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SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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240.14a-12
TELEDYNE, INC.
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(Name of Registrant as Specified In Its Charter)
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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/ / $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
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14a-6(i)(3).
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pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
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* $500 fee paid previously in connection with the filing of materials
pursuant to Section 240.14a-11(c) on February 24, 1995.
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FOR IMMEDIATE RELEASE Contact: Rosanne O'Brien
Teledyne, Inc.
310/551-4265
Fred Spar/Adam Weiner
212/593-2655
TELEDYNE REPORTS 160 PERCENT HIGHER FIRST QUARTER RESULTS
Los Angeles, Calif., April 11, 1995 - Teledyne, Inc. (NYSE:TDY) announced
today first quarter 1995 net income of $64.3 million or $1.16 per share
compared with a net loss of $55.1 million or $0.99 per share for the first
quarter 1994. First quarter 1995 income increased 160 percent to $34.0 million
or $0.61 per share (excluding an after tax gain of $30.3 million on the sale
of Teledyne Electronic Systems), over first quarter 1994 income of $13.1
million, or $0.24 per share (excluding a $68.2 million after tax charge to
resolve certain U.S. government contracting issues). Sales from continuing
operations were $623.8 million for the first quarter of 1995, compared to
$527.4 million for the same period of 1994.
"Results for the first quarter, following the strong fourth quarter of 1994,
are further evidence that Teledyne is realizing the benefits of the
restructuring and realignment the Company undertook in the past few years,"
said William P. Rutledge, chairman and chief executive officer, and Donald B.
Rice, president and chief operating officer. "Nevertheless, the Company is
firmly committed to determining whether a possible sale of Teledyne will
deliver value for shareholders greater than continued implementation of our
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business plan." As previously announced, the Company has engaged Goldman,
Sachs & Co. to assist it in soliciting and assessing proposals for possible
sale of Teledyne or other transaction.
The Company said that detailed sales and operating profit figures for its
four business segments will be reported in a separate release later this week.
Teledyne is a diversified manufacturing corporation serving customers
worldwide through 18 operating companies focused in four business
segments: Aviation & Electronics; Specialty Metals; Industrial; and Consumer.
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