esco technologies inc. - sec · form 8-k. current report. pursuant to section 13 or 15(d) of the...
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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
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
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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