Badger Meter Reports Record Third Quarter Sales and Earnings.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. -- 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 third quarter sales and earnings for the period ended September September: see month. 30, 2005. 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 were a third quarter record $54,194,000, a 1.6% increase from sales of $53,340,000 for the third quarter of 2004. Net earnings increased 12.5% to a third quarter record $3,811,000 or $0.54 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, compared to net earnings of $3,389,000 or $0.50 per diluted share for the same period in the prior year. For the first nine months of 2005, net sales were $166,058,000, a 6.1% increase from sales of $156,492,000 for the first three quarters of 2004. Net earnings were $11,526,000 or $1.65 per diluted share for the first nine months of 2005, a 30.7% increase from earnings of $8,816,000 or $1.30 per diluted share for the comparable prior period. "Revenues showed a small increase over our very strong 2004 third quarter. In the utility market, our proprietary Orion Orion, in Greek mythology Orion (ōrī`ən), in Greek mythology, Boeotian hunter. When Oenopion delayed giving his daughter Merope to him, Orion, when drunk, violated her. (R) mobile radio frequency 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. system continued to be well received. Products contributing to increased industrial sales included Research Control(R) valves, Data Industrial(R) impeller flow meters flow meter Device 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 , Magnetoflow(R) meters and dispensing dispensing provision of drugs or medicines as set out properly on a lawful prescription. A prescription can only be filled, the drugs supplied, by a registered pharmacist, veterinarian, dentist or member of the medical profession. systems for the concrete market," 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, chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Badger Meter. Meeusen said the gross margin increased slightly in the third quarter over the same period in 2004, reflecting increased sales of higher-margin products. "We are continuing to invest in developing new products and enhancing existing products, with an ongoing focus on the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth potential of automatic meter reading," he added. "We are pleased with our earnings for the first three quarters of 2005, which in fact have exceeded the total for all of 2004. The fourth quarter, however, is traditionally a slower period for us," said Meeusen. Meeusen noted that during the first three quarters of 2005, the company held 100th Anniversary celebrations
Celebrations are a chocolate collection made by Mars, Incorporated comprising miniature versions of favorite Mars-produced bars. at each of its facilities around the world. "Our century of expertise in flow measurement gives us a strong foundation to build on in the years ahead," he added. Badger Meter is a leading marketer and manufacturer of flow measurement and control technology, developed both internally and with other companies, as well as the leader in providing digital connectivity to leading 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. technologies. Its products are used to measure and control the flow of liquids in a variety of applications. Certain statements contained in this news release, as well as other information provided from time to time by Badger Meter, Inc. (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. All such forward looking statements are based on the Company's then current views and assumptions and involve risks and uncertainties that include, among other things: --the continued shift in the Company's business from lower cost, local-read meters toward more expensive, value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: automatic meter reading (AMR) systems; --the success or failure of newer Company products, including the Orion(R) radio frequency mobile AMR system, the absolute digital encoder A hardware device or software that assigns a code to represent data. See encode. 1. (algorithm, hardware) encoder - Any program, circuit or algorithm which encodes. Example usages: "MPEG encoder", "NTSC encoder", "RealAudio encoder". 2. (ADE(TM)) and the Galaxy(TM) fixed network AMR system; --changes in competitive pricing and bids in both the domestic and foreign marketplaces, and particularly in continued intense price competition on government bid contracts for lower cost, local read meters; --the actions (or lack thereof) of the Company's competitors; --the Company's relationships with its alliance partners, particularly its alliance partners that provide AMR connectivity solutions; --the general health of 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. and foreign economies, including housing starts in the United States and overall industrial activity; --increases in the cost and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. availability of needed raw materials and parts; --changes in foreign economic conditions, including currency fluctuations between the United States dollar and the euro; and --changes in laws and regulations, particularly laws dealing with the use of lead (which can be used in the manufacture of certain meters incorporating brass housings) and Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. rules affecting the use and/or licensing of radio frequencies necessary for AMR products. All of these factors are beyond the Company's control to varying degrees. 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 in this document are made only as of the date of this document and the Company assumes no obligation, and disclaims any obligation, to update any 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
(Unaudited)
Nine Months Ended September 30,
2005 2004
---- ----
Net sales $166,058,000 $ 156,492,000
Gross margin $57,628,000 $51,510,000
Earnings before income taxes $19,306,000 $14,943,000
Provision for income taxes $7,780,000 $6,127,000
Net earnings $11,526,000 $8,816,000
Earnings per share:
Basic $1.71 $1.34
Diluted $1.65 $1.30
Shares used in computation of:
Basic 6,729,402 6,580,054
Diluted 7,004,214 6,777,887
Three Months Ended September 30,
2005 2004
---- ----
Net sales $54,194,000 $53,340,000
Gross margin $18,567,000 $17,903,000
Earnings before income taxes $6,096,000 $6,060,000
Provision for income taxes $2,285,000 $2,671,000
Net earnings $3,811,000 $3,389,000
Earnings per share:
Basic $0.56 $0.51
Diluted $0.54 $0.50
Shares used in computation of:
Basic 6,776,572 6,613,266
Diluted 7,112,759 6,857,278
BADGER METER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
Assets September 30 December 31
------ 2005 2004
---- ----
(Unaudited)
Cash $3,079,000 $2,834,000
Receivables 33,974,000 26,879,000
Inventories 32,956,000 35,646,000
Other current assets 6,447,000 6,023,000
------------- ------------
Total current assets 76,456,000 71,382,000
Net property, plant and equipment 41,842,000 42,016,000
Prepaid pension 18,117,000 17,290,000
Other long-term assets 5,209,000 5,169,000
Goodwill 6,638,000 7,104,000
------------- ------------
Total assets $148,262,000 $142,961,000
============= ============
Liabilities and Shareholders' Equity
------------------------------------
Short-term debt and current portion
long-term debt $16,540,000 $22,887,000
Payables 14,316,000 11,395,000
Accrued compensation and employee
benefits 6,053,000 6,166,000
Other liabilities 6,138,000 4,799,000
------------- ------------
Total current liabilities 43,047,000 45,247,000
Deferred income taxes 7,409,000 7,437,000
Long-term employee benefits 10,731,000 11,392,000
Long-term debt 15,937,000 14,819,000
Shareholders' equity 71,138,000 64,066,000
------------- ------------
Total liabilities and
shareholders' equity $148,262,000 $142,961,000
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