The acquisition of a digital imaging company has paid off for Teledyne Technologies Inc. as the company posted a 400 percent increase in second quarter net income compared to a year ago.
Thousand Oaks-based Teledyne attributed the increase to its purchase of DALSA Corp., a deal which closed in February. The second quarter, ending July 3, was the first full reporting period that DALSA contributed to Teledyne’s revenues.
For the second quarter, Teledyne reported net income of $152.3 million, or $4.08 per diluted share, on revenues of $502.9 million. For the same period in 2010, the company reported net income of $28.6 million, or $0.78 per diluted share, on revenues of $408 million.
The digital imaging business unit that includes DALSA brought in $96.2 million for the second quarter compared to the $29.6 million for the second quarter in 2010. That was the biggest increase in revenues of Teledyne’s four business units.
Teledyne has boosted its presence in the digital imaging market this year. Along with the DALSA acquisition the company has also bought stakes in instrumentation manufacturer Optech Inc. and Nova Research Inc., a maker of infrared cameras.