Badger Meter Reports Record Third Quarter.MILWAUKEE--(BUSINESS WIRE)--Oct. 14, 1997--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 third quarter ended September September: see month. 30, 1997. 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 third quarter of 1997 were $33,207,000, up 8.7% from sales of $30,542,000 for the same period in 1996. Net earnings were $1,821,000 for the third quarter of 1997, a 27.3% increase from earnings of $1,430,000 for the comparable prior period. Primary earnings per share were $0.46 for the third quarter of 1997, up 17.9% from earnings of $0.39 per share for the third quarter of 1996. The lower percentage increase in earnings per share than earnings reflects dilution Dilution A reduction in earnings per share of common stock that occurs through the issuance of additional shares or the conversion of convertible securities. Notes: Adding to the number of shares outstanding reduces the value of holdings of existing shareholders. from outstanding stock options. For the first nine months of 1997, net sales were $99,013,000, up 12.9% from sales of $87,719,000 for the same period in 1996. Net earnings were $5,031,000 for the first nine months of 1997, a 35.7% increase from earnings of $3,707,000 for the same period in 1996. Primary earnings per share rose 26.7% in the first nine months of 1997 to $1.28 from primary earnings of $1.01 per share for the comparable prior period. "We made excellent progress in the third quarter," 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, 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. "Sales continued to grow at a steady pace, helping to improve the bottom line as we leveraged the higher sales over our fixed operating costs operating costs npl → gastos mpl operacionales ," he said. Forbes said the higher third quarter sales were due to increased sales of TRACE(R) 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, residential water meters equipped with the company's Recordall(R) Transmitter A device that generates signals. Contrast with receiver. Register 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 third quarter sales included the first shipments of residential water meters and interface devices as part of a large contract for the City of Philadelphia, he added. "We continue to generate substantial increases in earnings as a result of the higher sales," Forbes said. He said 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. was relatively stable during the quarter as improved manufacturing efficiencies were offset by changes in the product mix. Research and engineering expenses increased 22% for both the third quarter and first nine months of 1997. "We have a strong commitment to developing new products and enhancing our existing product line. As part of this commitment, we are moving forward with plans for a new $8 million engineering laboratory and design facility at our Milwaukee headquarters," Forbes said. The 52,000-square foot addition will include state-of-the-art testing labs as well as facilities for design engineering, training and expanded manufacturing space. 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.businesswire.com/cnn/bmi.htm . -0-
BADGER METER, INC.
CONSOLIDATED STATEMENT OF OPERATIONS(a)
Nine Months Ended September 30,
1997 1996
____ ____
Net sales $ 99,013,000 $ 87,719,000
Gross profit $ 36,582,000 $ 32,047,000
Earnings before income taxes $7,985,000 $5,876,000
Provision for income taxes $2,954,000 $2,169,000
Net earnings $5,031,000 $3,707,000
Earnings per common share:
Primary $1.28 $1.01
Fully Diluted $1.24 $1.00
Shares used in computation:
Primary 3,916,588 3,664,988
Fully Diluted 4,044,176 3,712,570
Three Months Ended September 30,
1997 1996
____ ____
Net sales $ 33,207,000 $ 30,542,000
Gross profit $ 12,480,000 $ 11,323,000
Earnings before income taxes $2,890,000 $2,256,000
Provision for income taxes $1,069,000 $826,000
Net earnings $1,821,000 $1,430,000
Earnings per common share:
Primary $0.46 $0.39
Full Diluted $0.46 $0.39
Shares used in computation:
Primary 3,934,655 3,677,260
Fully Diluted 3,950,815 3,694,832
(a)Unaudited
CONTACT: Badger Meter, Inc., Milwaukee Richard A. Meeusen, 414/371-5706 |
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