Teledyne
2010
Annual Report
diluTed eARnings PeR shARe (ConTinuing oPeRATions)
Diluted Earnings Per Share Continuing Operations
diluTed eARnings PeR shARe (ToTAl)*
Diluted Earnings Per Share
13.0%
$3.20
$3.17
$3.25
9.7%
$3.05
$3.10
$3.27
$2.36
$1.99
$2.72
$2.26
2006
2007
2008
2009
2010
2006
2007
2008
2009
2010
*Includes Discontinued Operations
CumulATive ToTAl sToCkholdeR ReTuRn
The graph set forth to the right shows
the cumulative total stockholder return
(i.e., price change plus reinvestment of
dividends) on our common stock from
fiscal year end January 1, 2006, through
fiscal year end January 2, 2011, 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 30, 2005.
200
150
100
50
01/01/06
12/31/06
12/30/07
12/28/08
01/03/10
01/02/11
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.
01/01/06
12/31/06
12/30/07
12/28/08
01/03/10
01/02/11
Teledyne Technologies
Dow Jones World
Aerospace & Defense
Russell 2000
S&P 500 Composite
100
100
100
100
138
124
118
116
184
151
117
123
140
87
74
74
132
116
98
97
151
130
124
112
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
2010
F i n a n c i a l H i g H l i g H t s
seleCTed ConsolidATed FinAnCiAl dATA
(In millions, except per share data)
sum mAR y FinAnCiAl inFoRmATion
2010
2009
2008
2007
2006
Sales
$ 1,644.2
$ 1,652.1
$ 1,722.0
$ 1,441.6
$ 1,251.6
Net income from continuing
operations
$ 119.9
$ 115.9
$ 116.6
$ 85.6
$ 70.7
Income (loss) from discontinued
operations, net of taxes
Net income attributable to
Teledyne Technologies
0.6
(2.6)
(5.3)
12.9
9.6
$ 120.5
$ 113.3
$ 111.3
$ 98.5
$ 80.3
Diluted earnings per common share
Continuing operations
$ 3.25
$ 3.17
$ 3.20
$ 2.36
$ 1.99
Discontinued operations
0.02
(0.07)
(0.15)
0.36
0.27
Diluted earnings per common share $ 3.27
$ 3.10
$ 3.05
$ 2.72
$ 2.26
Weighted average common
shares outstanding
sum mAR y BAlAnCe sheeT dATA
36.9
36.6
36.5
36.2
35.5
Cash and cash equivalents
$ 75.1
$ 26.1
$ 20.4
$ 13.4
$ 13.0
2010
2009
2008
2007
2006
Working capital
Total assets
Long-term debt and
$ 306.8
$ 242.6 $ 274.8
$ 198.3
$ 203.7
$ 1,557.8
$ 1,421.5 $ 1,534.5 $ 1,159.4
$ 1,061.4
capital lease obligations
$ 265.3
$ 251.6 $ 332.1 $ 142.4
$ 230.7
Total equity
$ 787.0
$ 667.4
$ 506.9
$ 506.9
$ 408.3
See “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the “Notes to Consolidated
Financial Statements” in the 2010 Annual Report on Form 10-K for additional information regarding Teledyne Technologies
Incorporated’s financial data.
1
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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SaleS by Segment*
digital imaging
8%
instrumentation
35%
engineered systems
20%
Aerospace and
defense electronics
37%
digiTAl imAging
insTRumenTATion
engineeRed sysTems
AeRosPACe And
deFense eleCTRoniCs
Instrumentation segment
provides monitoring and
control instruments for
marine, environmental,
scientific, industrial and
defense applications and
harsh environment
interconnect products.
Digital Imaging segment
includes our sponsored and
centralized research
laboratories for a range of
new technologies benefiting
government programs and our
businesses, as well as
major development and
production efforts for
innovative digital imaging
products for government and
space applications. It also
includes infrared detectors,
cameras and opto-mechanical
assemblies.
engineered systems
segment provides systems
engineering and integration,
advanced technology
application, software devel-
opment, and manufacturing
solutions to space, military,
environmental, energy,
chemical, biological and
nuclear systems and missile
defense requirements. This
segment also designs and
manufactures hydrogen gas
generators, thermoelectric
and fuel-cell based power
sources and small turbine
engines.
aerospace and Defense
electronics segment
provides complex electronic
components and subsystems
and communications
products, including defense
electronics, data acquisition
and communications
equipment for air transport
and business aircraft, and
components and subsystems
for wireless and satellite
communications, as well as
general aviation batteries.
*In December 2010, we entered into an agreement to sell our general aviation piston engines businesses. These businesses formerly constituted
Teledyne’s aerospace engines and components segment and are now classified as discontinued operations. While the sale is subject to closing
conditions, we expect it to close during the 1st quarter of 2011.
2
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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l e t t e r to s to c k H o l d e r s
In 2010, Teledyne Technologies Incorporated entered its second decade as an
independent company. Looking back, I am pleased with our financial performance,
but even more so with the evolution of our business portfolio.
Repositioning
Teledyne,
while growing
earnings.
u In 2010, we reported total earnings per share of $3.27, a
record for Teledyne. In addition, earnings growth has been
consistent. Despite the recession that started in the fourth
quarter of 2008, and the gradual recovery underway now,
Teledyne’s total earnings per share have grown every year
for nine consecutive years.
u Furthermore, over this same nine year period, we have
progressively repositioned Teledyne. We have continually
focused on and invested our cash flow in businesses with
to manufacture, highly-engineered
proprietary, hard
products, while avoiding businesses that are subject to
commoditization. The pending sale of Continental
Motors, our piston engines businesses, and the acquisition
of DALSA Corporation on February 12, 2011, further
emphasize this strategy by permitting Teledyne to focus on
our core businesses. DALSA is our fifth and most significant
acquisition in the digital imaging domain.
u Following these transactions, Teledyne will essentially be a
pure-play electronics, digital imaging, instrumentation and
engineering focused company. We will have less exposure
to markets, such as defense, and a greater contribution,
especially in earnings, from markets driven by attractive
global themes such as demand for oil exploration and
production; energy-related infrastructure, such as power
plant construction; the need for clean air and water; and
the worldwide growth in manufacturing using process
control, machine vision and factory automation.
3
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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Wha T’s n eW a T Tel eDyne?
digiTAl imAgin g
new inFRARed imAging CAmeRAs
Since the acquisition of Rockwell Scientific Company LLC in 2006, we have been
developing technology to expand our digital imaging offerings. We remain committed
to space and terrestrial astronomy markets, which are the heritage of our leading infrared
imaging sensors, but have broadened beyond that into military tactical and space
applications. We have developed new cameras including a midwave infrared system
that requires less cooling to achieve full performance, resulting in reduced size, weight
and power. One of the first applications for this camera is a small inertially-stabilized,
geo-referenced gimbal made by Optical Alchemy, Inc. of Nashua, New Hampshire.
During 2010 we acquired a minority interest in Optical Alchemy and are collaborating
with them on systems for small unmanned aerial vehicles. We also acquired Optimum
Optical Systems, Inc. of Camarillo, Calif., a designer and manufacturer of custom
optics and opto-mechanical assemblies, providing technology that supports both our
own cameras and higher level systems, including Optical Alchemy’s gimbals.
dAlsA ACquisiTion signiFiCAnTly exPAnds ouR digiTAl imAging CAPABiliTies
Teledyne DALSA’s image sensors with hundreds of megapixels are used in very high
resolution applications, including Google Earth™ and Microsoft® Virtual Earth™.
DALSA is also a leader in the demanding semiconductor wafer inspection market
where the feature sizes are so small that semiconductor manufacturers have contracted
with DALSA for customized cameras that operate with the short wavelengths of deep
huge CCd imagers
(foreground) and tiny
mems motion sensors
(background) are among
the devices produced
in Teledyne dAlsA’s
Bromont wafer foundry.
ultraviolet light. DALSA’s newest line of X-ray medical image sensors are just now
coming to market and have been greeted enthusiastically by customers because of the
combination of high image quality and reduced X-ray dosage.
Teledyne DALSA’s custom Microelectromechanical Systems (MEMS) pure-play
foundry has state-of-the-art, highly automated production equipment and an extensive
4
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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portfolio of intellectual property in manufacturing processes. These are used to support
customer applications, ranging from very sophisticated micro-mirror arrays for
optical telecom networking equipment to industrial pressure sensors and cell phone
microphones. The foundry is highly complementary to Teledyne’s MEMS research and
development organization, which has nearly 20 years of experience in developing and
manufacturing prototypes of advanced MEMS-based optical, microwave, navigation
and timing devices and sensors.
Teledyne mems research
prototype of a compact
gyroscope presently
under development. These
sensors can provide
information on orienta-
tion and heading to aid in
vehicle navigation.
in sTRumen TAT ion
Teledyne oil And gAs ACTively involved in miTigATing The gulF oF mexiCo oil sPill
2010 was an eventful year in the offshore oil industry accentuated by the Macondo
well disaster in the Gulf of Mexico. Our people and technologies were involved in the
analysis and remediation efforts of the oil spill. We worked closely with Woods Hole
Oceanographic Institution as they adapted our acoustic Doppler current profiler to
measure the velocity of the oil leaking from the well in order to arrive at a more accurate
estimate of the amount of oil released. BP used a new Teledyne sensor to precisely
measure the pressure in the cap to establish that it had successfully stopped the leak.
Several of our Slocum subsea gliders were used for days or weeks at a time to track the
plume in and beyond the Gulf of Mexico.
The disaster virtually halted new activity in the Gulf of Mexico subsea oil market,
but all major operators appear to be committed to the long-term future in the Gulf
of Mexico and are estimating a return to more normal operations later in 2011 and
2012. We expect that increases in activity in the West Africa, Southeast Asia, and
Brazilian markets will compensate for the slower pace in the Gulf of Mexico. Major oil
companies have committed to record levels of capital expenditures for 2011, supporting
5
After choking the stem of
oil, a Teledyne oil & gas
Pressure/Temperature (PT)
sensor provided the critical
metric of well pressure
data to allow the incident
team to evaluate the overall
integrity of the well, while
the electrical wet mate
interconnect assembly
enabled power to and data
transmission from the PT
sensor to the incident
Commander on the surface.
The slocum glider provided
spatial sensor capability
for constant surveillance
of the flow of oil.
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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stronger demand for our subsea components. Over the longer term, population growth
and increased industrialization in developing countries are forecast to continue to
drive the demand for oil, leading to continued development of offshore deepwater
reserves. Teledyne Oil and Gas and Teledyne Scientific Company are working closely
with engineers and scientists at oil companies and equipment suppliers to develop
the next generation of technologies that will perform reliably in the harsh deepwater
BP Macondo Riser Capping Stack
Teledyne
Wet-Mateable
Connector
Teledyne
Pressure Sensor
Teledyne
Gliders
© Bp p.l.c.
environment for 25 years or more. To support this cooperative effort, our research
scientists have developed an extensive, possibly unique, database of subsea materials
that we have subjected to accelerated life testing under high pressure, high temperature
and high voltage. The data derived from this research has been of great value to our
customers and has resulted in new orders for Teledyne Oil and Gas.
enviRonmenTAl moniToRing FoR The develoPed And develoPing woRld
Our air and water quality businesses held up well in 2010, paced by strong sales in
China and India. These countries and other developing nations are following the path
where industrialization leads to increasing concerns about the effect on the environment
and then to steps to mitigate these effects. This, in turn, has resulted in orders for our
products that are used online in the field, at industrial and power generation facilities
and in environmental laboratories.
AeRosPACe An d deF en se el e CTRon iCs
We serve both the commercial aviation and defense industries with a range of electronic
products and services. During 2010, we experienced an increase in orders and sales
for our aviation data management systems used on air transport aircraft by airlines
throughout the world. Our Wireless GroundLink® products, which automate the
transfer of flight data from the aircraft to the airline’s operations center, were in strong
6
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
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demand, especially from airlines based in Asia. A growing number of customers rely on
our technology to enhance the timeliness and reliability of data used to support their
maintenance and safety infrastructure.
Several of our defense electronics businesses serve customers that manufacture
Unmanned Aerial Vehicle (UAV) data links, satellite communication systems, radars
and electronic warfare systems. While our businesses will not be immune to budget
pressures, we believe that many of our products and services are well-aligned with
military priorities related to unmanned systems, electronic warfare and broadband data
communications for the battlefield. In July 2010, we acquired Intelek plc, a United
Kingdom-based company with businesses in both the U.K. and U.S. A key element of
this acquisition was the addition of high power solid state microwave transmitters to our
portfolio of high power travelling wave tubes and medium power solid state microwave
transmitters. Former Intelek unit Paradise Datacom LLC, based in State College, Pa.,
is a leader in high power solid state amplifiers used in commercial and government
satellite communications systems and also has a growing line of data modems for these
applications. Our goals are to both grow in the satellite uplink market and to apply
Teledyne Paradise’s technology to radar and electronic warfare applications.
engineeRed sysTem s
engineeRed sysTems ACquiRed The Cml gRouP, A ComPosiTes mAnuFACTuReR in The u.k.
In 2010, the Engineered Systems segment continued its strong focus on the nuclear and
manufacturing markets. With the acquisition of the CML Group in the U.K. (formerly
an Intelek business unit), this segment increased its manufacturing space from 400,000
Teledyne is contributing
to our nation’s defense
through technologies that
provide a framework for
test and evaluation of our
air and missile defense
programs.
sq. ft. to 600,000 sq. ft. Teledyne CML brings a new market and added capabilities to
Teledyne Brown Engineering, Inc.’s (TBE) offerings with its expertise in composites
manufacturing for the commercial aviation market. TBE’s precision machining capacity
and capabilities were further increased by the relocation of Teledyne’s Advanced
Manufacturing Cell, which produces high precision components for our turbine engines,
to TBE in Huntsville, Ala.
7
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
Employing its nuclear design and manufacturing credentials, TBE secured contracts
in Europe and the U.S. to build backup emergency generators for nuclear power plants
and continued to expand its business of supplying components for uranium enrichment
projects.
Teledyne Brown continued to lead the Missile Defense System Exerciser program,
which supports Ballistic Missile Defense System ground testing and Warfighter
exercises, and continued to be a key contributor to the Missile Defense Agency’s (MDA)
Single Stimulation Framework (SSF). TBE, which has been the industry leader for
missile defense test framework development for over two decades, last year produced
the Distributed Integrated Air and Missile Defense Test and Evaluation Capability
(DITEC) which is an innovative prototype for the next generation test framework.
TBE played a significant role in NASA’s human spaceflight program in 2010,
supplying hardware and flight support equipment for every space shuttle mission
flown. The company’s highly trained science payload operators continued planning and
executing all the science operations on the International Space Station.
Teledyne Turbine Engines continued to be a market-leader in the small turbine
engine market. Over the past year, it supplied dozens of engines for cruise missiles
and unmanned aerial vehicles while continuing to develop new technologies through
customer-funded and internal research efforts. Finally, Teledyne Energy Systems, Inc.
continued to develop and supply advanced energy and power systems for various
government programs and commercial hydrogen generators for the international
industrial market.
looking AheAd
As we look to the year ahead, we first want to extend a warm welcome to DALSA
employees; we are pleased you are part of the Teledyne family. We also wish to thank
all employees of Teledyne Continental Motors for their dedication and support of
Continental Motors during the pending sale process.
All of our employees deserve recognition for their extraordinary efforts over the past
year. They have met the challenges of integrating several acquisitions while preserving
the entrepreneurial spirit of each acquired business.
Finally, I wish to recognize Teledyne’s Board of Directors. Like me, they are passionate
and committed to Teledyne’s success. With everyone’s dedication and expertise, we
are repositioning our company and building a new history around the proud heritage
associated with the Teledyne name.
Sincerely,
Robert Mehrabian
Chairman, President and Chief Executive Officer
March 3, 2011
8
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
diReCToRs
Roxanne S. auStin (2)(3)
President,
Austin Investment Advisors
RobeRt MehRabian
Chairman, President and
Chief Executive Officer,
Teledyne Technologies Incorporated
FRank V. Cahouet (1)(2)
Retired Chairman and CEO,
Mellon Financial Corporation
Paul D. MilleR (1)(2)
Retired Chairman,
Alliant Techsystems, Inc.
ChaRleS CRoCkeR (2)(3)
Chairman and CEO,
Crocker Capital
Retired Chairman and CEO,
BEI Technologies, Inc.
kenneth C. DahlbeRg (1)(3)
Retired Chairman and CEO,
Science Applications International
Corporation (SAIC)
SiMon M. loRne (1)(2)
Vice Chairman and Chief Legal Officer,
Millennium Management LLC
MiChael t. SMith (1)(2)
Retired Chairman and CEO,
Hughes Electronics Corporation
WeSley W. Von SChaCk (2)(3)
Chairman,
AEGIS Insurance Company
Former Chairman, President and CEO,
Energy East Corporation
(1) Audit Committee
(2) Nominating and Governance Committee
(3) Personnel and Compensation Committee
9
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
I nTrO Du cIn g
Teledyne Dalsa
Teledyne is pleased to welcome its
latest and largest acquisition.
Teledyne DALSA is an international
leader in high performance digital
imaging with approximately 1,000
employees worldwide, headquartered
in Waterloo, Ontario, Canada.
Teledyne dAlsA digital imaging components (cameras, frame
grabbers, vision processors, imaging software) and integrated
solutions (smart cameras, vision appliances) enable automated
inspection and quality control for electronics manufacturing,
food packaging and intelligent traffic systems.
Teledyne dAlsA operates one
of the largest independent mems
foundries in the world.
CusTom mAChine vision soluTions
DALSA’s customers come to them seeking function-
ality that others cannot deliver. A prime example is
in flat panel display inspection, where DALSA cam-
eras and frame grabbers are vital to improving yield
and lowering manufacturing costs for almost all of
the world’s major flat panel suppliers, from cellphone
screens to the largest televisions.
leAdeR in mems F ABRiCATion
DALSA also operates an independent MEMS found-
ry, offering broad and unique wafer fabrication capa-
bilities. For example, DALSA currently manufactures
custom MEMS-based wavelength-selective switches
used in fiber optic communication systems. These
devices are used in several different applications
10
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
within wavelength-division multiplexing (WDM)
systems for efficient high-bandwidth communica-
tion throughout the backbone of the Internet.
ComPlemenTAR y CAPABiliTies
u DALSA’s considerable technology portfolio in
visible imaging complements Teledyne’s leader-
ship in infrared imaging.
u DALSA’s focus on commercial industrial
markets complements Teledyne’s traditional
strength in government and defense industries.
u DALSA’s leadership in industrial machine
vision complements Teledyne’s packaging
inspection and process control technology in
factory automation.
Teledyne dAlsA-built image sensors are the eyes of
the mars Rovers, delivering the highest-quality images
ever taken from another planet.
Teledyne dAlsA’s Cmos and CCd x-ray detectors deliver
better x-ray images at lower dose, with higher resolution
and speed — better for both patients and practitioners.
u In CMOS (complementary metal-oxide semi-
conductor) image sensor design, DALSA’s focus
on large formats and fast readout complements
Teledyne’s expertise in low noise and low power
consumption. DALSA’s state-of-the-art CMOS
and CCD X-ray detectors give Teledyne entry to
new markets.
unique CAPABiliTies; gloBAl ReACh
DALSA is the industrial imaging industry’s only
completely vertically integrated supplier, from
“Silicon to Smart Cameras.” Innovation and high
performance allows them to offer highly differenti-
ated products, and to serve diversified end markets,
in terms of both applications and geography.
We are delighted to welcome DALSA to the
Teledyne family.
11
T e l eDy n e T e c h nOlOgIe s I n cOr pOr a
TeD 2 0 1 0 an n u a l re pOrT
CoRPoRATe 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
segmenT PResidenTs
RobeRt l. SChaeFeR
Associate General Counsel
and Assistant Secretary
RobeRt W. SteenbeRge
Vice President and
Chief Technology Officer
JaSon VanWeeS
Vice President,
Corporate Development
and Investor Relations
iVaRS R. blukiS
Chief Business Risk
Assurance Officer
Melanie S. Cibik
Vice President, Associate General
Counsel and Assistant Secretary
SuSan l. Main*
Vice President and Controller
Robyn e. MCgoWan
Vice President, Administration,
Human Resources and Assistant
Secretary
PatRiCk t. neVille
Vice President and Chief
Information Officer
alDo (al) PiChelli*
President and Chief Operating Officer
Digital Imaging, Instrumentation, and
Aerospace and Defense Electronics
Segments
Rex D. geVeDen*
President
Engineered Systems 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
* Section 16 Officer
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, code 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 Tech-
nologies Incorporated is traded on the
new york stock exchange (symbol
TDy).
12
annual Meeting
The annual meeting of stockholders
will be held on Wednesday, april 27,
2011, 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.
teleDyne
teChnologieS
inCoRPoRateD
2010
Form 10-k
FoRw ARd-looking sTATem enTs CAuTionA R
y 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, capital expenditures, pension matters, stock option compensation expense, taxes and strategic plans. All
statements made in this Annual 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 disruptions in the global economy; changes in the insurance and credit markets; changes in demand for products
sold to the defense electronics, instrumentation, digital imaging, 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 a potential decrease in offshore oil production and exploration activity due to the April
2010 oil spill in the Gulf of Mexico. Increasing fuel costs could negatively affect the markets of our commercial aviation
businesses. Lower oil and natural gas prices, as well as instability in the Middle East or other oil producing regions, could
negatively affect our businesses that supply the oil and gas industry. In addition, financial market fluctuations affect the
value of our 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. Changes in the policies of U.S. and foreign governments 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 NASA 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 we believe our control systems are effective, there are inherent
limitations in all control systems, and misstatements due to error or fraud may occur and may not be detected.
While Teledyne’s growth strategy includes possible acquisitions, we cannot provide any assurance as to when, if or on what
terms any acquisitions will be made. Acquisitions involve various inherent risks, such as, among others, our ability to
integrate acquired businesses, retain customers and 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.
Anticipated benefits of the recent DALSA acquisition are subject to numerous risks and uncertainties, including Teledyne’s
ability to integrate the acquired operations, retain customers and achieve operating synergies, the ability of DALSA to
develop and market new products, the operating results of DALSA being lower than anticipated, and unexpected acquisition-
related costs and expenses.
With the recently completed acquisition of DALSA and upon completion of the pending divestiture of our piston engines
businesses, which is subject to closing conditions, the Company’s risk profile will change, and may differ materially from
prior years.
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 2010 Annual Report on Form 10-K. Forward-looking statements are generally accompanied
by words such as “estimate”, “project”, “predict”, “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.
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1049 Camino Dos Rios • Thousand Oaks, California 91360 • 805.373.4545 • fax 805.373.4775 • www.teledyne.com