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Badger Meter Reports Increased Third Quarter Sales, Net Earnings And Earnings Per Share

Badger Meter, Inc. (NYSE: BMI) today reported increased sales, earnings and earnings per share for the third quarter ended September 30, 2012.

Third Quarter 2012 Highlights

  • Net sales were $87,130,000 for the third quarter of 2012, a 25.0% increase from sales of $69,698,000 for the third quarter of 2011.
  • Net earnings were $8,857,000 for the third quarter of 2012, a 28.7% increase from net earnings of $6,880,000 for the third quarter of 2011.
  • Diluted earnings per share were $0.62 for the third quarter of 2012, a 34.8% increase from diluted earnings per share of $0.46 for the third quarter of 2011.

First Nine Months 2012 Highlights

  • Net sales were $245,337,000 for the first three quarters of 2012, a 21.3% increase from sales of $202,205,000 for the same period in 2011.
  • Net earnings were $22,548,000 for the first three quarters of 2012, a 25.4% increase from net earnings of $17,974,000 for the first nine months of 2011.
  • Diluted earnings per share were $1.56 for the first nine months of 2012, a 31.1% increase from diluted earnings per share of $1.19 for the same period in 2011.

Operations Review

“This was a strong quarter for Badger Meter, with all three of our product categories contributing to the improvement. The 25% increase in sales, combined with significantly improved profit margins and ongoing cost controls, generated a 77% increase in operating earnings, compared to last year’s weak third quarter,” said Richard A. Meeusen, chairman, president and chief executive officer of Badger Meter.

Meeusen said the increase in third quarter sales reflected the addition of Racine Federated, Inc. in January, along with higher sales of the company’s municipal water products. He noted that net earnings for the third quarter of 2011 benefited from recognition of previously unrecognized tax benefits for certain tax deductions taken on prior tax returns amounting to approximately $0.10 per share after tax.

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