Badger Meter Reports Record First Quarter Sales and Earnings.MILWAUKEE--(BUSINESS WIRE)--April 14, 1998--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 first quarter ended March 31, 1998. 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 first quarter of 1998 were $33,499,000, a 5.7% increase from sales of $31,702,000 for the first quarter of 1997. Earnings rose 21.9% to $1,597,000 for the first quarter of 1998 from earnings of $1,310,000 for the same period in the prior year. Basic earnings per share were $0.44 for the first quarter of 1998, up 18.9% from basic earnings per share of $0.37 for the first quarter of the prior year. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of were $0.41 for the first quarter of 1998, a 17.1% increase from diluted earnings per share of $0.35 for the first quarter of 1997. "With our record first quarter results, 1998 is off to an excellent start. Business is strong as we continue to introduce new products and product enhancements and establish marketing relationships and alliances with companies offering a variety of 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 technologies," said James L. 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. Forbes said the increase in first quarter sales was due to strong domestic sales, including shipments of residential water meters and interface devices as part of a large contract for the City of Philadelphia and higher sales of the company's Research Control(R) valves. Increased sales of 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, primarily in European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. markets, also contributed to the sales gain. These increases offset decreased international sales of water meters. "The increase in earnings reflects an improvement in the gross profit margin Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. from 36.2% for the first quarter of 1997 to 40.1% for the first quarter of 1998. The higher profit margin reflects favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. pricing during the quarter and greater plant utilization resulting from increased manufacturing efficiencies," said Forbes. Forbes noted that construction on the company's new engineering and manufacturing addition to its Milwaukee headquarters is ahead of schedule. "Due to favorable weather, we will begin moving into the new facility in July, with completion scheduled for the end of 1998. The addition will provide world-class engineering and product testing facilities, and will expand our manufacturing capacity for residential water meters to meet increased customer demand," Forbes said. Badger Meter's 1998 Annual Meeting of Shareholders will be held at 8:30 a.m. on Friday, April 24, 1998, at the Milwaukee Club, 706 North Jefferson Street, Milwaukee, Wisconsin For other places with the same name, see Milwaukee (disambiguation). Milwaukee is the largest city within the state of Wisconsin and 25th largest (by population) in the United States. . Badger Meter is a leading marketer and manufacturer of products using flow measurement and control technology serving industrial and utility markets worldwide. Badger Meter company news is available 24 hours a day, on-line at: http://www.badgermeter.com -0-
Badger Meter, Inc.
Consolidated Statement of Operations(1)
Three Months ended March 31,
1998 1997
____ ____
Net Sales $33,499,000 $31,702,000
Gross profit $13,443,000 $11,478,000
Earnings before income taxes $ 2,593,000 $ 2,079,000
Provision for income taxes $ 996,000 $ 769,000
Net earnings $ 1,597,000 $ 1,310,000
Earnings per common share:
Basic $0.44 $0.37
Diluted $0.41 $0.35
Shares used in computation:
Basic 3,613,471 3,557,737
Diluted 3,914,679 3,762,719
(1)Unaudited
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CONTACT: Badger Meter, Inc. Richard A. Meeusen, 414/371-5706 |
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