$TDY
TELEDYNE TECHNOLOGIES INC

2015 Q2 Form 10-Q Financial Statement

#000109428515000111 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $577.7M $597.1M
YoY Change -3.25% -0.65%
Cost Of Revenue $357.7M $368.4M
YoY Change -2.9% -3.96%
Gross Profit $220.0M $228.7M
YoY Change -3.8% 5.2%
Gross Profit Margin 38.08% 38.3%
Selling, General & Admin $151.1M $154.4M
YoY Change -2.14% 1.25%
% of Gross Profit 68.68% 67.51%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.80M $23.40M
YoY Change -2.56% 5.88%
% of Gross Profit 10.36% 10.23%
Operating Expenses $151.1M $154.4M
YoY Change -2.14% 1.25%
Operating Profit $68.90M $74.30M
YoY Change -7.27% 14.48%
Interest Expense $6.000M $4.600M
YoY Change 30.43% -192.0%
% of Operating Profit 8.71% 6.19%
Other Income/Expense, Net $3.400M $8.200M
YoY Change -58.54%
Pretax Income $66.30M $77.90M
YoY Change -14.89% 30.27%
Income Tax $18.30M $22.10M
% Of Pretax Income 27.6% 28.37%
Net Earnings $48.30M $56.10M
YoY Change -13.9% 30.77%
Net Earnings / Revenue 8.36% 9.4%
Basic Earnings Per Share $1.37 $1.50
Diluted Earnings Per Share $1.34 $1.47
COMMON SHARES
Basic Shares Outstanding 35.30M shares 37.40M shares
Diluted Shares Outstanding 36.10M shares 38.10M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.30M $103.4M
YoY Change -40.72% 47.5%
Cash & Equivalents $61.30M $103.4M
Short-Term Investments
Other Short-Term Assets $86.90M $60.70M
YoY Change 43.16% -10.47%
Inventory $330.2M $318.1M
Prepaid Expenses
Receivables $395.6M $376.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $874.0M $858.5M
YoY Change 1.81% 10.3%
LONG-TERM ASSETS
Property, Plant & Equipment $331.3M $346.5M
YoY Change -4.39% -2.23%
Goodwill $1.166B $1.043B
YoY Change 11.78% 3.58%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.30M $67.30M
YoY Change 1.49% -35.41%
Total Long-Term Assets $1.933B $1.948B
YoY Change -0.75% 12.21%
TOTAL ASSETS
Total Short-Term Assets $874.0M $858.5M
Total Long-Term Assets $1.933B $1.948B
Total Assets $2.807B $2.806B
YoY Change 0.03% 11.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $145.5M $149.7M
YoY Change -2.81% -4.35%
Accrued Expenses $252.9M $258.7M
YoY Change -2.24% 5.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $85.90M $6.100M
YoY Change 1308.2% 221.05%
Total Short-Term Liabilities $485.6M $415.9M
YoY Change 16.76% 3.23%
LONG-TERM LIABILITIES
Long-Term Debt $678.1M $501.7M
YoY Change 35.16% -19.88%
Other Long-Term Liabilities $246.8M $263.7M
YoY Change -6.41% 44.81%
Total Long-Term Liabilities $246.8M $263.7M
YoY Change -6.41% 44.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $485.6M $415.9M
Total Long-Term Liabilities $246.8M $263.7M
Total Liabilities $1.411B $1.181B
YoY Change 19.4% -4.23%
SHAREHOLDERS EQUITY
Retained Earnings $1.618B $1.410B
YoY Change 14.74% 16.88%
Common Stock $346.0M $333.4M
YoY Change 3.78% 5.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $223.9M $13.50M
YoY Change 1558.52%
Treasury Stock Shares 2.313M shares
Shareholders Equity -$343.2M $1.578B
YoY Change
Total Liabilities & Shareholders Equity $2.807B $2.806B
YoY Change 0.03% 11.62%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $48.30M $56.10M
YoY Change -13.9% 30.77%
Depreciation, Depletion And Amortization $22.80M $23.40M
YoY Change -2.56% 5.88%
Cash From Operating Activities $59.00M $94.00M
YoY Change -37.23% -16.67%
INVESTING ACTIVITIES
Capital Expenditures -$13.60M -$8.900M
YoY Change 52.81% -55.5%
Acquisitions
YoY Change
Other Investing Activities -$40.60M -$2.600M
YoY Change 1461.54% -33.33%
Cash From Investing Activities -$54.20M -$11.50M
YoY Change 371.3% -51.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -56.20M -52.80M
YoY Change 6.44% -22.12%
NET CHANGE
Cash From Operating Activities 59.00M 94.00M
Cash From Investing Activities -54.20M -11.50M
Cash From Financing Activities -56.20M -52.80M
Net Change In Cash -51.40M 29.70M
YoY Change -273.06% 40.76%
FREE CASH FLOW
Cash From Operating Activities $59.00M $94.00M
Capital Expenditures -$13.60M -$8.900M
Free Cash Flow $72.60M $102.9M
YoY Change -29.45% -22.52%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (&#8220;Teledyne&#8221; or the &#8220;Company&#8221;) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto in Teledyne&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;28, 2014</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K&#8221;).</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of Teledyne&#8217;s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne&#8217;s consolidated financial position as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;"> and the consolidated results of operations and consolidated comprehensive income for the three and six months then ended and consolidated cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six months</font><font style="font-family:inherit;font-size:10pt;"> then ended. The results of operations and cash flows for the period ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;28, 2015</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. </font></div><div style="line-height:120%;padding-bottom:4px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;">, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date by one year, but will allow early adoption as of the original adoption date. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of determining its implementation approach and assessing the impact on the consolidated financial statements and footnote disclosures.</font></div></div>

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