UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
-----------------------------------------
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date of
Report (Date of earliest event reported): May 4, 2010
ESCO
TECHNOLOGIES INC.
(Exact
Name of Registrant as Specified in Charter)
|
Missouri
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1-10596
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43-1554045
|
|
(State
or Other
|
(Commission
|
(I.R.S.
Employer
|
|
Jurisdiction
of Incorporation)
|
File
Number)
|
Identification
No.)
|
|
9900A
Clayton Road, St. Louis, Missouri
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63124-1186
|
|
(Address
of Principal Executive Offices)
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(Zip
Code)
|
Registrant’s
telephone number, including area
code: 314-213-7200
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement
communications pursuant to Rule 14d-2 (b) under the Exchange Act (17 CFR
240.14d-2 (b))
[ ] Pre-commencement
communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR
240.113d-4 (c))
ITEM
2.02 RESULTS
OF OPERATIONS AND FINANCIAL CONDITION
Today,
May 4, 2010, the Registrant is issuing a press release (furnished herewith as
Exhibit 99.1 to this report) announcing its fiscal year 2010 second quarter
financial and operating results. See Item 7.01, Regulation FD
Disclosure below.
ITEM
7.01 REGULATION
FD DISCLOSURE
Today,
the Registrant is issuing a press release (Exhibit 99.1) announcing its fiscal
year 2010 second quarter financial and operating results. The
Registrant will conduct a related Webcast conference call today at 4:00 p.m.
central time. This press release will be posted on the Registrant’s
web site located at http://www.escotechnologies.com. It
can be viewed through the “Investor Relations” page of the web site under the
tab “Press Releases”, although the Registrant reserves the right to discontinue
that availability at any time.
NON-GAAP
FINANCIAL MEASURES
The press
release furnished herewith as Exhibit 99.1 contains the financial measure
“EBIT”, which is not calculated in accordance with generally accepted accounting
principles in the United States of America (“GAAP”), in order to provide
investors and management with an alternative method for assessing the
Registrant’s operating results in a manner that is focused on the performance of
the Registrant’s ongoing operations.
The
Registrant defines EBIT as earnings before interest and taxes from continuing
operations. The Registrant’s management evaluates the performance of
its operating segments based in part on EBIT, and believes that EBIT is useful
to investors to demonstrate the operational profitability of the Registrant’s
business segments by excluding interest and taxes, which are generally accounted
for across the entire Registrant on a consolidated basis. EBIT is also one of
the measures used by management in determining resource allocations within the
Registrant and incentive compensation.
The
Registrant believes that the presentation of EBIT provides important
supplemental information to management and investors regarding financial and
business trends relating to the Registrant’s financial condition and results of
operations. The Registrant’s management believes that the use of EBIT
provides an alternative method for assessing the Registrant’s expected future
performance that is useful because it facilitates comparisons with other
companies in the Utility Solutions Group segment industry, many of which use
similar non-GAAP financial measures to supplement their GAAP
results. The Registrant provides this information to investors to
enable them to perform additional analyses of present and future operating
performance, compare the Registrant to other companies, and evaluate the
Registrant’s ongoing financial operations.
The
presentation of the information described above is intended to supplement
investors’ understanding of the Registrant’s operating performance. The
Registrant’s non-GAAP financial measure may not be comparable to other
companies’ non-GAAP financial performance measures. Furthermore, the use of EBIT
is not intended to replace net earnings (loss), cash flows, financial position,
comprehensive income (loss), or any other measure as determined in accordance
with GAAP.
|
ITEM
9.01 FINANCIAL
STATEMENTS AND EXHIBITS
|
|
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(d) Exhibits
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Exhibit
No. Description
of Exhibit
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99.1
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Press
Release dated May 4, 2010
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OTHER
MATTERS
The
information in this report furnished pursuant to Item 2.02 and Item 7.01,
including Exhibit 99.1, shall not be deemed to be “filed” for purposes of
Section 18 of the Securities Exchange Act of 1934 as amended (“Exchange Act”) or
otherwise subject to the liabilities of that section, unless the Registrant
incorporates it by reference into a filing under the Securities Act of 1933 as
amended or the Exchange Act.
SIGNATURE
Pursuant to the requirements of the
Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
|
ESCO
TECHNOLOGIES INC.
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|
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Dated: May
4, 2010
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By: /s/
G.E. Muenster
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G.E.
Muenster
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Executive Vice President
and
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Chief Financial
Officer
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EXHIBIT INDEX
|
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Exhibit
No. Description of
Exhibit
|
|
|
| 99.1 Press Release dated May 4, 2010 |
NEWS
FROM 
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For
more information contact:
|
For media
inquiries:
|
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Kate
Lowrey
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David P.
Garino
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Director,
Investor Relations
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(314)
982-0551
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|
ESCO
Technologies Inc.
|
|
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(314)
213-7277
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ESCO ANNOUNCES SECOND
QUARTER RESULTS;
REPORTS RECORD ORDERS AND
BACKLOG
ST.
LOUIS, May 4, 2010 – ESCO Technologies Inc. (NYSE: ESE) today reported its
operating results for the second quarter ended March 31, 2010.
EPS is
presented from “Continuing
Operations” and “Discontinued Operations.”
Fiscal 2009 discontinued operations include the results of Comtrak which
was sold in March 2009.
Second Quarter 2010
Highlights
|
·
|
Net
sales were $129.3 million ($242.0 million
year-to-date);
|
|
·
|
EPS
was $0.22 per share ($0.24 per share
year-to-date);
|
|
·
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Entered
orders were $218.6 million ($357 million year-to-date), representing
record quarterly order volume, and resulting in a book-to-bill ratio of
1.7x; and
|
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·
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Backlog
increased $89.3 million (27 percent) to an all-time high of $414.4
million.
|
Chairman’s
Commentary
Vic
Richey, Chairman and Chief Executive Officer, commented, “I am extremely pleased
with our second quarter results, as we beat our profit, cash flow and order
projections. With solid execution across all three segments, we exceeded our
internal EBIT and EPS targets by more than 10 percent, and surpassed our order
goals by nearly 17 percent, with Aclara being the biggest contributor to the
upside.
“Following
our significant first quarter orders, we realized a 58-percent increase in
orders sequentially during the second quarter, resulting in year-to-date orders
of $357 million. Clearly, entered orders and the record-high backlog are the
highlights of our year-to-date performance. This order momentum was realized
across the Company, with all three segments reflecting backlog growth since the
start of the fiscal year.
Add
One
“At the
halfway point, I’m very comfortable with where we are in relation to meeting our
full-year operating goals. My confidence in the balance of the fiscal year has
been significantly bolstered by the level and mix of our shippable
backlog.
“Looking
forward, we remain confident in our ongoing business prospects across all
segments of our business, both domestically and internationally. Our Aclara
products, in particular, are well positioned on several international projects
in Central America and South America as well as Asia. We expect these geographic
areas to be significant contributors to our multi-year growth
outlook.”
Entered
Orders
Entered
orders in the 2010 second quarter were $218.6 million, resulting in a
book-to-bill ratio of 169 percent of sales.
Second Quarter Order
Highlights:
|
·
|
Aclara
RF AMI gas product orders with PG&E were $19.1 million, bringing
total PG&E gas project orders to 4.1 million units and $226 million,
representing the entire quantity of units expected in the original
contract.
|
|
·
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Aclara
RF AMI water orders for the New York City Water project were $22.4
million, bringing total NYC water orders to $57.4 million cumulative to
date.
|
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·
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Aclara
RF AMI water orders with San Francisco Public Utilities were $13
million.
|
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·
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Aclara
PLS AMI orders were $55.2 million, including $36.7 million from COOPs,
$11.0 million from international customers and $7.5 million from
IOUs.
|
|
·
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Test
segment orders were $52.2 million, including an order for two large RF
shielded enclosures worth over $14
million.
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Significant Contracts Signed
(Not in Backlog):
|
·
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Aclara
RF AMI water contract with Toho Water Authority in Florida, with orders
under the contract expected to total $9
million.
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·
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Aclara
RF AMI water contract with the City of Toronto, with orders under the
contract expected to total $34
million.
|
Business
Outlook
Statements contained in the preceding
and following paragraphs are based on current expectations. Statements that are
not strictly historical are considered forward-looking, and actual results may
differ materially.
Add
Two
Dividend
Payment
The next quarterly cash dividend of
$0.08 per share will be paid on July 20 to stockholders of record on July
6.
FY 2010
Management’s expectations for fiscal
year 2010 remain consistent with the Business Outlook discussions noted in the
Company’s Earnings Release dated November 12, 2009.
As noted
earlier, Management decided to defer providing specific 2010 guidance due to the
significant size and uncertain timing of the numerous projects in which the
Company is currently engaged. Combined with the impact of the global economic
recovery, Management believes the specific financial impact and timing of these
large projects will be more quantifiable in the future, and therefore believes
it is prudent to defer providing specific EPS guidance at this
time.
Chairman’s Commentary –
Wrap-Up
Mr.
Richey concluded, “We continue to have a sizeable amount of specific,
identifiable growth opportunities that we expect to develop into orders and
sales over time. I expect the balance of 2010 to reflect significant activity as
many of these projects materialize and firmly set us up for meaningful growth in
sales and earnings over the next few years. I remain very optimistic about our
current business prospects, both domestically and internationally, as well as
our new product “roadmap”. Our commitment remains the same − to achieve our
long-term goal of increasing shareholder value.”
Conference
Call
The
Company will host a conference call today, May 4, at 4 p.m. Central Time, to
discuss the Company’s second quarter fiscal 2010 operating results. A live audio
webcast will be available on the Company’s web site at www.escotechnologies.com. Please access the
web site 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 web site noted above or by phone (dial
1-888-203-1112 and enter the pass code 1248444).
Forward-Looking
Statements
Statements
in this press release regarding the likelihood, timing and size of potential
international and domestic opportunities, achievement of fiscal 2010 operating
goals, projects and contracts which the Company may receive or participate in,
expected total orders to be
Add
Three
received
under significant Company contracts and orders described herein, amounts and
timing of fiscal 2010 and beyond revenues, earnings, sales growth, orders, the
success in capturing international AMI opportunities, the global economic
recovery, success of new products and technologies, the long-term success of the
Company, and any other written or oral 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. 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: the
risk factors described in Item 1A of the Company’s Annual Report on Form 10-K
for the fiscal year ended September 30, 2009; the effect of the American
Recovery and Reinvestment Act of 2009; the success of the Company’s competitors;
changes in Federal or State energy laws; the Company’s successful performance of
its AMI contracts; site readiness issues with Test segment customers; weakening
of economic conditions in served markets; changes in customer demands or
customer insolvencies; competition; intellectual property rights; technical
difficulties; unforeseen charges impacting corporate operating expenses; the
performance of the Company’s international operations; material changes in the
costs and availability of certain raw materials including steel and copper;
worldwide availability of electronic components; delivery delays or defaults by
customers; termination for convenience of customer contracts; timing and
magnitude of future contract awards; containment of engineering and development
costs; performance issues with key customers, suppliers and subcontractors;
labor disputes; changes in laws and regulations including but not limited to
changes in accounting standards and taxation requirements; costs relating to
environmental matters; uncertainty of disputes in litigation or arbitration; and
the Company’s successful execution of internal operating plans.
ESCO,
headquartered in St. Louis, is a proven supplier of special purpose utility
solutions for electric, gas, and water utilities, including hardware and
software to support advanced metering applications and fully automated
intelligent instrumentation. In addition, the Company provides engineered
filtration products to the aviation, space, and process markets worldwide and is
the industry leader in RF shielding and EMC test products. Further information
regarding ESCO and its subsidiaries is available on the Company’s web site at
www.escotechnologies.com.
- tables
attached –
Add
Four
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations (Unaudited)
(Dollars
in thousands, except per share amounts)
|
||||||||
|
Three
Months
Ended
March
31, 2010
|
Three
Months
Ended
March
31, 2009
|
|||||||
|
Net
Sales
|
$ | 129,281 | 154,156 | |||||
|
Cost
and Expenses:
|
||||||||
|
Cost
of sales
|
79,399 | 92,226 | ||||||
|
SG&A
|
36,809 | 38,237 | ||||||
|
Amortization
of intangible assets
|
2,887 | 4,985 | ||||||
|
Interest
expense
|
755 | 1,756 | ||||||
|
Other
expenses (income), net
|
288 | 357 | ||||||
|
Total
costs and expenses
|
120,138 | 137,561 | ||||||
|
Earnings
before income taxes
|
9,143 | 16,595 | ||||||
|
Income
taxes
|
3,177 | 5,990 | ||||||
|
Net
earnings from continuing operations
|
5,966 | 10,605 | ||||||
|
Loss
from discontinued operations, net of tax
benefit
of $101
|
- | (177 | ) | |||||
|
Loss
on sale from discontinued operations, net
of
tax benefit of $905
|
- | (32 | ) | |||||
|
Net
loss from discontinued operations
|
- | (209 | ) | |||||
|
Net
earnings
|
$ | 5,966 | 10,396 | |||||
|
Earnings
per share:
|
||||||||
|
Basic
|
||||||||
|
Continuing
operations
|
0.23 | 0.41 | ||||||
|
Discontinued
operations
|
- | (0.01 | ) | |||||
|
Net
earnings
|
$ | 0.23 | 0.40 | |||||
|
Diluted
|
||||||||
|
Continuing
operations
|
0.22 | 0.40 | ||||||
|
Discontinued
operations
|
- | (0.01 | ) | |||||
|
Net
earnings
|
$ | 0.22 | 0.39 | |||||
|
Average
common shares O/S:
|
||||||||
|
Basic
|
26,440 | 26,177 | ||||||
|
Diluted
|
26,702 | 26,470 | ||||||
- more
- -
Add
Five
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations (Unaudited)
(Dollars
in thousands, except per share amounts)
|
||||||||
|
Six
Months
Ended
March
31, 2010
|
Six
Months
Ended
March
31, 2009
|
|||||||
|
Net
Sales
|
$ | 241,986 | 301,513 | |||||
|
Cost
and Expenses:
|
||||||||
|
Cost
of sales
|
146,835 | 184,842 | ||||||
|
SG&A
|
76,017 | 77,519 | ||||||
|
Amortization
of intangible assets
|
5,771 | 9,587 | ||||||
|
Interest
expense
|
2,237 | 4,374 | ||||||
|
Other
expenses (income), net
|
1,311 | 244 | ||||||
|
Total
costs and expenses
|
232,171 | 276,566 | ||||||
|
Earnings
before income taxes
|
9,815 | 24,947 | ||||||
|
Income
taxes
|
3,412 | 8,502 | ||||||
|
Net
earnings from continuing operations
|
6,403 | 16,445 | ||||||
|
Loss
from discontinued operations, net of tax
benefit
of $112
|
- | (197 | ) | |||||
|
Loss
on sale from discontinued operations, net
of
tax benefit of $905
|
- | (32 | ) | |||||
|
Net
loss from discontinued operations
|
- | (229 | ) | |||||
|
Net
earnings
|
$ | 6,403 | 16,216 | |||||
|
Earnings
per share:
|
||||||||
|
Basic
|
||||||||
|
Continuing
operations
|
0.24 | 0.63 | ||||||
|
Discontinued
operations
|
- | (0.01 | ) | |||||
|
Net
earnings
|
$ | 0.24 | 0.62 | |||||
|
Diluted
|
||||||||
|
Continuing
operations
|
0.24 | 0.62 | ||||||
|
Discontinued
operations
|
- | (0.01 | ) | |||||
|
Net
earnings
|
$ | 0.24 | 0.61 | |||||
|
Average
common shares O/S:
|
||||||||
|
Basic
|
26,432 | 26,143 | ||||||
|
Diluted
|
26,705 | 26,444 | ||||||
- more
- -
Add
Six
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed
Business Segment Information
(Unaudited)
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||
|
Three
Months Ended
March
31,
|
Six
Months Ended
March
31,
|
|||||||||||||||||||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||||||||||||||||||
|
Net Sales
|
||||||||||||||||||||||||||||||||
|
Utility
Solutions Group
|
$ | 72,009 | 94,065 | 133,232 | 182,266 | |||||||||||||||||||||||||||
|
Test
|
31,580 | 33,713 | 58,567 | 69,202 | ||||||||||||||||||||||||||||
|
Filtration
|
25,692 | 26,378 | 50,187 | 50,045 | ||||||||||||||||||||||||||||
|
Totals
|
$ | 129,281 | 154,156 | 241,986 | 301,513 | |||||||||||||||||||||||||||
|
EBIT
|
||||||||||||||||||||||||||||||||
|
Utility
Solutions Group
|
$ | 10,621 | 16,138 | 15,191 | 26,693 | |||||||||||||||||||||||||||
|
Test
|
2,096 | 3,748 | 2,796 | 6,982 | ||||||||||||||||||||||||||||
|
Filtration
|
2,989 | 4,227 | 5,347 | 7,090 | ||||||||||||||||||||||||||||
|
Corporate
|
(5,808 | ) | (1 | ) | (5,762 | ) | (2 | ) | (11,282 | ) | (3 | ) | (11,444 | ) | (4 | ) | ||||||||||||||||
|
Consolidated
EBIT
|
9,898 | 18,351 | 12,052 | 29,321 | ||||||||||||||||||||||||||||
|
Less:
Interest expense
|
(755 | ) | (1,756 | ) | (2,237 | ) | (4,374 | ) | ||||||||||||||||||||||||
|
Earnings
before income taxes
|
$ | 9,143 | 16,595 | 9,815 | 24,947 | |||||||||||||||||||||||||||
|
Note:Depreciation
and amortization expense was $5.6 million and $7.2 million for the
quarters ended March 31, 2010 and 2009, respectively, and $11.2 million
and $15.1 million for the six-month periods ended March 31, 2010 and 2009,
respectively.
|
|
(1) Includes
$1.2 million of amortization of acquired intangible assets.
(2) Includes
$1.2 million of amortization of acquired intangible assets.
(3) Includes
$2.3 million of amortization of acquired intangible assets.
(4) Includes
$2.4 million of amortization of acquired intangible assets.
|
- more
- -
Add
Seven
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets (Unaudited)
(Dollars
in thousands)
|
||||||||
|
March
31,
2010
|
September
30,
2009
|
|||||||
|
Assets
|
||||||||
|
Cash
and cash equivalents
|
$ | 22,925 | 44,630 | |||||
|
Accounts
receivable, net
|
94,432 | 108,620 | ||||||
|
Costs
and estimated earnings on
long-term
contracts
|
6,378 | 10,758 | ||||||
|
Inventories
|
89,302 | 82,020 | ||||||
|
Current
portion of deferred tax assets
|
21,594 | 20,417 | ||||||
|
Other
current assets
|
20,068 | 13,750 | ||||||
|
Total
current assets
|
254,699 | 280,195 | ||||||
|
Property,
plant and equipment, net
|
70,422 | 69,543 | ||||||
|
Goodwill
|
330,326 | 330,719 | ||||||
|
Intangible
assets, net
|
219,518 | 221,600 | ||||||
|
Other
assets
|
21,887 | 21,630 | ||||||
| $ | 896,852 | 923,687 | ||||||
|
Liabilities and Shareholders’
Equity
|
||||||||
|
Current
maturities of long-term debt
|
$ | 50,000 | 50,000 | |||||
|
Accounts
payable
|
29,051 | 47,218 | ||||||
|
Current
portion of deferred revenue
|
21,645 | 20,215 | ||||||
|
Other
current liabilities
|
45,830 | 46,552 | ||||||
|
Total
current liabilities
|
146,526 | 163,985 | ||||||
|
Deferred
tax liabilities
|
78,326 | 78,471 | ||||||
|
Other
liabilities
|
31,505 | 33,424 | ||||||
|
Long-term
debt
|
120,363 | 130,467 | ||||||
|
Shareholders’
equity
|
520,132 | 517,340 | ||||||
| $ | 896,852 | 923,687 | ||||||
- more
- -
Add
Eight
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENT OF CASH FLOWS
(Unaudited)
(Dollars
in thousands)
|
||||
|
Six
Months Ended
March
31, 2010
|
||||
|
Cash
flows from operating activities:
|
||||
|
Net
earnings
|
$ | 6,403 | ||
|
Adjustments
to reconcile net earnings to net cash
provided
by operating activities:
|
||||
|
Depreciation
and amortization
|
11,157 | |||
|
Stock
compensation expense
|
1,900 | |||
|
Changes
in current assets and liabilities
|
(15,158 | ) | ||
|
Effect
of deferred taxes
|
(1,322 | ) | ||
|
Pension
contributions
|
(968 | ) | ||
|
Other
|
829 | |||
|
Net
cash provided by operating activities
|
2,841 | |||
|
Cash
flows from investing activities:
|
||||
|
Additions
to capitalized software
|
(4,095 | ) | ||
|
Capital
expenditures
|
(7,074 | ) | ||
|
Net
cash used by investing activities
|
(11,169 | ) | ||
|
Cash
flows from financing activities:
|
||||
|
Proceeds
from long-term debt
|
8,000 | |||
|
Principal
payments on long-term debt
|
(18,104 | ) | ||
|
Dividends
paid
|
(2,115 | ) | ||
|
Proceeds
from exercise of stock options
|
412 | |||
|
Other
|
655 | |||
|
Net
cash used by financing activities
|
(11,152 | ) | ||
|
Effect
of exchange rate changes on cash and cash equivalents
|
(2,225 | ) | ||
|
Net
decrease in cash and cash equivalents
|
(21,705 | ) | ||
|
Cash
and cash equivalents, beginning of period
|
44,630 | |||
|
Cash
and cash equivalents, end of period
|
$ | 22,925 | ||
- more
- -
Add
Nine
|
ESCO
TECHNOLOGIES INC. AND SUBSIDIARIES
Other
Selected Financial Data
(Unaudited)
(Dollars
in thousands)
|
||||||||||||||||
|
Backlog And Entered Orders – Q2 FY
2010
|
Utility
Solutions
|
Test
|
Filtration
|
Total
|
||||||||||||
|
Beginning
Backlog – 12/31/09
|
$ | 145,464 | 64,325 | 115,295 | 325,084 | |||||||||||
|
Entered
Orders
|
141,005 | 52,206 | 25,348 | 218,559 | ||||||||||||
|
Sales
|
(72,009 | ) | (31,580 | ) | (25,692 | ) | (129,281 | ) | ||||||||
|
Ending
Backlog – 3/31/10
|
$ | 214,460 | 84,951 | 114,951 | 414,362 | |||||||||||
|
Backlog And Entered Orders – YTD Q2 FY
2010
|
Utility
Solutions
|
Test
|
Filtration
|
Total
|
||||||||||||
|
Beginning
Backlog – 9/30/09
|
$ | 132,376 | 54,240 | 112,755 | 299,371 | |||||||||||
|
Entered
Orders
|
215,316 | 89,277 | 52,384 | 356,977 | ||||||||||||
|
Sales
|
(133,232 | ) | (58,567 | ) | (50,187 | ) | (241,986 | ) | ||||||||
|
Ending
Backlog – 3/31/10
|
214,460 | 84,950 | 114,952 | 414,362 | ||||||||||||
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