TELEDYNE
2 0 0 9 A n n u a l R e p o r t
s a l e s ( i n m i l l i o n s)
$1,893
$1,765
$1,622
$1,433
$1,207
2005
2006
2007
2008
2009
d i l u t e d e a r n i n g s p e r s h a r e
$3.05
$3.10
$2.72
$2.26
$1.85
2005
2006
2007
2008
2009
g a a p o p e r at i n g m a r g i n ( 1)
10.0%
10.0%
9.4%
8.7%
8.3%
2005
2006
2007
2008
2009
(1) Income before other income and expense
and income taxes divided by sales
1
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
2009
Fi n a n c i a l H i g H l i g H t s
selecTed consolid a Ted Financia l da Ta
(In millions, except per-share data)
summary Financia l inForma Tion
2009
2008
2007
2006
2005
Sales
$ 1,765.2
$ 1,893.0
$ 1,622.3
$ 1,433.2
$ 1,206.5
Net income attributable to
Teledyne Technologies
$ 113.3
$ 111.3
$ 98.5
$ 80.3
$ 64.2
Diluted earnings per common share $ 3.10
$ 3.05
$ 2.72
$ 2.26
$ 1.85
Weighted average diluted common
shares outstanding
36.6
36.5
36.2
35.5
34.7
summary Ba lance sh eeT da Ta
2009
2008
2007
2006
2005
Cash and cash equivalents
$ 26.1
$ 20.4
$ 13.4 $ 13.0
$ 9.3
Working capital
Total assets
Long-term debt and
$ 250.6
$ 281.3 $ 213.7 $ 216.4
$ 154.0
$ 1,421.5
$ 1,534.5 $ 1,159.4 $ 1,061.4
$ 728.2
capital lease obligations
$ 251.6
$ 332.1 $ 142.4 $ 230.7
$ 47.0
Total equity
$ 667.4
$ 506.9
$ 506.9 $ 408.3
$ 326.0
See “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the “Notes to Consolidated
Financial Statements” in this 2009 Annual Report on Form 10-K for additional information regarding Teledyne Technologies
Incorporated’s financial data.
2
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
sales by segment
Approximate sales by end
market for fiscal year 2009
70%
electronics and
communications segment
20%
engineered systems segment
6%
4%
aerospace engines and
components segment
energy and power
systems segment
defense electronics 30%
instrumentation 32%
electronics (avionics & other) 8%
electronics and communications 70%
overview
Defense electronics businesses provide
a range of highly specialized electronic
subsystems to our government and other
defense contractors.
selected products / services
F Integrated microwave assemblies
F Harsh environment interconnects
F Infrared and visible light imaging sensors
F Electronic manufacturing services
overview
Instrumentation provides power to
subsea drilling systems, helps locate new
energy reserves, reports subtle changes
to the environment, and detects trace
contaminants in air and water.
selected products / services
F Ocean bottom interconnects
F Acoustic Doppler water current profilers
F Hydrophones and streamer cables
F Emissions monitoring instrumentation
overview
Aircraft information management solutions
are designed to increase flight safety and
efficiency of aircraft transportation. In
addition, alongside our defense electronics,
we produce precision electronics for other
commercial markets.
selected products / services
F Wireless aircraft data acquisition systems
F Electronic Flight Bags (EFBs)
F Commercial microwave subsystems
F High performance relays
engineered systems 20%
aerospace engines and components 6%
energy and power systems 4%
overview
Within the Engineered Systems segment,
our products and services focus on
protecting America, expanding national
interests in space, and improving
environmental safety.
selected products / services
F Missile defense systems engineering
F Space hardware and engineering services
F Chemical, biological, radiological and
nuclear (CBRN) systems and services
F Manufacturing services
4%
overview
Teledyne Continental Motors, Inc. provides
piston engines for a number of today’s most
popular general aviation aircraft.
selected products / services
F Aircraft piston engines for OEM aircraft
F Aftermarket engines, parts and services
F Digital electronic engine control systems
overview
We provide highly reliable power and
propulsion systems primarily for aerospace
and defense applications, as well as high
purity hydrogen generation systems.
selected products / services
F Power systems for government
applications
F Military small turbine engines
F GillTM brand aerospace batteries
F Hydrogen gas generators
3
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
Let ter to Stockholders
The economic slowdown late in 2008 and the subsequent recession in 2009 had far reaching
effects, including reduced access to financial capital and shifts in government funding, which
affected Teledyne’s portfolio of businesses to varying degrees. Teledyne responded appropriately by
placing a heightened emphasis on operational excellence, making targeted investments to protect
and improve our markets, and enhancing working capital management. We lowered annual
operating costs by over $80 million, reduced headcount by 9.8%, and maximized cash flow. As
a result, we ended 2009 with leaner, more focused operations, the strongest balance sheet in two
years, and a pension that was approximately 90% funded. By quickly changing our cost structure,
and through the efforts of our people, we delivered the following results:
2009 selected Financial highlights
n Record earnings per share of $3.10, including R&D tax credits of $0.39 per share
n Record free cash flow of nearly $190 million, excluding voluntary pension contributions (1)
n Acquired the remaining minority shares of Ocean Design for $25.5 million
n Net debt-to-capital ratio of 25.3%
Free cash Flow(1) (in millions, brackets indicate use of funds)
Cash provided by operating activities
Capital expenditures for property, plant and equipment
Free cash flow
Pension contributions, net of tax
Adjusted free cash flow
2009
2008
2007
$ 154.9
(36.2)
118.7
71.1
$ 189.8
$120.4
(41.9)
78.5
35.7
$114.2
$166.7
(40.3)
126.4
3.9
$130.3
(1) The company defines free cash flow as cash provided by operating activities (a measure prescribed by generally accepted accounting principles)
less capital expenditures for property, plant and equipment. Adjusted free cash flow eliminates the impact of pension contributions on a net of
tax basis. The company believes that this supplemental non-GAAP information is useful to assist management and the investment community in
analyzing the company’s ability to generate cash flow, including the impact of voluntary and required pension contributions.
Technical highlights
2009 also heralded several major technical successes and the launching of a number of new products.
For example, Teledyne’s electronics and infrared sensors were key elements in the successful repair
and upgrade of the Hubble Space Telescope and the new Wide-field Infrared Survey Explorer
(WISE) space astronomy mission, which is now scanning the sky helping us search for the origins
of planets, stars, and galaxies. Teledyne Webb’s robotic Slocum glider made the first transatlantic
crossing of an unmanned underwater vehicle. The voyage took seven months and covered over
4,500 miles. During its 201 days in the water, the glider collected measurements of ocean water
salinity and temperature, transmitting the data via satellite to a U.S.-based laboratory.
In our Defense Electronics businesses, Teledyne was awarded a contract from DARPA to develop
terahertz electronic devices and integrated circuits designed to advance transistor technology, circuit
design and circuit packaging at frequencies greater than 1,000 gigahertz. Teledyne’s world-class
team, along with other industry, academic and agency partners, is designing technologies under
4
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
this program to benefit a large class of communication, sensor, and data-converter circuits for
Department of Defense applications. We also further expanded our defense microwave business
with new products for counter Improvised Explosive Device (IED) applications and battlefield
communication. For example, we designed a new Unmanned Aerial Vehicle (UAV) datalink
transmitter, which is qualified on the Shadow platform.
NASA and the U.S. Air Force named Teledyne Scientific Company as the National Hypersonic
Science Center for Hypersonic Materials and Structures. This award makes Teledyne the center of
U.S.-based hypersonics materials research for the next five years, with a research focus on materials
and structures, that enable aircraft to travel at speeds well above Mach 5, or five times the speed
of sound.
Teledyne marine
Teledyne’s Marine Instrumentation businesses, which represent approximately 20% of total
Teledyne sales, performed well in 2009. Innovations from the Marine group include key elements
of tsunami warning systems designed to protect coastal populations, equipment for the Ocean
Tracking Network that monitors the evolution of fish stock and neutrino telescopes embedded
deep in the icecap to trace the origins of space. Teledyne advanced research in the underwater
cumulative Total stockholder return
The graph set forth below shows the cumulative total stockholder return (i.e., price
change plus reinvestment of dividends) on our common stock from fiscal year end
January 2, 2005 through fiscal year end January 3, 2010, as compared to the
Standard & Poor’s 500 Composite Index, the Russell 2000 Index and the Dow Jones
World Aerospace & Defense Index.
The graph assumes that $100 was invested on December 31, 2004.
In accordance with the rules of the Securities and Exchange Commission, this
presentation is not incorporated by reference into any of our registration statements
under the Securities Act of 1933.
200
150
100
50
01/02/05
01/01/06
12/31/06
12/30/07
12/28/08
01/03/10
01/02/05
01/01/06
12/31/06
12/30/07
12/28/08
01/03/10
Teledyne Technologies
Dow Jones World
Aerospace & Defense
Russell 2000
S&P 500 Composite
100
100
100
100
99
121
105
105
136
150
124
121
182
183
123
129
138
105
77
78
130
140
103
102
5
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
domain by developing an ultra deepwater Doppler Velocity Log (DVL) for the Woods Hole
Oceanographic Institution’s Nereus vehicle. The DVL provided the vehicle with velocity data
during a record 6.8 mile dive (10,902 meters) to the bottom of the Mariana Trench, the deepest
known part of the world’s oceans. The dive collected bottom imagery and data samples from the
trench for further scientific study.
Teledyne oil & gas
Teledyne continues to gain market share and become a key player in the offshore oil industry. Our
focus is on specialized products for increasingly demanding deepwater offshore energy applications,
where higher temperature and pressure conditions challenge long-term reliability.
To further serve our customers, by combining the resources of several recently acquired companies
including Ocean Design, U.K.-based Cormon and Teledyne Impulse, Teledyne created the Teledyne
Oil & Gas division. The division specializes in wet-mateable interconnect solutions, glass-to-
metal sealed downhole penetrators, and pipeline flow assurance systems to monitor lifetime asset
integrity. The primary focus of this new strategic division is to leverage the synergy of products
and services across these complementary businesses to provide additional value to our oil and gas
customers. In October, Teledyne Oil & Gas officially opened its new European headquarters in
Worthing U.K. The new center will serve as the nucleus for European support. The Oil & Gas
division has also established a close collaboration with Teledyne Scientific Company aimed at
research and development of materials that seeks to provide greater than 25 year product life in the
harsh deepwater environment. The technical depth represented by this integrated effort has been
greeted favorably by our customers as a key differentiator for Teledyne.
engineered systems
For over half a century, Teledyne Brown Engineering, Inc. (TBE) has been supporting NASA’s
mission to explore the Universe, and the company has had a role in nearly every U.S. space program.
TBE has also worked for decades to defend our nation from the threat of ballistic missiles. In
addition to core competencies in systems engineering and hardware in the loop simulation, TBE
maintains significant capabilities in manufacturing space and nuclear qualified hardware. We were
pleased that in 2009 TBE was named Alabama’s Large Manufacturer of the Year and was presented
an award by Alabama Governor Bob Riley in recognition of the company’s superior performance
in the areas of operational excellence, leadership, profitable growth, continuous improvement,
customer focus, employee commitment and investment in training and retraining.
aerospace engines & components
Teledyne Continental Motors, Inc. was impacted the most by the soft economy during 2009. Sales
for engines to aircraft OEMs from our Aerospace Engines and Components segment were 65%
lower in 2009 than 2008. Even in this market, we continued to focus on technology and growth
opportunities. We recently announced that Teledyne Continental Motors plans to introduce a new
225-250 horsepower diesel aerospace engine. By allowing the use of a fuel with worldwide availability,
we anticipate that the new engine will expand the small airplane market in the Far East and will also
potentially open up the military UAV market to Teledyne. We believe there are significant long-term
growth opportunities in military UAV and commercial international markets, particularly in Asia.
6
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
2010
Over the last ten years, we have built a company comprised of highly engineered products that
are not easily commoditized. Despite some recent improvement, the current world economy
remains challenging. In such uncertain times, our balanced mix of government and commercial
businesses, with increasingly strong positions in defensible markets, should allow Teledyne to
continue to thrive.
Teledyne is committed to:
n Achieving Quality Earnings Growth
n Driving Operational Excellence and Margin Expansion
n Generating Strong Cash Flow
n Acquiring Strategic Businesses
As we begin a new decade, our strong balance sheet provides us the financial flexibility to pursue
complementary acquisitions and make continued investments in our businesses. Teledyne and
its stockholders are also fortunate to have experienced business leaders who serve on our Board of
Directors. I thank the Board for its contributions. And finally, I want to recognize our employees.
The decisions we made and rapid actions we took to reduce our cost structure were not easy. Teledyne
is a stronger company as a result of their efforts, hard work and perseverance. Thank you.
Chairman, President and Chief Executive Officer
Teledyne Technologies Incorporated
March 1, 2010
7
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
melanie s. Cibik
Vice President, Associate General
Counsel and Assistant Secretary
kevin J. riley
President
Teledyne Scientific & Imaging, LLC
rex d. geveden*
President
Teledyne Brown Engineering, Inc.
rhett C. ross
President
Teledyne Continental Motors, Inc.
susan l. main*
Vice President and Controller
robyn e. mCgowan
Vice President, Administration,
Human Resources and Assistant
Secretary
aldo (al) piChelli*
President and Chief Operating
Officer, Electronics and
Communications Segment
robert l. sChaefer
Associate General Counsel and
Assistant Secretary, General Counsel
Electronics and Communications
Segment
robert w. steenberge
Vice President and
Chief Technology Officer
Jason vanwees
Vice President,
Corporate Development
and Investor Relations
executive management
robert mehrabian*
Chairman, President and
Chief Executive Officer
John t. kuelbs*
Executive Vice President,
General Counsel and Secretary of the
Board of Directors
dale a. sChnittJer*
Senior Vice President and
Chief Financial Officer
stephen f. blaCkwood
Vice President and Treasurer
ivars r. blukis
Chief Business Risk
Assurance Officer
* Section 16 Officer
segment presidents
aldo (al) piChelli
Electronics and
Communications Segment
rex d. geveden
Engineered Systems
Segment and Energy and
Power Systems Segment
rhett C. ross
Aerospace Engines and
Components Segment
stockholder information
Corporate offiCes
Teledyne Technologies Incorporated
1049 Camino Dos Rios
Thousand Oaks, CA 91360
Telephone: (805) 373-4545
Fax: (805) 373-4775
www.teledyne.com
transfer agent and registrar
BNY Mellon Shareowner Services
480 Washington Boulevard
Jersey City, NJ 07310
(888) 540-9867
stoCkholder publiCations -
form 10-k
Annual reports (including Form 10-K)
and proxy statements are mailed to
all stockholders of record. Copies of
our SEC periodic reports, corporate
governance guidelines, codes of
ethics and committee charters are
also available on our web site at
www.teledyne.com. For additional
information, contact Corporate Com-
munications or Investor Relations.
stoCk exChange listing
The common stock of Teledyne
Technologies Incorporated is traded
on the New York Stock Exchange
(symbol TDY).
annual meeting
The annual meeting of stockholders
will be held on Wednesday, April 21,
2010, at 9:00 a.m. PDT, at Teledyne
Technologies Incorporated, 1049
Camino Dos Rios, Thousand Oaks,
CA 91360.
independent auditors
Ernst & Young LLP
Los Angeles, California
Current news and
general information
Information about Teledyne is
available at www.teledyne.com.
8
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
nts
e
m
d instru
fathoming seas and waterways is our mission
Teledyne marine is a platform of un-
dersea technology companies acquired by
Teledyne Technologies. in keeping with
Teledyne’s philosophy, the operating units
in the marine group remain committed to
their origins, and each continues to
s
t
n
e
m
u
r
t
s
n
i
d
r
e
n
y
d
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u
s
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N
e r
dyn
d Tele
e
t
n
a
s a
s
e T
dyn
vig
with Tele
a
do what it does best. how-
ever, these organizations
work together to provide
their collective custom-
ers with a new level of
combined technology, inno-
vation, and worldwide support.
Teledyne marine brings the best of the
best together. each Teledyne marine unit is
a leader in its respective field, committed to
delivering premium products and unparal-
leled service and support to provide under-
sea solutions to the defense, offshore and
academic communities.
w
i
t
h
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x
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t h T e l e d y n e W e b b r e s e a r c h
w i
MONitOr
with Teledyne cormon
s
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ith T
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9
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
explOre
Navigate
S
G
P
f
o
y
s
e
t
r
u
o
c
o
t
o
h
P
ge ophysical in sTru me nTs
Teledyne geophysical
instruments has remained
at the forefront of technology
advancements and today is
among the largest, highest quality
independent suppliers of streamer
cables and hydrophones. Towed
behind a survey vessel, these
products are used extensively around
the globe to locate new offshore oil
and gas reserves.
Tss
Teledyne Tss limited is hard at
work around the globe in some of the
harshest environments imaginable,
in situations where performance and
safety rely upon the highest integrity
data results. By combining precision
motion sensors with gyrocompasses,
Teledyne TSS produces highly
accurate inertial navigation systems
for hydrographic surveying and
weapon platform stabilization
applications. These products are
used extensively for defense and
offshore oil and gas operations.
e
w ith Tele d y n e g e o p h ysic al in stru m e nts
x
O
r
p
l
e
w
u
s
ith T
r
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e
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d
o
y
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y
dro
gra
p
hic a
n
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ele
d
y
n
e B
e
nth
o
s
1 0
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
Observe
COMMuNiCate
l
l
e
w
o
r
C
n
a
D
y
b
o
t
o
h
P
WeBB re sea rch
BenThos
Teledyne Webb research
produces innovative solutions
for autonomous oceanographic
monitoring. The company provides
the ocean observing community and
national centers with cost-effective
sensor platforms capable of obtaining
high resolution ocean water column
data. Products include the Slocum
Glider for long-range, extended
duration subsurface sampling,
the APEX float for physical and
biogeochemical oceanography, and
moored low frequency sweeping
sound sources for basin scale
tomography.
Teledyne Benthos, inc.
manufactures a wide array of
rugged, reliable oceanographic
instrumentation and sensors for use
in marine environments. One of the
company’s key product offerings is
the Teledyne Acoustic Modem used
for wireless horizontal or vertical
underwater communication. Other
products include acoustic releases,
geophysical survey systems, glass
flotation spheres, and undersea
locating devices.
1 1
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
Measure
survey
rd in sTrum enTs
odom hydrographic
Teledyne rd instruments, inc.
developed the industry’s first
Acoustic Doppler Current Profiler
(ADCP), a revolutionary device
capable of measuring the speed and
direction of underwater currents
at up to 128 individual points
throughout the water column. Over
the years, the company has expanded
its core technology to create a wide
array of current profiling, wave
measurement, and underwater
navigation products for applications
ranging from shallow streams to
full ocean depth environments.
In 2009 the company added a
Conductivity, Temperature, and Depth
(CTD) product line, which provides
the three parameters required to
determine salinity, density and
speed of sound in the underwater
environment.
Teledyne odom hydrographic, inc.
is an industry leading manufacturer of
single and multibeam echo sounders
for hydrographic applications.
Installed on survey boats, these
products transmit and receive acoustic
pulses which are reflected by the
seabed, received by the sounder, and
then used to calculate the distance
between the water surface and the
bottom. Depth data is then correlated
to GPS position information in real-
time and used to generate maps
revealing the changing contours of
the riverbed or seafloor. This critical
data is used for navigational safety, as
well as geological and oceanographic
research. With more than three
thousand echo sounders produced and
distributed worldwide, the company
has established an enviable standard
for product reliability and unmatched
customer service.
1 2
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
teledyne oil and gas
providing mission
critical inter-connect,
flow assurance and
sensing solutions to
the subsea oil and gas
production industry
CONNeCt
MONitOr
odi
cormon
Teledyne odi, inc. is a leader in
standard and custom-engineered
wet-mateable subsea electrical and
fiber optic interconnect solutions
for subsea oil and gas, defense, and
ocean science applications around
the globe. Since its inception, the
company has successfully remained
focused on providing innovative
engineered solutions for some of the
world’s most challenging offshore
environments.
Teledyne cormon limited
provides engineered monitoring
packages and applications expertise
to the oil and gas industry. Its
innovative flow assurance products
and related services accelerate
production, reduce operating costs
and extend asset life for operators
and processors worldwide.
1 3
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
CONNeCtiONs
impul se
d.g.o’Brien
Teledyne impulse designs and
manufactures high reliability
electrical and optical interconnection
systems, motorized power transfer
switches, and custom insert molded
compression connectors for a
broad range of harsh environment
applications including oceanographic
exploration, spacecraft and launch
vehicles, defense, oil and gas
exploration and production,
and wastewater management.
Teledyne d.g.o’Brien has
incorporated the unmatched reliability
of glass-to-metal seals into optical
and electrical solutions. The company
designs and manufactures systems
to transmit signals, data, and power
in oceanographic applications where
failure to perform may contribute
to substantial lost revenue, aborted
missions, or loss of life. Teledyne
D.G.O’Brien’s applications are
designed to withstand the invasion of
sea water at very high pressure over
numerous pressure cycles, extreme
temperatures, and challenging
environments.
1 4
T e l e d y n e T e c h n o l o g i e s in c o r p o r a Te d
2009 annu al report
directors
robert mehrabian
Chairman, President and
Chief Executive Officer,
Teledyne Technologies
Incorporated
paul d. miller (1)(2)
Retired Chairman, Alliant
Techsystems, Inc.
miChael t. smith (1)(2)
Retired Chairman and Chief
Executive Officer, Hughes
Electronics Corporation
wesley w. von sChaCk (2)(3)
Retired Chairman, President
and Chief Executive Officer
Energy East Corporation
roxanne s. austin (2)(3)
President and Chief
Executive Officer
Move Networks, Inc.
frank v. Cahouet (1)(2)
Retired Chairman and Chief
Executive Officer, Mellon
Financial Corporation
Charles CroCker (2)(3)
Chairman and CEO,
Crocker Capital and Retired
Chairman and CEO,
BEI Technologies, Inc.
kenneth C. dahlberg (1)(3)
Chairman of the Board
of Science Applications
International
Corporation (SAIC)
simon m. lorne (1)(2)
Vice Chairman and Chief
Legal Officer
Millennium Management LLC
(1) Audit Committee
(2) Nominating and Governance Committee
(3) Personnel and Compensation Committee
teledyne teChnologies inCorporated
2009
Form 10-K
Forward-Looking Statements Cautionary Notice
From time to time the Company makes, and this annual report may contain, forward-looking
statements, as defined in the Private Securities Litigation Reform Act of 1995, directly and indirectly
relating to earnings, growth opportunities, product sales, product recalls, pension matters, stock option
compensation expense, taxes and strategic plans. All statements made in this report that are not historical
in nature should be considered forward-looking. Actual results could differ materially from these forward-
looking statements. Many factors could change the anticipated results, including continuing disruptions
in the global economy, insurance and credit markets, changes in demand for products sold to the defense
electronics, instrumentation and energy exploration and production, commercial aviation, semiconductor
and communications markets, funding, continuation and award of government programs, continued
liquidity of our suppliers and customers (including commercial and aviation customers), availability of
credit to our suppliers and customers, and the availability of valve lifters and the cost of the valve lifter
issue at Teledyne Continental Motors, Inc. Increasing fuel costs could negatively affect the markets of
our commercial aviation businesses. Lower oil and natural gas prices could negatively affect our business
units that supply the oil and gas industry. In addition, financial market fluctuations affect the value of
the Company’s pension assets.
Global responses to terrorism and other perceived threats increase uncertainties associated with
forward-looking statements about our businesses. Various responses to terrorism and perceived threats
could realign government programs, and affect the composition, funding or timing of our programs.
Flight restrictions would negatively impact the market for general aviation aircraft piston engines and
components. Changes in U.S. Government policy could result, over time, in reductions and realignment
in defense or other government spending and further changes in programs in which the Company
participates, including anticipated reductions in the Company’s missile defense engineering services and
gas centrifuge service module manufacturing programs.
The Company continues to take action to assure compliance with the internal controls, disclosure
controls and other requirements of the Sarbanes-Oxley Act of 2002. While the Company believes its
control systems are effective, there are inherent limitations in all control systems, and misstatements due
to error or fraud may occur and not be detected.
Teledyne Technologies’ growth strategy includes possible acquisitions. The Company cannot provide
any assurance as to when, if or on what terms any other acquisitions will be made. Acquisitions involve
various inherent risks, such as, among others, our ability to integrate acquired businesses and retain
customers and to achieve identified financial and operating synergies. There are additional risks associated
with acquiring, owning and operating businesses outside of the United States, including those arising
from U.S. and foreign government policy changes or actions and exchange rate fluctuations.
Additional information concerning factors that could cause actual results to differ materially from those
projected in the forward-looking statements is contained in Teledyne Technologies’ periodic filings with
the Securities and Exchange Commission, including its 2009 Annual Report on Form 10-K. Forward-
looking statements are generally accompanied by such words as “estimate”, “project”, “predict”, “should”,
“believes” or “expect”, that convey the uncertainty of future events or outcomes. The Company assumes
no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information or otherwise.
1049 Camino Dos Rios • Thousand Oaks, California 91360 • 805.373.4545 • fax 805.373.4775 • www.teledyne.com