Aug 02, 2010

Sensus Announces Fiscal First Quarter 2011 Financial Results

Company reports record Q1 revenue and profitability

Sensus, a technology company providing energy and water utility customers with conservation products and services, announced financial results for the fiscal first quarter ended June 30, 2010.

“We had an outstanding quarter with the highest level of revenue and Adjusted EBITDA1 for any fiscal first quarter in our history,” said Peter Mainz, CEO and president. “This is an exciting time in the energy and water management and conservation marketplace, and Sensus is well-positioned with both a strong global market position and a full range of secure and reliable technologies and applications for all utilities--electric, gas and water.”

Fiscal first quarter revenue of $226 million was a first quarter record for the company, and represented an increase of 13% compared with fiscal first quarter 2010. The increase was driven by shipments of the company’s electric, water and gas SmartPoint AMI devices paired with growth outside of North America, especially in Europe.

Gross profit margin was 28.2%, an increase of 100 basis points compared with fiscal first quarter 2010. Investment in research and development increased to 5.3% of revenue from 4.5% in fiscal first quarter 2010. First quarter Adjusted EBITDA1, also a first quarter record, was $30 million, an increase of 3% year-over-year. Consolidated net income for fiscal first quarter of $2 million increased $2 million compared to fiscal first quarter 2010.

Fiscal first quarter backlog was $107 million, compared with $106 million at the end of fiscal first quarter 2010. The company’s book-to-bill ratio was 0.9 to 1, in line with the fiscal first quarter 2010. Cash on hand was $31 million, an increase of 12% year-over-year.

A conference call with analysts to discuss these results will be held on Aug. 4, 2010, at 11 a.m. (EDT).