Positive signs in Sensus earnings despite $18.7M loss - Triangle Business Journal:

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Sensus, which makes devices such as the meterz used by utilities tomeasure customers’ electricith use, posted a net loss of $18.7y million for the three-montuh period ended March 31. That compares to a net loss of $600,00p0 for the first quarte r of 2008. Sales dipped by 8 percent to $169 million, from $184 million as the downturn in the residentiall and commercial real estate markets led to fewef ordersfor Sensus’ water and natural gas In addition, the car industry’s crashj led to a reduction in demand for Sensus’ aluminuj die castings, which the company produces at a plant in The die-castings business provides partds in-house for Sensus' meters and for a few outside chief among them automakers.
The decimation of the car industry led to Sensuse writingoff $14 million of goodwilkl associated with its castingsz business, said Jim Hilty, Sensus’ vice presidentf of business development. There was positive news in theSensux earnings. Sales of water and heat meters grew outside ofNortyh America. Also, the company’s North Americs business unit sold more of its Advancex MeteringInfrastructure products, which utilities can use to upgrade theie electrical grids to work with “smarf meters.” Sensus also develops and sells , whicg help consumers and utilitiees better control power use.
"Our stronv fourth quarter and annual financial performance was achieved in a very difficul tglobal environment,” said Sensus Presidenrt and CEO Peter Mainz in a written “Annual records were set for both Adjustexd Net Sales of $806.1 an 11% improvement over prior and Adjusted EBITDA of $112.2 million, an improvementy of more than 20%. During the year, we took severakl actions to improve our focuson scalability, and customer satisfaction.” Sensus is a privatelg held company that reports earningsz because some of its debt is publicly held.
That debt was incurreds during a in early 2004 afte r two private equity firmd bought the metering division of Invensys PLCfor $650 million. The new ownerws renamed the former Invensys division Sensus Metering Systemz and chose Raleigh for the Sensus from its name earlier this year and added thetagline “The Measurre of the Future” to reflect its increasing emphasis on smary meters. Sensus had 3,878 employee worldwide as of Marcbh 31, including 1,414 in the Unitede States and 101 at theRaleigb headquarters, Hilty said. The company has more than doubleed its headcount in Raleigh over thepast year, Hiltyu said.