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Badger Meter income rises 12.5 percent

Oct. 17, 2005

Badger Meter Inc. reported net income $3.8 million, or 54 cents per share, for the third quarter, an increase of 12.5 percent compared with $3.4 million, or 50 cents per share, for the same period a year ago.

Net sales for the Brown Deer-based manufacturer of flow measurement and control products increased 1.6 percent to $54.2 million from $53.3 million.

Profits benefited from higher gross margins resulting from increased sales of higher-margin products, said Badger Meter chairman, president and CEO Richard Meeusen.

Meeusen said while revenue showed a small increase, the company's automatic meter reading systems continued to be well-received in the utilities market.

For the first nine months of 2005, net income was $11.5 million, or $1.67 per share, a 30.7 percent increase compared with $8.8 million, or $1.30 per share, the year before. Net sales increased to $166.1 million from $156.5 million.

Shares of Badger Meter (AMEX: BMI) closed down $1.91 at $39.85 Tuesday.