of $58,000. Teledyne's growth continued in 1962, with the acquisition of companies primarily through equity agreements. Singleton began the expansion of company business into areas other than microelectronics and control systems. He formed Teledyne Systems as the centerpiece of the firm's aerospace systems business. Teck A. Wilson, who had followed Singleton from Litton, was primarily responsible for diversifying the business base into government contracts, winning work for avionic systems in missile and space programs. By the end of the second fiscal year, Teledyne sales had increased 230% and net income by approximately 570%. Over the next three years, Singleton was successful in further growing Teledyne. New companies were acquired in the microelectronics and microwave fields; power electrical products – including the first consumer products – were added. Teledyne Systems was greatly enlarged, and Teledyne Controls was established, moving the Company into the field of hydraulics. In addition to industrial sales, Teledyne won significant contracts from NASA and agencies of the Department of Defense (DoD). In early 1965, Teledyne had a major breakthrough in winning a large contract from the U.S. Navy for an airborne computer system. Singleton had a personal involvement in the technical design. Called Integrated Helicopter Avionics System (IHAS), this program had been sought by IBM and Texas Instruments, and the win gave Teledyne a name in the military market. This caused a major increase in the stock price, from $15 to $65. By the end of the fiscal year, Teledyne had acquired 34 companies. Sales were $86.5 million with net income of $3.4 million. There were approximately 5,400 employees. Assets reached $66.5 million, and there were nearly 8 million outstanding shares of stock. Singleton-Roberts years A new era for Singleton and Teledyne started in 1966. In June, Kozmetsky left to become dean of the School of Business Administration at the University of Texas. In July, Vanadium-Alloy Steel Company (Vasco) was merged into Teledyne. With this merger, Singleton turned his position of President over to George A. Roberts, his close friend from Naval Academy days and who had headed Vasco. Roberts, who held a Ph.D. degree in metallurgy, had built Vasco into a mid-sized specialty steel producer headquartered in Pennsylvania. Vasco had a number of subsidiaries including Allvac, a producer of nickel, cobalt, and titanium alloys. This merger expanded the company into the Eastern U.S. and started the formation of material technologies as a major business activity of