2 K   5 Arial5! Arial5" Arial5# Arial5$ Arial5%  Arial5&  Arial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`@ @  a@ @ b @   c @  d @ e @   f @  g @  i @  j @  k @  l@ @ m@ @@ @ @ @n@ @@ @ @@ @o@ @@ @@ @@ @@  p@ @@  q@ @@  r@ @  s@ @  t @  u @  v @  w @  x@ @  y@ @  z @  { @  | @  }@ @  ~@ @   @  @  @  @  @  @ @  @ @  @  @  @ @  @ @  @  @  @  @  @  @  @ @  @ @  @  @ @  @ @  @  @ @  @ @  @  @ @  @  @  @  @  @  @@  @ @  @ @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @  @ @  @ @  @  @  @ @  @ @  @  @ @  @ @  @  @  @  @  @  @  @ @  @ @  @  @  @ @  @ @  @  @ @  @ @  @  @  @  @  @ @  @ @  @  @ @  @ @  @  @  @  @  @  @ @  @  q@' q@' q@'q0*('TELEDYNE TECHNOLOGIES INCORPORATED-'(In millions, except per-share amounts)"'  ^2002 ^2001 ^2000' '  'Sales "$ 772.7 "$ 744.3 "$ 795.1'Costs and expenses' Cost of sales "584.9 "573.4 "579.67 ' Selling, general and administrative expenses "145.6 "143.8 "158.4" ' Asset impairment charge "- "7.5 "-* ' Restructuring and other charges "(0.7) "8.8 "- '  '  "729.8 "733.5 "738.0 '  ' ='Income before other income and expense and income taxes "42.9 "10.8 "57.1)' Interest and debt expense, net "0.6 "1.9 "5.3!' Other income (expense) "(0.2 ) "2.4 "1.1 '  ' ;'Income from continuing operations before income taxes "42.1 "11.3 "52.9%' Provision for income taxes "16.7 "4.5 "21.0 '  ' ''Income from continuing operations "25.4 "6.8 "31.9)'Discontinued operations, net of tax"- "(0.2) "0.4 '  ' 'Net income "$ 25.4 "$ 6.6 "$ 32.3 '  ' &!'Basic earnings per common share:"'Continuing operations ""$ 0.79 ""$ 0.21 ""$ 1.12#'Discontinued operations#"- #"(0.01) #"0.01 $'  %' %&'Basic earnings per common share &"$ 0.79 &"$ 0.20 &"$ 1.13 ''  (' ()'Diluted earnings per common share:*'Continuing operations *"$ 0.77 *"$ 0.21 *"$ 1.08+'Discontinued operations+"- +"(0.01) +"0.01 ,'  -' '.'Diluted earnings per common share ."$ 0.77 ."$ 0.20 ."$ 1.09 /' P0'The accompanying notes are an integral part of these financial statements.(2'TELEDYNE TECHNOLOGIES INCORPORATED!3'CONSOLIDATED BALANCE SHEETS)4'(In millions, except share amounts)5'  6^2002 6^20017' 8' 9'Current Assets$:' Cash and cash equivalents :"$ 19.0 :"$ 11.9$;' Accounts receivables, net ;"109.2 ;"108.7<' Inventories, net <"66.8 <"56.1%=' Deferred income taxes, net ="18.9 ="18.4;>' Prepaid expenses, taxes and other current assets >"8.0 >"14.2 ?'  @' )A' Total current assets A"221.9 A"209.3-B' Property, plant and equipment, net B"74.7 B"80.2%C' Deferred income taxes, net C"22.2 C"7.9D' Goodwill, net D"44.3 D"26.2E' Other assets, net E"28.0 E"25.7 F'  G' H'Total Assets H"$ 391.1 H"$ 349.3 I'  J' *K'Liabilities and Stockholders? EquityL' Accounts payable L"$ 53.1 L"$ 36.9M' Accrued liabilities M"66.2 M"57.1 N'  O' .P' Total current liabilities P"119.3 P"94.0Q' Long-term debtQ"- Q"30.0%R' Accrued pension obligation R"40.5R"-*S' Accrued postretirement benefits S"26.8 S"29.0&T' Other long-term liabilities T"27.7 T"23.3 U'  V' W'Total Liabilities W"214.3 W"176.3#X'Commitments and ContingenciesY'Stockholders? EquityFZ' Preferred stock, $0.01 par value; outstanding shares ? noneZ"-Z"-H[' Common stock, $0.01 par value; authorized 125 million shares;K\' Outstanding shares: 2002 ? 32,048,827 and 2001 ? 31,859,839 \"0.3 \"0.3%]' Additional paid-in capital ]"129.8 ]"128.0^' Retained earnings ^"69.9 ^"44.58_' Accumulated other comprehensive income (loss) _"(23.2) _"0.2 `'  a'  b'Total Stockholders? Equity b"176.8 b"173.0 c'  d' 0e'Total Liabilities and Stockholders? Equity e"$ 391.1 e"$ 349.3 f' Og'The accompanying notes are an integral part of these financial statements(i'TELEDYNE TECHNOLOGIES INCORPORATED5j'CONSOLIDATED STATEMENTS OF STOCKHOLDERS? EQUITYk'(In millions)4l' m^Accumulated n^Othero^Additionalo^Comprehensive o^ Total p^Common p^Paid-inp^Retained p^Incomep^Stockholders? q^Stock q^Capitalq^Earnings q^(Loss) q^Equityr' s' t'Balance, January 2, 2000 t"$ 0.3 t"$ 37.9 t"$ 5.6 t"$ 0.7 t"$ 44.5u' Net incomeu"-u"- u"32.3u"- u"32.32v' Other comprehensive income, net of tax:3w' Foreign currency translation lossesw"-w"-w"- w"(0.6) w"(0.6) x'  y' z' Comprehensive incomez"-z"- z"32.3 z"(0.6) z"31.73{' Exercise of stock options and other, net{"- {"2.9{"-{"- {"2.9#|' Issuance of common stock|"- |"84.0|"-|"- |"84.0 }'  ~'  'Balance, December 31, 2000 "0.3 "124.8 "37.9 "0.1 "163.1' Net income"-"- "6.6"- "6.62' Other comprehensive income, net of tax:2' Gain on marketable equity security"-"-"- "0.2 "0.23' Foreign currency translation losses"-"-"- "(0.1) "(0.1) '  ' ' Comprehensive income"-"- "6.6 "0.1 "6.73' Exercise of stock options and other, net"- "3.2"-"- "3.2 '  '  'Balance, December 30, 2001 "0.3 "128.0 "44.5 "0.2 "173.0' Net income"-"- "25.4"- "25.42' Other comprehensive income, net of tax:2' Loss on marketable equity security"-"-"- "(0.4) "(0.4)2' Foreign currency translation gains"-"-"- "0.2 "0.24' Minimum pension liability adjustment"-"-"- "(23.2) "(23.2) '  ' &' Comprehensive income (loss)"-"- "25.4 "(23.4) "2.0 '  ' 3' Exercise of stock options and other, net"- "1.8"-"- "1.8 '  '  'Balance, December 29, 2002 "$ 0.3 "$ 129.8 "$ 69.9"$ (23.2 ) "$ 176.8 ' O'The accompanying notes are an integral part of these financial statements('TELEDYNE TECHNOLOGIES INCORPORATED+'CONSOLIDATED STATEMENTS OF CASH FLOWS'(In millions)$'  ^2002 ^2001 ^2000' ' 'Operating Activities+'Net income from continuing operations "$ 25.4 "$ 6.8 "$ 31.9\' Adjustments to reconcile net income to net cash provided by operating activities:2' Depreciation and amortization of assets "21.8 "20.5 "14.8 ' Deferred income taxes "(13.7) "17.7 "3.4B' (Gains) losses on sale of property, plant and equipment "0.9"- "(0.1)D' Noncash asset impairment, restructuring and other charges"- "15.6"-_'Changes in operating assets and liabilities, excluding the effect of businesses acquired:5' Decrease(increase) in accounts receivables "4.3 "10.7 "(9.4 )-' Decrease (increase) in inventories "(8.0) "1.4 "(13.8)C' Decrease (increase) in prepaid expenses and other assets "0.5 "(2.5) "(1.6)'' Decrease in long-term assets "1.6 "1.9"-2' Increase (decrease) in accounts payable "14.8 "(22.3) "14.54' Increase(decrease) in accrued liabilities "3.6 "(2.2) "9.1F' Increase (decrease) in current income taxes receivable, net "7.7 "(4.6) "(4.3)=' Increase (decrease) in other long-term liabilities "5.4 "(12.2) "4.36' Decrease in accrued postretirement benefits "(2.2) "(2.2) "(2.4)<' Increase (decrease) in accrued pension obligation "12.1 "(10.4) "(9.5)'Other operating, net"- "0.8 "(0.4) '  ' O' Net cash provided by operating activities from continuing operations "74.2 "19.0 "36.50' Net cash from discontinued operations "(0.9) "(1.3) "1.5 '  ' 4' Net cash provided by operating activities "73.3 "17.7 "38.0 '  ' 'Investing Activities5' Purchases of property, plant and equipment "(15.4) "(26.4) "(30.7)K' Purchase of business and other investments, net of cash acquired "(23.0) "(26.5) "(0.3).' Proceeds from sale of business, net"-"- "17.05' Disposals of property, plant and equipment"- "1.0 "0.1' Other investing, net "0.8 "(1.3) "(4.0) '  ' P' Net cash used by investing activities from continuing operations "(37.6) "(53.2) "(17.9)8' Net cash used by discontinued operations"-"- "(1.5) '  ' 5' Net cash used by investing activities "(37.6) "(53.2) "(19.4) '  ' 'Financing Activities;' Net proceeds from (repayments of) long-term debt "(30.0) "30.0 "(97.0)2' Net proceeds from common stock offering"-"- "84.0A' Proceeds from exercise of stock options and other, net "1.4 "2.5 "2.2 '  ' @' Net cash provided (used) by financing activities "(28.6) "32.5 "(10.8) '  ' 6'Increase (decrease) in cash and cash equivalents "7.1 "(3.0 ) "7.83'Cash and cash equivalents ? beginning of year "11.9 "14.9 "7.1 '  ' -'Cash and cash equivalents ? end of year "$ 19.0 "$ 11.9 "$ 14.9 ' P'The accompanying notes are an integral part of these financial statements. 6Sheet1 6Sheet2 6Sheet3d_ Arial  O4!*d"""dFM3FM3 PropertyWK3WK3 Property  tG EdG `GESG OGCMHdrtG