BADGER METER REPORTS RECORD SECOND QUARTER RESULTS.MILWAUKEE--(BUSINESS WIRE)--July 17, 1995--Badger Meter, Inc. (AMEX AMEX See: American Stock Exchange :BMI BMI body mass index. BMI abbr. body mass index Body mass index (BMI) A measurement that has replaced weight as the preferred determinant of obesity. ) today reported record sales and earnings for the second quarter ended June June: see month. 30, 1995. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the second quarter of 1995 were $28,579,000, a 10.6 percent increase from sales of $25,847,000 for the second quarter of 1994. Net earnings for the second quarter of 1995 were $1,051,000, a 13.9 percent increase from earnings of $923,000 for the same period in 1994. Earnings per share were $0.60 for the second quarter of 1995, a 11.1 percent increase from earnings of $0.54 per share for the comparable prior period. For the first six months of 1995, net sales were $56,508,000, a 20.8 percent increase from sales of $46,789,000 for the same period in 1994. Net earnings for the six months were $1,908,000 in 1995, a 26.9 percent increase from earnings of $1,503,000 for the comparable prior period. Earnings per share were $1.09 for the first six months of 1995, up 23.9 percent from earnings per share of $0.88 for the first six months of 1994. "The increase in sales and earnings continues our steady improvement. Sales were up in both divisions, Utility and Industrial," said James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. L. Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes , president and chief executive officer of Badger badger, name for several related members of the weasel family. Most badgers are large, nocturnal, burrowing animals, with broad, heavy bodies, long snouts, large, sharp claws, and long, grizzled fur. Meter. "The increase in sales is especially significant because this is the first quarter in which the sales from our large order for residential water meters in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi are included in results for both 1994 and 1995," Forbes said. Forbes said the majority of the increase in second quarter sales was in the Utility Division. The division's sales increased in all major product lines, with especially strong sales of TRACE. radio frequency automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. meter reading systems in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Sales of TRACE product as part of the large Mexico City order increased about 10 percent over the second quarter of 1994, Forbes noted. The Industrial Division reported increased second quarter sales of its Research Control(R) valves and lubrication lubrication, introduction of a substance between the contact surfaces of moving parts to reduce friction and to dissipate heat. A lubricant may be oil, grease, graphite, or any substance—gas, liquid, semisolid, or solid—that permits free action of meters. "The increase in second quarter earnings was due to the higher sales, improved manufacturing efficiency from increased volumes and ongoing cost control programs," Forbes said. He noted that the company's profit margin decreased from the same period in the prior year to 35.0 percent of sales, primarily due to product mix. Increased sales of TRACE products, which while profitable, have a lower profit margin than the company's overall margin. "The profit margins for the TRACE system are expected to improve with higher sales volumes," he added. "In addition to the increases in sales and earnings, we continue to benefit from our strong cash flow and balance sheet," Forbes said. "We are pleased with our continuing progress," he added. Badger Meter is a leading marketer and manufacturer of products using flow measurement and control technology serving industrial and utility markets worldwide. -0-
BADGER METER, INC.
CONSOLIDATED STATEMENT OF OPERATIONS (1)
Six Months Ended June 30,
1995 1994
Net sales $56,508,000 $46,789,000 Gross profit $19,728,000 $17,617,000 Earnings before income taxes $ 3,019,000 $ 2,386,000 Provision for income taxes $ 1,111,000 $ 883,000 Net earnings $ 1,908,000 $ 1,503,000 Earnings per common share $ 1.09 $ .88 Average shares outstanding 1,752,792 1,714,767
Three Months Ended June 30,
1995 1994
Net sales $28,579,000 $25,847,000 Gross profit $ 9,991,000 $ 9,533,000 Earnings before income taxes $ 1,636,000 $ 1,488,000 Provision for income taxes $ 585,000 $ 565,000 Net earnings $ 1,051,000 $ 923,000 Earnings per common share $ .60 $ .54 Average shares outstanding 1,754,092 1,725,878 (1) Unaudited CONTACT: Badger Meter, Inc., Milwaukee Milwaukee (mĭlwŏk`ē), city (1990 pop. 628,088), seat of Milwaukee co., SE Wis., at the point where the Milwaukee, Menominee, and Kinnickinnic rivers enter Lake Michigan; inc. 1846. Joan C. Zimmer, 414/355-0400 |
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