SELECTED FINANCIAL STATEMENT INFORMATION

6 Months Ended

Apr. 30, 2012

Selected Financial Statement Information [Abstract]

Selected Financial Statement Information [Text Block]

3. SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable

(in thousands)	April 30, 2012			October 31, 2011
Accounts receivable	$	118,877		$	109,081
Less:  Allowance for doubtful accounts		(4,450	)		(2,667	)
Accounts receivable, net	$	114,427		$	106,414

The $1.8 million increase in the Company’s allowance for doubtful accounts is principally due to potential collection difficulties resulting from bankruptcy filings by certain customers during the six months ended April 30, 2012. The associated charges are included in selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Operations for the six months ended April 30, 2012 and were partially offset by the reversal of certain forfeited amounts otherwise payable to such customers.

Costs and Estimated Earnings on Uncompleted Percentage-of-Completion Contracts

(in thousands)	April 30, 2012			October 31, 2011
Costs incurred on uncompleted contracts	$	5,396		$	4,443
Estimated earnings		4,886			4,206
		10,282			8,649
Less:  Billings to date		(5,691	)		(4,876	)
	$	4,591		$	3,773
Included in the accompanying Condensed Consolidated
Balance Sheets under the following captions:
Accounts receivable, net (costs and estimated         earnings in excess of billings)	$	4,591		$	3,773
Accrued expenses and other current liabilities         (billings in excess of costs and estimated earnings)		-			-
	$	4,591		$	3,773

The percentage of the Company’s net sales recognized under the percentage-of-completion method was not material for the six months ended April 30, 2012 and 2011. Changes in estimates pertaining to percentage-of-completion contracts did not have a material effect on net income from consolidated operations for the six months ended April 30, 2012 and 2011.

Inventories

(in thousands)	April 30, 2012			October 31, 2011
Finished products	$	92,450		$	86,487
Work in process		20,475			19,708
Materials, parts, assemblies and supplies		67,555			52,173
Contracts in process		8,081			8,291
Less: Billings to date		(1,166	)		(1,692	)
Inventories, net of valuation reserves	$	187,395		$	164,967

Contracts in process represents accumulated capitalized costs associated with fixed price contracts for which revenue is recognized on the completed-contract method. Related progress billings and customer advances (“billings to date”) are classified as a reduction to contracts in process, if any, and any excess is included in accrued expenses and other liabilities.

Property, Plant and Equipment

(in thousands)	April 30, 2012			October 31, 2011
Land	$	4,509		$	3,825
Buildings and improvements		52,163			46,892
Machinery, equipment and tooling		103,821			94,297
Construction in progress		5,881			3,671
		166,374			148,685
Less:  Accumulated depreciation and amortization		(87,779	)		(81,611	)
Property, plant and equipment, net	$	78,595		$	67,074

Accrued Customer Rebates and Credits

The aggregate amount of accrued customer rebates and credits included within accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheets was $9.4 million and $9.6 million as of April 30, 2012 and October 31, 2011, respectively. The total customer rebates and credits deducted within net sales for the six months ended April 30, 2012 and 2011 was $1.1 million and $4.4 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended April 30, 2012 and 2011 was $ .7 million and $1.8 million, respectively. The decrease in customer rebates and credits principally reflects a reduction in the net sales volume of certain customers eligible for rebates as well as a reduction in associated rebate percentages.