SELECTED FINANCIAL STATEMENT INFORMATION

Accounts Receivable



(in thousands)	January 31, 2013			October 31, 2012
Accounts receivable		$113,047			$124,548
Less: Allowance for doubtful accounts	(2,789		)	(2,334		)
Accounts receivable, net		$110,258			$122,214

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



(in thousands)	January 31, 2013			October 31, 2012
Costs incurred on uncompleted contracts		$7,780			$6,673
Estimated earnings	7,235			6,235
	15,015			12,908
Less: Billings to date	(10,740		)	(7,426		)
Included in the accompanying Condensed Consolidated Balance Sheets under the caption "Accounts receivable, net" (costs and estimated earnings in excess of billings)		$4,275			$5,482

The percentage of the Company’s net sales recognized under the percentage-of-completion method was not material for the three months ended January 31, 2013 and 2012. Changes in estimates pertaining to percentage-of-completion contracts did not have a material effect on net income from consolidated operations for the three months ended January 31, 2013 and 2012.

Inventories



(in thousands)	January 31, 2013			October 31, 2012
Finished products		$98,529			$93,873
Work in process	19,483			18,887
Materials, parts, assemblies and supplies	69,743			69,042
Contracts in process	7,602			8,299
Less: Billings to date	(268		)	(397		)
Inventories, net of valuation reserves		$195,089			$189,704

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)	January 31, 2013			October 31, 2012
Land		$4,512			$4,505
Buildings and improvements	55,289			54,322
Machinery, equipment and tooling	111,445			109,041
Construction in progress	6,760			5,599
	178,006			173,467
Less: Accumulated depreciation and amortization	(96,206		)	(92,949		)
Property, plant and equipment, net		$81,800			$80,518

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 $11.6 million and $10.8 million as of January 31, 2013 and October 31, 2012, respectively. The total customer rebates and credits deducted within net sales for the three months ended January 31, 2013 and 2012 was $1.4 million and $.4 million, respectively. The increase in customer rebates and credits is principally due to the fact that the first quarter of fiscal 2012 reflected a reduction in the net sales volume of certain customers eligible for rebates as well as a reduction in associated rebate percentages.