Badger Meter Reports Record Sales and Increased Earnings in Second Quarter.Business Editors MILWAUKEE--(BUSINESS WIRE)--July 19, 2002 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, 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 increased earnings for the second quarter and six months ended June June: see month. 30, 2002. 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 2002 were $43,586,000, a 28.4% increase from sales of $33,949,000 for the same period in 2001. Net earnings for the second quarter of 2002 increased to $2,320,000 or $0.70 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from earnings of $529,000 or $0.16 per diluted share for the second quarter of the prior year. For the first half of 2002, net sales were $81,040,000, a 16.8% increase from sales of $69,403,000 for the same period in 2001. Net earnings were 3,927,000 or $1.20 per diluted share for the first half of 2002, compared to earnings of $1,463,000 or $0.44 per diluted share for the comparable prior period. "This was an excellent quarter for Badger Meter, with increased sales of residential and commercial water meters, including meters with automatic meter reading Automatic meter reading, or AMR, is the technology of automatically collecting data from water meter or energy metering devices (water, gas, electric) and transferring that data to a central database for billing and/or analyzing. (AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. ) systems. The higher sales, along with favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. capacity utilization Capacity Utilization measures the rate at which a firm makes use of their capital productive capacities, such as factories and machinery. Capacity Utilization generally rises when the economy is healthy and falls when demand softens. , generated the increase in earnings," said Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a A. Meeusen, president and chief executive officer of Badger Meter. He noted that the second quarter of 2001 was an unusually weak quarter for the company, which also contributed to the strong year-to-year comparison. Meeusen said the company's strong base of utility business offset lower second quarter sales of industrial products including automotive fluid meters, small precision valves and other industrial meters. "The markets for industrial products remain sluggish. While the timing of the recovery of the industrial markets is uncertain, we anticipate that our sales will continue to track the respective overall industries," he said. The second quarter sales included shipments for the second phase of a large automatic meter reading project in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; and shipments of water meters to Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. . "We expect to continue to make regular monthly shipments for the Houston project throughout the remainder of 2002 and into 2003," said Meeusen. "The 2001 reorganization of our sales force is a successful strategy that is now generating increased levels of sales activity. We believe our utility product line has excellent future growth potential as we continue to pursue new sales opportunities and develop new products. The new products include a recently introduced series of non-leaded water meters and the planned introduction of a low-cost AMR product later in the year," said Meeusen. The company completed two acquisitions during the second quarter, Data Industrial Corporation of Mattapoisett, Mass. and MecaPlus Equipments of Nancy, France. "The acquisitions are consistent with our strategy to expand our line of industrial products for niche markets A niche market also known as a target market is a focused, targetable portion (subset) of a market sector. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not being addressed by mainstream providers. . They also provide synergies with Badger Meter's product offerings. For example, we recently released a radio-frequency oil management system that was developed by Badger Meter and is being marketed in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). by MecaPlus as well as Badger Meter Europe. In
addition, Badger Meter is now selling the insertion insertion n. the addition of language at a place within an existing typed or written document, which is always suspect unless initialled by all parties. flow meters flow meterDevice that measures the velocity of a gas or liquid. It has applications in medicine as well as in chemical engineering, aeronautics, and meteorology. Examples include pitot tubes, venturi tubes, and rotameters (tapered graduated tubes with a float inside that is produced by Data Industrial Corporation to our industrial customer base," said Meeusen. "While the acquisitions contributed minimally to earnings in the second quarter, we expect a favorable impact from both of these companies in future quarters." Badger Meter is a leading marketer and manufacturer of flow measurement and control technology, developed both internally and with other technology companies, as well as the leader in providing connectivity to leading AMR technologies. Its products are used to measure and control the flow of liquids in a variety of applications. Certain statements contained in the pages of this document, as well as other information provided from time to time by the company or its employees, may contain forward looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward looking statements. The words "anticipate," "believe," "estimate," "expect," "think," "should" and "objective" or similar expressions are intended to identify forward looking statements. The forward looking statements are based on the company's current views and assumptions and involve risks and uncertainties that include, among other things:
- the success or failure of new product offerings
- the actions and financial condition of competitors and alliance
partners
- changes in competitive pricing and bids in the marketplace
- changes in domestic conditions, including housing starts
- changes in foreign economic conditions, including currency
fluctuations
- changes in laws and regulations
- changes in customer demand and fluctuations in the prices of and
availability of purchased raw materials and parts.
Some or all of these factors are beyond the company's control. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward looking statements and are cautioned not to place undue reliance on such forward looking statements. The forward looking statements made herein are made only as of the date of this document and the company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . Badger Meter company news is available 24 hours a day, on-line at: http://www.badgermeter.com
BADGER METER, INC.
CONSOLIDATED STATEMENT OF OPERATIONS(1)
Six Months Ended June 30,
2002 2001
---- ----
Net sales $81,040,000 $69,403,000
Gross margin $27,578,000 $22,969,000
Earnings before income taxes $6,044,000 $2,244,000
Provision for income taxes $2,117,000 $781,000
Net earnings $3,927,000 $1,463,000
Earnings per share:
Basic $1.24 $0.46
Diluted $1.20 $0.44
Shares used in computation of:
Basic 3,155,734 3,171,144
Diluted 3,284,200 3,299,324
Three Months Ended June 30,
2002 2001
---- ----
Net sales $43,586,000 $33,949,000
Gross margin $14,818,000 $10,942,000
Earnings before income taxes $3,569,000 $829,000
Provision for income taxes $1,249,000 $300,000
Net earnings $2,320,000 $529,000
Earnings per share:
Basic $0.73 $0.17
Diluted $0.70 $0.16
Shares used in computation of:
Basic 3,156,771 3,170,236
Diluted 3,300,335 3,309,337
(1)Unaudited
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