
What was the market value of shares held by non-affiliates?
The aggregate market value of common stock held by non-affiliates was $3.4 billion, based on the closing price on June 26, 2015.
06—Continue