News Column

Badger Meter Reports Record Sales for Any Quarter and Record Second Quarter Earnings and Earnings Per Share

August 7, 2014



By a News Reporter-Staff News Editor at Computer Weekly News -- Badger Meter, Inc. (NYSE: BMI) reported record sales for any quarter in its history and record earnings and earnings per share for the second quarter ended June 30, 2014. Second Quarter 2014 Highlights Net sales were a record $95,662,000 for the second quarter of 2014, an 8.3% increase from sales of $88,341,000 for the second quarter of 2013.

Net earnings were a record $8,814,000 for the second quarter of 2014, a 40.3% increase from net earnings of $6,281,000 for the second quarter of 2013.

Diluted earnings per share were a record $0.61 for the second quarter of 2014, a 38.6% increase from diluted earnings per share of $0.44 for the second quarter of 2013. First Half 2014 Highlights Net sales were $179,158,000 for the first half of 2014, an 11.9% increase from sales of $160,149,000 for the first half of 2013.

Net earnings were $13,446,000 for the first half of 2014, a 46.3% increase from net earnings of $9,188,000 for the first half of 2013.

Diluted earnings per share were $0.94 for the first half of 2014, a 46.9% increase from diluted earnings per share of $0.64 for the first half of 2013. Operations Review "Our strong second quarter performance was driven by higher sales of municipal water products. Sales of residential municipal water products were up substantially and commercial water product sales also increased. These increases more than offset a slight decline in industrial product sales for the quarter," said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter.

Meeusen said the company is seeing significant increases in sales of two municipal water products that were introduced in 2013. Sales of ORION® SE two-way fixed network meter reading systems and the new polymer version of the company's E-Series® line of ultrasonic meters for residential and commercial applications continue to ramp up as they gain acceptance in the market.

"In the municipal water industry, the process from product launch to customer adoption takes some time. As a result, we are also encouraged by the response to our newest product, the BEACON Advanced Metering Analytics (AMA) system, which was introduced in January. Badger Meter was the first major water meter company to release a cost-effective cellular-based metering solution to the market. There is considerable interest in starter kits that enable utilities to test BEACON AMA prior to purchasing a complete system and the feedback from utility managers at the recent American Water Works Association (AWWA) annual conference was very positive," said Meeusen.

BEACON AMA combines both fixed and cellular networks with proprietary software, all in a single managed solution. It reduces the need for costly network infrastructure and gives utilities greater control and more information to better manage their operations and enhance customer service. It also includes the EyeOnWater consumer portal and smartphone/tablet app, which give end-water customers the opportunity to view and manage their water usage activity - a benefit that appeals to conservation-minded water utilities.

"Looking ahead, with two strong quarters behind us, we are cautiously optimistic about the second half of the year," added Meeusen. Conference Call and Webcast Badger Meter management will hold a conference call to discuss the company's 2014 second quarter results on Monday, July 21, 2014, at 10:00 AM Central/11:00 AM Eastern time.

Interested parties can listen to the call live on the Internet through the company's Web site: www.badgermeter.com or by dialing 1-888-679-8035 and entering the passcode 65629528. Listeners should dial in to the call at least 5-10 minutes prior to the start of the call or should go to the Web site at least 15 minutes prior to the call to download and install any necessary audio software. Participants may pre-register for the call at https://www.theconferencingservice.com/prereg/key.process?key=PYCHLTPV8. Pre-registrants will be issued a pin number to use when dialing into the live call which will provide quick access to the conference by bypassing the operator upon connection. In addition, the Webcast is also available through Thomson's investor portals. Individual investors can listen to the call at www.earnings.com, Thomson/CCBN's individual investor portal, powered by StreetEvents. Institutional investors can access the call via Thomson's password-protected event management site, StreetEvents (www.streetevents.com).

Keywords for this news article include: Finance, Software, Badger Meter Inc..

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Source: Computer Weekly News


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