Copy of ExamII-2004-Financials

Copy of ExamII-2004-Financials - UNITED STATES SECURITIES...

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1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Teledyne Technologies Incorporated For the Fiscal Year Ended December 28, 2003 Item 1. Business. Teledyne Technologies Incorporated is a leading provider of sophisticated electronic components, instruments and communications products, including defense electronics, data acquisition and communications equipment for airlines and business aircraft, monitoring and control instruments for industrial and environmental applications and components, and subsystems for wireless and satellite communications. We also provide systems engineering solutions and information technology services for space, defense and industrial applications, and manufacture general aviation and missile engines and components, as well as on-site gas and power generation systems. We serve niche market segments where performance, precision and reliability are critical. Our customers include major industrial and communications companies, government agencies, aerospace prime contractors and general aviation companies.
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2 TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (In millions, except per-share amounts) 2003 2002 2001 --------- --------- --------- Net Sales $ 840.7 $ 772.7 $ 744.3 Costs and expenses Cost of sales 636.7 584.9 573.4 Selling, general and 157.0 145.6 143.8 administrative expenses Asset impairment charge 0 0 7.5 Restructuring and other 0 (0.7 ) 8.8 charges ----- ----- ----- 793.7 729.8 733.5 ----- ----- ----- Income before other income and 47.0 42.9 10.8 expense and income taxes Interest and debt expense, 0.8 0.6 1.9 net Other income (expense) (1.6 ) (0.2 ) 2.4 ----- ----- ----- Income from continuing 44.6 42.1 11.3 operations before income taxes Provision for income taxes 14.9 16.7 4.5 ----- ----- ----- Income from continuing 29.7 25.4 6.8 operations Discontinued operations, net 0 0 (0.2 ) of tax ----- ----- ----- Net income $ 29.7 $ 25.4 $ 6.6 ----- ----- ----- Basic earnings per common share: Continuing operations $ 0.92 $ 0.79 $ 0.21 Discontinued operations 0 0 (0.01 ) ----- ----- ----- Basic earnings per common $ 0.92 $ 0.79 $ 0.20 share ----- ----- ----- Diluted earnings per common share: Continuing operations $ 0.91 $ 0.77 $ 0.21 Discontinued operations 0 0 (0.01 ) ----- ----- ----- Diluted earnings per common $ 0.91 $ 0.77 $ 0.20 share ----- ----- ----- The accompanying notes are an integral part of these financial statements.
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3 TELEDYNE TECHNOLOGIES INCORPORATED CONSOLIDATED BALANCE SHEETS
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