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                                                          EXHIBIT 99.1


To the Board of Directors of Allegheny Teledyne Incorporated:

We have audited the consolidated balance sheets of Teledyne, Inc. (a Delaware 
corporation) and subsidiaries (the Company) as of December 31, 1995 and the 
related consolidated statements of operations, shareholders' equity and cash 
flows for each of the two years in the period ended December 31, 1995. These 
financial statements are the responsibility of the Company's management. Our 
responsibility is to express an opinion on these financial statements based on 
our audits.

We conducted our audits in accordance with generally accepted auditing 
standards. Those standards require that we plan and perform the audit to obtain 
reasonable assurance about whether the financial statements are free of 
material misstatement. An audit includes examining, on a test basis, evidence 
supporting the amounts and disclosures in the financial statements. An audit 
also includes assessing the accounting principles used and significant 
estimates made by management, as well as evaluating the overall financial 
statement presentation. We believe that our audits provide a reasonable basis 
for our opinion.

In our opinion, the financial statements referred to above present fairly, in 
all material respects, the consolidated financial position of Teledyne, Inc. 
and subsidiaries as of December 31, 1995 and the results of their operations 
and their cash flows for each of the two years in the period ended December 31, 
1995 in conformity with generally accepted accounting principles.

As explained in Note 9 to the consolidated financial statements, the Company 
adopted Statement of Financial Accounting Standards (SFAS) No. 106 in 1993.


ARTHUR ANDERSEN LLP


Los Angeles, California
January 13, 1996