RALEIGH, NC - May 2, 2006
Sensus Metering Systems (Bermuda 2) Ltd. will report record revenues of approximately $178 million (unaudited) and approximately $614 million (unaudited), respectively, for the fourth quarter and full year ended March 31, 2006. Revenue for the fourth quarter is a 9% increase over prior year and sales for the full year grew 8% over last fiscal year. The company continues to generate positive cash flow and ended the year with cash balances in excess of approximately $50 million (unaudited) after having made additional accelerated debt payments of $10 million in the fiscal quarter ended March 31, 2006. The company is in the process of approaching its lenders to request modification of its interest rates on its senior credit facilities. The Sensus Metering Systems (Bermuda 2) Ltd. Form 10-K is expected to be available on or about June 15, 2006.
About Sensus Metering Systems
The Sensus Metering Systems companies are leading world-class providers of water, gas, heat and electric meters including comprehensive metering communications system solutions that comprise both automatic meter reading (“AMR”) and advanced metering infrastructure (“AMI”) systems. Additional linked businesses include Smith-Blair, Inc. a leading provider of pipe clamp & coupling products for the water, gas, and industrial markets; and Sensus Precision Die Casting a producer of complex, high quality die castings.
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, 2007 as filed with the Securities and Exchange Commission on May 16, 2007, include its dependence on new product development and intellectual property, and its dependence on independent distributors and third-party contract manufacturers, automotive vehicle production levels and schedules, its 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, and other factors beyond the Company’s control.