Badger Meter Reports Record Third Quarter.MILWAUKEE--(BUSINESS WIRE)--Oct. 13, 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 third quarter ended September September: see month. 30, 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 third quarter of 1998 were $39,370,000, an 18.6% increase from sales of $33,207,000 for the same period in 1997. Net earnings rose 32.0% to $2,404,000 for the third quarter of 1998, from earnings of $1,821,000 for the comparable prior period. 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 $0.62, a 34.8% increase from diluted earnings per share of $0.46 for the third quarter of 1997. For the first nine months of 1998, net sales were $109,299,000, a 10.4% increase from sales of $99,013,000 for the first nine months of 1997. Net earnings were $6,296,000 for the first nine months of 1998, up 25.1% from earnings of $5,031,000 for the same period in the prior year. Diluted earnings per share were $1.61, a 25.8% increase from diluted earnings per share of $1.28 for the first nine months of 1997. "We continue to generate strong sales and earnings growth in both new and established product lines," 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. "Sales of residential water meters, commercial and industrial water meters and Research Control(R) valves increased in the third quarter. 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 were also higher 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). . The residential water meter sales include
shipments for a large metering project for the City of
Philadelphia," said Forbes.
Forbes said the increase in earnings was due to the higher sales and improved profit margins. 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. increased from 37.6% in the third quarter of 1997 to 40.0% in the third quarter of 1998. "Our 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. , especially for the residential water meters manufactured in Milwaukee, is at a very high level. We are increasing the manufacturing capacity for the residential water meter line by purchasing new manufacturing equipment, adding systems to improve efficiency and including 18,000 square feet of manufacturing space as part of the new 67,000 square foot addition to our Milwaukee facility," said Forbes. The addition, which is expected to be completed by the end of 1998, also includes facilities for engineering, product development and training, as well as a world-class flow lab which will be used for developing and testing 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's products as well as products developed through relationships with other companies. "We continue to make significant investments in personnel, facilities, product development, sales and marketing to position Badger Meter for continuing growth in the future," said Forbes. 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
BADGER METER, INC.
CONSOLIDATED STATEMENT OF OPERATIONS(1)
Nine Months Ended September 30,
1998 1997
____ ____
Net sales $109,299,000 $99,013,000
Gross profit $43,453,000 $36,582,000
Earnings before income taxes $10,116,000 $7,985,000
Provision for income taxes $3,820,000 $2,954,000
Net earnings $6,296,000 $5,031,000
Earnings per common share:
Basic $1.74 $1.41
Diluted $1.61 $1.28
Shares used in computation:
Basic 3,624,776 3,556,250
Diluted 3,902,396 3,916,588
Three Months Ended September 30,
1998 1997
____ ____
Net sales $39,370,000 $33,207,000
Gross profit $15,743,000 $12,480,000
Earnings before income taxes $3,890,000 $2,890,000
Provision for income taxes $1,486,000 $1,069,000
Net earnings $2,404,000 $1,821,000
Earnings per common share:
Basic $0.66 $0.51
Diluted $0.62 $0.46
Shares used in computation:
Basic 3,630,008 3,561,727
Diluted 3,876,372 3,934,655
(1)Unaudited
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