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Badger Meter Inc Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2011 10:29AM

Badger Meter Inc (BMI) filed Quarterly Report for the period ended 2011-06-30. Badger Meter has a market cap of $533.8 million; its shares were traded at around $35.46 with a P/E ratio of 20.1 and P/S ratio of 1.9. The dividend yield of Badger Meter stocks is 1.5%. Badger Meter had an annual average earning growth of 44.8% over the past 10 years. GuruFocus rated Badger Meter the business predictability rank of 3.5-star.



Highlight of Business Operations:

On January 26, 2011, the Company purchased Remag of Berne, Switzerland for $4.9 million. Remag distributes a line of precision flow measurement products, some of which they manufacture, for the global industrial market. Their small turbine meters complement and expand the Company’s existing line of specialty application products. The Company’s preliminary allocation of the purchase price as of June 30, 2011 includes $0.9 million of cash, plus approximately $0.4 million of receivables, $0.4 million of inventory, $0.3 million of other assets, $2.0 million of property, plant and equipment, $1.6 million of intangibles, and other assets and liabilities.

The Company’s net sales for the three months ended June 30, 2011 increased $0.8 million, or 1.2%, to $75.1 million compared to $74.3 million during the same period in 2010. The increase was due to higher sales of specialty application products, offset in part by lower sales of water application products. Also included in the second quarter of 2011 results were approximately $1.0 million of sales related to Remag that were not included in the prior year amounts.

Specialty application products represented 22.0% of sales for the three months ended June 30, 2011 compared to 12.8% for the same period in 2010. These sales increased $6.9 million in the second quarter of 2011, or 72.6%, to $16.4 million from $9.5 million during the same period in 2010. The increase in sales included $1.0 million for Remag. The remainder of the increase was due primarily to increased sales of radio technology to natural gas customers for connection to their gas meters and higher sales of valves, both domestically and internationally.

As a result of the above mentioned items, net earnings for the three months ended June 30, 2011 were $7.8 million, or $0.52 per diluted share, compared to $8.0 million, or $0.53 per diluted share, for the same period in 2010.

Specialty products represented 24.0% of sales for the six-month period ended June 30, 2011 compared to 13.5% for the same period in 2010. These sales increased nearly $13.4 million, or 72.8%, to $31.8 million for the first six months of 2011 from $18.4 million for the first six months of 2010. This increase in sales included $1.6 million for Remag, which was acquired in early 2011. Sales also include $4.3 million for Cox Flow Measurement (Cox) sales for the first six months of 2011 versus $1.4 million in 2010, representing sales from its acquisition date of April 1, 2010. The remainder of the increase was due primarily to increased sales of radio technology to natural gas customers for connection to their gas meters and higher sales of valves, both domestically and internationally.

As a result of the above mentioned items, net earnings for the six months ended June 30, 2011 were $11.1 million compared to $13.4 million in the six-month period ended June 30, 2010. On a diluted basis, earnings per share were $0.74 for the first six months of 2011 compared to $0.89 for the same period in 2010.

Read the The complete Report



Stocks Discussed: BMI,
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