TELEDYNE
EverywhereyoulookTM | Annual Report 2011
Teledyne Technologies Incorporated Annual Report 2011
Consistent GAAP EPS Growth
($ per share)
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
3.81
3.17
3.25
3.05
2.72
2.26
1.85
1.24
0.91
0.77
0.20
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Represents total diluted earnings per common share for 2001 through 2008, and diluted earnings per
common share from continuing operations for 2009 through 2011.
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 fi scal year end December 31,
2006, through fi scal year end January
1, 2012, as compared to the Standard
and Poor’s 500 Composite Index, the
Russell 2000 Index, the Standard
and Poor’s 1500 Industrials Index and
the Dow Jones World Aerospace &
Defense Index. We have now included
in the stock performance graph the
S&P 1500 Industrials Index to eventu-
ally replace the Dow Jones World
Aerospace & Defense Index because
we believe that the companies and
industries represented in the S&P
1500 Industrials Index better refl ect
the diverse markets in which we
currently participate.
The graph assumes that $100 was
invested on December 29, 2006.
In accordance with the rules of the
Securities and Exchange Commission,
this presentation is not incorporated
by reference into any of our registra-
tion statements under the Securities
Act of 1933.
150
125
100
75
50
12/31/06
12/30/07
12/28/08
01/03/10
01/02/11
01/01/12
12/31/06
12/30/07
12/28/08
01/03/10
01/02/11
01/01/12
Teledyne Technologies
S&P 1500 Industrials
Dow Jones World
Aerospace & Defense
Russell 2000
S&P 500 Composite
100
100
100
100
100
133
114
122
99
106
101
66
70
62
64
96
84
93
83
84
110
107
105
105
97
137
106
108
101
99
Teledyne Technologies Incorporated Annual Report 2011
Financial Highlights
Selected Consolidated Financial Data
(In millions, except per share data)
SUMMARY FINANCIAL
INFORMATION
Sales
$ 1,941.9
$ 1,644.2
$ 1,652.1
$ 1,722.0
$ 1,441.6
2011
2010
2009
2008
2007
Net income from
continuing operations
Income (loss) from
discontinued operations,
net of taxes
Net income attributable
to Teledyne Technologies
Diluted earnings per
common share
Continuing operations
Discontinued operations
Diluted earnings per
common share
Weighted average
common shares
outstanding
SUMMARY BALANCE
SHEET DATA
Cash and cash
equivalents
Working capital
Total assets
Long-term debt and
capital lease obligations
Total equity
142.1
113.1
119.9
115.9
116.6
85.6
0.6
(2.6)
(5.3)
12.9
255.2
120.5
113.3
111.3
98.5
3.81
3.03
6.84
3.25
0.02
3.17
(0.07)
3.20
(0.15)
2.36
0.36
3.27
3.10
3.05
2.72
37.3
36.9
36.6
36.5
36.2
2011
$ 49.4
268.5
1,826.1
311.4
984.1
2010
$ 75.1
306.8
1,557.8
265.3
787.0
2009
$ 26.1
242.6
1,421.5
251.6
667.4
2008
$ 20.4
274.8
1,534.5
332.1
506.9
2007
$ 13.4
198.3
1,159.4
142.4
506.9
See “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and the “Notes to Consolidated Financial Statements”
in the 2011 Annual Report on Form 10-K for additional information regarding Teledyne Technologies Incorporated’s fi nancial data.
On April 19, 2011, we completed the sale of our general aviation piston engine businesses, which comprised the former Aerospace Engines and
Components segment. Accordingly, our consolidated fi nancial statements have been restated to classify this former segment as a discontinued operation.
1 |
Teledyne Technologies Incorporated Annual Report 2011
Sales by Segment
Instrumentation
Digital Imaging
Aerospace and
32%
18%
34%
Defense Electronics
Engineered Systems 16%
Instrumentation
Digital
Imaging
Aerospace
and Defense
Electronics
Engineered
Systems
Our Instrumentation segment provides measurement,
monitoring and control instruments for marine,
environmental, scientifi c and industrial applications.
We also provide power and communications
connectivity devices for distributed instrumentation
systems and sensor networks deployed in mission
critical, harsh environments.
Our Digital Imaging segment includes digital image
capture products, primarily consisting of high
performance sensors, cameras and software for use in
industrial, scientifi c, medical and professional applications
products, specialty semiconductors and micro electro
mechanical systems (“MEMS”), and infrared detectors,
cameras and optomechanical assemblies. It also includes
our sponsored and centralized research laboratories
benefi ting government programs and businesses, as
well as major development efforts for innovative digital
imaging products for government and space applications.
Our Aerospace and Defense Electronics segment
provides sophisticated electronic components
and subsystems and communications products,
including defense electronics, data acquisition and
communications equipment for air transport and
business aircraft, harsh environment interconnects,
and components and subsystems for wireless
and satellite communications, as well as general
aviation batteries.
Our Engineered Systems segment provides
innovative systems engineering and integration,
advanced technology development, and
manufacturing solutions to space, military,
environmental, energy, chemical, biological, nuclear
systems and missile defense requirements. This
segment also designs and manufactures hydrogen
gas generators, thermoelectric and electrochemical
energy solutions and small turbine engines.
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Teledyne Technologies Incorporated Annual Report 2011
TM
What does Teledyne mean to you?
From its original founding in 1960 through the 1999 aerospace/defense spinoff of Teledyne
Technologies to today’s broad business base, the company has gone through many changes.
But through it all, the constants have been boldness in the pursuit of leading edge technology
and consistent business success. Those threads remain unbroken—in fact they have never been
more vibrant than today.
Teledyne Technologies Incorporated is devoted to advancing science, acquiring and inventing
new technology, and using it to help our customers solve challenges in business and society.
Teledyne serves an immense range of applications, providing technologies vital to industrial
growth markets. You may not realize it, but Teledyne technology enables many of the products
and services you use every day.
You’ll fi nd our products in use on all seven continents, in every ocean, and in the skies above
them. From the deepest point in this planet’s seas to the edge of our solar system and beyond,
our products enable analysis, connections and communications. They deliver vital intelligence
to allow better decisions and action. The systems we engineer deliver unique, unparalleled
functionality and performance in the most demanding applications imaginable—applications
such as deepwater oil and gas exploration and production, oceanographic research, air and
water quality environmental monitoring, factory automation and medical imaging. We own
a formidable and unique technology portfolio, the mastery of which we’ve earned through
decades of dedicated research and development. We seek to grow that portfolio and leverage it
wherever we can, bringing knowledge won in widely diverse areas to bear on each customer’s
toughest challenges in both existing and new markets. Proof of our success is all around you—
Everywhereyoulook.
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Teledyne Technologies Incorporated Annual Report 2011
| 6
If you’ve fl own on a large passenger aircraft,
chances are Teledyne avionics systems have
helped your pilot, cabin and ground crews.
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Teledyne Technologies Incorporated Annual Report 2011
In the air and on the ground...
Everywhere there’s an airline, you’ll likely fi nd Teledyne equipment.
Our solutions help operators increase fl ight safety and operational effi ciency for almost every passenger model from
Airbus and Boeing, as well as many business, commuter and military aircraft.
Over 100 airlines worldwide rely on Teledyne’s sophisticated onboard avionics systems that monitor fl ight data, and then
automatically relay it directly to their operations centers for analysis. Our newest solutions also automate fl eet-wide
uploading of software onto the many computers and avionics systems on the aircraft, reducing workload and keeping
programs up to date.
Our technology enables fl eets to operate more intelligently for increased reliability, better safety, and lower fuel costs.
Passengers enjoy smoother, safer fl ights. Wherever you see an airliner in the sky, you see Teledyne technology at work.
“In addition to fl ight system avionics, we
manufacture key microwave components
that enable passengers to have broadband
internet access during fl ight”
Masood Hassan, Teledyne Controls
Adele McLachlan, Teledyne Labtech
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Teledyne Technologies Incorporated Annual Report 2011
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Teledyne technology supports oil and gas
exploration and production around the globe,
from the Gulf of Mexico to the North Sea, Brazil,
West Africa, Malaysia and Australia.
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Teledyne Technologies Incorporated Annual Report 2011
Fueling growth...
Teledyne technology helps keep your tank full.
Our modern world depends on readily available energy. Today, many of the world’s oil reserves are in deep ocean waters
where the consequences of failure of technology can be catastrophic. Teledyne is meeting the challenge of providing
interconnect and sensor products that will operate reliably in the harsh environment two kilometers beneath the ocean’s
surface. We combine longstanding deepwater experience and unique materials science research capabilities to develop
products designed to work reliably for 25 or more years.
Teledyne marine geophysical exploration equipment lets geophysicists “see” below the ocean fl oor to fi nd new oil and gas
reserves. We are working closely with a key customer on an all fi ber optic permanent reservoir monitoring system to be
installed during 2012.
“Failure is not an option in deep water.
We apply basic science and advanced
engineering to make products with
unprecedented reliability”
Mike Read and Ray Hom
Teledyne Oil & Gas
7 |
| 10
Teledyne X-Ray imaging technology delivers
higher quality images at a lower X-Ray dose,
benefi ting both patients and practitioners.
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Teledyne Technologies Incorporated Annual Report 2011
For health and health care...
Teledyne technology helps keep you well — and helps doctors
make you better.
Teledyne technology helps ensure product purity and safety around the world. Our chemical analysis instruments detect
mercury, cadmium and other toxic substances in products from seafood to sunscreen, beverages to baked goods. Our
environmental instrumentation products help protect the air we breathe and the water we drink. And our industrial
inspection solutions monitor packaging to verify seal integrity and accurate labeling on a huge range of products from food
to pharmaceuticals.
Teledyne technology also helps reduce risk in radiology. Our best-in-class CMOS imaging technology gives practitioners
better images immediately even as it gives patients a lower X-Ray dose, delivering not only a better result, but a better
patient experience.
“Our fl ash chromatography and
total organic carbon instruments help
researchers develop new medicines
that will protect our health”
Vikas Padhye and Vicki Benne
Teledyne Isco
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Teledyne Technologies Incorporated Annual Report 2011
| 12
This view near Kamaishi, Japan, taken in March
2011, shows the devastating effects of the tsunami.
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Teledyne Technologies Incorporated Annual Report 2011
Teledyne Technologies Incorporated Annual Report 2011
Enabling alerts and coping with crisis…
From wave warning systems to water quality monitors, Teledyne
technology delivers vital information that enables action.
When the earthquakes and tsunamis struck Japan in March 2011 the country’s DONET (Dense Ocean Network for
Earthquake and Tsunamis) warning system transmitted alerts through Teledyne underwater acoustic modems and subsea
broadband connectors to give the people in affected areas precious time to act on their emergency plans. Even so, the
destruction and loss of life was truly tragic.
In the days and weeks that followed, multi-national teams of scientists used Teledyne acoustic Doppler current profi lers
to measure ocean currents to understand better the spread of any nuclear contaminants from the damaged Fukushima
reactors. Across the country, concern over air, water, and food safety highlighted the value of Teledyne environmental
monitoring equipment.
We can’t prevent natural disasters, but we can provide tools to understand better what causes them and how they work.
Scientists deploy our instruments from the Arctic to Antarctic to build better models for weather prediction, hurricane
forecasts and long-term climate change.
“Teledyne instruments monitor
the environmental impact of fl ood
waters and continuously acquire data
from the world’s oceans”
Charlie Fulmer and Tom Altshuler
Teledyne Instruments
13 |
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| 14
This image of Stephan’s Quintet was captured
by Teledyne’s infrared imager on NASA’s Hubble
Space Telescope.
Credit: NASA, ESA, and the Hubble SM4 ERO Team
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Teledyne Corporation Annual Report 2011
Pushing back the boundaries...
If space is the fi nal frontier, Teledyne is proud to help push back
that boundary.
Teledyne has engineered critical components and systems for major NASA missions since the 1960s and has earned
numerous supplier awards. The Pioneer and Voyager probes that traveled past the edge of the solar system and the
Huygens probe to Saturn’s moon Titan all carried Teledyne components.
NASA’s historic Space Shuttle Program came to a close in 2011. We participated in 67 shuttle missions, designing and
building over 1,000 products, ranging from small components to highly complex systems. We also integrated several
hundred experiments and trained over 250 astronauts for real-time mission operations.
We provide imaging sensors and spectrometers for many missions including the Mars rovers and the WISE all-sky survey,
and for leading ground-based observatories. In 2011, scientists identifi ed the most distant galaxy yet seen in the universe,
13.2 billion light years away, using the Teledyne infrared imager on the Hubble Space Telescope.
“Building on our heritage in space
we have expanded our manufacturing
into new frontiers that require high
reliability, including deepwater
and nuclear energy products”
Jan Hess and Scott Hall
Teledyne Engineered Systems
13 |
Teledyne Technologies Incorporated Annual Report 2011
Letter to Stockholders
2011 was a decisive year in the history of Teledyne, both fi nancially and
strategically. We achieved record earnings, divested our non-core general
aviation piston engine business and made our largest acquisition to date
to expand our digital imaging capabilities. Teledyne is a different company
today. Following a decade of progressive change through acquisitions and
divestitures, and continuous improvement in operations, we enter 2012
as a company that primarily serves industrial growth markets.
Highlights
• Full year sales of $1.94 billion increased 18.1%
• Earnings per share from continuing operations of $3.81 increased 17.2%
• GAAP operating margin was 11.7%, an increase of 84 basis points
All of these metrics were at record levels
Beyond the fi nancial performance, the divestiture of our general aviation
piston engine business in April 2011, along with its liabilities, signifi cantly
reduced Teledyne’s risk profi le, while the acquisition of DALSA was a
major commitment to digital imaging.
Robert Mehrabian
Chairman, President and Chief Executive Offi cer,
Teledyne Technologies Incorporated
U.S. Government sales account for only 36% of total revenue, down from 47% just two years ago. The profi le of our
government businesses has also changed, with an increase in proprietary products over engineering services.
Today, given the greater profi tability of our commercial businesses, the U.S. government accounts for less than 25%
of income.
We now possess higher technology businesses, a greater research and development capability, and a portfolio
of proprietary highly engineered products serving markets such as offshore energy, global infrastructure, factory
automation, transportation and communications. Our international sales have grown signifi cantly and represent 36%
of our revenue.
TELEDYNE TECHNOLOGY: COVERING THE FREQUENCY SPECTRUM
10-9
10-8
10-7
10-6
10-5
10-4
X-Ray
Ultraviolet
Visible
Infrared
1017
1016
1015
1014
1013
1012
WAVELENGTH(m)
FREQUENCY(Hz)
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Teledyne Technologies Incorporated Annual Report 2011
As our markets have expanded so has the span of technologies that we use to serve our customers. We develop
products that work throughout the electromagnetic spectrum from radio frequencies through microwave, infrared, visible,
ultraviolet and X-Rays. The wavelengths of signals used in our products range from over one kilometer to less than one
nanometer (one billionth of a meter). In the acoustic domain, we make products that operate from well below the range
of human hearing and ones that employ high frequency ultrasonic signals.
Today, whether across markets, geography or throughout the electromagnetic and acoustic spectra, Teledyne is
EverywhereYouLook.
Greater Breadth and Depth in Digital Imaging
Teledyne entered the digital imaging market with the acquisition of Rockwell Scientifi c Company, LLC in 2006. We were
then, and still remain, the leader in very high performance sensors for land and space-based infrared astronomy. Today,
both our technical depth and the breadth of our product lines have increased dramatically. We now offer a suite of
sensors, cameras and software, spanning the electromagnetic spectrum from X-Rays through infrared.
Building on our heritage, NASA astronomers used Teledyne’s infrared sensor on the Hubble Space Telescope to discover
the most distant object yet seen in the universe. Its light travelled 13.2 billion years to reach the Earth and its image is
teaching scientists how galaxies formed in the fi rst 500 hundred million years after the Big Bang. In order to maintain
our leadership in high performance infrared imaging we have several company and customer funded projects underway
aimed at developing the next generations of infrared sensors. These include projects involving novel compound
semiconductor materials and structures that have the potential to provide both higher performance and lower cost than
current technologies.
DALSA Corporation, based in Canada, joined the Teledyne family in February 2011, adding a broad range of digital imaging
cameras, electronics and software used in industrial automation, food and packaging inspection, aerial photogrammetry,
postal and parcel inspection, and medical and dental imaging. Our high speed line-scan cameras are the primary
components used to inspect fl at panel displays for televisions and for the most popular tablet computers. Teledyne DALSA
image sensors with hundreds of megapixels are used in very high resolution remote sensing applications including
Google Earth and Microsoft Bing.
10-3
10-2
10-1
100
101
102
103
Microwave
Radio
1011
1010
109
108
107
106
105
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Teledyne Technologies Incorporated Annual Report 2011
We have launched a new line of fl at panel detectors for medical X-Ray systems. Targeted
at the dynamic (live) imaging market where individuals may be exposed to X-Rays for
extended periods, our detectors provide higher resolution images with lower X-Ray
doses than competing products. Customer acceptance has been very strong and we
are expanding production capacity in both Canada and the Netherlands to accommodate
expected growth.
We are also developing uncooled infrared sensor capabilities that will take advantage
of the high volume production and wafer-scale packaging at Teledyne DALSA
Semiconductor, which is a commercial business that has been successfully making
MEMS (micro electro mechanical systems) for applications ranging from high volume
consumer and automotive to high performance biomedical and optical telecommunications
Our CMOS X-Ray panels
deliver benefi ts for both
patients and practitioners
over the past decade.
During 2011 we made our fi rst foray into the fi eld of three-dimensional imaging with the purchase of a minority stake
in Optech Incorporated, a Canadian company that is a leader in the market for LIDAR (Light Detection And Ranging)
systems. Optech is best known for applying its LIDARs for airborne surveys. One version for coastal surveys is able
to provide 3D maps of both the coastline and the water depth near the shore to complement hydrographic survey
sonars, such as products from Teledyne Marine that are used farther from the shoreline.
Leadership in Unmanned Systems
Although defense electronics represents a smaller percentage of our
revenue than in the past, we remain committed to developing technology
for unmanned systems, which have a high priority worldwide for both
military and commercial markets.
Since Teledyne’s inception we have been leaders in defense microwave
products for radar, electronic warfare and communication systems. Today,
we maintain that leadership in a multitude of military platforms including
unmanned aerial vehicles (UAVs) where we supply a variety of solid state
microwave amplifi ers for systems that deliver real-time data to battlefi eld
commanders.
Teledyne’s microwave power amplifi ers
transmit broadband data from the
Shadow UAV
ELECTROMAGNETIC SPECTRUM
1017
1016
1015
1014
1013
1012
FREQUENCY(Hz)
| 16
X-Ray
Ultraviolet
Visible
Infrared
• Trace element
spectrometers (ultraviolet)
• Package inspection systems
(X-Ray)
• High performance image
sensors and cameras for
ultraviolet, visible and infrared
• Environmental gas analyzers
Teledyne Technologies Incorporated Annual Report 2011
One of the drivers for higher data rates from UAVs is the expansion in high quality digital imagery to the war fi ghter.
We have a growing role in providing this imagery, with new products such as the infrared sensor for the new ACES HY
hyperspectral imager for the Predator UAV. We also have a growing line of complete camera systems, including our 59
megapixel visible-light video camera and new mid-wave infrared video cameras for small UAVs. Our expansion in this
area was accelerated by acquiring a majority interest in Nova Sensors, a company with novel infrared camera electronics
technology.
While unmanned systems have been used in airborne applications for decades, the subsea market is now emerging.
We have a signifi cant and growing role in unmanned underwater vehicles, with products ranging from sensors and
interconnects to complete vehicle systems.
We are a leading supplier of autonomous subsea gliders that can be deployed on
missions that last weeks or months at a time and are used to sense oceanographic
parameters such as conductivity, temperature, depth and water clarity. After
extensive sea trials, the U.S. Navy approved our Littoral Battlespace Sensing Glider
for full rate production. The Navy plans to use the fl eet of deep and shallow water
gliders with their relative low cost, minimal power usage, and longevity at sea to
acquire critical oceanographic data to improve positioning of fl eets during naval
maneuvers. During 2011, the National Science Foundation’s Ocean Observatories
Initiative selected our Slocum gliders for both the coastal and offshore elements of
a program that will provide over 25 years of sustained ocean measurements to study
Scientists worldwide use our Slocum
gliders to measure ocean parameters
climate variability, ocean circulation and ecosystem dynamics.
Evolution of Engineered Systems from Services to Innovative Products
Our Engineered Systems segment is increasingly involved with the subsea market. We are the system integrator and
prime contractor for the Littoral Battlespace Sensing Glider program. We were also awarded an eight year $383 million
contract from the United States Special Operations Command to design, manufacture, and sustain the Shallow Water
Combat Submersible, a replacement for the current SEAL Delivery Vehicle. The system will be designed to deliver
SEALs to and from their missions, safely and undetected.
In August, we won the Missile Defense Agency’s Objective Simulation Framework contract. This fi ve-year contract
has a potential value of $595 million and could be extended for as long as seven years. The scope of work includes
development of the test framework for the nation’s missile defense system and will have the capability to perform tests
ranging from high fi delity simulations to live fi re testing.
1011
1010
109
108
107
106
105
Microwave
• High power microwave
amplifi ers for satellite
communication uplinks
• Frequency synthesizers
Radio
• Radio frequency microwave
relays and switches
• Radio frequency and
microwave cables
17 |
Teledyne Technologies Incorporated Annual Report 2011
These programs are examples of the evolution of Engineered Systems from a service contractor to a developer and
producer of novel hardware and software products.
Reliable Technology for Challenging Deepwater Energy Production
Our customers in the offshore oil and gas industry describe the deepwater environment as a new frontier, rivaling
deep space for its technical challenges. The Macondo well disaster in the Gulf of Mexico resulted in a short-term
slowdown in business for us, but focused even greater attention on quality and reliability, areas where we have
signifi cant competitive advantages. We believe that our share of this demanding market is growing because we have
applied the extensive materials science research capabilities at Teledyne Scientifi c Company to conduct accelerated
life testing on materials for subsea connectors, cables and sensors. We use the data to support our customers’
requirements for products that will operate reliably in deep water for over 25 years.
We expect deepwater production to grow in response to the worldwide demand for energy. We are well-positioned
for expected expansion offshore Brazil, Africa and Asia, as well as for renewed development in the Gulf of Mexico.
Given the increasingly high cost associated with developing deepwater resources, energy companies are highly
motivated to ensure that production is optimized. Permanent monitoring of subsea hydrocarbon reservoirs is one of
the emerging ways to address this, and we are working closely with a key customer to bring a system to production
in 2012.
Enabling Technology for a Safer Environment
Our technologies are used to study long-term climate change, day-to-day
air and water quality conditions and for real-time warning of environmental
disasters. Our acoustic modems and wet-mate interconnect products are
vital components in evolving tsunami warning systems around the globe.
The importance of these systems was brought into stark relief in 2011
by the devastating earthquake in Japan.
The availability of potable water is a global concern, both in developing
nations where water contamination is signifi cant, and in developed nations
where aging waste water systems threaten sources of drinking water.
This drives the need for our environmental water samplers and fl owmeters.
Teledyne instrumentation helps analyze
the quality and safety of water, food, and
consumer products around the world
ACOUSTIC SPECTRUM
10MHz
1MHz
100kHz
10kHz
FREQUENCY
| 18
Ultrasonic
• Current profi lers
• Doppler navigation systems
• Geophysical survey sonars
Teledyne Technologies Incorporated Annual Report 2011
We are also conducting fundamental research on desalination and ultrafi ltration technologies. Population growth and
increased industrialization also impact air quality, resulting in demand for our air quality monitoring instruments such as
our new T Series trace-level gas analyzers that feature touch-screen displays.
Expanding Product Development and Leveraging Research for Growth
During 2011, we increased internally funded research and development spending to drive organic growth. Company-
funded R&D investments of approximately $100 million were augmented by over $100 million of relevant externally
funded R&D that is used both to design products customized for customers’ unique requirements and at our corporate
research center to develop new technologies and skills that we apply across our Teledyne businesses.
Positioned for Continued Success
After a decade of acquisitions and divestitures, we now have a unique and unrivaled mix of high technology industrial
businesses that are growing in international markets. We also have a much lower risk profi le, improved operations, new
technologies and products, a strong balance sheet, and a dedicated team of people, including our distinguished Board of
Directors, who are working together to ensure that Teledyne is EverywhereYouLook.
Sincerely,
Robert Mehrabian
Chairman, President and Chief Executive Offi cer
February 29, 2012
1kHz
100Hz
10Hz
1Hz
Audible
• Volume fl ow measurement
• Sidescan sonar
• Underwater acoustic modems
Infrasonic
• Hydrophone arrays for
offshore oil exploration
• Acoustic leak detection
19 |
Teledyne Technologies Incorporated Annual Report 2011
Teledyne Board of Directors
Left to Right:
CHARLES CROCKER (2)(3)
Chairman and CEO,
Crocker Capital
Retired Chairman and CEO,
BEI Technologies, Inc.
WESLEY W. VON SCHACK (2)(3)
Chairman,
AEGIS Insurance Company
Former Chairman, President and CEO,
Energy East Corporation
KENNETH C. DAHLBERG (1)(3)
Retired Chairman and CEO,
Science Applications International
Corporation (SAIC)
ROXANNE S. AUSTIN (2)(3)
President, Austin Investment Advisors
Former President and Chief Operating
Offi cer of DIRECTV, Inc.
PAUL D. MILLER (1)(2)
Retired Chairman and CEO
Alliant Techsystems, Inc.
ROBERT MEHRABIAN
Chairman, President and
CEO, Teledyne Technologies
Incorporated
FRANK V. CAHOUET (1)(2)
Retired Chairman and CEO,
Mellon Financial Corporation
MICHAEL T. SMITH (1)(2)
Retired Chairman and CEO,
Hughes Electronics Corporation
SIMON M. LORNE (1)(2)
Vice Chairman and Chief Legal Offi cer,
Millennium Management LLC
Co-director of Stanford Law School’s
Directors’ College
(1) Audit Committee
(2) Nominating and Governance Committee
(3) Personnel and Compensation Committee
| 20
Teledyne Technologies Incorporated Annual Report 2011
Corporate Management
ROBERT MEHRABIAN*
Chairman, President and
Chief Executive Offi cer
JOHN T. KUELBS*
Executive Vice President,
General Counsel and Secretary
of the Board of Directors
DALE A. SCHNITTJER*
Senior Vice President and
Chief Financial Offi cer
CYNTHIA BELAK
Vice President, Business Risk
Assurance
STEPHEN F. BLACKWOOD
Vice President and Treasurer
IVARS R. BLUKIS
Chief Business Risk
Assurance Offi cer
GEORGE C. BOBB, III
Associate General Counsel and
Chief Ethics Offi cer
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
Segment Executives
PATRICK T. NEVILLE
Vice President and Chief
Information Offi cer
ROBERT L. SCHAEFER
Vice President-Contracts,
Associate General Counsel
and Assistant Secretary
ROBERT W. STEENBERGE
Vice President and
Chief Technology Offi cer
JASON VANWEES
Vice President,
Corporate Development
and Investor Relations
ALDO (AL) PICHELLI*
Instrumentation and
Aerospace and
Defense Electronics Segments
REX D. GEVEDEN*
Engineered Systems Segment
and Teledyne Scientifi c & Imaging, LLC
BRIAN C. DOODY
Teledyne DALSA, Inc.
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
Computershare
480 Washington Boulevard
Jersey City, NJ 07310
Customer Service: 1-888-540-9867
www.computershare.com
* Section 16 Offi cer
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 informa-
tion, contact Corporate Communications or
Investor Relations.
ANNUAL MEETING
The annual meeting of stockholders will be
held on Wednesday, April 25, 2012, at 9:00
a.m. PDT, at Teledyne Technologies Incor-
porated, 1049 Camino Dos Rios, Thousand
Oaks, CA 91360.
INDEPENDENT AUDITORS
Ernst & Young LLP
Los Angeles, California
STOCK EXCHANGE LISTING
The common stock of Teledyne Technologies
Incorporated is traded on the New York Stock
Exchange (symbol TDY).
CURRENT NEWS AND
GENERAL INFORMATION
Information about Teledyne is
available at www.teledyne.com.
21 |
Forward-Looking Statements Cautionary Notice
From time to time the Company makes, and this Annual Report, may contain, forward-looking statements, as defi ned 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; cuts
to defense spending resulting from future defi cit reduction measures; and risks associated with the integration of DALSA
Corporation. 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, fi nancial market fl uctuations 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.
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 identifi ed fi nancial 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 fl uctuations.
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.
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 fi lings with the Securities and Exchange
Commission, including its 2011 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.
Copyright © 2012 Teledyne Technologies Incorporated. All Rights Reserved.
Editors: Patrick Myles & Neil Humphrey | Designer: Laura Fama | Printed in the United States
EverywhereyoulookTM | Annual Report 2011
www.teledyne.com
1049 Camino Dos Rios, Thousand Oaks, California 91360 • 805.373.4545 • fax: 805.373.4775