Published: January 29, 2010
Sensus Announces Record Backlog Over $133 Million
RALEIGH, N.C. - (BUSINESS WIRE) - Sensus,
a leading technology company providing energy and water customers
worldwide with innovative conservation products and services, today
announced financial results for the fiscal third quarter ended December
26, 2009.
Total fiscal third quarter GAAP net sales of $140 million was consistent
on a year-over-year basis. Consolidated net loss for the quarter was
$24.2 million, and included an $8.9 million loss on restructuring,
compared to a consolidated net loss of $22.3 million in the prior
period. Adjusted Net Sales1 increased $16 million, or 9%
year-over-year. Adjusted Gross Profit1 margin was 26.3%,
representing a 60 basis point improvement over the same period in the
prior year. Adjusted EBITDA1 of $21 million for the quarter
was unchanged from the previous period. The Company continues its
investment commitment in new product offerings with research and
development investment as a percent of Adjusted Net Sales1 at
4.8% for the quarter, representing an 80 basis point increase from the
prior year quarter.
"Sensus continues to drive on a fundamental strategy to serve our
growing customer base with market leading products and services while
delivering solid financial performance," said Peter Mainz, Chief
Executive Officer and President. "We continue on our commitment to
support our customer's effort in building the Smart
Grid as evidenced by our shipment of over 5 million SmartPoint
devices. We are also very pleased to announce that Nevada Energy has
recently selected the Sensus Smart Grid technology solution. Nevada
Energy's system and product requirements are very demanding and showcase
the capabilities of the Sensus FlexNet system," he added.
Key Highlights for the Fiscal Third Quarter
-
Record backlog of over $133 million
-
Adjusted Net Sales1 increased $16 million, a 9% increase
over prior year
-
Adjusted Net Sales1 book-to-bill2 over 1.1 to 1
-
$32 million of cash-on-hand at December 26, 2009
Sensus' products and solutions serve a broad range of electric, water
and gas utility customers worldwide with approximately 200 AMI and Smart
Grid projects in progress or completed.(more)
Fiscal Third Quarter Earnings Conference Call
A conference call with analysts to discuss these results will be held on
February 4, 2010, at 11:00 AM (EST). To access the conference call,
please dial 888-339-2688 (domestic access) or 617-847-3007
(international access) and reference Passcode: 88775641. It is
recommended that you dial in five to ten minutes prior to the call to
allow time for processing participant information. A replay of the call
will be available until February 11, 2010, by dialing 888-286-8010
(domestic access) or 617-801-6888 (international access) and referencing
Passcode: 83720669.
About Sensus
Sensus is a time-tested technology and communications company providing
data collection and metering solutions for water, gas and electric
utilities around the world. Sensus is a transforming force for the
utilities of tomorrow through its ability to help customers optimize
resources, as well as to meet conservation and customer service
objectives. Sensus customers rely on the Company for expert, reliable
service in order to meet challenges and exceed goals. For more
information, visit www.sensus.com.
FlexNet and SmartPoint are trademarks of Sensus USA Inc.
All statements in this release, other than historical facts, are made
in reliance on the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements involve risks and
uncertainties and are subject to change at any time. These statements
reflect the Company's current expectations regarding its financial
position, revenues, cash flow and other operating results, business
strategy, financing plans, forecasted trends related to the markets in
which the Company operates, legal proceedings and similar matters. The
Company's expectations expressed or implied in these forward-looking
statements may turn out to be incorrect. The Company's actual results
could be materially different from its expectations because of various
risks. These risks, some of which are discussed under the caption "Risk
Factors" in the Company's Annual Report on Form 10-K (SEC File No.
333-113658) for the fiscal year ended March 31, 2009 as filed with the
Securities and Exchange Commission on May 15, 2009, include the
Company's susceptibility to macroeconomic downturns in the United States
and abroad, conditions in the residential, commercial and industrial
construction markets and in the automotive industry, the Company's
dependence on new product development and intellectual property, the
Company's dependence on independent distributors and third-party
contract manufacturers, automotive vehicle production levels and
schedules, the Company's substantial financial leverage, debt service
and other cash requirements, liquidity constraints and risks related to
future growth and expansion. Other important risks that could cause
actual events or results to differ from those contained or implied in
the forward-looking statements include, without limitation, the
Company's ability to integrate acquired companies, general economic and
business conditions, competition, adverse changes in the regulatory or
legislative environment in which the Company operates, customer
cancellations and other factors beyond the Company's control.
(1) Non-GAAP Measures
During the third quarter of fiscal 2010, Sensus continued the deployment
of its new, advanced FlexNet AMI solutions under contracts
executed with several North American electric and gas utilities. These
contracts, which extend up to 20 years and cover approximately 8.7
million electric and gas endpoints, contain significant hardware and
software components as well as ongoing customer support. Due to the
significant advanced technology and software and the absence of
stand-alone customer support sales prices, customer billings and
incremental direct costs related to these contracts are required to be
deferred in accordance with U.S. GAAP for income statement recognition
purposes and amortized ratably over the life of the contracts. This
deferral has no impact on cash flow since billings to customers occur as
the network infrastructure and related endpoints are deployed and the
associated costs are incurred, generally over the first several years of
the contract term. To enhance the comparability and usefulness of its
financial information, the Company provides certain non-GAAP measures to
describe more fully the results of its underlying business.
Specifically, the Company utilizes the measures of Adjusted Net Sales,
Adjusted EBITDA and Adjusted Gross Profit, which are defined as follows:
-
Adjusted Net Sales is defined as net sales as determined under U.S.
GAAP adjusted to add back customer billings (net of amortization)
related to multi-element contracts that have been deferred under the
provisions of Accounting Standards Codification Topic 985-605, Software
- Revenue Recognition ("ASC 985-605" ), formerly SOP 97-2.
-
Adjusted EBITDA is defined as consolidated earnings before interest
expense, depreciation and amortization, and income taxes plus (a)
customer billings less the associated incremental direct costs (both
net of amortization) related to multi-element contracts that have been
deferred under ASC 985-605, (b) restructuring costs, (c) management
fees and (d) acquisition-related costs, and adjusted for other
nonrecurring items.
-
Adjusted Gross Profit is defined as gross profit as determined under
U.S. GAAP adjusted to add back customer billings less the associated
incremental direct costs (both net of amortization) related to
multi-element contracts that have been deferred under ASC 985-605 plus
acquisition-related costs, and adjusted for other nonrecurring items.
Information regarding Adjusted Net Sales, Adjusted EBITDA and Adjusted
Gross Profit is provided because management considers these measures
important in evaluating and understanding the Company's operating and
financial performance. Management believes these measures provide useful
information for investors in trending, analyzing and benchmarking the
performance and value of the business. Internally, the measures of
Adjusted Net Sales and Adjusted EBITDA are used in our incentive
compensation plans. Management believes that these non-GAAP financial
measures provide meaningful supplemental information regarding our
performance by adjusting for certain items that may not be indicative of
our recurring core operating results. Management also believes that
Adjusted Net Sales, Adjusted EBITDA and Adjusted Gross Profit provide
important performance measures to our management and investors because
they reflect customer billings (net of related incremental costs, in the
case of Adjusted EBITDA and Adjusted Gross Profit) that we are required
to defer under ASC 985-605. These measures help our management and
investors to better quantify the growth of our AMI technology solutions
business. However, these metrics for measuring the Company's financial
results may be different from comparable information provided by other
companies and should not be used as an alternative to the Company's
operating and other financial information as determined under U.S. GAAP.
A reconciliation of each of these non-GAAP measures to its most closely
related U.S. GAAP measure is set out in the table below (in millions):
|
|
|
Fiscal Quarter
Ended
December 26,
2009
|
|
Fiscal Quarter
Ended
December 27,
2008
|
|
Nine Months
Ended
December 26,
2009
|
|
Nine Months
Ended
December 27,
2008
|
|
Net sales
|
|
$
|
140.4
|
|
$
|
140.4
|
|
$
|
438.7
|
|
$
|
501.7
|
|
Customer billings from contracts
deferred under ASC 985-605
(net of amortization)
|
|
|
53.4
|
|
|
37.1
|
|
|
157.3
|
|
|
88.2
|
|
Adjusted Net Sales
|
|
$
|
193.8
|
|
$
|
177.5
|
|
$
|
596.0
|
|
$
|
589.9
|
|
|
|
Fiscal Quarter
Ended
December 26,
2009
|
|
Fiscal Quarter
Ended
December 27,
2008
|
|
Nine Months
Ended
December 26,
2009
|
|
Nine Months
Ended
December 27,
2008
|
|
Consolidated net loss
|
|
$
|
(24.2
|
)
|
|
$
|
(22.3
|
)
|
|
$
|
(57.1
|
)
|
|
$
|
(29.4
|
)
|
|
Depreciation and amortization
|
|
|
10.7
|
|
|
|
13.2
|
|
|
|
32.5
|
|
|
|
35.2
|
|
|
Interest expense, net
|
|
|
11.0
|
|
|
|
10.5
|
|
|
|
31.7
|
|
|
|
30.3
|
|
|
Income tax benefit
|
|
|
(9.5
|
)
|
|
|
(8.8
|
)
|
|
|
(29.3
|
)
|
|
|
(12.5
|
)
|
|
Customer billings less incremental
direct costs from contracts
deferred under ASC 985-605
(net of amortization)
|
|
|
22.7
|
|
|
|
17.8
|
|
|
|
66.7
|
|
|
|
38.9
|
|
|
Restructuring costs
|
|
|
8.9
|
|
|
|
6.1
|
|
|
|
18.7
|
|
|
|
8.2
|
|
|
Management fees
|
|
|
0.9
|
|
|
|
0.8
|
|
|
|
2.5
|
|
|
|
2.2
|
|
|
Acquisition-related costs
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.0
|
|
|
|
-
|
|
|
Loss on debt extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
5.9
|
|
|
|
-
|
|
|
Other nonrecurring items
|
|
|
-
|
|
|
|
3.3
|
|
|
|
0.4
|
|
|
|
3.3
|
|
|
Adjusted EBITDA
|
|
$
|
20.8
|
|
|
$
|
20.6
|
|
|
$
|
73.0
|
|
|
$
|
76.2
|
|
|
|
|
Fiscal Quarter
Ended
December 26,
2009
|
|
Fiscal Quarter
Ended
December 27,
2008
|
|
Nine Months
Ended
December 26,
2009
|
|
Nine Months
Ended
December 27,
2008
|
|
Gross profit
|
|
$
|
28.3
|
|
$
|
21.2
|
|
$
|
90.9
|
|
$
|
108.2
|
|
Customer billings less incremental
direct costs from contracts
deferred under ASC 985-605
(net of amortization)
|
|
|
22.7
|
|
|
17.8
|
|
|
66.7
|
|
|
38.9
|
|
Acquisition-related costs
|
|
|
-
|
|
|
-
|
|
|
0.2
|
|
|
-
|
|
Accelerated amortization of software development costs
|
|
|
-
|
|
|
3.4
|
|
|
-
|
|
|
3.4
|
|
Other nonrecurring items
|
|
|
-
|
|
|
3.3
|
|
|
-
|
|
|
3.3
|
|
Adjusted Gross Profit
|
|
$
|
51.0
|
|
$
|
45.7
|
|
$
|
157.8
|
|
$
|
153.8
|
(2) Book-to-bill
Book-to-bill is calculated as orders received during the quarter divided
by Adjusted Net Sales.
|
FISCAL 2010 THIRD QUARTER UNAUDITED GAAP FINANCIAL STATEMENTS
SENSUS (BERMUDA 2) LTD.
CONSOLIDATED BALANCE SHEETS
(in millions, except per share and share data)
|
|
|
|
|
|
|
|
|
|
|
|
December 26,
2009
|
|
March 31,
2009
|
|
ASSETS
|
|
|
(unaudited)
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
32.0
|
|
|
$
|
37.9
|
|
|
Accounts receivable:
Trade, net of allowance for doubtful accounts of $1.3 and $1.2,
respectively
|
|
|
|
97.5
|
|
|
|
112.8
|
|
|
Other
|
|
|
|
1.5
|
|
|
|
2.9
|
|
|
Inventories, net
|
|
|
|
73.8
|
|
|
|
66.4
|
|
|
Prepayments and other current assets
|
|
|
|
17.9
|
|
|
|
11.8
|
|
|
Deferred income taxes
|
|
|
|
7.2
|
|
|
|
6.5
|
|
|
Deferred costs
|
|
|
|
21.1
|
|
|
|
10.6
|
|
|
Total current assets
|
|
|
|
251.0
|
|
|
|
248.9
|
|
|
Property, plant and equipment, net
|
|
|
|
137.7
|
|
|
|
131.5
|
|
|
Intangible assets, net
|
|
|
|
192.2
|
|
|
|
187.3
|
|
|
Goodwill
|
|
|
|
436.1
|
|
|
|
394.5
|
|
|
Deferred income taxes
|
|
|
|
64.6
|
|
|
|
39.5
|
|
|
Deferred costs
|
|
|
|
168.8
|
|
|
|
88.7
|
|
|
Other long-term assets
|
|
|
|
24.2
|
|
|
|
21.9
|
|
|
Total assets
|
|
|
$
|
1,274.6
|
|
|
$
|
1,112.3
|
|
|
LIABILITIES AND STOCKHOLDER'S EQUITY
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
84.7
|
|
|
$
|
87.1
|
|
|
Accruals and other current liabilities
|
|
|
|
100.0
|
|
|
|
80.7
|
|
|
Current portion of long-term debt
|
|
|
|
29.5
|
|
|
|
38.5
|
|
|
Short-term borrowings
|
|
|
|
4.5
|
|
|
|
4.9
|
|
|
Income taxes payable
|
|
|
|
-
|
|
|
|
2.9
|
|
|
Restructuring accruals
|
|
|
|
17.2
|
|
|
|
7.3
|
|
|
Deferred revenue
|
|
|
|
37.4
|
|
|
|
19.0
|
|
|
Total current liabilities
|
|
|
|
273.3
|
|
|
|
240.4
|
|
|
Long-term debt, less current portion
|
|
|
|
439.1
|
|
|
|
395.5
|
|
|
Pensions
|
|
|
|
49.3
|
|
|
|
44.4
|
|
|
Deferred income taxes
|
|
|
|
76.6
|
|
|
|
76.4
|
|
|
Deferred revenue
|
|
|
|
289.9
|
|
|
|
149.8
|
|
|
Other long-term liabilities
|
|
|
|
24.3
|
|
|
|
27.6
|
|
|
Total liabilities
|
|
|
|
1,152.5
|
|
|
|
934.1
|
|
|
|
|
|
|
|
|
|
STOCKHOLDER'S EQUITY:
|
|
|
|
|
|
|
Common stock, par value $1.00 per share, 12,000 shares authorized,
issued and outstanding
|
|
|
|
-
|
|
|
|
-
|
|
|
Paid-in capital
|
|
|
|
251.5
|
|
|
|
245.4
|
|
|
Accumulated deficit
|
|
|
|
(138.4
|
)
|
|
|
(79.3
|
)
|
|
Accumulated other comprehensive income
|
|
|
|
4.0
|
|
|
|
0.2
|
|
|
Total stockholder's equity
|
|
|
|
117.1
|
|
|
|
166.3
|
|
|
Noncontrolling interest
|
|
|
|
5.0
|
|
|
|
11.9
|
|
|
Total equity
|
|
|
|
122.1
|
|
|
|
178.2
|
|
|
Total liabilities and equity
|
|
|
$
|
1,274.6
|
|
|
$
|
1,112.3
|
|
|
SENSUS (BERMUDA 2) LTD.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended
December 26,
2009
|
|
Fiscal Quarter Ended
December 27,
2008
|
|
Nine Months Ended
December 26,
2009
|
|
Nine Months Ended
December 27,
2008
|
|
NET SALES
|
|
$
|
140.4
|
|
|
$
|
140.4
|
|
|
$
|
438.7
|
|
|
$
|
501.7
|
|
|
COST OF SALES
|
|
|
112.1
|
|
|
|
119.2
|
|
|
|
347.8
|
|
|
|
393.5
|
|
|
GROSS PROFIT
|
|
|
28.3
|
|
|
|
21.2
|
|
|
|
90.9
|
|
|
|
108.2
|
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses
|
|
|
38.0
|
|
|
|
30.9
|
|
|
|
109.9
|
|
|
|
98.7
|
|
|
Restructuring costs
|
|
|
8.9
|
|
|
|
6.1
|
|
|
|
18.7
|
|
|
|
8.2
|
|
|
Amortization of intangible assets
|
|
|
3.1
|
|
|
|
3.4
|
|
|
|
8.9
|
|
|
|
10.6
|
|
|
Loss on debt extinguishment
|
|
|
-
|
|
|
|
-
|
|
|
|
5.9
|
|
|
|
-
|
|
|
Acquisition-related costs
|
|
|
0.3
|
|
|
|
-
|
|
|
|
1.0
|
|
|
|
-
|
|
|
Other operating expense, net
|
|
|
0.7
|
|
|
|
0.9
|
|
|
|
2.5
|
|
|
|
2.2
|
|
|
OPERATING LOSS
|
|
|
(22.7
|
)
|
|
|
(20.1
|
)
|
|
|
(56.0
|
)
|
|
|
(11.5
|
)
|
|
NON-OPERATING (EXPENSE) INCOME:
|
|
|
|
|
|
|
|
|
|
Interest expense, net
|
|
|
(11.0
|
)
|
|
|
(10.5
|
)
|
|
|
(31.7
|
)
|
|
|
(30.3
|
)
|
|
Other (expense) income, net
|
|
|
-
|
|
|
|
(0.5
|
)
|
|
|
1.3
|
|
|
|
(0.1
|
)
|
|
LOSS BEFORE INCOME TAXES
|
|
|
(33.7
|
)
|
|
|
(31.1
|
)
|
|
|
(86.4
|
)
|
|
|
(41.9
|
)
|
|
BENEFIT FOR INCOME TAXES
|
|
|
(9.5
|
)
|
|
|
(8.8
|
)
|
|
|
(29.3
|
)
|
|
|
(12.5
|
)
|
|
CONSOLIDATED NET LOSS
|
|
|
(24.2
|
)
|
|
|
(22.3
|
)
|
|
|
(57.1
|
)
|
|
|
(29.4
|
)
|
|
LESS: NET INCOME ATTRIBUTABLE TO THE
NONCONTROLLING INTEREST
|
|
|
(0.4
|
)
|
|
|
(0.7
|
)
|
|
|
(2.0
|
)
|
|
|
(1.8
|
)
|
|
NET LOSS ATTRIBUTABLE TO CONTROLLING INTEREST
|
|
$
|
(24.6
|
)
|
|
$
|
(23.0
|
)
|
|
$
|
(59.1
|
)
|
|
$
|
(31.2
|
)
|
|
SENSUS (BERMUDA 2) LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
Nine Months Ended
December 26,
2009
|
|
Nine Months Ended
December 27,
2008
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
Consolidated net loss
|
$
|
(57.1
|
)
|
|
$
|
(29.4
|
)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation
|
|
19.5
|
|
|
|
19.1
|
|
|
Amortization of intangible assets
|
|
8.9
|
|
|
|
10.6
|
|
|
Amortization of software development costs
|
|
4.1
|
|
|
|
5.5
|
|
|
Amortization of deferred financing costs
|
|
2.3
|
|
|
|
2.4
|
|
|
Deferred income tax
|
|
(26.7
|
)
|
|
|
-
|
|
|
Net gain on sale of assets
|
|
-
|
|
|
|
(0.2
|
)
|
|
Net (gain) loss on foreign currency transactions
|
|
(0.6
|
)
|
|
|
0.4
|
|
|
Loss on debt extinguishment
|
|
5.9
|
|
|
|
-
|
|
|
Changes in assets and liabilities used in operations, net of effects
of acquisitions:
|
|
|
|
|
Trade accounts receivable
|
|
19.5
|
|
|
|
(2.7
|
)
|
|
Inventories
|
|
(4.4
|
)
|
|
|
(5.9
|
)
|
|
Other current assets
|
|
0.9
|
|
|
|
2.1
|
|
|
Accounts payable, accruals and other current liabilities
|
|
(4.7
|
)
|
|
|
(4.3
|
)
|
|
Income taxes payable
|
|
(7.7
|
)
|
|
|
(15.2
|
)
|
|
Deferred revenue less deferred costs primarily from long-term AMI
electric and gas contracts
|
|
66.7
|
|
|
|
38.9
|
|
|
Other
|
|
2.5
|
|
|
|
0.7
|
|
|
Net cash provided by operating activities
|
|
29.1
|
|
|
|
22.0
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
(22.1
|
)
|
|
|
(17.3
|
)
|
|
Purchases of intangible assets
|
|
(6.7
|
)
|
|
|
(0.4
|
)
|
|
Software development costs
|
|
(6.1
|
)
|
|
|
(5.8
|
)
|
|
AMDS contingent payments
|
|
(13.4
|
)
|
|
|
(4.6
|
)
|
|
Telemetric acquisition
|
|
(7.1
|
)
|
|
|
-
|
|
|
Proceeds from sale of assets
|
|
-
|
|
|
|
0.2
|
|
|
Net cash used in investing activities
|
|
(55.4
|
)
|
|
|
(27.9
|
)
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
Principal payment on short-term borrowings
|
|
(0.4
|
)
|
|
|
-
|
|
|
Increase in short-term borrowings
|
|
-
|
|
|
|
9.3
|
|
|
Proceeds from debt issuance
|
|
35.0
|
|
|
|
-
|
|
|
Debt issuance costs
|
|
(8.8
|
)
|
|
|
-
|
|
|
Purchase of PDC Rongtai noncontrolling interest
|
|
(6.0
|
)
|
|
|
-
|
|
|
Principal payments on debt
|
|
(0.4
|
)
|
|
|
(11.7
|
)
|
|
Net cash provided by (used in) financing activities
|
|
19.4
|
|
|
|
(2.4
|
)
|
|
Effect of exchange rate changes on cash
|
|
1.0
|
|
|
|
(1.7
|
)
|
|
DECREASE IN CASH AND CASH EQUIVALENTS
|
|
(5.9
|
)
|
|
|
(10.0
|
)
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
|
$
|
37.9
|
|
|
$
|
37.6
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
$
|
32.0
|
|
|
$
|
27.6
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW:
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
Interest
|
$
|
32.9
|
|
|
$
|
32.5
|
|
|
Income taxes, net of refunds
|
$
|
5.0
|
|
|
$
|
2.6
|
|
|
SENSUS (BERMUDA 2) LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
|
|
|
|
|
|
|
|
|
|
Fiscal Quarter Ended
December 26,
2009
|
|
Fiscal Quarter Ended
December 27,
2008
|
|
OPERATING ACTIVITIES:
|
|
|
|
|
|
Consolidated net loss
|
|
$
|
(24.2
|
)
|
|
$
|
(22.3
|
)
|
|
Adjustments to reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
Depreciation
|
|
|
6.8
|
|
|
|
5.2
|
|
|
Amortization of intangible assets
|
|
|
3.1
|
|
|
|
3.4
|
|
|
Amortization of software development costs
|
|
|
0.8
|
|
|
|
4.6
|
|
|
Amortization of deferred financing costs
|
|
|
0.8
|
|
|
|
0.7
|
|
|
Deferred income taxes
|
|
|
(8.9
|
)
|
|
|
-
|
|
|
Net gain on sale of assets
|
|
|
-
|
|
|
|
(0.2
|
)
|
|
Net (gain) loss on foreign currency transactions
|
|
|
(0.1
|
)
|
|
|
0.8
|
|
|
Changes in assets and liabilities used in operations, net of effects
of acquisition:
|
|
|
|
|
|
Trade accounts receivable
|
|
|
6.8
|
|
|
|
3.7
|
|
|
Inventories
|
|
|
(7.6
|
)
|
|
|
(3.7
|
)
|
|
Other current assets
|
|
|
(1.7
|
)
|
|
|
2.0
|
|
|
Accounts payable, accruals and other current liabilities
|
|
|
10.6
|
|
|
|
(2.0
|
)
|
|
Income taxes payable
|
|
|
(1.5
|
)
|
|
|
(9.4
|
)
|
|
Deferred revenue less deferred costs primarily from long-term AMI
electric and gas contracts
|
|
|
22.7
|
|
|
|
17.6
|
|
|
Other
|
|
|
3.3
|
|
|
|
-
|
|
|
Net cash provided by operating activities
|
|
|
10.9
|
|
|
|
0.4
|
|
|
INVESTING ACTIVITIES:
|
|
|
|
|
|
Expenditures for property, plant and equipment
|
|
|
(7.7
|
)
|
|
|
(4.6
|
)
|
|
Purchases of intangible assets
|
|
|
(2.8
|
)
|
|
|
(0.4
|
)
|
|
Software development costs
|
|
|
(1.7
|
)
|
|
|
(2.2
|
)
|
|
Telemetric acquisition
|
|
|
(0.3
|
)
|
|
|
-
|
|
|
Proceeds from sale of assets
|
|
|
-
|
|
|
|
0.2
|
|
|
Net cash used in investing activities
|
|
|
(12.5
|
)
|
|
|
(7.0
|
)
|
|
FINANCING ACTIVITIES:
|
|
|
|
|
|
Principal payment on short-term borrowings
|
|
|
(0.4
|
)
|
|
|
-
|
|
|
Increase in short-term borrowings
|
|
|
-
|
|
|
|
9.1
|
|
|
Principal payments on debt
|
|
|
-
|
|
|
|
(0.5
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
(0.4
|
)
|
|
|
8.6
|
|
|
Effect of exchange rate changes on cash
|
|
|
-
|
|
|
|
(1.8
|
)
|
|
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(2.0
|
)
|
|
|
0.2
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
|
$
|
34.0
|
|
|
$
|
27.4
|
|
|
CASH AND CASH EQUIVALENTS AT END OF PERIOD
|
|
$
|
32.0
|
|
|
$
|
27.6
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW:
|
|
|
|
|
|
Cash paid during the period for:
|
|
|
|
|
|
Interest
|
|
$
|
14.4
|
|
|
$
|
14.6
|
|
|
Income taxes, net of refunds
|
|
$
|
0.8
|
|
|
$
|
0.5
|
|
Sensus
Investor Contacts:
Jeffrey J. Kyle, Chief Financial
Officer, 919-845-4013, jeff.kyle@sensus.com
James
J. Hilty, Vice President, Business Development, 919-845-4007 jim.hilty@sensus.com
Copyright © 2012, Business Wire, Inc., All rights reserved.
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