SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable



(in thousands)	July 31, 2012			October 31, 2011
Accounts receivable		$116,232			$109,081
Less: Allowance for doubtful accounts	(2,485		)	(2,667		)
Accounts receivable, net		$113,747			$106,414

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



(in thousands)	July 31, 2012			October 31, 2011
Costs incurred on uncompleted contracts		$6,179			$4,443
Estimated earnings	5,524			4,206
	11,703			8,649
Less: Billings to date	(6,867		)	(4,876		)
		$4,836			$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)		$4,836			$3,773
Accrued expenses and other current liabilities (billings in excess of costs and estimated earnings)	—			—
		$4,836			$3,773

The percentage of the Company’s net sales recognized under the percentage-of-completion method was not material for the nine and three months ended July 31, 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 nine and three months ended July 31, 2012 and 2011.

Inventories



(in thousands)	July 31, 2012			October 31, 2011
Finished products		$97,451			$86,487
Work in process	20,356			19,708
Materials, parts, assemblies and supplies	67,514			52,173
Contracts in process	8,354			8,291
Less: Billings to date	(788		)	(1,692		)
Inventories, net of valuation reserves		$192,887			$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)	July 31, 2012			October 31, 2011
Land		$4,497			$3,825
Buildings and improvements	53,504			46,892
Machinery, equipment and tooling	105,421			94,297
Construction in progress	5,733			3,671
	169,155			148,685
Less: Accumulated depreciation and amortization	(90,327		)	(81,611		)
Property, plant and equipment, net		$78,828			$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 $10.3 million and $9.6 million as of July 31, 2012 and October 31, 2011, respectively. The total customer rebates and credits deducted within net sales for the nine months ended July 31, 2012 and 2011 was $2.1 million and $6.7 million, respectively. The total customer rebates and credits deducted within net sales for the three months ended July 31, 2012 and 2011 was $1.0 million and $2.3 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.