XNYS:ESL Esterline Technologies Quarterly Report 10-Q Filing - 7/27/2012

Effective Date 7/27/2012

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Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

þ   QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 27, 2012.

Or

¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission file number  1-6357

 

LOGO

ESTERLINE TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

 

  Delaware   13-2595091     
  (State or other Jurisdiction   (I.R.S. Employer     
  of incorporation or organization)   Identification No.)     

500  108th Avenue N.E., Bellevue, Washington 98004

(Address of principal executive offices)(Zip Code)

Registrant’s telephone number, including area code (425) 453-9400

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ      No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   þ      No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  þ        Accelerated filer  ¨        Non-accelerated filer  ¨        Smaller reporting company  ¨

                                             (Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨     No  þ

As of August 28, 2012, 30,857,658 shares of the issuer’s common stock were outstanding.


PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

ESTERLINE TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEET

As of July 27, 2012 and October 28, 2011

(In thousands, except share amounts)

 

 

 

     July 27,
2012
     October 28,
2011
 

ASSETS

     (Unaudited)        

Current Assets

     

Cash and cash equivalents

   $ 213,073       $ 185,035   

Cash in escrow

     5,014         5,011   

Accounts receivable, net of allowances

     

of $9,397 and $7,063

     333,815         369,826   

Inventories

     

Raw materials and purchased parts

     145,446         130,445   

Work in process

     175,504         187,922   

Finished goods

     89,565         84,181   
  

 

 

    

 

 

 
     410,515         402,548   

Income tax refundable

     10,409         2,857   

Deferred income tax benefits

     46,078         48,251   

Prepaid expenses

     23,872         19,245   

Other current assets

     2,651         6,540   
  

 

 

    

 

 

 

Total Current Assets

     1,045,427         1,039,313   

Property, Plant and Equipment

     685,259         669,920   

Accumulated depreciation

     330,208         301,504   
  

 

 

    

 

 

 
     355,051         368,416   

Other Non-Current Assets

     

Goodwill

     1,076,874         1,163,725   

Intangibles, net

     608,416         693,915   

Debt issuance costs, net of accumulated

     

amortization of $4,108 and $2,700

     9,294         10,695   

Deferred income tax benefits

     88,208         79,605   

Other assets

     18,756         22,917   
  

 

 

    

 

 

 
   $           3,202,026       $           3,378,586   
  

 

 

    

 

 

 

 

2


ESTERLINE TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEET

As of July 27, 2012 and October 28, 2011

(In thousands, except share amounts)

 

 

 

     July 27,
2012
    October 28,
2011
 

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