THOUSAND OAKS, Calif. –– Teledyne Technologies Incorporated (NYSE:TDY)

• All-time record quarterly sales of $569.4 million, an increase of 15.3% over 2012

• Record first quarter earnings per share of $1.07, an increase of 11.5% over 2012

• Acquired RESON to complement marine instrumentation

• Raising full year 2013 earnings outlook to $4.47 to $4.51 per share from $4.42 to $4.46

Teledyne today reported first quarter 2013 sales of $569.4 million, compared with sales of $494.0 million for the

first quarter of 2012, an increase of 15.3%. Net income attributable to Teledyne was $40.4 million ($1.07 per

diluted share) for the first quarter of 2013, compared with $35.7 million ($0.96 per diluted share) for the first

quarter of 2012, an increase of 13.2%.

“We began 2013 with a strong quarter. Quarterly sales were an all-time record and earnings per share increased

11.5% compared to last year,” said Robert Mehrabian, chairman, president and chief executive officer. “In addition,

orders exceeded sales by 10%, and quarter-end backlog was also a record at over $1.0 billion. Our commercial and

international business continues to grow. For example, instrumentation sales increased approximately 38% over last

year and contributed more than half of our profit in the first quarter. Our government businesses, assisted by new

programs and recent contract wins, were also relatively stable in the quarter. With the acquisition of RESON, a

leading provider of multibeam sonar systems, as well as BlueView and Optech last year, Teledyne offers 3D marine

imaging systems for use from aircraft, fixed platforms, surface vessels and AUVs over a wide range of distances

and water depths. We now provide our customers one of the most comprehensive portfolios of marine technologies,

ranging from connectors and communication devices to sensors, imaging systems and complete underwater

vehicles.”

Review of Operations (Comparisons are with the first quarter of 2012, unless noted otherwise.)

Instrumentation

The Instrumentation segment’s first quarter 2013 sales were $221.2 million, compared with $160.6 million, an

increase of 37.7%. First quarter 2013 operating profit was $35.0 million, compared with $31.6 million, an increase

of 10.8%.

The first quarter 2013 sales increase resulted from higher sales of both marine and electronic test and measurement

instrumentation, partially offset by reduced sales of environmental instrumentation. The higher sales of $19.6

million for marine instrumentation reflected increased sales of interconnect systems used in offshore energy

production, as well as marine acoustic sensors and autonomous underwater vehicles and also included a total of

$11.2 million in revenue from recent acquisitions including the March 1, 2013 acquisition of RESON A/S

(“RESON”). Increased sales of $43.4 million for electronic test and measurement instrumentation resulted from the

August 2012 acquisition of LeCroy Corporation (“LeCroy”). The decrease in sales of $2.4 million for

environmental instrumentation primarily reflected lower sales of laboratory instruments, partially offset by 2

increased sales of air monitoring instrumentation. The increase in operating profit reflected the impact of higher

sales, partially offset by $1.3 million in additional intangible asset amortization, $0.4 million in acquisition

expenses and $0.2 million in inventory purchase accounting charges related to the acquisitions.

Digital Imaging

The Digital Imaging segment’s first quarter 2013 sales were $102.4 million, compared with $94.2 million, an

increase of 8.7%. Operating profit was $5.2 million for the first quarter of 2013, compared with $4.3 million an

increase of 20.9%.

The 2013 sales increase included $9.3 million in revenue from the April 2, 2012, acquisition of a majority interest

in the parent company of Optech Incorporated (“Optech”) and greater sales of medical imaging and infrared

sensors, partially offset by decreased sales of imagers for remote sensing applications. Operating profit in 2013

reflected the impact of higher sales, partially offset by an operating loss of $1.4 million at Optech.

Aerospace and Defense Electronics

The Aerospace and Defense Electronics segment’s first quarter 2013 sales were $174.6 million, compared with

$164.8 million, an increase of 5.9%. Operating profit was $21.8 million for the first quarter of 2013, compared with

$22.9 million, a decrease of 4.8%.

The 2013 sales increase reflected higher sales of $7.1 million from both microwave and interconnect systems

collectively, which included $1.0 million in incremental revenue from the acquisition of VariSystems Inc. in

February 2012. The sales increase also reflected $1.1 million from avionics products and electronic relays and $1.6

million for electronic manufacturing service products. Operating profit in 2013 decreased and reflected $1.7

million for severance and relocation costs associated with certain electronic manufacturing businesses and $0.8

million in higher net pension expense, partially offset by higher sales and lower LIFO expense of $0.7 million.

Engineered Systems

The Engineered Systems segment’s first quarter 2013 sales were $71.2 million compared with $74.4 million, a

decrease of 4.3%. Operating profit was $6.4 million for the first quarter 2013, compared with $6.2 million, an

increase of 3.2%.

The first quarter 2013 sales decrease reflected lower energy systems sales of $3.7 million and lower sales of $0.9

million related to turbine engines, partially offset by higher sales of $1.4 million from engineered products and

services, including missile defense programs. Operating profit in the first quarter of 2013 reflected the impact of

higher margins for engineered products and services, partially offset by lower sales and $1.1 million in higher net

pension expense.

Additional Financial Information

Cash Flow

Cash used by operating activities was $56.7 million for the first quarter of 2013, compared with cash used of $19.7

million. The lower cash provided by operating activities in the first quarter of 2013 primarily reflected a voluntary

pretax $83.0 million cash contribution to the domestic pension plan, compared with a voluntary pretax $50.0

million cash contribution to the domestic pension plan. Free cash flow (cash provided by operating activities less

capital expenditures) was a use of cash of $73.0 million for the first quarter of 2013, compared with a use of cash of

$30.3 million and reflected lower cash provided by operating activities, primarily due to the higher pension

contribution and higher capital expenditures. On March 1, 2013, the company amended its $550.0 million credit

facility to increase the borrowing capacity to $750.0 million and extended the maturity date from February 25, 2016

to March 1, 2018. At March 31, 2013, total debt was $698.7 million, which included $219.4 million drawn on the

$750.0 million credit facility, $250.0 million in senior notes, $200.0 million in term loans, $16.1 million in other

debt and $13.2 million in capital lease obligations. Cash and cash equivalents were $49.0 million at March 31,

2013. The company received $4.8 million from the exercise of employee stock options in the first quarter of 2013,

compared with $7.7 million. Capital expenditures for the first quarter of 2013 were $16.3 million, compared with

$10.6 million. Depreciation and amortization expense for the first quarter of 2013 was $21.9 million, compared

with $16.8 million.

Pension

Pension expense was $4.3 million for the first quarter of 2013 compared with $1.7 million. Pension expense

allocated to contracts pursuant to U.S. Government Cost Accounting Standards was $3.6 million for the first quarter

of 2013 compared with $3.2 million. The increase in pension expense primarily reflected the impact of using a

4.4% discount rate to determine the benefit obligation for the domestic plan in 2013 compared with a 5.5% discount

rate used in 2012.

Income Taxes

The effective tax rate for the first quarter of 2013 was 24.9% compared with 30.3%. The decrease reflected $2.7

million in net tax benefits in the first quarter of 2013 compared with $1.1 million. The net tax benefits in 2013

primarily relate to research and development tax credits and the Subpart F controlled foreign corporation lookthrough exception for 2012, made retroactively by the American Taxpayer Relief Act of 2012 signed into law on

January 2, 2013. Excluding the net tax benefits in both periods, the effective tax rates would have been 30.0% in

the first quarter of 2013 and 32.5% in the first quarter of 2012.

Stock Option Compensation Expense

For the first quarter of 2013, the company recorded a total of $1.8 million in stock option expense, of which $0.5

million was recorded as corporate expense and $1.3 million was recorded in the operating segment results. For the

first quarter of 2012, the company recorded a total of $1.5 million in stock option expense, of which $0.4 million

was recorded as corporate expense and $1.1 million was recorded in the operating segment results.

Other

Interest expense, net of interest income, was $5.4 million for the first quarter of 2013, compared with $4.0 million,

and reflected higher debt levels. Corporate expense was $9.5 million for the first quarter of 2013, compared with

$9.5 million. Other expense was $0.5 million for the first quarter of 2013, compared with expense of $0.4 million.

Outlook

Based on its current outlook, the company’s management believes that second quarter 2013 earnings per diluted

share, including acquisition related expenses, will be in the range of approximately $1.03 to $1.06. The full year

2013 earnings per diluted share outlook, including acquisition related expenses, is expected to be in the range of

approximately $4.47 to $4.51, an increase from the prior outlook of $4.42 to $4.46.

For the second quarter and full year outlook, the company expects additional severance and relocation costs

associated with certain electronic manufacturing services businesses. The company’s effective tax rate for 2013 is

expected to be 30.0%, excluding retroactive adjustments.