ESCO Technologies Inc. (ESE) 2007年年度报告「NYSE」.pdf

1、E S C O TEC h n O l O g i E S i n C.2 0 0 7 An n uAl REp ORTContents1 Letter To Shareholders3 Company Overview4 Communications6 Filtration8 RF Shielding&Test10 Commitment To Communities11 Financial Section12 Managements Discussion and Analysis23 Financial Statements28 Notes to Consolidated Financial

2、 Statements43 Accountability Reports46 Five-Year Financial Summary47 Market Performance48 Shareholders Summary49 Management and DirectorsESC O T ECh n O lO giES in C.2 0 0 7 AnnuAl REpORTFiltrationrF Shielding&teStCommuniCationSFiscal 2007 was a challenging year for ESCO and included many positive d

3、evelopments along with a few negative events.On the positive side,our operating performance was strong across all three business segments,and we real-ized sales growth of 10 percent or more in five of our eight operating units.Hexagram clearly was our biggest success,as we more than doubled their sa

4、les to nearly$50 million and ex-panded our product offering with the successful launch of our fixed-network RF AMI electric solution.At DCSI,sales to COOP customers which represent the core strength of our business base increased 15 percent to nearly$95 million.Additionally,we are pleased with the c

5、ontinued strength of our aerospace-related businesses(PTI and VACCO)which combined for nearly 15 percent top line growth along with a meaningful operat-ing margin expansion.While more expensive and longer in development than originally planned,we are pleased with the current operational status of ou

6、r next generation AMI software,TWACS NG.On the negative side,PG&Es decision to reevaluate the electric AMI requirements,along with a slower than originally planned deployment,certainly was the biggest disappointment in 2007.Additionally,while progress on the TWACS NG software development continues g