ESCO (ESE) 10-Q 7 May 15 2015 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2
Entity Registrant Name	ESCO TECHNOLOGIES INC
Entity Central Index Key	866706
Current Fiscal Year End Date	-21
Entity Filer Category	Large Accelerated Filer
Trading Symbol	ESE
Entity Common Stock, Shares Outstanding		26,090,241

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net sales	$128,941	$124,762	$249,488	$249,212
Costs and expenses:
Cost of sales	80,140	77,436	150,560	151,717
Selling, general and administrative expenses	32,931	31,818	66,435	65,690
Amortization of intangible assets	2,220	1,679	4,093	3,365
Interest expense, net	213	654	408	1,346
Other (income) expenses, net	-354	-39	-575	140
Total costs and expenses	115,150	111,548	220,921	222,258
Earnings before income taxes	13,791	13,214	28,567	26,954
Income tax expense	5,144	3,950	9,092	8,858
Net earnings from continuing operations	8,647	9,264	19,475	18,096
(Loss) earnings from discontinued operations, net of tax (benefit) expense of $(201) and $4,407, respectively	-372	7,501	-372	9,858
Loss on sale of discontinued operations, net of tax benefit of $9,499	0	-50,442	0	-50,442
Net loss from discontinued operations	-372	-42,941	-372	-40,584
Net earnings (loss)	$8,275	($33,677)	$19,103	($22,488)
Earnings (loss) per share:
Basic - Continuing operations	$0.33	$0.35	$0.74	$0.68
- Discontinued operations	($0.01)	($1.62)	($0.01)	($1.53)
- Net earnings (loss)	$0.32	($1.27)	$0.73	($0.85)
Diluted - Continuing operations	$0.33	$0.35	$0.74	$0.68
- Discontinued operations	($0.01)	($1.61)	($0.01)	($1.52)
- Net earnings (loss)	$0.32	($1.26)	$0.73	($0.84)

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earnings (loss) from discontinued operations, net of tax expense (benefit)	($201)	$4,407	($201)	$5,713
Loss on sale of discontinued operations, net of tax benefit		$9,499		$9,499

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Net earnings (loss)	$8,275	($33,677)	$19,103	($22,488)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	-3,462	425	-5,925	999
Net unrealized loss on derivative instruments	-229	0	-229	0
Total other comprehensive income (loss), net of tax	-3,691	425	-6,154	999
Comprehensive income (loss)	$4,584	($33,252)	$12,949	($21,489)

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$34,719	$35,131
Accounts receivable, net	95,334	105,449
Costs and estimated earnings on long-term contracts, less progress billings of $17,987 and $30,041, respectively	23,030	27,798
Inventories	107,550	94,292
Current portion of deferred tax assets	19,097	19,946
Other current assets	12,330	13,337
Total current assets	292,060	295,953
Property, plant and equipment, net of accumulated depreciation of $73,121 and $70,694, respectively	77,682	76,465
Intangible assets, net of accumulated amortization of $41,501 and $37,402, respectively	191,638	182,063
Goodwill	290,784	282,337
Other assets	9,020	9,088
Total assets	861,184	845,906
Current liabilities:
Current maturities of long-term debt	20,000	20,000
Accounts payable	27,706	40,328
Advance payments on long-term contracts, less costs incurred of $50,262 and $44,110, respectively	18,418	15,035
Accrued salaries	18,063	25,558
Current portion of deferred revenue	21,444	19,895
Accrued other expenses	22,678	26,284
Total current liabilities	128,309	147,100
Pension obligations	19,044	19,234
Deferred tax liabilities	76,929	77,440
Other liabilities	1,954	1,961
Long-term debt	53,000	20,000
Total liabilities	279,236	265,735
Shareholders' equity:
Preferred stock, par value $.01 per share, authorized 10,000,000 shares	0	0
Common stock, par value $.01 per share, authorized 50,000,000 shares, issued 30,287,467 and 30,247,512 shares, respectively	303	302
Additional paid-in capital	286,436	285,305
Retained earnings	414,377	399,451
Accumulated other comprehensive loss, net of tax	-25,340	-19,186
Total stockholders' equity before Treasury Stock	675,776	665,872
Less treasury stock, at cost: 4,269,662 and 4,040,532 common shares, respectively	-93,828	-85,701
Total shareholders' equity	581,948	580,171
Total liabilities and shareholders’ equity	$861,184	$845,906

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, except Share data, unless otherwise specified
Costs and estimated earnings on long-term contracts, progress billings	$17,987	$30,041
Property, plant and equipment, net of accumulated depreciation	73,121	70,694
Intangible assets, net of accumulated amortization	41,501	37,402
Advance payments on long-term contracts, costs incurred	$50,262	$44,110
Preferred stock, par value	$0.01	$0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	30,287,467	30,247,512
Treasury stock, shares	4,269,662	4,040,532

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net earnings (loss)	$19,103	($22,488)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Net loss from discontinued operations, net of tax	372	40,584
Depreciation and amortization	8,898	8,113
Stock compensation expense	2,569	2,581
Changes in current assets and liabilities	-16,140	-9,394
Effect of deferred taxes	338	1,061
Change in deferred revenue and costs, net	689	-677
Pension contributions	-620	-1,120
Other	1,650	-1,942
Net cash provided by operating activities - continuing operations	16,859	16,718
Net cash used by operating activities - discontinued operations	-372	-1,629
Net cash provided by operating activities	16,487	15,089
Cash flows from investing activities:
Acquisition of businesses, net of cash acquired	-20,500	0
Additions to capitalized software	-3,034	-4,044
Capital expenditures	-7,606	-5,799
Net cash used by investing activities - continuing operations	-31,140	-9,843
Net cash provided by investing activities - discontinued operations	0	123,512
Net cash (used) provided by investing activities	-31,140	113,669
Cash flows from financing activities:
Proceeds from long-term debt	77,000	33,000
Principal payments on long-term debt	-44,000	-165,000
Dividends paid	-4,195	-4,245
Purchases of common stock into treasury	-9,882	0
Other	-338	0
Net cash provided (used) by financing activities	18,585	-136,245
Effect of exchange rate changes on cash and cash equivalents	-4,344	999
Net decrease in cash and cash equivalents	-412	-6,488
Cash and cash equivalents, beginning of period	35,131	42,850
Cash and cash equivalents, end of period	$34,719	$36,362

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION		1	BASIS OF PRESENTATION
	The accompanying consolidated financial statements, in the opinion of management, include all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of the results for the interim periods presented. The consolidated financial statements are presented in accordance with the requirements of Form 10-Q and consequently do not include all the disclosures required for annual financial statements by accounting principles generally accepted in the United States of America (GAAP). For further information, refer to the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2014.
	The Company’s business is typically not impacted by seasonality; however, the results for the three and six-month periods ended March 31, 2015 are not necessarily indicative of the results for the entire 2015 fiscal year. References to the second quarters of 2015 and 2014 represent the fiscal quarters ended March 31, 2015 and 2014, respectively.
	In preparing the financial statements, the Company uses estimates and assumptions that may affect reported amounts and disclosures. The Company regularly evaluates the estimates and assumptions related to the allowance for doubtful trade receivables, inventory obsolescence, warranty reserves, value of equity-based awards, goodwill and purchased intangible asset valuations, asset impairments, employee benefit plan liabilities, income tax liabilities and assets and related valuation allowances, uncertain tax positions, and claims, litigation and other loss contingencies. Actual results could differ from those estimates.
	On March 28, 2014, the Company completed the sale of Aclara Technologies LLC (Aclara) to an affiliate of Sun Capital Partners. Aclara is reflected as discontinued operations in the consolidated financial statements and related notes for the periods presented, in accordance with accounting principles generally accepted in the United States of America (GAAP).

ACQUISITION

ACQUISITION	6 Months Ended
	Mar. 31, 2015
Business Combinations [Abstract]
Acquisitions	2	ACQUISITION
			On January 28, 2015, the Company acquired the assets of ENOSERV LLC (ENOSERV), headquartered in Tulsa, Oklahoma, for $20.5 million in cash. ENOSERV provides utility customers with high quality, user-friendly multi-platform software and has annual revenues of approximately $8 million. The operating results for ENOSERV, since the date of acquisition, are included as part of Doble Engineering Company (Doble), within ESCO’s USG segment. Based on the preliminary purchase price allocation, the Company recorded approximately $10.0 million of goodwill and $9.0 million of amortizable identifiable intangible assets consisting primarily of customer relationships and developed technology.

EARNINGS_PER_SHARE_EPS

EARNINGS PER SHARE (EPS)	6 Months Ended
	Mar. 31, 2015
Earnings Per Share (EPS) [Abstract]
EARNINGS PER SHARE (EPS)	3	EARNINGS PER SHARE (EPS)
	Basic EPS is calculated using the weighted average number of common shares outstanding during the period. Diluted EPS is calculated using the weighted average number of common shares outstanding during the period plus shares issuable upon the assumed exercise of dilutive common share options and vesting of performance-accelerated restricted shares (restricted shares) by using the treasury stock method. The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):
			Three Months Ended				Six Months Ended
			March 31,				March 31,
			2015		2014		2015		2014
	Weighted Average Shares Outstanding - Basic			26,032		26,493		26,111		26,488
	Dilutive Options and Restricted Shares			147		220		191		261
	Adjusted Shares - Diluted			26,179		26,713		26,302		26,749
	Approximately 172,000 and 186,000 restricted shares were excluded from the computation of diluted EPS for the three-month periods ended March 31, 2015 and 2014, respectively, based upon the application of the treasury stock method.

SHAREBASED_COMPENSATION

SHARE-BASED COMPENSATION	6 Months Ended
	Mar. 31, 2015
Share-based Compensation [Abstract]
SHARE-BASED COMPENSATION		4	SHARE-BASED COMPENSATION
	The Company provides compensation benefits to certain key employees under several share-based plans providing for performance-accelerated restricted shares (restricted shares), and to non-employee directors under a non-employee directors compensation plan.
	Performance-Accelerated Restricted Share Awards
	Pretax compensation expense related to the restricted share awards was $1.1 million and $2.2 million for the three and six-month periods ended March 31, 2015, respectively, and $1.2 million and $2.3 million for the corresponding periods of 2014. There were 330,536 non-vested shares outstanding as of March 31, 2015.
	Non-Employee Directors Plan
	Pretax compensation expense related to the non-employee director grants was $0.2 million and $0.4 million for the three and six-month periods ended March 31, 2015, respectively, and $0.1 million and $0.2 million for the corresponding periods of 2014.
	The total share-based compensation cost that has been recognized in results of continuing operations and included within selling, general and administrative expenses (SG&A) was $1.3 million and $2.6 million for the three and six-month periods ended March 31, 2015, respectively, and $1.3 million and $2.6 million for the three and six-month periods ended March 31, 2014. The total income tax benefit recognized in results of operations for share-based compensation arrangements was $0.5 million and $0.9 million for the three and six-month periods ended March 31, 2015 and $0.2 million and $0.7 million for the three and six-month periods ended March 31, 2014. As of March 31, 2015, there was $6.8 million of total unrecognized compensation cost related to share-based compensation arrangements. That cost is expected to be recognized over a remaining weighted-average period of 2.0 years.

INVENTORIES

INVENTORIES	6 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
INVENTORIES		5	INVENTORIES
	Inventories from continuing operations consist of the following:
	(In thousands)		March 31,		September 30,
			2015		2014
	Finished goods		$	19,952		18,949
	Work in process, including long-term contracts			38,520		31,634
	Raw materials			49,078		43,709
	Total inventories		$	107,550		94,292

BUSINESS_SEGMENT_INFORMATION

BUSINESS SEGMENT INFORMATION	6 Months Ended
	Mar. 31, 2015
Business Segment Information [Abstract]
BUSINESS SEGMENT INFORMATION		6	BUSINESS SEGMENT INFORMATION
	The Company is organized based on the products and services that it offers. Under this organizational structure, the Company has three reporting segments: Filtration/Fluid Flow (Filtration), RF Shielding and Test (Test), and Utility Solutions Group (USG). The Filtration segment’s operations consist of PTI Technologies Inc. (PTI), VACCO Industries (VACCO), Crissair, Inc. (Crissair) and Thermoform Engineered Quality LLC (TEQ). The companies within this segment primarily design and manufacture specialty filtration products, including hydraulic filter elements used in commercial aerospace applications, unique filter mechanisms used in micro-propulsion devices for satellites and custom designed filters for manned and unmanned aircraft. The Test segment’s operations consist of ETS-Lindgren Inc. (ETS-Lindgren). ETS-Lindgren is an industry leader in providing its customers with the ability to identify, measure and contain magnetic, electromagnetic and acoustic energy. The USG segment’s operations consist of Doble Engineering Company (Doble). Doble provides high-end, intelligent diagnostic test solutions for the electric power delivery industry and is a leading supplier of partial discharge testing instruments used to assess the integrity of high voltage power delivery equipment.
	Management evaluates and measures the performance of its operating segments based on “Net Sales” and “EBIT”, which are detailed in the table below. EBIT is defined as earnings from continuing operations before interest and taxes. The table below is presented on the basis of continuing operations and excludes discontinued operations.
	(In thousands)		Three Months Ended				Six Months Ended
			March 31,				March 31,
			2015		2014		2015		2014
	NET SALES
	Filtration		$	58,428		58,397		105,940		113,875
	Test			42,084		41,025		81,504		80,503
	USG			28,429		25,340		62,044		54,834
	Consolidated totals		$	128,941		124,762		249,488		249,212
	EBIT
	Filtration		$	12,051		10,100		19,127		19,584
	Test			3,467		3,533		7,262		7,108
	USG			4,855		5,518		14,833		13,165
	Corporate (loss)			-6,369		-5,283		-12,247		-11,557
	Consolidated EBIT			14,004		13,868		28,975		28,300
	Less: Interest expense			-213		-654		-408		-1,346
	Earnings before income taxes		$	13,791		13,214		28,567		26,954
	Non-GAAP Financial Measures
	The financial measure “EBIT” is presented in the above table and elsewhere in this Report. EBIT on a consolidated basis is a non-GAAP financial measure. Management believes that EBIT is useful in assessing the operational profitability of the Company’s business segments because it excludes interest and taxes, which are generally accounted for across the entire Company on a consolidated basis. EBIT is also one of the measures used by management in determining resource allocations within the Company as well as incentive compensation. A reconciliation of EBIT from continuing operations to net earnings from continuing operations is set forth in Item 2, Management’s Discussion and Analysis of Financial Condition and Results of Operations – EBIT, below.
	The Company believes that the presentation of EBIT provides important supplemental information to investors by facilitating comparisons with other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results. However, the Company’s non-GAAP financial measures may not be comparable to other companies’ non-GAAP financial performance measures. Furthermore, the use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP.

DEBT

DEBT	6 Months Ended
	Mar. 31, 2015
Debt [Abstract]
DEBT		7	DEBT
	The Company’s debt is summarized as follows:
	(In thousands)		March 31,		September 30,
			2015		2014
	Total borrowings		$	73,000		40,000
	Short-term borrowings and current portion of long-term debt			-20,000		-20,000
	Total long-term debt, less current portion		$	53,000		20,000
	On May 14, 2012, the Company entered into a $450 million five-year revolving credit facility with JPMorgan Chase Bank, N.A., as administrative agent, PNC Bank, N.A., as syndication agent, and eight other participating lenders. Through a credit facility expansion option, the Company may elect to increase the size of the credit facility by entering into incremental term loans, in any agreed currency, at a minimum of $25 million each up to a maximum of $250 million aggregate.
	At March 31, 2015, the Company had approximately $365 million available to borrow under the credit facility, and a $250 million increase option, in addition to $34.7 million cash on hand. At March 31, 2015, the Company had $73.0 million of outstanding borrowings under the credit facility in addition to outstanding letters of credit of $11.7 million. The Company’s ability to access the additional $250 million increase option of the credit facility is subject to acceptance by participating or other outside banks.
	The credit facility requires, as determined by certain financial ratios, a facility fee ranging from 17.5 to 35.0 basis points per year on the unused portion. The terms of the facility provide that interest on borrowings may be calculated at a spread over the London Interbank Offered Rate (LIBOR) or based on the prime rate, at the Company’s election. The facility is secured by the unlimited guaranty of the Company’s material domestic subsidiaries and a 65% pledge of the material foreign subsidiaries’ share equity. The financial covenants of the credit facility also include a leverage ratio and an interest coverage ratio. At March 31, 2015, the Company was in compliance with all debt covenants.

INCOME_TAX_EXPENSE

INCOME TAX EXPENSE	6 Months Ended
	Mar. 31, 2015
Income Tax Expense [Abstract]
INCOME TAX EXPENSE	8	INCOME TAX EXPENSE
	The second quarter 2015 effective income tax rate from continuing operations was 37.3% compared to 29.9% in the second quarter of 2014. The effective income tax rate in the first six months of 2015 was 31.8% compared to 32.9% in the first six months of 2014. The income tax expense in the first six months of 2015 was favorably impacted by the extension of the research credit as a result of the Tax Increase Prevention Act of 2014 reducing the year-to-date effective tax rate by 3.2%. The income tax expense in the second quarter and first six months of 2015 was unfavorably impacted by losses in foreign jurisdictions for which no tax benefit was recorded increasing the second quarter and year-to-date effective tax rate by 0.8% and 1.7%, respectively.
	During the second quarter of 2014, the IRS concluded its audit of the 2011 tax year and had no adjustments. As a result of the audit conclusions, the Company changed its judgment about the measurement of certain of its unrecognized tax benefits for the years 2011 – 2014, decreasing unrecognized tax benefits by $0.7 million. This release of unrecognized tax benefit accruals decreased the 2014 second quarter and year-to-date effective tax rate by 4.9% and 2.4%, respectively. The income tax expense in the second quarter and first six months of 2014 was also favorably impacted by the decrease in the applicable state rate for certain deferred tax liabilities reducing the second quarter and year-to-date effective tax rate by 1.7% and 0.8%, respectively. The Company estimates the fiscal 2015 effective tax rate from continuing operations will be approximately 34%.
	During the three-month period ended March 31, 2015, there were no material changes in the unrecognized tax benefits. The Company does not anticipate a material change in the amount of unrecognized tax benefits in the next twelve months.

RETIREMENT_PLANS

RETIREMENT PLANS	6 Months Ended
	Mar. 31, 2015
Retirement Plans [Abstract]
RETIREMENT PLANS	9	RETIREMENT PLANS
	A summary of net periodic benefit expense for the Company’s defined benefit plans for the three and six-month periods ended March 31, 2015 and 2014 is shown in the following table. Net periodic benefit cost for each period presented is comprised of the following:
			Three Months Ended				Six Months Ended
			March 31,				March 31,
	(In thousands)		2015		2014		2015		2014
	Defined benefit plans
	Interest cost		$	951		1,002		1,902		2,004
	Expected return on assets			-1,136		-1,104		-2,272		-2,208
	Amortization of:
	Prior service cost			3		3		6		6
	Actuarial loss			442		413		884		826
	Net periodic benefit cost		$	260		314		520		628

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	10	DERIVATIVE FINANCIAL INSTRUMENTS
	Market risks relating to the Company’s operations result primarily from changes in interest rates and changes in foreign currency exchange rates. The Company is exposed to market risk related to changes in interest rates and selectively uses derivative financial instruments, including forward contracts and swaps, to manage these risks. During the second quarter of 2015, the Company entered into several forward contracts to purchase 2.1 million Euros ($2.5 million USD) to hedge the foreign currency risk related to Euro denominated inventory payments. All derivative instruments are reported on the balance sheet at fair value. The derivative instruments are designated as cash flow hedges and the gain or loss on the derivative is deferred in accumulated other comprehensive income until recognized in earnings with the underlying hedged item.
	The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments by risk category and instrument type as of March 31, 2015:
	(In thousands)		Notional		Fair
			amount		Value (US$)
			(Euros)
	Forward contracts		$	2,062		-192
	Fair Value of Financial Instruments
	The Company’s forward contracts are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, as presented below as of March 31, 2015:
	(In thousands)		Level 1		Level 2		Level 3		Total
	Liabilities:
	Forward contracts		$	-		192	$	-		192
	Valuation was based on third party evidence of similarly priced derivative instruments.

NEW_ACCOUNTING_PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Mar. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS		11	NEW ACCOUNTING PRONOUNCEMENTS
	In April 2015, the FASB agreed to propose a one-year deferral of Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new standard is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods.

EARNINGS_PER_SHARE_EPS_Tables

EARNINGS PER SHARE (EPS) (Tables)	6 Months Ended
	Mar. 31, 2015
Earnings Per Share (EPS) [Abstract]
Schedule of Weighted Average Number of Shares	The number of shares used in the calculation of earnings per share for each period presented is as follows (in thousands):
		Three Months Ended				Six Months Ended
		March 31,				March 31,
		2015		2014		2015		2014
	Weighted Average Shares Outstanding - Basic		26,032		26,493		26,111		26,488
	Dilutive Options and Restricted Shares		147		220		191		261
	Adjusted Shares - Diluted		26,179		26,713		26,302		26,749

INVENTORIES_Tables

INVENTORIES (Tables)	6 Months Ended
	Mar. 31, 2015
Inventories [Abstract]
Schedule Of Inventories	Inventories from continuing operations consist of the following:
	(In thousands)	March 31,		September 30,
		2015		2014
	Finished goods	$	19,952		18,949
	Work in process, including long-term contracts		38,520		31,634
	Raw materials		49,078		43,709
	Total inventories	$	107,550		94,292

BUSINESS_SEGMENT_INFORMATION_T

BUSINESS SEGMENT INFORMATION (Tables)	6 Months Ended
	Mar. 31, 2015
Business Segment Information [Abstract]
Schedule Of Net Sales And Earnings Before Income Tax	The table below is presented on the basis of continuing operations and excludes discontinued operations.
	(In thousands)	Three Months Ended				Six Months Ended
		March 31,				March 31,
		2015		2014		2015		2014
	NET SALES
	Filtration	$	58,428		58,397		105,940		113,875
	Test		42,084		41,025		81,504		80,503
	USG		28,429		25,340		62,044		54,834
	Consolidated totals	$	128,941		124,762		249,488		249,212
	EBIT
	Filtration	$	12,051		10,100		19,127		19,584
	Test		3,467		3,533		7,262		7,108
	USG		4,855		5,518		14,833		13,165
	Corporate (loss)		-6,369		-5,283		-12,247		-11,557
	Consolidated EBIT		14,004		13,868		28,975		28,300
	Less: Interest expense		-213		-654		-408		-1,346
	Earnings before income taxes	$	13,791		13,214		28,567		26,954

DEBT_Tables

DEBT (Tables)	6 Months Ended
	Mar. 31, 2015
Debt [Abstract]
Schedule Of Debt	The Company’s debt is summarized as follows:
	(In thousands)	March 31,		September 30,
		2015		2014
	Total borrowings	$	73,000		40,000
	Short-term borrowings and current portion of long-term debt		-20,000		-20,000
	Total long-term debt, less current portion	$	53,000		20,000

RETIREMENT_PLANS_Tables

RETIREMENT PLANS (Tables)	6 Months Ended
	Mar. 31, 2015
Retirement Plans [Abstract]
Schedule Of Components Of Net Periodic Benefit Cost For Plans	A summary of net periodic benefit expense for the Company’s defined benefit plans for the three and six-month periods ended March 31, 2015 and 2014 is shown in the following table. Net periodic benefit cost for each period presented is comprised of the following:
		Three Months Ended				Six Months Ended
		March 31,				March 31,
	(In thousands)	2015		2014		2015		2014
	Defined benefit plans
	Interest cost	$	951		1,002		1,902		2,004
	Expected return on assets		-1,136		-1,104		-2,272		-2,208
	Amortization of:
	Prior service cost		3		3		6		6
	Actuarial loss		442		413		884		826
	Net periodic benefit cost	$	260		314		520		628

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Mar. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Outstanding Derivative Financial Instruments	The following is a summary of the notional transaction amounts and fair values for the Company’s outstanding derivative financial instruments by risk category and instrument type as of March 31, 2015:
	(In thousands)	Notional		Fair
		amount		Value (US$)
		(Euros)
	Forward contracts	$	2,062		-192
Schedule of Fair Value of Financial Instruments	The Company’s forward contracts are classified within Level 2 of the valuation hierarchy in accordance with FASB Accounting Standards Codification (ASC) 825, as presented below as of March 31, 2015:
	(In thousands)	Level 1		Level 2		Level 3		Total
	Liabilities:
	Forward contracts	$	-		192	$	-		192

ACQUISITION_Narrative_Details

ACQUISITION (Narrative) (Details) (USD $)	1 Months Ended
	Jan. 28, 2015	Mar. 31, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Goodwill		$290,784,000	$282,337,000
ENOSERV LLC [Member]
Business Acquisition [Line Items]
Payments to Acquire Businesses, Gross	20,500,000
Goodwill	10,000,000
Revenues	8,000,000
ENOSERV LLC [Member] | Customer Relationships [Member]
Business Acquisition [Line Items]
Amortizable identifiable intangible assets	$9,000,000

EARNINGS_PER_SHARE_EPS_Number_

EARNINGS PER SHARE (EPS) (Number Of Shares Used In The Calculation Of Earnings Per Share) (Details)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Earning Per Share [Line Items]
Weighted Average Shares Outstanding - Basic	26,032	26,493	26,111	26,488
Dilutive Options and Restricted Shares	147	220	191	261
Adjusted Shares - Diluted	26,179	26,713	26,302	26,749

EARNINGS_PER_SHARE_EPS_Narrati

EARNINGS PER SHARE (EPS) (Narrative) (Details) (Restricted Shares [Member])	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Restricted Shares [Member]
Earning Per Share [Line Items]
Common Stock outstanding, but were not included in the computation of diluted EPS	172,000	186,000

SHAREBASED_COMPENSATION_Narrat

SHARE-BASED COMPENSATION (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non vested shares outstanding	330,536		330,536
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation cost	$1.30	$1.30	$2.60	$2.60
Performance-Accelerated Restricted Share Awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pretax compensation expense	1.1	1.2	2.2	2.3
Non-Employee Directors Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized	0.5	0.2	0.9	0.7
Pretax compensation expense	0.2	0.1	0.4	0.2
Total unrecognized compensation cost related to share-based compensation arrangements	$6.80		$6.80
Remaining weighted-average period for recognition of total unrecognized compensation cost			2 years

INVENTORIES_Schedule_Of_Invent

INVENTORIES (Schedule Of Inventories) (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Inventory [Line Items]
Finished goods	$19,952	$18,949
Work in process, including long-term contracts	38,520	31,634
Raw materials	49,078	43,709
Total inventories	$107,550	$94,292

BUSINESS_SEGMENT_INFORMATION_S

BUSINESS SEGMENT INFORMATION (Schedule Of Net Sales And Earnings Before Income Tax) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Net sales	$128,941	$124,762	$249,488	$249,212
Consolidated EBIT	14,004	13,868	28,975	28,300
Less: Interest expense	-213	-654	-408	-1,346
Earnings before income taxes	13,791	13,214	28,567	26,954
Filtration [Member]
Segment Reporting Information [Line Items]
Net sales	58,428	58,397	105,940	113,875
Consolidated EBIT	12,051	10,100	19,127	19,584
Test [Member]
Segment Reporting Information [Line Items]
Net sales	42,084	41,025	81,504	80,503
Consolidated EBIT	3,467	3,533	7,262	7,108
Utility Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	28,429	25,340	62,044	54,834
Consolidated EBIT	4,855	5,518	14,833	13,165
Corporate [Member]
Segment Reporting Information [Line Items]
Consolidated EBIT	($6,369)	($5,283)	($12,247)	($11,557)

DEBT_Schedule_Of_Debt_Details

DEBT (Schedule Of Debt) (Details) (USD $)	Mar. 31, 2015	Sep. 30, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]
Total borrowings	$73,000	$40,000
Short-term borrowings and current portion of long-term debt	-20,000	-20,000
Total long-term debt, less current portion	$53,000	$20,000

DEBT_Narrative_Details

DEBT (Narrative) (Details) (USD $)	6 Months Ended
	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2013	14-May-12
Debt Instrument [Line Items]
Available to borrow under the credit facility	$365,000,000
Cash on hand	34,719,000	35,131,000	36,362,000	42,850,000
Percentage of foreign subsidiaries' share equity	65.00%
Letters of Credit Outstanding, Amount	11,700,000
Line of Credit Facility, Amount Outstanding	73,000,000
Minimum [Member]
Debt Instrument [Line Items]
Incremental term loan					25,000,000
Credit facility fees	17.50%
Maximum [Member]
Debt Instrument [Line Items]
Incremental term loan	250,000,000				250,000,000
Credit facility fees	35.00%
JPMorgan Chase Bank N.A. [Member]
Debt Instrument [Line Items]
Revolving credit facility					450,000,000
Line Of Credit Facility Additional Borrowing Capacity	$250,000,000

INCOME_TAX_EXPENSE_Narrative_D

INCOME TAX EXPENSE (Narrative) (Details) (USD $)	3 Months Ended		6 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Income Tax Expense [Line Items]
Effective Income Tax Rate	37.30%	29.90%	31.80%	32.90%
Estimated Effective Income Tax Rate Continuing Operations			34.00%
Unrecognized Tax Benefits, Period Increase (Decrease)		$0.70
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent			3.20%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	0.80%		1.70%
Unrecognized Tax Benefits Effective Tax Rate		4.90%		2.40%
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent		1.70%		0.80%

RETIREMENT_PLANS_Schedule_Of_C

RETIREMENT PLANS (Schedule Of Components Of Net Periodic Benefit Cost For Plans) (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Defined benefit plans
Interest cost	$951	$1,002	$1,902	$2,004
Expected return on assets	-1,136	-1,104	-2,272	-2,208
Amortization of Prior service cost	3	3	6	6
Amortization of Actuarial loss	442	413	884	826
Net periodic benefit cost	$260	$314	$520	$628

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Outstanding Derivative Financial Instruments) (Details) (Forward Contracts [Member])	Mar. 31, 2015	Mar. 31, 2015
In Thousands, unless otherwise specified	USD ($)	EUR (€)
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		€ 2,062
Derivative, Fair Value	($192)

DERIVATIVE_FINANCIAL_INSTRUMEN3

DERIVATIVE FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) (Forward Contracts [Member], USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Derivative [Line Items]
Fair Value of Financial Instruments	$192
Fair Value, Inputs, Level 1 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	0
Fair Value, Inputs, Level 2 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	192
Fair Value, Inputs, Level 3 [Member]
Derivative [Line Items]
Fair Value of Financial Instruments	$0

DERIVATIVE_FINANCIAL_INSTRUMEN4

DERIVATIVE FINANCIAL INSTRUMENTS (Narrative) (Details) (Forward Contracts [Member])	Mar. 31, 2015	Mar. 31, 2015
In Thousands, unless otherwise specified	USD ($)	EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative, Notional Amount	$2,500	€ 2,100