Badger Meter Reports Second Quarter Results.Business Editors MILWAUKEE--(BUSINESS WIRE)--July 16, 2003 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 meter, unit of measure meter, abbr. m, fundamental unit of length in the metric system. The meter was originally defined as 1/10,000,000 of the distance between the equator and either pole; however, the original survey was inaccurate and the meter was later , 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 results for the second quarter ended June June: see month. 30, 2003. 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 2003 were $47,516,000, a 9.0% increase from sales of $43,586,000 for the same period in 2002. Net earnings were $2,606,000 or $0.78 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 for the second quarter of 2003, up 12.3% from earnings of $2,320,000 or $0.70 per diluted share for the comparable prior period. Two acquisitions completed in the second quarter of 2002 contributed $6,009,000 to second quarter 2003 net sales, compared to a contribution of $2,500,000 in the second quarter of 2002. For the first half of 2003, net sales were $87,091,000, a 7.5% increase from sales of $81,040,000 for the first six months of the prior year. Net earnings for the first half of 2003 were $3,312,000 or $1.00 per diluted share, down 15.7% from earnings of $3,927,000 or $1.20 per diluted share for the same period in 2002. The two acquisitions completed in the second quarter of 2002 contributed $11,440,000 to net sales for the first half of 2003, compared to a contribution of $2,500,000 for the same period in 2002. The higher second quarter sales reflect increased sales of residential 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. Sales of electromagnetic electromagnetic /elec·tro·mag·net·ic/ (-mag-net´ik) involving both electricity and magnetism. electromagnetic pertaining to or emanating from electromagnetism. flowmeters, automotive fluid meters and systems and small precision valves also increased in the second quarter of 2003, while sales of commercial meters and other industrial products were lower than the same period in the prior year. Net income for the quarter was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by the higher sales levels and currency translation gains primarily related to the strength of the euro, which had an after tax impact of $489,000 offset somewhat by the strengthening of the euro's affect on foreign purchases. "We continued to make good progress in the second quarter. Sales activity increased and we are beginning to see positive signs in our markets. Shipments as part of a large metering 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; have resumed and are expected to continue for the remainder of the year and into 2004. In addition, we are receiving positive acceptance in the market for the new 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) radio frequency AMR system we introduced in the first quarter," 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. "Although economic and industry conditions have been challenging, we have continued to invest in research and development and new products. In June, we introduced our new 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. , an alternative registration device that meets the needs of customers in a segment of the water utility market that we have not previously served," said Meeusen. "Our focus continues to be on growing the company over the long term. The infrastructure is in place and we are encouraged by the recent increases in sales activity and the signing of several strategic water utility metering A utility meter is any of the following metering devices used on utility mains:
n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that these trends will continue into the second half of the year," said Meeusen. 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 A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. 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 COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. 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
(Unaudited)
Six Months Ended June 30,
2003 2002
----------- -----------
Net sales $87,091,000 $81,040,000
Gross margin $28,967,000 $27,578,000
Earnings before income taxes $ 5,349,000 $ 6,044,000
Provision for income taxes $ 2,037,000 $ 2,117,000
Net earnings $ 3,312,000 $ 3,927,000
Earnings per share:
Basic $ 1.03 $ 1.24
Diluted $ 1.00 $ 1.20
Shares used in computation of:
Basic 3,207,961 3,155,734
Diluted 3,326,931 3,284,200
Three Months Ended June 30,
2003 2002
----------- -----------
Net sales $47,516,000 $43,586,000
Gross margin $16,024,000 $14,818,000
Earnings before income taxes $ 4,193,000 $ 3,569,000
Provision for income taxes $ 1,587,000 $ 1,249,000
Net earnings $ 2,606,000 $ 2,320,000
Earnings per share:
Basic $ 0.81 $ 0.73
Diluted $ 0.78 $ 0.70
Shares used in computation of:
Basic 3,221,003 3,156,771
Diluted 3,338,373 3,300,335
BADGER METER, INC.
CONSOLIDATED CONDENSED BALANCE SHEETS
Assets June 30, December 31,
------ 2003 2002
------------ ------------
(Unaudited)
Cash $ 2,968,000 $ 3,779,000
Receivables 28,577,000 22,139,000
Inventories 28,967,000 25,182,000
Other current assets 5,163,000 4,280,000
------------ ------------
Total current assets 65,675,000 55,380,000
Net property, plant and equipment 43,731,000 43,468,000
Prepaid pension 16,392,000 17,454,000
Other long-term assets 4,388,000 4,464,000
Goodwill 6,745,000 5,697,000
------------ ------------
Total assets $136,931,000 $126,463,000
============ ============
Liabilities and
Shareholders' Equity
---------------------
Short-term debt and current portion
long-term debt $ 32,172,000 $ 26,334,000
Payables 14,268,000 11,040,000
Accrued compensation and employee
benefits 5,227,000 6,017,000
Warranty and other liabilities 6,498,000 5,164,000
------------ ------------
Total current liabilities 58,165,000 48,555,000
Deferred income taxes 4,720,000 4,710,000
Long-term employee
benefits 11,544,000 12,057,000
Long-term debt 11,096,000 13,046,000
Shareholders' equity 51,406,000 48,095,000
------------ ------------
Total liabilities and
shareholders' equity $136,931,000 $126,463,000
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