1094285--2/26/2009--TELEDYNE_TECHNOLOGIES

related topics

{regulation, government, change}

{product, market, service}

{acquisition, growth, future}

{cost, contract, operation}

{condition, economic, financial}

{operation, international, foreign}

{product, liability, claim}

{loss, insurance, financial}

{personnel, key, retain}

{cost, regulation, environmental}

{stock, price, operating}

{tax, income, asset}

{provision, law, control}

{control, financial, internal}

{debt, indebtedness, cash}

Continuing disruptions in the global economy, the financial markets, the currency markets and the energy markets, as well as government responses to these disruptions, may adversely impact our business and results of operations. Our pension expenses and the value of our pension assets are affected by factors outside of our control, including the performance of plan assets, the stock market, interest rates and actuarial data. We sell products and services to customers in industries that are cyclical and sensitive to changes in general economic activity. Our dependence on revenue from government contracts subjects us to many risks: Our revenue from government contracts depends on the continued availability of funding from the U.S. Government, and, accordingly, we have the risk that funding for our existing contracts may be diverted to other uses or delayed. Our participation in government programs may decrease or be subject to renegotiation as those programs evolve over time. We may not be successful in bidding for future contracts, which would reduce our revenues or slow our growth. Our contracts with the U.S. Government are subject to termination rights that could adversely affect us. We may lose money or generate less than expected profits on our fixed-price government contracts and we may lose money if we fail to meet certain pre-specified targets in government contracts. Our business is subject to government contracting regulations and our failure to comply with such laws and regulations could harm our operating results and prospects. United States and global responses to terrorism, the Iraq situation, Mexican border town violence and nuclear proliferation concerns increase uncertainties with respect to many of our businesses and may adversely affect our business and results of operations. Acquisitions involve inherent risks that may adversely affect our operating results and financial condition. Our future financial results could be adversely impacted by asset impairment charges. We may not have sufficient resources to fund all future research and development and capital expenditures or possible acquisitions. Our indebtedness could materially and adversely affect our business. We may be unsuccessful in our efforts to increase our participation in certain new markets. We may be unable to successfully introduce new and enhanced products in a timely and cost-effective manner, which could harm our growth and prospects. Technological change and evolving industry and regulatory standards could cause certain of our products or services to become obsolete or non-competitive. We may not be able to reduce the costs of our products to satisfy customers cost reduction mandates, which could harm our sales or margins. The airline industry is heavily regulated, and if we fail to comply with applicable requirements, our results of operations could suffer. Product liability claims, product recalls and field service actions could have a material adverse effect on our reputation, business, results of operations and financial condition. We may have difficulty obtaining product liability and other insurance coverages, or be subject to increased costs for such coverage. Increasing competition could reduce the demand for our products and services. We sell products to customers in industries that may undergo rapid and unpredictable changes, which could adversely affect our operations results or production levels. We are subject to the risks associated with international sales. Compliance with increasing environmental regulations and the effects of potential environmental liabilities could have a material adverse financial effect on us. Our inability to attract and retain key personnel could have a material adverse effect on our future success. We may not be able to sell, or exit on acceptable terms, product lines that we determine no longer meet with our growth strategy. Provisions of our governing documents, applicable law, and our Change in Control Severance Agreements could make an acquisition of Teledyne Technologies more difficult. The market price of our Common Stock has fluctuated significantly since our spin-off from ATI, and could continue to do so. Our financial statements are based on estimates required by GAAP, and actual results may differ materially from those estimated under different assumptions or conditions. While we believe our control systems are effective, there are inherent limitations in all control systems, and misstatements due to error or fraud may occur and not be detected.

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1094285--2/26/2009--TELEDYNE_TECHNOLOGIES_INC