2016 Q2 Form 10-Q Financial Statement

#000109428516000225 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q1
Revenue $530.5M $565.0M
YoY Change -8.17% -1.48%
Cost Of Revenue $324.8M $345.9M
YoY Change -9.2% -1.65%
Gross Profit $205.7M $219.1M
YoY Change -6.5% -1.22%
Gross Profit Margin 38.77% 38.78%
Selling, General & Admin $144.8M $151.8M
YoY Change -4.17% -2.57%
% of Gross Profit 70.39% 69.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.10M $23.20M
YoY Change -7.46% 0.0%
% of Gross Profit 10.26% 10.59%
Operating Expenses $144.8M $151.8M
YoY Change -4.17% -2.57%
Operating Profit $60.90M $67.30M
YoY Change -11.61% 1.97%
Interest Expense $5.700M $5.900M
YoY Change -5.0% -225.53%
% of Operating Profit 9.36% 8.77%
Other Income/Expense, Net -$1.300M $800.0K
YoY Change -138.24% 33.33%
Pretax Income $53.90M $62.20M
YoY Change -18.7% 0.48%
Income Tax $14.90M $18.50M
% Of Pretax Income 27.64% 29.74%
Net Earnings $39.00M $43.70M
YoY Change -19.25% -4.59%
Net Earnings / Revenue 7.35% 7.73%
Basic Earnings Per Share $1.13 $1.22
Diluted Earnings Per Share $1.11 $1.20
COMMON SHARES
Basic Shares Outstanding 34.40M shares 35.70M shares
Diluted Shares Outstanding 35.20M shares 36.50M shares

Balance Sheet

Concept 2016 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.20M $110.2M
YoY Change 35.73% 49.53%
Cash & Equivalents $83.20M $110.2M
Short-Term Investments
Other Short-Term Assets $38.10M $78.60M
YoY Change -56.16% 24.76%
Inventory $322.0M $323.4M
Prepaid Expenses
Receivables $371.8M $389.1M
Other Receivables $18.30M $0.00
Total Short-Term Assets $833.4M $901.3M
YoY Change -4.65% 9.75%
LONG-TERM ASSETS
Property, Plant & Equipment $322.8M $329.1M
YoY Change -2.57% -6.27%
Goodwill $1.152B $1.134B
YoY Change -1.18% 9.78%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $72.00M $69.50M
YoY Change 5.42% 6.11%
Total Long-Term Assets $1.905B $1.892B
YoY Change -1.48% -2.43%
TOTAL ASSETS
Total Short-Term Assets $833.4M $901.3M
Total Long-Term Assets $1.905B $1.892B
Total Assets $2.738B $2.793B
YoY Change -2.47% 1.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $134.2M $152.1M
YoY Change -7.77% -0.13%
Accrued Expenses $244.7M $244.3M
YoY Change -3.24% 2.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.30M $86.30M
YoY Change -86.85% 2438.24%
Total Short-Term Liabilities $391.3M $483.9M
YoY Change -19.42% 22.07%
LONG-TERM LIABILITIES
Long-Term Debt $707.1M $742.5M
YoY Change 4.28% 33.76%
Other Long-Term Liabilities $212.5M $237.2M
YoY Change -13.9% -9.4%
Total Long-Term Liabilities $212.5M $237.2M
YoY Change -13.9% -9.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $391.3M $483.9M
Total Long-Term Liabilities $212.5M $237.2M
Total Liabilities $1.311B $1.464B
YoY Change -7.06% 20.63%
SHAREHOLDERS EQUITY
Retained Earnings $1.760B $1.569B
YoY Change 8.79% 15.93%
Common Stock $353.9M $318.8M
YoY Change 2.28% -4.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $304.9M $227.0M
YoY Change 36.18% 1556.93%
Treasury Stock Shares 3.218M shares 2.366M shares
Shareholders Equity -$381.9M -$369.8M
YoY Change
Total Liabilities & Shareholders Equity $2.738B $2.793B
YoY Change -2.47% 1.19%

Cashflow Statement

Concept 2016 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $39.00M $43.70M
YoY Change -19.25% -4.59%
Depreciation, Depletion And Amortization $21.10M $23.20M
YoY Change -7.46% 0.0%
Cash From Operating Activities $69.10M $16.70M
YoY Change 17.12% -36.74%
INVESTING ACTIVITIES
Capital Expenditures $14.20M $7.700M
YoY Change -204.41% -34.19%
Acquisitions $18.80M
YoY Change
Other Investing Activities $500.0K -$18.50M
YoY Change -101.23%
Cash From Investing Activities -$14.50M -$26.20M
YoY Change -73.25% 123.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $142.0M
YoY Change 501.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$59.20M -13.70M
YoY Change 5.34% 95.71%
NET CHANGE
Cash From Operating Activities $69.10M 16.70M
Cash From Investing Activities -$14.50M -26.20M
Cash From Financing Activities -$59.20M -13.70M
Net Change In Cash -$4.600M -23.20M
YoY Change -91.05% -401.3%
FREE CASH FLOW
Cash From Operating Activities $69.10M $16.70M
Capital Expenditures $14.20M $7.700M
Free Cash Flow $54.90M $9.000M
YoY Change -24.38% -38.78%

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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:8px;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;">January&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;">2015</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;">April&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> and the consolidated results of operations and consolidated comprehensive income and cash flows for the three months then ended. The results of operations and cash flows for the period ended </font><font style="font-family:inherit;font-size:10pt;">April&#160;3, 2016</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. </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, Revenue from Contracts with Customers, 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 style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB Issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted for any entity in any interim or annual period. The Company is currently evaluating the impact this guidance will have on its on the consolidated financial statements and footnote disclosures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short- term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. The new leasing standard will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The new standard must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact of adopting this guidance on its on the consolidated financial statements and footnote disclosures.</font></div></div>

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