Teledyne Technologies Reports First Quarter Results

The first quarter 2015 sales increase reflected higher sales of engineered products and services of $1.5 million, which primarily reflected higher sales of space and marine manufacturing programs, and higher sales of energy systems products of $2.7 million. Turbine engine sales were lower by $0.5 million. Operating profit in the first quarter of 2015 primarily reflected the impact of higher sales.

Additional Financial Information

Cash Flow

Cash provided by operating activities was $16.7 million for the first quarter of 2015, compared with $27.1 million. The lower cash provided by operating activities in the first quarter of 2015 reflected payments of legal matters, the payment of a scheduled earn-out and the timing of accounts payable payments, partially offset by lower income tax payments. Free cash flow (cash provided by operating activities less capital expenditures) was $9.0 million for the first quarter of 2015, compared with $15.4 million and reflected lower cash provided by operating activities, partially offset by lower capital expenditures. At March 29, 2015, total debt was $830.0 million, which included $233.0 million drawn on the $750.0 million credit facility. Cash and cash equivalents were $110.2 million at March 29, 2015. The company received $2.7 million from the exercise of stock options in the first quarter of 2015, compared with $6.7 million. Capital expenditures for the first quarter of 2015 were $7.7 million, compared with $11.7 million. Depreciation and amortization expense for both the first quarter of 2015 and the first quarter of 2014 was $23.2 million. In February 2015, Teledyne acquired Bowtech Products Limited for $18.8 million in cash. On February 2, 2015, Teledyne entered into a $142.0 million accelerated stock repurchase (“ASR”) agreement with a financial institution in a privately negotiated transaction for 1,500,000 shares of the company’s common stock at an initial price of $94.68 per share. Pursuant to the ASR agreement, in February 2015, Teledyne advanced $142.0 million to the ASR counterparty and received 1,425,000 shares of common stock, which used $134.9 million of the $142.0 million advanced, representing 95% of the estimated shares to be repurchased under the ASR agreement. The ASR agreement was funded by cash on hand and floating rate borrowings of $120.0 million under the $750 million credit facility. On April 29, 2015, Teledyne DALSA, Inc. acquired the remaining 49% minority interest in the parent company of Optech Incorporated. Terms of the transaction were not disclosed.

Free Cash Flow (a)

  First Quarter
(in millions, brackets indicate use of funds) 2015   2014
Cash provided by operating activities $ 16.7 $ 27.1
Capital expenditures for property, plant and equipment (7.7 ) (11.7 )
Free cash flow 9.0   15.4  
(a) 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. 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.

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