(Raleigh, N.C.) 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.

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.