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0000950134-02-013855.txt : 200211120000950134-02-013855.hdr.sgml : 2002111120021112150312ACCESSION NUMBER:0000950134-02-013855CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:39CONFORMED PERIOD OF REPORT:20021112ITEM INFORMATION:Financial statements and exhibitsITEM INFORMATION:FILED AS OF DATE:20021112

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:ESCO TECHNOLOGIES INCCENTRAL INDEX KEY:0000866706STANDARD INDUSTRIAL CLASSIFICATION:SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]IRS NUMBER:431554045STATE OF INCORPORATION:MOFISCAL YEAR END:0930

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-10596FILM NUMBER:02816891

BUSINESS ADDRESS:STREET 1:8888 LADUE RDSTREET 2:SUITE 200CITY:ST LOUISSTATE:MOZIP:63124-2090BUSINESS PHONE:3142137200

MAIL ADDRESS:STREET 1:8888 LADUE RDSTREET 2:SUITE 200CITY:ST LOUISSTATE:M0ZIP:63124-2090

FORMER COMPANY:FORMER CONFORMED NAME:ESCO ELECTRONICS CORPDATE OF NAME CHANGE:19920703

8-K1c72966e8vk.htmFORM 8-K

Esco Technologies Inc.

Table of Contents

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): November12, 2002

ESCO TECHNOLOGIES INC.
(Exact Name of Registrant as Specified in Charter)

Missouri
(State or Other
Jurisdiction of Incorporation) 1-10596
(Commission
File Number)

43-1554045
(I.R.S. Employer
Identification No.)

8888 Ladue Road, Suite200, St. Louis, Missouri
(Address of Principal Executive Offices) 63124-2056
(Zip Code)

Registrants telephone number, including area code: 314-213-7200

TABLE OF CONTENTS

ITEM 7.FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITSITEM 9.REGULATION FD DISCLOSURESIGNATUREEXHIBIT INDEXEX-99.1 Press ReleaseEX-99.2 Information Included on Website

Table of Contents

ITEM 7.FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS

(c)Exhibits

Exhibit No. Description of Exhibit

99.1 Press release dated November11, 2002.

99.2 Information included on Registrants website as of November12, 2002.

ITEM 9.REGULATION FD DISCLOSURE

In connection with a Registrant presentation on November12, 2002, theRegistrant will include on its website certain information regarding theRegistrants financial goals. The related press release and the informationthat will be included on Registrants website are attached as Exhibits 99.1 and99.2 to this Form8-K. The presentation reiterates the Registrants fiscal2002 full year earnings outlook reflected in its August7, 2002 press release,and also reiterates its previously disclosed five-year financial goals ofcompound annual growth in sales and earnings per share, from a fiscal 2000base, of greater than 10% and greater than 15%, respectively. The presentationalso restates the Registrants five-year goal of achieving earnings beforeinterest and taxes (EBIT)margin equal to or greater than 13%.

The furnishing of these Exhibits is not intended to constitute arepresentation that such furnishing is required by RegulationFD or that theinformation they contain includes material investor information that is nototherwise publicly available. Statements in Exhibits 99.1 and 99.2 that arenot strictly historical are forward looking statements within the meaning ofthe safe harbor provisions of the federal securities laws. Investors arecautioned that such statements are only predictions, and speak only as ofNovember12, 2002. The Registrant does not assume any obligation to updatesuch information in the future. The Registrants actual results in the futuremay differ materially from those projected in the forward-looking statementsdue to risks and uncertainties that exist in the Registrants operations andbusiness environment including, but not limited to: further weakening ofeconomic conditions in served markets; changes in customer demands or customerinsolvencies; electricity shortages; competition; intellectual propertymatters; consolidation of internal operations; integration of recently acquiredbusinesses; delivery delays or defaults by customers; performance issues withkey suppliers and subcontractors; and the Registrants successful execution ofinternal operating plans.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, theRegistrant has duly caused this report to be signed on its behalf by theundersigned hereunto duly authorized.

ESCO TECHNOLOGIES INC.

Dated:November 12, 2002 By: /s/ A.S. Barclay
A.S. Barclay
Vice President, Secretary and
General Counsel

Table of Contents

EXHIBIT INDEX

Exhibit No. Description of Exhibit

99.1 Press release dated November11, 2002.

99.2 Information included on Registrants website as of November12, 2002.

EX-99.13c72966exv99w1.htmEX-99.1 PRESS RELEASE

Esco Technologies Inc.

EXHIBIT99.1

NEWS FROM

For more information contact: For media inquiries:

Patricia K. Moore
Director, Investor Relations
ESCO Technologies Inc.
(314)213-7277 David P. Garino(314)982-0551

ESCO MANAGEMENT WILL PRESENT
AT BAIRD INDUSTRIAL TECHNOLOGY CONFERENCE

St. Louis, MO, November11, 2002 ESCO Technologies Inc. (NYSE: ESE)announced that Victor L. Richey, Jr., Chief Executive Officer, will make aCompany presentation November12, 2002 at the Baird Industrial TechnologyConference in Chicago.

The presentation will highlight the Companys operations and addressESCOs strategy for achieving its sales and earnings growth targets. Visualspresented will be available on the Companys website atwww.escotechnologies.com (click on Investor Relations/Baird Presentation)concurrent with the presentation at 11:10a.m. CST on November12, 2002.

ESCO, headquartered in St. Louis, is a leading supplier of engineeredfiltration products to the process, health care and transportation marketsworldwide. In addition, the Company is the industry leader in RF shielding andEMC test products and also markets proprietary, special purpose communicationssystems.

EX-99.24c72966exv99w2.htmEX-99.2 INFORMATION INCLUDED ON WEBSITE

Esco Technologies Inc.

EXHIBIT 99.2

NOVEMBER 2002

NYSE Symbol: ESE

Forward-Looking Statement

This presentation contains "forward-looking" statements withinthe meaning of the safe harbor provisions of the federal securitieslaws. Investors are cautioned that such statements are onlypredictions, and speak only as of November 12, 2002. TheCompany's actual results in the future may differ materially fromthose projected in the forward-looking statements due to risks anduncertainties that exist in the Company's operations and businessenvironment including, but not limited to: further weakening ofeconomic conditions in served markets; changes in customerdemands or customer insolvencies; electricity shortages;competition; intellectual property rights; consolidation of internaloperations; integration of recently acquired businesses; deliverydelays or defaults by customers; performance issues with keysuppliers and subcontractors; collective bargaining labor disputes;and the Company's successful execution of internal operatingplans.

1

ESCO Heritage

Spun-off in 1990 from Emerson

Primarily Defense (90%)

7 Acquisitions; 2 Divestitures

Sold Last Major Defense Property inSeptember of 1999

NEW ESCO

2

Today, ESCO is...

A Proven Supplier of Special PurposeCommunications Systems Primarily for theElectric Utility Industry

A Leading Provider of Engineered FiltrationProducts to the Process, Health Care andTransportation Markets Worldwide

The Industry Leader in RF Shielding andEMC Test Products

3

ESCO Products & Applications

Communications

Test

Filtration

4

RF Shielding & Test 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 188.2 12.2 59.1 85.5 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

ESCO Business Profile - FY '00 vs '01

Filtration

$188.2M

55%

Other

Communications

Fiscal 2001 Sales= $344.9M 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr East 181.7 63 42.7 12.8 West 30.6 31.6 34.6 38.6 North 45.9 43.9 45 46.9

Fiscal 2000 Sales= $300.2M

$85.5M

25%

$59.1M

17%

Filtration

$181.7M

61%

$63.0M

21%

$42.7M

14%

$12.1

3%

$12.8

4%

5

ESCO Served Markets - FY 2001

Electronics 13%

Industrial

11%

Healthcare

18%

Automotive

Products

14%

Commercial

Aerospace

9%

6

Communications

16%

Defense

Aerospace

12%

Consumer &

Appliance

7%

46%

14%

40%

100%

ESCO will sustain its Momentum through

Continued Investment in New Products

Ongoing Performance Improvement Actions

Selective Acquisitions

Supported by

A Strong Balance Sheet -- AND -

A Dedicated Management Team whoseInterests are Strongly Aligned with theShareholders

ESCO Strategy

7

Financial Goals

New ESCO 5 Year View

Sales Growth > 10% CAGR

EBIT Margin > 13% (~5% Improvement)

EPS Growth > 15% CAGR

8

Income Statement (In Millions)

j Excludes Goodwill Amort of: FY '01 = $3.5M & FY '00 = $2.6M (Pretax)

Excludes Elimination of the Net Deferred Tax Valuation Allowance of $.99 per share

Excludes Non-recurring Gain of $.22 Related to Property Divestitures

$

$

9

EPS Table:

6.7%

ORGANIC

ESCO Segment Performance

Years ended September 30

Dollars in Millions

EBIT Excludes Goodwill Amortization

10

49% Increase

New Product Sales Outlook

Includes Products Introduced During Prior 3 Years

ESCO Patents

Over 150 Issued

Over 100 Pending

15.7%

Sales

20.3%

Sales

11

Filtration

50%

RF Shielding & Test

17%

Communications

27%

Other

6%

Engineering Investment

FY '01 Engineering Expenditures = $25.4M (7.4% Sales)

Engineering Force Count ~ 260

12

FY '01 Selected Data

Sales up 14.9% over prior year

Force count reduced 2.2% compared to prior year

3 Facilities Closed; Sq. Ft. Reduced 6.5%

EBIT margin improvement of 0.8%

EXCLUDING EXTRAORDINARY GAINS IN FY '00

Ongoing

Test Consolidation in Austin ? Completed Q2, FY'02

European Work Transfer Initiatives

Advanced Automation

Make / Buy

ESCO Performance Improvement Actions

13

ESCO Acquisitions: FY '00 - '02

Completed: 5

3 in Filtration:

One Product Line Drop-in (Space Products)

One Stand-Alone: Europe (Distributor on the Continent)

One Technology / Patent Portfolio (Cross Flow Filtration and Separation)

2 in Test:

One Line Extension Fully Consolidated (Components)

One Test Competitor with Line Extension (MRI)

Characteristics:

$5M to $50M

Existing Segments

Competitors or Line Extensions

Drop-in or Technology Preferred

14

Balance Sheet (In Millions)

Includes Tax

Effected NOL of

$45.4M, retained

from formerdefense

subsidiaries.

15

FREE CASH FLOW ($33 FROM OPS LESS $12 CAPX) $ 21.1

Dedicated Management

Executive Equity Ownership Program

Outright Ownership of 3X & 5X Total CashCompensation

Board of Directors Ownership Program

5X Retainer

Broad Stock Option Incentive Program(Approx. 200 Management Participants)

Economic Profit Improvement is anIncentive Compensation Component

16

ESCO will sustain its Momentum through

Continued Investment in New Products

Ongoing Performance Improvement Actions

Selective Acquisitions

Supported by

A Strong Balance Sheet -- AND -

A Dedicated Management Team whoseInterests are Strongly Aligned with theShareholders

ESCO Strategy

17

SEGMENT

PROFILES

ESCO TECHNOLOGIES

18

Communications Segment

TWACS(r) System

19

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 17 83 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 38.5 61.5 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

Communications

Market Profile

ESCO Addressable Market

North American Automatic Meter

Reading (AMR) ~ $6B

97 Million Meters

70% Investor Owned

15% Municipal

15% Co-op

Plus Developing

Demand Side Management

International

Served Markets

Industrial (93%) - Electronics (7%)

Customer Base:

Sales

EBIT

$11.9M

17%

38%

2001 CONTRIBUTION

Co-ops

$59.1M

20

Fastest Growing

Highest Margin Business

(9 Months of '02)

SALES $ 64.8 M

EBIT 14.3 M (22%)

ORDERS $182 M

BACKLOG $189 M

Two-way AutomaticCommunications System

TWACS(r)

Power Line Based Fixed Network System

Most Capable Proven System Available

40 North American Utilities, 3.5M End Points

Can be Deployed System-wide

Versatility / Value-Added Features

Two-way Load Control

Time of Use

Outage Mapping

Clearly the Best Solution for Rural Areas

and Broken Terrain

Cost

Reliability

Incorporates Patented Proprietary Technology

21

Communications

Growth Drivers

Market

Deregulation Driving More Attention to Efficiencyand Customer Care

$

- Meter Reading Cost

- Theft

- Call Center Cost

Customer

- Billing Accuracy

- Call Center Responsiveness

- Outage Restoration

ESCO

Existing Product Attributes

Investment in New Product Features / Further Differentiation

22

Filtration Segment

23

ESCO Addressable Market ~$5B

Served Markets: Liquid Only

Industrial Process (20%)

Health Care (19%)

Consumer & Appl. (13%)

Includes Potable Water

Broad Blue Chip Customer Base:

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 55 45 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 46 54 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

Filtration Segment

Sales

EBIT

$13.5M

55%

44%

2001 CONTRIBUTION

Transportation

Auto (20%)

Aero (28%)

$188.2M

24

ESCO DOES NOT SERVE MUNICIPAL WATER MARKET

Filtration Growth Drivers

Leadership Position in Certain Niches Driven byTechnology Advancements and Customer Support

Separations and Concentrations Technology

Membrane Development

Advanced Pleating Geometries

Process Improvement in Insert Injection Molding

Served Market Growth: 5%-10+% CAGR

New Products

Food & Beverage

Water

Acquisitions

Microfiltration

Product line "drop-ins" / Technology

Semiconductor

Pharmaceutical

25

RF Shielding & Test Segment

26

RF Shielding & Test 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 25 75 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

1st Qtr 2nd Qtr 3rd Qtr 4th Qtr East 28.8 71.2 90 20.4 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9

Sales

EBIT

$8.9M

25%

29%

2001 CONTRIBUTION

Market Profile

ESCO Addressable Market ~$400M

Served Markets

Electronics (46%)

Health Care (31%)

Other (2%)

Broad Blue Chip Customer Base:

Transportation

Auto (12%)

Aero (9%)

$85.5M

27

RF Shielding & Test

ESCO is the global leader of radiofrequency (RF) shielding andelectromagnetic compatibility (EMC)test products.

Growth Drivers

MRI

International

Proliferation of Electronic Devices

Calibration Services

28

The Way Forward

Refer to notes on Chart 9. In the case of '02, excludes approximately $0.04 of EPS relating to the Company

Management Transition Agreement with the current Chairman, who will retire in April of '03.

29

ESCO TECHNOLOGIES

YTD

PERFORMANCE

30

Income Statement (In Millions)

j FY '01 results reported as if FAS 142 had been implemented.

31

k EPS Table:

ESCO Segment Performance

Nine Months Ended June 30

Dollars in Millions

EBIT Excludes Goodwill Amortization

32

Balance Sheet (In Millions)

Includes Tax

Effected NOL of

$40.8M, retained

from formerdefense

subsidiaries.

33

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