ESCO Technologies Inc. (ESE, Financial) filed Quarterly Report for the period ended 2009-03-31.
Nexus Energy Software a subsidiary of ESCO Technologies Inc. enables the vision of what energy information can accomplish for the twenty first Century Utility by transforming both energy company and customer views of energy. Nexus' leading proven-at-scale solutions support customer interactions via self-service and the contact center while enhancing operating functions with analytic applications that integrate meter customer and asset data. Nexus' ENERGYprism Energy Vision and Nexus MDMS product lines are in use at over eighty five energy companies worldwide supporting millions of interactions and transactions each year ESCO Technologies Inc. has a market cap of $1.07 billion; its shares were traded at around $40.78 with a P/E ratio of 21.4 and P/S ratio of 1.7.
of operations and included within SG&A was $1.1 million and $2.1 million
for the three and six-month periods ended March 31, 2009, respectively, and
$1.1 million and $2.4 million for the three and six-month periods ended
March 31, 2008, respectively. The total income tax benefit recognized in
results of operations for share-based compensation arrangements was $0.3
million and $0.7 million for the three and six-month periods ended March
31, 2009, respectively, and $0.3 million and $0.6 million for the three and
six-month periods ended March 31, 2008, respectively. As of March 31, 2009,
there was $9.8 million of total unrecognized compensation cost related to
share-based compensation arrangements. That cost is expected to be
recognized over a weighted-average period of 2.6 years.
At March 31, 2009, the Company had $184.6 million available to borrow
comprised of: approximately $108.0 million available under the credit
facility, plus a $50.0 million increase option, in addition to $26.6
million cash on hand. At March 31, 2009, the Company had $215.5 million of
outstanding borrowings under the credit facility and outstanding letters of
credit of $7.0 million. The Company classified $50 million as the current
portion on long-term debt as of March 31, 2009, as the Company intends to
repay this amount within the next twelve months; however, the Company has
no contractual obligation to repay such amount during the next twelve
months.
Net sales increased $20.3 million, or 27.5%, to $94.1 million for the second
quarter of 2009 from $73.8 million for the second quarter of 2008. Net sales
increased $28.9 million, or 18.8%, to $182.3 million for the first six months of
2009 from $153.4 million in the prior year period. The sales increase in the
second quarter of 2009 as compared to the prior year quarter was mainly due to a
$21.8 million increase in net sales from Aclara RF primarily due to higher gas
product Advanced Metering Infrastructure (AMI) deliveries at Pacific Gas &
Electric (PG&E) and the shipment of additional water AMI products. The sales
increase for the first six months of 2009 as compared to the prior year period
was due to: a $42.7 million increase in net sales from Aclara RF; a $13.0
million increase from Doble reflecting the impact of a full six months of
operations versus four months in the prior year period; a $2.0 million increase
in net sales at Aclara Software; and partially offset by a $28.8 million
decrease in sales at Aclara PLS driven mainly by a decrease in power-line AMI
sales to PG&E. In the first quarter of 2008, the Company recorded revenue of
$20.5 million representing the cumulative effect of the recognition of deferred
revenue related to the hardware shipments to PG&E to date, as TWACS NG 3.0
software was delivered to PG&E in December 2007.
For the second quarter of 2009, net sales of $33.7 million were $0.2 million, or
1%, higher than the $33.5 million of net sales recorded in the second quarter of
2008. Net sales increased $3.6 million, or 5.5%, to $69.2 million for the first
six months of 2009 from $65.6 million for the first six months of 2008. The
sales increase for the first six months of 2009 compared to the prior year
period was due to: a $3.3 million increase in net sales from the segment's U.S.
operations driven by the timing of domestic chamber deliveries; a $2.2 million
increase in net sales from the segment's Asian operations due to an increase in
large chamber deliveries to the international wireless and electronics
end-markets; and partially offset by a $1.9 million decrease in net sales from
the segment's European operations due to unfavorable foreign currency values and
a decrease in component shipments.
For the second quarter of 2009, net sales of $26.4 million were $0.7 million, or
2.6% lower than the $27.1 million of net sales recorded in the second quarter of
2008. Net sales decreased $0.7 million, or 1.4%, to $50.0 million for the first
six months of 2009 from $50.7 million for the first six months of 2008. The
sales decrease during the fiscal quarter ended March 31, 2009 as compared to the
prior year quarter was mainly due to: a $2.8 million decrease in net sales at
PTI due to lower commercial aerospace shipments; and partially offset by a $2.1
million increase in net sales at VACCO driven by higher military / defense
aircraft product shipments. The sales decrease in the first six months of 2009
as compared to the prior year period was mainly due to: a $5.0 million decrease
in net sales at PTI; partially offset by a $4.3 million increase in net sales at
VACCO due to the reasons mentioned above.
Backlog from continuing operations was $260.8 million at March 31, 2009 compared
with $266.1 million at September 30, 2008. The Company received new orders
totaling $156.7 million in the second quarter of 2009 compared to $162.5 million
in the prior year quarter. New orders of $97.3 million were received in the
second quarter of 2009 related to USG products, $26.0 million related to Test
products, and $33.4 million related to Filtration products. New orders of $98.1
million were received in the second quarter of 2008 related to USG products,
$32.5 million related to Test products, and $31.9 million related to Filtration
products. The Company received orders totaling $24.3 million and $53.1 million
from PG&E during the three and six-month periods ended March 31, 2009,
respectively, compared to $32.3 million and $46.5 million for the three and
six-month periods ended March 31, 2008.
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Nexus Energy Software a subsidiary of ESCO Technologies Inc. enables the vision of what energy information can accomplish for the twenty first Century Utility by transforming both energy company and customer views of energy. Nexus' leading proven-at-scale solutions support customer interactions via self-service and the contact center while enhancing operating functions with analytic applications that integrate meter customer and asset data. Nexus' ENERGYprism Energy Vision and Nexus MDMS product lines are in use at over eighty five energy companies worldwide supporting millions of interactions and transactions each year ESCO Technologies Inc. has a market cap of $1.07 billion; its shares were traded at around $40.78 with a P/E ratio of 21.4 and P/S ratio of 1.7.
Highlight of Business Operations:
The total share-based compensation cost that has been recognized in resultsof operations and included within SG&A was $1.1 million and $2.1 million
for the three and six-month periods ended March 31, 2009, respectively, and
$1.1 million and $2.4 million for the three and six-month periods ended
March 31, 2008, respectively. The total income tax benefit recognized in
results of operations for share-based compensation arrangements was $0.3
million and $0.7 million for the three and six-month periods ended March
31, 2009, respectively, and $0.3 million and $0.6 million for the three and
six-month periods ended March 31, 2008, respectively. As of March 31, 2009,
there was $9.8 million of total unrecognized compensation cost related to
share-based compensation arrangements. That cost is expected to be
recognized over a weighted-average period of 2.6 years.
At March 31, 2009, the Company had $184.6 million available to borrow
comprised of: approximately $108.0 million available under the credit
facility, plus a $50.0 million increase option, in addition to $26.6
million cash on hand. At March 31, 2009, the Company had $215.5 million of
outstanding borrowings under the credit facility and outstanding letters of
credit of $7.0 million. The Company classified $50 million as the current
portion on long-term debt as of March 31, 2009, as the Company intends to
repay this amount within the next twelve months; however, the Company has
no contractual obligation to repay such amount during the next twelve
months.
Net sales increased $20.3 million, or 27.5%, to $94.1 million for the second
quarter of 2009 from $73.8 million for the second quarter of 2008. Net sales
increased $28.9 million, or 18.8%, to $182.3 million for the first six months of
2009 from $153.4 million in the prior year period. The sales increase in the
second quarter of 2009 as compared to the prior year quarter was mainly due to a
$21.8 million increase in net sales from Aclara RF primarily due to higher gas
product Advanced Metering Infrastructure (AMI) deliveries at Pacific Gas &
Electric (PG&E) and the shipment of additional water AMI products. The sales
increase for the first six months of 2009 as compared to the prior year period
was due to: a $42.7 million increase in net sales from Aclara RF; a $13.0
million increase from Doble reflecting the impact of a full six months of
operations versus four months in the prior year period; a $2.0 million increase
in net sales at Aclara Software; and partially offset by a $28.8 million
decrease in sales at Aclara PLS driven mainly by a decrease in power-line AMI
sales to PG&E. In the first quarter of 2008, the Company recorded revenue of
$20.5 million representing the cumulative effect of the recognition of deferred
revenue related to the hardware shipments to PG&E to date, as TWACS NG 3.0
software was delivered to PG&E in December 2007.
For the second quarter of 2009, net sales of $33.7 million were $0.2 million, or
1%, higher than the $33.5 million of net sales recorded in the second quarter of
2008. Net sales increased $3.6 million, or 5.5%, to $69.2 million for the first
six months of 2009 from $65.6 million for the first six months of 2008. The
sales increase for the first six months of 2009 compared to the prior year
period was due to: a $3.3 million increase in net sales from the segment's U.S.
operations driven by the timing of domestic chamber deliveries; a $2.2 million
increase in net sales from the segment's Asian operations due to an increase in
large chamber deliveries to the international wireless and electronics
end-markets; and partially offset by a $1.9 million decrease in net sales from
the segment's European operations due to unfavorable foreign currency values and
a decrease in component shipments.
For the second quarter of 2009, net sales of $26.4 million were $0.7 million, or
2.6% lower than the $27.1 million of net sales recorded in the second quarter of
2008. Net sales decreased $0.7 million, or 1.4%, to $50.0 million for the first
six months of 2009 from $50.7 million for the first six months of 2008. The
sales decrease during the fiscal quarter ended March 31, 2009 as compared to the
prior year quarter was mainly due to: a $2.8 million decrease in net sales at
PTI due to lower commercial aerospace shipments; and partially offset by a $2.1
million increase in net sales at VACCO driven by higher military / defense
aircraft product shipments. The sales decrease in the first six months of 2009
as compared to the prior year period was mainly due to: a $5.0 million decrease
in net sales at PTI; partially offset by a $4.3 million increase in net sales at
VACCO due to the reasons mentioned above.
Backlog from continuing operations was $260.8 million at March 31, 2009 compared
with $266.1 million at September 30, 2008. The Company received new orders
totaling $156.7 million in the second quarter of 2009 compared to $162.5 million
in the prior year quarter. New orders of $97.3 million were received in the
second quarter of 2009 related to USG products, $26.0 million related to Test
products, and $33.4 million related to Filtration products. New orders of $98.1
million were received in the second quarter of 2008 related to USG products,
$32.5 million related to Test products, and $31.9 million related to Filtration
products. The Company received orders totaling $24.3 million and $53.1 million
from PG&E during the three and six-month periods ended March 31, 2009,
respectively, compared to $32.3 million and $46.5 million for the three and
six-month periods ended March 31, 2008.
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