From ESE Q4 (9/30) Conference Call:
Thanks, Vic. As noted in the release, adjusted EPS from continuing operations was $0.87 a share, excluding the $0.11 of non-cash amortization related to the TWACS NG software and purchase accounting related assets. GAAP EPS was $0.76 a share, which represents a 33% increase over the prior year fourth quarter in spite of a more challenging economic environment. Recapping Q4, we're very pleased with our year-over-year results, which I've detailed in the release. I'll briefly touch on just a few of the highlights.
Sales increased 40% with the Utility Solutions Group growing 79%, and filtration up over 12%. EBITDA orders increased over 82%, with the Utility Solutions Group EBIT more than doubling during the quarter. Additionally, we entered nearly $180 million of new orders during the quarter, which represents a 63% increase over the prior year fourth quarter. In Q4, our order amount included another $34 million from PG&E business, which brings the total cumulative PG&E order book to 2.7 million units, with an aggregate value of $171 million.
For the full year, you'll note that every operating metric for 2008 was up substantially over the prior year in spite of significantly higher interest expense, additional amortization charges and a higher effective tax rate. My only additional comment here is to highlight the Utility Solutions Group performance compared to prior year, where sales increased 84%, EBIT dollars were up approximately 200%, and EBIT margin as a percent of sales increased 700 basis points.
On the balance sheet, I remain very comfortable with our current capital structure and our available liquidity. I am pleased that even with the cash that we spent on the LDIC acquisition during the fourth quarter, we continue to reduce our net debt outstanding, which was below $200 million at September 30th, resulting in a very comfortable 2.2 times leverage ratio.
Regarding cash flow, net cash provided by operating activities on a continuing ops basis for the year was over $76 million, and we generated approximately $25 million in cash from operations during the fourth quarter. Firm orders continue to be a huge positive for us during 2008 as we booked $633 million in new business, representing a 35% increase in orders compared to 2007. As a result, we begin fiscal '09 with a backlog of approximately $267 million.
I mentioned the PG&E orders a few moments ago, but as a supplement, I want to point out that the order numbers mentioned do not include the recent announcements of nearly $125 million in new business opportunities such as the Winds of Idaho Power, New York City Water, and the selection by the city of Toronto, their water department, for a system-wide AMI project. All of these wins certainly validate our enthusiasm on our confidence towards our growth prospects in '09.
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