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Sensus Announces Record Backlog Over $133 Million

Posted by Dana in February 2nd 2010

Sensus, a leading technology company providing energy and water customers worldwide with innovative conservation products and services, 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 Sales increased $16 million, or 9% year-over-year. Adjusted Gross Profit 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 Sales at 4.8% for the quarter, representing an 80 basis point increase from the prior year quarter.

Key Highlights for the Fiscal Third Quarter

* Record backlog of over $133 million
* Adjusted Net Sales increased $16 million, a 9% increase over prior year
* Adjusted Net Sales book-to-bill2 over 1.1 to 1
* $32 million of cash-on-hand at December 26, 2009

A conference call with analysts to discuss these results will be held on February 4, 2010, at 11:00 AM (EST).