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ESCO Announces First Quarter Results

ST. LOUIS Feb. 3, 2011 December 31, 2010

First Quarter 2011 Highlights

  • $160 million $47 million $113 million
  • $92 million $31 million $28 million
  • $11 million July 31 $6 million
  • $5 million
  • $0.40 $0.02
  • $19 million
  • $186 million $48 million $138 million December 31, 2010
  • $77 million $30 million $23 million $20.5 million Mexico $7 million $258 million $4 million City of Toronto
  • $48 million $7 million South America Turkey

Chairman’s Commentary

Vic Richey

$47 million

$14 million

"Coming off our record level of entered orders in fiscal 2010, the $186 million in orders we received in Q1 to start the year in such a strong fashion is quite satisfying. The increase in our backlog was driven by the significant orders received in Test and USG, both domestically and internationally.

"I’m extremely satisfied with our start for fiscal 2011 as we exceeded our internal operating goals. Our Utility Solutions Group continues its solid performance, and our ongoing investments in new products and advanced technologies continue to solidify our market position in the fast-growing Smart Grid area. As I’ve noted before, we are fully committed to expanding our product offering and related solutions and being recognized as a leading provider of next generation technologies for the Smart Grid."

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.

Dividend Payment

$0.08 April 20 April 6

Fiscal Year 2011

November 11, 2010

  • $30 million
  • $10 million
  • USG EBIT margins are expected to decrease due to the incremental investments noted above. However, Filtration and Test segment EBIT margins are expected to increase;
  • EPS is expected to grow approximately 10 to 15 percent in 2011 in spite of the significant incremental investments being made throughout the USG segment;
  • The 2011 effective tax rate is expected to be approximately 36 percent;
  • Aclara is expected to sign the definitive agreement for the SoCalGas AMI project during fiscal 2011. Only a small amount of SoCalGas revenue is projected during 2011 as the project is expected to ramp up during the second half of the fiscal year; and
  • On a quarterly basis, Management expects 2011 revenues and EPS to be second half weighted, but not as severely as during 2010.  

Chairman’s Commentary – 2011

Mr. Richey concluded, "I remain optimistic about our sales and EPS outlook for 2011, as well as our significant growth prospects over the next three years. We have a sizeable amount of specific, identifiable growth opportunities that should manifest themselves into orders and sales over that time frame. The significant amount of remaining 2011 sales expected from current backlog provides reasonable visibility into our near-term sales and profit outlook. On the international growth front, our new business opportunities, including the potential expansion of several current deployments over the next few years, remain very exciting.

North America Mexico South America Asia

"Our COOP, Gas and Water AMI business opportunities remain very strong, and our market-leading position at Doble should allow us to migrate our domestic success to our targeted international opportunities.

"I remain very optimistic about our current business prospects, including our new product roadmap in USG where we are investing heavily in 2011. I believe this significant investment will pay us back over the next couple of years with meaningful growth opportunities, both domestically and internationally.

"Our commitment remains the same − to achieve our long-term goal of increasing shareholder value."

Annual Meeting Report

L.W. Solley J.D. Woods

Also at the annual meeting, shareholders approved (by non-binding vote) the compensation of the Company’s named executive officers as described in the Company’s proxy statement.

In addition, a majority of shares were voted in favor of conducting advisory votes on executive compensation on an annual basis. In accordance with the results of this vote, the Board of Directors determined to implement an annual advisory vote on executive compensation.

Shareholders also ratified the appointment, by the Audit and Finance Committee of the Board, of KPMG LLP as the company’s independent registered public accounting firm for the 2011 fiscal year.

Conference Call

February 3 4 p.m. Central Time www.escotechnologies.com .

Forward-Looking Statements

September 30, 2010

St. Louis www.escotechnologies.com .

ESCO TECHNOLOGIES INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended

December 31, 2010

Three Months Ended

December 31, 2009

Net  Sales

$

159,936

112,705

Cost  and  Expenses:

Cost  of  sales

97,483

67,436

Selling, general and administrative expenses

43,645

39,208

Amortization of intangible assets

2,853

2,884

Interest expense

774

1,482

Other (income) expenses,  net

(618)

1,023

Total  costs  and  expenses

144,137

112,033

Earnings before  income  taxes

15,799

672

Income  taxes

4,986

236

Net earnings

$

10,813

436

Earnings per  share:

Basic

Net earnings

$

0.41

0.02

Diluted

Net earnings

$

0.40

0.02

Average  common  shares  O/S:

Basic

26,540

26,423

Diluted

26,816

26,709

ESCO TECHNOL OGIES INC. AND SUBSIDIARIES

Condensed Business Segment Information

(Unaudited)

(Dollars in thousands)

Three Months Ended

December 31,

2010

2009

Net  Sales

Utility Solutions Group

$

92,189

61,224

Test

32,004

26,986

Filtration

35,743

24,495

Totals

$

159,936

112,705

EBIT

Utility Solutions Group

$

15,355

4,570

Test

1,909

700

Filtration

5,475

2,358

Corporate

(6,166)

(1)

(5,474)

(2)

Consolidated EBIT

16,573

2,154

Less: Interest expense

(774)

(1,482)

Earnings before income taxes

$

15,799

672

Note: Depreciation and amortization expense was $5.5 million and $5.6 million for the quarters

            ended December 31, 2010 and 2009, respectively.

(1) Includes $1.1 million of amortization of acquired intangible assets.

(2) Includes $1.2 million of amortization of acquired intangible assets.

ESCO TECHNOLOGI ES INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

(Dollars in thousands)

December 31,

2010

September 30,

2010

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