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ESCO Announces Fiscal 2017 Results

- Net earnings of $54 million and Adjusted EBITDA of $123 million -
- GAAP EPS $2.07 and Adjusted EPS $2.22 -

ST. LOUIS, November 14, 2017 - ESCO Technologies Inc. (NYSE: ESE) (ESCO, or the Company) today reported its operating results for the fourth quarter (Q4 2017) and fiscal year ended September 30, 2017 (2017), compared to the fourth quarter (Q4 2016) and fiscal year ended September 30, 2016 (2016).

The Company previously announced it acquired Mayday Manufacturing Co. and its affiliate, Hi-Tech Metals, Inc. (collectively Mayday) on November 7, 2016, NRG Systems Inc. (NRG) on May 8, 2017, the assets of Morgan Schaffer Inc. (Morgan Schaffer) on May 25, 2017, and the assets of Vanguard Instruments Company (Vanguard) on August 30, 2017. Net sales, earnings, acquisition costs, non-cash purchase accounting inventory step-up charges, and amortization of intangible assets related to these entities are included in the 2017 operating results from the date of acquisition.

The financial results presented include certain non-GAAP financial measures such as EBIT, EBITDA (defined as earnings before interest, taxes, depreciation and amortization), Adjusted EBITDA (defined as EBITDA excluding certain charges, such as non-cash purchase accounting inventory step up charges, and acquisition costs incurred to complete the transactions), and Adjusted EPS. Any non-GAAP financial measures presented are reconciled to their respective GAAP equivalents.

Management believes these non-GAAP financial measures are useful in assessing the ongoing operational profitability of the Company's business segments, and therefore, allows shareholders better visibility into the Company's underlying operations. See "Non-GAAP Financial Measures" described below.

Earnings Summary - Full Year

  • 2017 GAAP EPS was $2.07 per share and Adjusted EPS was $2.22 per share, which excludes the ($0.15) per share impact ($6.1 million pretax) of non-cash purchase accounting inventory step-up charges and costs incurred to complete the 2017 acquisitions;
  • 2016 GAAP EPS was $1.77 per share and Adjusted EPS was $2.03 per share (the adjustments related to the prior year restructuring charges were described in earlier releases);
  • 2017 GAAP net earnings were $54 million compared to $46 million in 2016; and,
  • Adjusted EBITDA increased 22 percent to $123 million in 2017 from $101 million in 2016.

Earnings Summary - Q4

  • Q4 2017 GAAP EPS was $0.74 per share and Adjusted EPS was $0.79 per share, which excludes ($0.05) per share impact ($1.8 million pretax) of non-cash purchase accounting inventory step-up charges and costs incurred to complete the 2017 acquisitions;
  • Q4 2016 GAAP EPS was $0.65 per share and Adjusted EPS was $0.67 per share (the adjustments related to prior year Q4 restructuring charges were described in earlier releases);
  • Q4 2017 GAAP net earnings were $19 million compared to $17 million in Q4 2016; and,
  • Adjusted EBITDA increased 34 percent to $43 million in Q4 2017 from $32 million in Q4 2016.

Adjusted EBITDA is reconciled to GAAP net earnings in the Condensed Business Segment Information table below for all periods presented.

Operating Highlights - 2017

  • 2017 sales increased $115 million (20 percent) to $686 million compared to $571 million in 2016;
  • On a segment basis, 2017 Filtration sales increased $72 million, or 35 percent compared to 2016 primarily driven by the contribution of Westland and Mayday sales of $61 million. Technical Packaging sales increased $8 million, or 11 percent compared to 2016 driven by Plastique, and Test sales were $161 million in both periods presented. USG sales increased $35 million, or 27 percent, as Doble sales increased $11 million (9 percent) driven by the additional sales contribution from new products and software solutions, and NRG / Morgan Schaffer / Vanguard contributed $24 million in sales since the dates of acquisition;
  • SG&A expenses increased $17 million in 2017 compared to 2016 primarily due to additional expenses related to Westland, Mayday, NRG, Morgan Schaffer and Vanguard in the current period, coupled with additional sales and marketing expenses at Doble to support future revenue growth. Acquisition costs are recorded at Corporate;
  • Entered orders were $737 million in 2017 (book-to-bill of 1.07x) reflecting a $51 million (16 percent) increase in backlog during the year and an ending backlog of $377 million at September 30, 2017;
  • Filtration orders were $286 million (book-to-bill of 1.03x) in 2017 comprised of recurring commercial aerospace orders and additional space and navy products;
  • Test orders were a record $199 million in 2017 (book-to-bill of 1.23x) which reflects increasing momentum in the wireless, electric vehicle, and automotive chamber markets;
  • USG orders were $164 million in 2017 (book-to-bill of 1.01x) which reflects increased orders for new products such as the Doble Universal Controller (DUC), on-line monitoring solutions, dissolved gas analyzers (DGA's) and additional software applications;
  • Technical Packaging orders were $87 million in 2017 (book-to-bill of 1.05x) driven by higher KAZ, medical, medical device, and pharmaceutical projects; and,  
  • Net cash provided by operating activities was $67 million in 2017 which resulted in net debt of $229 million (outstanding borrowings less cash on hand) at September 30, 2017 and a 2.2x leverage ratio (gross debt outstanding / Adjusted EBITDA).

Chairman's Commentary - 2017

Vic Richey, Chairman and Chief Executive Officer, commented, "I'm pleased with the way we wrapped up the year as we delivered EPS and Adjusted EBITDA within our previously expected ranges, and we successfully completed several acquisitions, which remains one of our key strategic goals. I've mentioned this before, but it is worth repeating: Not only did we add great companies to our portfolio, we also added very solid management teams who share our vision and our values.

"Regarding the recent acquisitions, I'm pleased to see the integration is going smoothly and is nearly complete, which supports my enthusiasm for USG's outlook as the group has come together with a unified focus on sales growth, market expansion, new product development, and enhanced operating margins.

"Whenever you add new companies to an existing portfolio, it is never without risk. But I'm thrilled with the way our entire company, legacy entities and new partners, came together and collectively delivered $123 million of Adjusted EBITDA in 2017. This reflects a 22 percent increase over prior year and represents the best year in ESCO's history.

"Touching on a few Q4 operating highlights, Filtration delivered a 22 percent EBIT margin driven by outstanding performance at Crissair and VACCO. Test reported a 16 percent EBIT margin in Q4 and during the past six months of 2017, delivered $89 million in sales at a 15 percent EBIT margin. Doble continued to outperform in Q4 by delivering an EBIT margin above 28 percent as its new products, software and solution offerings continue to gain traction in the utility market.

"Wrapping up the year, a clear highlight for the Company is the strength of our order activity as all four operating segments achieved book-to-bill ratios greater 1.0x, led by Test's nearly $200 million in new business.

"As we enter 2018, we plan to build on the successes we achieved in 2017 and benefit from having aggressively addressed the challenges we faced during the past year, which gives me a favorable view of the future with our goal remaining unchanged - to increase long-term shareholder value."

Dividend Payment

The next quarterly cash dividend of $0.08 per share will be paid on January 19, 2018 to stockholders of record on January 4, 2018.

Board of Directors

Effective November 8, 2017, the Company added an additional independent director, Patrick M. (Pat) Dewar to the Company's Board of Directors.

Mr. Dewar currently serves as Chief Executive of The Trenton Group LLC. Previously, Mr. Dewar spent 34 years in the Aerospace Sector with GE Aerospace and Lockheed Martin, where he created and led Lockheed Martin International as an Executive Vice President managing over $10 billion in annual revenue. He holds a Master of Science degree in Electrical Engineering from Drexel University as well as a Bachelor of Science degree in Engineering from Swarthmore College. Mr. Dewar is a member of the Council of Foreign Relations and serves as a senior advisor to numerous investment firms on Aerospace & Defense matters.

Mr. Dewar was selected to serve the Company as his extensive strategic and operational experience in the aerospace and defense markets will allow him to assist the board in guiding strategy from the highest level.

Adding a new director further enhances Corporate Governance, facilitates board refreshment, and adds new and relevant experience supplementing existing independent director oversight. The Board of Directors performed extensive diligence in its search, including utilizing a globally recognized executive search firm.

Business Outlook - 2018

With the increased level of M&A activity, Management has placed more emphasis on Adjusted EBITDA as a supplement to EPS as it believes this is a relevant metric to be considered for measuring ongoing operating performance as well as the Company's enterprise valuation. Adjusted EBITDA is also a key financial metric used by Management when determining the appropriate price for acquisitions.

Management continues to see meaningful sales and Adjusted EBITDA growth across each of the Company's business segments and anticipates growth rates in 2018 and beyond that exceed the Company's defined peer group and the broader industrial market.

The details of Management's growth expectations for 2018 compared to 2017 are as follows:

  • Sales are expected to increase approximately 13 percent driven by: incremental sales from acquisitions being included for a full year; increased commercial aerospace deliveries at PTI, Crissair and Mayday; higher organic sales at USG; significantly higher sales at Test including the catch-up of 2017 deliveries as well as significant new product wins currently in backlog; partially offset by a reduction in lower margin industrial/automotive market product deliveries at PTI as it exits that market; and flat sales in Technical Packaging;
  • Adjusted EBITDA is expected to increase between 15 and 17 percent, resulting in Adjusted EBITDA in the range of $141 million to $143 million, compared to 2017 Adjusted EBITDA of $123 million;
  • Interest expense on higher debt (acquisition funding) is expected to be approximately $9.5 million, reflecting an increase of  $4.9 million (or $0.12 per share) over the $4.6 million of interest expense in 2017;
  • Non-cash depreciation and amortization of intangibles is expected to increase approximately $7.1 million (or $0.18 per share after-tax) as a result of the recent acquisitions. Purchase accounting intangible asset amortization charges are recorded at Corporate;
  • Income tax expense is expected to increase in 2018 as Management is projecting a 35 percent effective tax rate calculated on higher pretax earnings. Management's expected rate excludes any impact resulting from potential tax reform. When compared to the 33 percent tax rate in 2017, the 2 percent higher rate on the additional pretax earnings negatively impacts 2018 EPS ($0.07 per share); and, 
  • In summary, Management projects 2018 GAAP EPS to be in the range of $2.30 to $2.40 per share, including the profit contributions from the recent acquisitions, the additional depreciation and amortization charges, higher interest, and incremental tax expense as described above.

On a quarterly basis, Management expects 2018 operating results to reflect a profile similar to 2017 and previous years, with revenues and EPS being more second-half weighted. As with past years, projected second half 2018 sales and EPS are expected to be significantly stronger than the first half.

Management expects Q1 2018 GAAP EPS to be in the range of $0.28 to $0.33 per share. The timing of quarterly sales and earnings throughout the year, coupled with higher non-cash charges within the respective quarters impacts comparability in Q1.

Chairman's Commentary - 2018

Mr. Richey continued, "Given the expected contribution from our recent acquisitions, coupled with current expectations of organic growth from "legacy" operations, I believe 2018 reflects solid sales, EBIT, EBITDA and EPS growth and positions us well to meet or exceed our shareholder value-creation goals.

"We ended 2017 in a favorable position given our strong backlog and balance sheet, and as we enter the new year, I am very comfortable with our outlook. Our core businesses remain solid and the acquisitions are nearly fully integrated and are contributing at a meaningful level. We enter 2018 with numerous growth opportunities throughout our operating segments as described above.

"I'm especially excited by our growth outlook in Test, where we've worked diligently for the past few years on right-sizing the cost structure and enhancing operating efficiency to allow it to be more competitive and significantly more profitable. Test's current backlog firmly supports our outlook, and I'm happy to report that we were recently notified of two new large chamber wins totaling $30 million from globally recognized customers in the government / defense and automotive markets.

"Additionally, at Westland, we were recently awarded a large, multi-year contract to supply next-generation technology protecting naval vessels in support of our long-term outlook for this growing platform.

"Our market leadership positions and the breadth and diversity of our new product offerings will allow us to continue to grow at levels above our peer averages. Our management teams' focus on profitable growth and ROIC will remain steadfast as we believe these are the key drivers of continued and sustainable share price appreciation."

Conference Call

The Company will host a conference call today, November 14, at 4:00 p.m. Central Time, to discuss the Company's 2017 results. A live audio webcast will be available on the Company's website at www.escotechnologies.com. Please access the website at least 15 minutes prior to the call to register, download and install any necessary audio software. A replay of the conference call will be available for seven days on the Company's website noted above or by phone (dial 1-855-859-2056 and enter the pass code 96067789).

Forward-Looking Statements

Statements in this press release regarding the Company's expected quarterly, 2018 full year and beyond results, revenue and sales growth, EPS, EPS growth, EBIT, EBITDA, Adjusted EBITDA, gross profit, interest expense, non-cash depreciation and amortization of intangibles, corporate costs, effective tax rates, the Company's ability to increase operating margins, realize financial goals and increase shareholder value, the success of acquisition efforts, the size, number and timing of future sales and growth opportunities, the long-term success of the Company, and any other statements which are not strictly historical are "forward-looking" statements within the meaning of the safe harbor provisions of the federal securities laws.

Investors are cautioned that such statements are only predictions and speak only as of the date of this release, and the Company undertakes no duty to update them except as may be required by applicable laws or regulations. The Company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the Company's operations and business environment including, but not limited to those described in Item 1A, "Risk Factors", of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2016, and the following: the success of the Company's competitors; weakening of economic conditions in served markets; changes in customer demands or customer insolvencies; competition; intellectual property rights; technical difficulties; delivery delays or defaults by customers; material changes in the costs and availability of certain raw materials; the appropriation, allocation and availability of Government funds; the termination for convenience of Government and other customer contracts; the timing and content of future contract awards or customer orders; performance issues with key customers, suppliers and subcontractors; labor disputes; the impacts of natural disasters on the Company's operations and those of the Company's customers and suppliers; changes in laws and regulations, including but not limited to changes in accounting standards and taxation requirements; changes in interest rates; costs relating to environmental matters arising from current or former facilities; financial exposure in connection with Company guarantees of certain Aclara contracts; the availability of select acquisitions; uncertainty regarding the ultimate resolution of current disputes, claims, litigation or arbitration; and the success and integration of recently acquired businesses.

Non-GAAP Financial Measures

The financial measures EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS are presented in this press release. The Company defines "EBIT" as earnings before interest and taxes, "EBITDA" as earnings before interest, taxes, depreciation and amortization, "Adjusted EBITDA" as EBITDA excluding certain defined non-recurring charges, and "Adjusted EPS" as GAAP earnings per share (EPS) excluding the non-recurring charges described above which were $0.05 per share for Q4 2017 and $0.02 per share for Q4 2016.

EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS are not recognized in accordance with U.S. generally accepted accounting principles (GAAP). However, Management believes that EBIT, EBITDA and Adjusted EBDITDA are useful in assessing the operational profitability of the Company's business segments because they exclude interest, taxes, depreciation and amortization, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by Management in determining resource allocations within the Company as well as incentive compensation. The Company believes that the presentation of EBIT, EBITDA, Adjusted EBITDA and Adjusted EPS provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

ESCO, headquartered in St. Louis: Manufactures highly-engineered filtration and fluid control products for the aviation, space and process markets worldwide; is the industry leader in RF shielding and EMC test products; provides diagnostic instruments, software and services for the benefit of industrial power users and the electric utility and renewable energy industries; and, produces custom thermoformed packaging, pulp-based packaging, and specialty products for medical and commercial markets. Further information regarding ESCO and its subsidiaries is available on the Company's website at www.escotechnologies.com.
  
  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
Condensed Consolidated Statements of Operations (Unaudited)  
 (Dollars in thousands, except per share amounts)  
   
      Three Months
 Ended
September 30,
2017
   Three Months
Ended
September 30,
2016
 
          
Net Sales $ 207,005    159,505  
Cost and Expenses:       
  Cost of sales   129,769    96,038  
  Selling, general and administrative expenses   41,329    34,304  
  Amortization of intangible assets   4,790    3,090  
  Interest expense   1,826    391  
  Other (income) expenses, net   (496)    1,365  
   Total costs and expenses   177,218    135,188  
          
Earnings before income taxes   29,787    24,317  
Income taxes   10,613    7,402  
          
   Net earnings $ 19,174    16,915  
          
          
          
   Diluted EPS - GAAP $ 0.74    0.65  
          
   Diluted EPS - As Adjusted $ 0.79 (1)   0.67 (2)
          
   Diluted average common shares O/S:   26,057    25,935  
          
          
(1) Q4 2017 As Adjusted EPS excluded $1.8 million, pretax (or $0.05 per share) of purchase accounting inventory step up charges and acquisition costs during the fourth quarter of 2017.
          
(2) Q4 2016 As Adjusted EPS excluded $0.8 million, pretax (or $0.02 per share) of restructuring charges incurred at ETS and Doble during the fourth quarter of 2016.

  

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
Condensed Consolidated Statements of Operations (Unaudited)  
 (Dollars in thousands, except per share amounts)  
   
      Year Ended
September 30,
2017
   Year Ended
September 30,
2016
 
          
Net Sales $ 685,740    571,459  
Cost and Expenses:       
  Cost of sales   436,918    350,807  
  Selling, general and administrative expenses   148,433    131,493  
  Amortization of intangible assets   16,338    11,630  
  Interest expense   4,578    1,308  
  Other (income) expenses, net   (680)    7,801  
   Total costs and expenses   605,587    503,039  
          
Earnings before income taxes   80,153    68,420  
Income taxes   26,450    22,538  
          
   Net earnings $ 53,703    45,882  
          
          
          
   Diluted EPS - GAAP $ 2.07    1.77  
          
   Diluted EPS - As Adjusted $ 2.22 (1)   2.03 (2)
          
   Diluted average common shares O/S:   25,995    25,968  
          
          
(1) 2017 As Adjusted EPS excluded $6.1 million, pretax (or $0.15 per share) of purchase accounting inventory step up charges and acquisition costs during fiscal 2017.
          
(2) 2016 As Adjusted EPS excluded $7.8 million, pretax (or $0.26 per share) of restructuring charges incurred at ETS and Doble during fiscal 2016.

  

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Business Segment Information (Unaudited)
(Dollars in thousands)
 
     GAAP      
     Q4 2017   Q4 2016      
Net  Sales          
  Filtration $ 80,640   61,994      
  Test   51,115   41,903      
  USG   52,183   34,129      
  Technical Packaging   23,067   21,479      
   Totals $ 207,005   159,505      
            
EBIT          
  Filtration $ 17,905   15,716      
  Test   8,404   5,276      
  USG   11,010   9,502      
  Technical Packaging   2,836   2,590      
  Corporate   (8,542)   (8,376)      
   Consolidated EBIT   31,613   24,708      
   Less: Interest expense   (1,826)   (391)      
   Less: Income tax expense (10,613)   (7,402)      
   Net earnings $ 19,174   16,915      
             
Note 1: Adjusted net earnings were $20.4 million in Q4 17 which excluded $1.8 million, pretax (or $0.05 per share) net impact from the acquisitions of NRG, Morgan Schaffer & Vanguard during the fourth quarter of 2017.
            
Note 2: Adjusted net earnings were $17.5 million in Q4 16 which excluded $0.8 million, pretax (or $0.02 per share) of net restructuring charges at ETS and Doble during the fourth quarter of 2016.
            
EBITDA Reconciliation to Net earnings:             
      Q4 2017   Q4 2017
- As Adj
   Q4 2016   Q4 2016
- As Adj
Consolidated EBITDA $ 40,819   42,636    31,067   31,905
Less: Depr & Amort   (9,206)   (9,206)    (6,359)   (6,359)
Consolidated EBIT   31,613   33,430    24,708   25,546
Less: Interest expense   (1,826)   (1,826)    (391)   (391)
Less: Income tax expense   (10,613)   (11,249)    (7,402)   (7,617)
Net earnings $ 19,174   20,355    16,915   17,538
                      

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES  
Condensed Business Segment Information (Unaudited)  
(Dollars in thousands)  
   
     GAAP        
     FY 2017   FY 2016       
Net  Sales           
  Filtration $ 279,510   207,752       
  Test   160,853   161,512       
  USG   162,469   127,785       
  Technical Packaging   82,908   74,410       
   Totals $ 685,740   571,459       
             
EBIT            
  Filtration $ 52,201   45,227       
  Test   19,481   13,863       
  USG   36,596   31,083       
  Technical Packaging   8,495   9,625       
  Corporate   (32,042)   (30,070)       
   Consolidated EBIT   84,731   69,728       
   Less: Interest expense   (4,578)   (1,308)       
   Less: Income tax expense   (26,450)   (22,538)       
   Net earnings $ 53,703   45,882       
              
Note 1: Adjusted net earnings were $57.7 million in FY 17 which excluded $6.1 million, pretax (or $0.15 per share) net impact from the acquisitions of Mayday, NRG, Morgan Schaffer & Vanguard during fiscal 2017.
             
Note 2: Adjusted net earnings were $52.8 million in FY 16 which excluded $7.8 million, pretax (or $0.26 per share) of restructuring charges at ETS and Doble during fiscal 2016.
             
EBITDA Reconciliation to Net earnings:                
      FY 2017   FY 2017
- As Adjusted
    FY 2016   FY 2016
- As Adjusted
 
Consolidated EBITDA $ 116,960   123,044     93,296   101,097  
Less: Depr & Amort   (32,229)   (32,229)     (23,568)   (23,568)  
Consolidated EBIT   84,731   90,815     69,728   77,529  
Less: Interest expense   (4,578)   (4,578)     (1,308)   (1,308)  
Less: Income tax expense   (26,450)   (28,579)     (22,538)   (23,387)  
Net earnings $ 53,703   57,658     45,882   52,834  
                        

  

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (Unaudited)
(Dollars in thousands)
 
     September 30,
2017
  September 30,
2016
       
Assets      
  Cash and cash equivalents $ 45,516   53,825
  Accounts receivable, net   160,580   121,486
  Costs and estimated earnings on     
   long-term contracts   47,286   28,746
  Inventories   124,515   105,542
  Other current assets   14,895   13,884
   Total current assets   392,792   323,483
  Property, plant and equipment, net   132,748   92,405
  Intangible assets, net   351,134   231,759
  Goodwill   377,879   323,616
  Other assets   5,891   7,108
    $ 1,260,444   978,371
       
Liabilities and Shareholders' Equity     
  Short-term borrowings and current $ 20,000   20,000
   maturities of long-term debt     
  Accounts payable   54,789   42,074
  Current portion of deferred revenue   28,583   27,212
  Other current liabilities   91,597   68,790
   Total current liabilities   194,969   158,076
  Deferred tax liabilities   86,378   69,562
  Other liabilities   52,179   45,624
  Long-term debt   255,000   90,000
  Shareholders' equity   671,918   615,109
    $ 1,260,444   978,371

  

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
(Dollars in thousands)
 
    Year Ended
September 30,
2017
Cash flows from operating activities:   
  Net earnings $ 53,703
  Adjustments to reconcile net earnings   
  to net cash provided by operating activities:   
  Depreciation and amortization   32,229
  Stock compensation expense   5,444
  Changes in assets and liabilities   (19,539)
  Change in deferred revenue and costs, net   1,650
  Effect of deferred taxes   1,360
  Pension contributions   (2,677)
  Other   (4,830)
  Net cash provided by operating activities   67,340
   
Cash flows from investing activities:   
  Acquisition of businesses, net of cash acquired   (198,628)
  Capital expenditures   (29,728)
  Additions to capitalized software   (9,002)
  Proceeds from sale of land   1,184
  Proceeds from life insurance   2,307
  Net cash used by investing activities   (233,867)
   
Cash flows from financing activities:   
  Proceeds from long-term debt   257,000
  Principal payments on long-term debt   (92,000)
  Dividends paid   (8,257)
  Other   20
  Net cash provided by financing activities   156,763
   
Effect of exchange rate changes on cash and cash equivalents   1,455
   
Net decrease in cash and cash equivalents   (8,309)
Cash and cash equivalents, beginning of period   53,825
Cash and cash equivalents, end of period $ 45,516

  

  

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES
Other Selected Financial Data (Unaudited)
(Dollars in thousands)
 
Backlog And Entered Orders - Q4 FY 2017   Filtration   Test   USG   Technical Packaging   Total
  Beginning Backlog - 7/1/17 $ 204,054   105,568   42,369   27,506   379,497
  Entered Orders   79,706   60,339   45,395   19,175   204,615
  Sales    (80,640)   (51,115)   (52,183)   (23,067)   (207,005)
  Ending Backlog - 9/30/17 $ 203,120   114,792   35,581   23,614   377,107
             
             
             
Backlog And Entered Orders - FY 2017   Filtration   Test   USG   Technical Packaging   Total
  Beginning Backlog - 10/1/16 $ 195,801   77,032   33,744   19,654   326,231
  Entered Orders   286,829   198,613   164,306   86,868   736,616
  Sales    (279,510)   (160,853)   (162,469)   (82,908)   (685,740)
  Ending Backlog - 9/30/17 $ 203,120   114,792   35,581   23,614   377,107

SOURCE ESCO Technologies Inc.
Kate Lowrey, Director of Investor Relations, (314) 213-7277


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