Los Angeles-based Teledyne reported a 56% drop...

Los Angeles-based Teledyne reported a 56% drop in earnings for the year and 52% for the fourth quarter, compared to the same periods last year, due to smaller gains on the sale of investments. Excluding gains on sale of investments, Teledyne’s after-tax profits declined 3.6% to $42.7 million in the fourth quarter and 9.8% to $204.6 million for the year.