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                                                                      EXHIBIT 99

                ADDITIONAL EXHIBITS: OUTLOOK SECTION FROM WEBSITE


OVERALL OUTLOOK

From Richard A. Meeusen, President and CEO of Badger Meter, Inc., July 2003:


After a weak first quarter, we are pleased that our markets rebounded and we
were able to announce very strong second quarter results. Although our
industrial products still suffer from the weak economy, we have continued to see
strong sales activity on the water meter side of our business, which represents
about three-quarters of our revenues. We are optimistic about the balance of
2003 and very excited about the longer-term prospects for Badger, especially
considering several new products discussed below.

The release of our new Orion(R) radio frequency automatic meter reading ("AMR")
system for the water utility market has been well received, with continued
strong sales. To complement our Orion(R) product line, we introduced a new
handheld reading device at the American Water Works Association ("AWWA")
convention in June. This device will make it easier for customers to obtain
their meter readings in a walk-by situation.

We are proud to offer the Itron(R), Orion(R) and Trace(R) AMR products to our
customers. The Itron products address a market demand for full-featured,
high-power AMR systems that can be upgraded to network systems. The Orion system
provides water utilities with a lower-cost product that meets the basic
requirements of a drive-by AMR system without the need for FCC licensing by the
utility. These two products enable Badger to address the various market segments
for AMR with a full range of offerings.

Badger Meter also introduced a new meter register for our automatic meter
reading systems at the AWWA convention. Historically, Badger has provided a
technologically-advanced register called the Recordall(R) Transmitter Register
("RTR") for use with our Itron(R), Orion(R) and Trace(R) AMR products. While the
RTR is an industry-leading product, certain market segments prefer a register
that uses a different approach to accumulating readings, generally called
"absolute encoders". Badger has now introduced our first absolute encoder
register, called the Advanced Digital Encoder ("ADE"). This register will also
work with all of our AMR systems and will be offered in addition to our current
RTR register. It will enable Badger to address new AMR market segments.

We also saw some slight improvement in the industrial side of our business
during the second quarter. We are seeing market interest in our new
Radio-Frequency Oil Management System, which provides garages with the ability
to control and account for their oil dispensing through radio communication
devices incorporated into the oil meter itself. This system is easier and less
costly to install than our competitors' wired systems.

Our strategy in the industrial area is to continue to grow in our niche markets
through a combination of new product development and strategic acquisitions. We
will be introducing several new industrial products later this year.

Badger Meter remains focused on creating long-term shareholder value. With daily
disclosures of accounting and financial problems in some large corporations,
Badger is proud of our history of conservative and ethical business practices.
We are pleased to see that many U.S. corporations are adopting some of the
policies that have been standard practices at Badger Meter for many years,
including an active and independent Audit and Compliance Committee, segregation
of audit and non-audit services, a clear Code of Corporate Conduct and
conservative application of accounting principles.

For almost 100 years, Badger Meter has grown and profited by providing customers
with flow management solutions that encourage conservation, manage valuable
resources and maximize customer revenues. Our meters and systems help our
customers control the flow and usage of oil, chemicals, industrial fluids and,
most of all, water. With worldwide water shortages, stricter purification
requirements and the increased cost of fresh water, our products are more
necessary today than ever before.

We are confident that, as the world's communities search for better ways to
conserve and control their valuable resources, Badger Meter will be at the
forefront in meeting those needs. We will continue to develop new products that
accurately and efficiently manage our water and other fluid resources. With our
flow technology, manufacturing capabilities and marketing knowledge, we will
continue to grow as a leading producer of water meters in North America, and as
a provider of industrial flow products worldwide.





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FINANCIAL OUTLOOK

Earnings in the second quarter of 2003 rebounded from disappointing results in
the first quarter. We did see strengthening in our core water meter business,
which contributed to the increase in earnings from the first quarter. Sales of
our industrial products, still feeling the effect of the sluggish economy,
improved slightly. While the timing of the recovery of the industrial markets is
uncertain, we anticipate that our sales will continue to track their overall
industries. The second quarter results were also affected by favorable
translation gains, due principally to the strength of the euro.

We continue to believe the long-term outlook for Badger Meter is positive. Our
utility product line has excellent future growth potential as we continue to
pursue new sales opportunities and develop new products. The new products
include a recently introduced series of non-leaded water meters, the lower-cost
Orion(R) AMR product and the recently introduced Advanced Digital Encoder. These
products are generating interest in the marketplace and sales activity is
picking up. Long term, automatic meter reading continues to be our most
significant growth opportunity, with only 10% of existing meters currently
converted to this type of system.

In 2002, the Company completed two acquisitions: Data Industrial Corporation of
Mattapoisett, Massachusetts, and MecaPlus Equipements of Nancy, France. The
acquisitions are consistent with our strategy to expand our line of industrial
products for niche markets. They also provide synergies with Badger Meter's
product offerings. While the acquisitions have had a modest negative impact on
earnings, we expect a favorable impact from both of these companies in the
future.

We believe these opportunities, combined with our strong balance sheet, position
Badger Meter for continued success in the future. We have the resources and
sufficient manufacturing capacity to support our future growth.

We are confident that Badger Meter has the products and services to answer our
customers' needs. We are also confident that our marketplace will provide us
with growth opportunities as we move forward.


ABOUT OUR MARKETS

The majority of Badger Meter sales are in the water utility market of the United
States and, to a lesser degree, in the country of Mexico. Badger Meter's
position in the water utility market is that of a market share leader, providing
meters and meter reading systems which are utilized by water utilities to
generate utility bills, thus revenue. The utility products of Badger Meter are
further classified by the specific market segments they serve, which include
U.S. and Mexican water meters (residential and commercial/industrial meters) and
submetering (apartments and condominiums). In addition, Badger has a strong
presence in several niche segments of the industrial flow measurement and
control market, including research control valves, automotive fluid meters,
electromagnetic meters for industrial and utility applications and traditional
industrial meters utilized in various industrial applications. The outlook for
these markets is discussed in the following sections.


DOMESTIC WATER METER MARKET

At the present time, approximately 12% of the water utility meter market has
been converted to automatic meter reading ("AMR") systems. The majority of
systems being installed in the water industry are mobile radio frequency. Badger
continues to be the leading supplier of AMR systems to the water industry. We
believe that in the long term, system installation of new meters and AMR
products will assist utilities to fund required investments due to improved
revenues and reduced expenses.

How large is the U.S. water meter market and how fast is it growing?

It is estimated that by the end of the year 2002 there were approximately
65,000,000 water meters used to generate revenue from residential and commercial
applications across America. Of that total, 10% are installed in commercial
locations.

Annually, an estimated 6 million water meters are sold in the United States.
This includes about 1.3 million meters for new housing starts, 4 million meters
for replacements, and the balance for AMR conversions. Historically, the growth
rate has been about three percent.

The future growth of the water meter market in the United States could be
significantly and favorably impacted by AMR conversions and by the impacts of
water stress. Continued droughts and water shortages in many areas of the United
States could result in similar increases in demand for water metering systems.



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What is automatic meter reading (AMR)?

Automatic meter reading (AMR) refers to an automated process of collecting meter
reading data. Traditionally, meter reading has been accomplished by utility
personnel going to each meter location in order to read the meter and record the
data. Automatic meter reading utilizes electronic components in conjunction with
communication technology to automatically deliver the meter reading data for
utility billing purposes. Automatic meter reading technologies include radio
frequency, telephone and power line carrier. In the water utility industry,
radio frequency meter reading has become the clear technology of choice
currently in use.

What is the AMR conversion rate, and why is it important to Badger Meter?

The AMR conversion rate refers to the rate at which water utilities are changing
their process of reading water meters from a manual method to an electronic
method utilizing a communication technology such as radio frequency. It is
currently estimated that through the year 2002 approximately 12% of water meters
in the United States have converted to automatic meter reading. This means that
approximately 88% of water meters in use, or more than 56 million, are yet to be
converted to an AMR technology!

Water meter life cycles vary across the country. Some utilities annually change
out a percentage of installed meters, thus ensuring that the installed base of
meters is yielding a high rate of accuracy. As utilities change out water
meters, it is logical to install automatic meter reading technologies that will
improve customer relations and reduce expenses. The per-unit price of
AMR-equipped meters is three to six times the price of non-AMR meters. As the
provider of various automatic meter reading technologies, Badger expects to
benefit as a growing number of water utilities recognize the value of converting
to AMR.

How does Badger compare to other companies in AMR shipments?

For the sixth consecutive year, Badger Meter continues to lead the water utility
industry in AMR shipments. Through 2002, BMI has sold 3,038,262 Recordall(R)
water meters and RTR(R)'s installed in AMR applications. Without question,
Badger Meter is the leading choice for product solutions as water utilities
implement automatic meter reading.

According to the 2003 edition of "The Scott Report: AMR Deployments in North
America(C)" (a leading industry report on AMR deployments in all utility
industries), AMR units shipped for the past six years by the top 10 vendors were
as follows:

<TABLE>
<CAPTION>
VENDOR                SHIPPED    SHIPPED    SHIPPED     SHIPPED    SHIPPED     SHIPPED
                      IN '02      IN '01     IN '00     IN '99      IN '98     IN '97
--------------------------------------------------------------------------------------
<S>                   <C>        <C>        <C>         <C>        <C>         <C>
Badger Meter          602,768    494,652    545,363     325,187    232,546     387,257
Invensys              344,190    357,597    264,508     128,761    149,407     119,219
Neptune               345,637    234,046    162,089     47,784      11,319     134,467
Itron                 65,072     215,103     56,673     333,774    421,858     187,645
RAMAR                 305,775    189,631     97,298     29,552      1,244         0
ABB                   168,291    122,580     56,366     37,748      20,240     22,100
Datamatic.com         131,070     83,960     57,532      3,922       150          0
Master Meter             0        35,636       0          724         0           0
Hexagram              122,965     16,873     11,640       520        875        1,650
DCSI                   3,144      2,500      13,148        0          0        20,000
</TABLE>

What is Badger's share of the North American market?

Market share analysis needs to take into consideration utility meters and
automatic meter reading. For the past three years, Badger Meter has consistently
enjoyed a water meter market share of between 25 - 28% while our AMR market
share averages more than 30%. One of the leading industry market reports on AMR
deployments indicates that through 2002, Badger Meter was the overall market
share leader with 35.4% of the total installed AMR market with 3.0 million units
at 1,026 water utilities.

Why are housing starts important to Badger Meter?

Throughout the decade of the '90's, average annual housing starts were 1.374
million units. Since approximately 80% of these will be to homes served by
municipal water supply, typically resulting in the installation of water meters,
new housing is a significant portion of total annual meter sales.


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Who are Badger Meter's major competitors in the U.S. water meter industry?

While Badger Meter enjoys the unique position as one of the largest independent
producers of water meters and meter reading technologies in the world, we are
certainly not without competitors. Over the course of the last two decades,
several major international companies have acquired numerous water meter
production facilities worldwide. Included as Badger's primary competitors in the
United States are Neptune Technology Group, Inc. (previously, Schlumberger
Industries Resource Management Division); Invensys Technologies (previously
called Rockwell or Sensus) and AMCO Water Metering Systems Inc, formerly the
Water Meter Division of ABB Kent. Smaller competitors also include Master Meter,
a subsidiary of ARAD from Israel, Hersey Meter and Metron-Farnier, LLC.


What is Badger Meter's current capacity for manufacturing water meters?

Similar to other manufacturing companies, any calculation of manufacturing
capacity is a combination of multiple factors, including product mix, shifts
worked, production bottlenecks, individual machine output, etc. In general
terms, Badger Meter's historical capacity (prior to 2000) for water meter
production was approximately 1.5 million meters per year. However, Badger Meter
completed a major capacity expansion in 2000. This expansion included major
expenditures for a facility addition in Milwaukee, Wisconsin, as well as
significant expenditures for water meter manufacturing and assembly equipment in
both the Milwaukee and the Nogales, Mexico facilities.

This expansion increased water meter manufacturing capacity to approximately 2.5
million meters per year. Assuming a consistent mix of products, management
believes that water meter production and sales could increase significantly over
the next few years with only minor investments in auxiliary manufacturing
equipment.

What new water meter products have been introduced by Badger Meter?

COMPOUND SERIES WATER METERS: Badger Meter's Compound Series water meter line,
sizes 2" through 6", measure the broadest flow range of meters used by water
utilities. Typically used in well-populated buildings where water use varies
throughout the day (such as hospitals, universities or apartment complexes), the
compound meter provides remarkable low flow accuracy due to measurement through
a positive displacement measurement chamber, as well as outstanding high flow
accuracy due to incorporating an advanced turbine meter technology. The
Recordall(R) compound series water meters use the same field-proven turbine
technology as the Recordall Turbo Series meters.

One of the most significant features of the new Compound Series meter is a
dramatic improvement in crossover accuracy. Crossover accuracy refers to the
meter accuracy at flow rates changing from low flow to high flow and back to low
flow through the two measuring elements. Coupled with this vast improvement in
crossover accuracy is a simplicity of design resulting in reduced maintenance in
the field.

RET(TM): Most water utilities require connectivity to process control
instrumentation. To simplify and improve the interface to process control
equipment, Badger introduced the Remote Electronic Transmitter (RET(TM)). The
RET incorporates numerous improvements over other transmitting devices currently
used in the water industry. The electronics are housed in a glass and copper
package which utilizes the advanced sealing system of Badger's RTR(R),
field-proven -- with millions of units in use throughout North America. The RET
provides scaled and unscaled digital outputs and an optional 4-20 mA signal
output. The RET is compatible with all Recordall(R) positive displacement,
turbine and compound meters.

MAGNETOFLOW(R) ELECTROMAGNETIC METER: The commercial market segment within the
water utility industry is benefiting from Badger's Magnetoflow(R)
electromagnetic meter -- a sophisticated non-intrusive metering technology
ideally suited to specific applications of water and wastewater utilities. By
combining Magnetoflow electromagnetic meters with the Cybersensor(TM) AMR
products, Badger is able to offer an exclusive capability to water and
wastewater utilities for satellite reading of meters in remote or difficult
locations.

ORION(R) RF SYSTEM: With the advanced Orion technology, utility customers can
easily upgrade their meter reading system. Orion is designed for maximum
flexibility to meet the various system and application needs of even the
smallest water municipality.

No FCC licensing is required! Customers will get faster meter reading, greater
accuracy and can eliminate the need for estimated readings. Plus, with optional
features like leak detection and GPS mapping programs, customers can tailor
Orion to fit their system's needs. AMR technology has never been more accessible
to water utilities.

NEW ADE(TM): In June of 2003, Badger Meter previewed the Absolute Digital
Encoder (ADE), a new encoder for the utility market. The ADE joins the Recordall
Transmitter Register (RTR) in a family of encoder registers for use


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in various automated meter reading applications. The ADE is a position-based
non-contact encoder utilizing LED technology that senses the position of each
number wheel for AMR and touch applications.

Who are Badger's major alliance partners and why are they important?

For almost one hundred years, Badger has been a leader in flow measurement
technology as is evident by our strong market share within the water utility
industry. We have strengthened our capability through alliances with other
recognized leaders in flow measurement technology. Included in this group is H.
Meinecke AG of Hannover, Germany, the world's largest producer of bulk water
meters used in commercial applications. The alliance has developed turbine water
meter technology that is world class.

Through a close alignment with Ames Company, Inc., Division of Watts Industries,
Badger has developed a superior line of water meters for the utility fire
service applications. These are water meters that are used in commercial and
industrial buildings where fire protection systems are installed. Requirements
for these meters include rigorous testing along with approval under and
conformance to Underwriters Laboratories Inc. and Factory Mutual Insurance Co.
standards.

In the field of AMR, Badger recognized the need to cooperate with industry
leaders in communication technology in order to provide water utilities with
product solutions that meet their needs. To that end, several alliances have
been developed.

For more than a decade, Badger Meter has had a distribution agreement with
American Meter Company, marketing the TRACE(R) radio frequency AMR technology to
the water utility industry.

Badger Meter and Itron, Inc., the world's largest provider of AMR products and
systems, established a joint marketing and distribution agreement in 1999. Joint
marketing efforts of Badger and Itron have resulted in AMR and meter system
sales to major utilities in the United States, such as Philadelphia, Houston and
Milwaukee.

Badger Meter also has a marketing agreement with Honeywell DMC Services that
will enable Badger to offer its customers not only meters and automatic meter
reading technologies, but also a full line of related services including needs
assessment, financing, implementation, meter reading and billing.


MEXICAN WATER METER MARKET

Badger Meter has a significant installed based of automatic meter reading
systems in Mexico, most notably in Mexico City. We expect to see opportunities
in Mexican water meter markets as the new government moves forward in its
efforts to improve the fresh water situation in Mexico. In February of 2001,
Mexican President Vicente Fox stated that "the water problem in this country in
the next ten years requires investments worth $30 billion." He further stated
that one source of the funding "would be to charge real prices for water
throughout our national territory." Such an initiative would require investments
in metering systems. Badger is currently pursuing opportunities to sell water
meters and related systems to various Mexican communities.


VALVE MARKET

Badger Meter offers a line of small valves under the name "Research Control(R)
Valves." These valves are used to control the flow of fluids in a wide variety
of applications in medical research, pharmaceutical production, food and
beverage, petroleum, and heating, ventilation and air conditioning. These valves
are sold throughout the world, with the largest sales in North America and
Europe.

How large is the valve market and how fast is it growing?

It is difficult to ascertain Badger Meter's market share for control valves.
Badger Meter participates in a niche market for small, precision control valves
for research facilities and industrial process industries. Past studies have
indicated that the Company has over a 65% market share in the domestic market
and approximately a 15% market share of the world market for 1/4" diameter
control valves. The same studies indicated that the Company has over a 50%
market share of the domestic market and more than a 10% market share of the
world market for 1/2" diameter control valves.

North American (U.S. and Canada) demand for all industrial control valves
reached $2.1 billion in 1998 representing the world's largest market for
industrial control valves. North American demand for industrial control valves
is projected to increase 6.0% a year to $2.8 billion in 2003. World demand for
industrial control valves reached $10.1 billion in 1998. World demand for
industrial control valves is projected to increase 6.2% a year to $13.4 billion
in 2003.


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What new valve products are being introduced by Badger Meter?

Badger Meter acquired a small product line of magnetic flow meters for low flows
in the latter part of 2000. The low flow magnetic flow meters are an ideal
compliment to the Research Control valves. The Research Control Mag was launched
in the first quarter of 2001.

Badger Meter recently introduced a new actuator for its larger size valves (3/4"
to 2"). There were some industrial applications where the performance of our
current actuator was not sufficient to produce enough shut-off force. The new
actuator produces over 60 square inches of shut-off force, which is nearly
double the capacity of the current model.

Badger Meter is currently developing products to further update its line of
electric valve actuators and to address the growing market for intelligent valve
positioners.


AUTOMOTIVE FLUIDS MARKET

Badger Meter serves the automotive fluids market with a full line of meters that
measure and dispense automotive fluids such as oil, grease and transmission
fluids. These meters are used in industrial applications throughout the world
and are marketed through approximately 25 OEM's in North America and Europe -
the two largest markets for our products.

How large is the automotive fluids market and how fast is it growing?

The domestic market for Badger Meter's automotive fluids products is estimated
at just over $10 million annually while the world market is estimated at
approximately $20 million annually. The Company estimated its current market
share to be approximately 50% in both the domestic and world markets. The annual
growth rate for the automotive fluids market is estimated at less than 5%.

What new automotive fluids products are being introduced by Badger Meter?

Badger recently introduced both an advanced series and a standard series
Electronic Preset Meter (EPM). Additionally, Badger Meter Europe has introduced
a new radio frequency oil management system (RF-OMS) which greatly improves the
control and management of automotive fluid products. A U.S. version of the
product has been released. Badger released a new Oval Gear Junior (OG-JR), a
low-feature, end-of-hose meter, handle, swivel and nozzle configuration. Market
acceptance has been limited. A special fluids EPM-SF has been released for
corrosive fluids. It is available in standard and advanced series. It will also
be made available in an RF version.

OTHER INDUSTRIAL METER MARKETS

Badger Meter offers a wide range of flow meters for industrial applications.
These meters include:

[ ] Research Control electromagnetic flow meters that measure extremely low
flows, corrosive fluids, sanitary fluids and batching processes.

[ ] Electromagnetic flow meters (under the name "Magnetoflow(R)") that measure a
large variety of fluids used in various industries, including food and beverage,
pharmaceutical, chemical and mining.

[ ] Oscillating piston meters that handle most fluids regardless of viscosity in
areas such as batching, inventory control and process transfer of fluids.

[ ] Concrete meters and dispensing systems that are interfaced with computer
batching systems to measure and add chemicals to concrete. Badger Meter recently
developed and introduced a new dispenser manifold assembly used to fill and
empty vessels in the concrete admix industry.

What new industrial meter products are being introduced by Badger Meter?

The principal area for development in the Company's other industrial products is
with the electromagnetic flow meters product line. The Company expects to
introduce a new version of its Magnetoflow(R) product line later this year. The
new model will have enhanced features for both the utility and industrial
markets.

Badger Meter's Concrete group plans to release its newest product, the MEASURE
RITE (R) Volumetric Truck Meter, during Q4 of 2003. Through the joint efforts of
Badger Meter Tulsa, OK, and DIC Mattapoisett, MA, a compact, user-friendly and
robust truck meter has been designed enabling the concrete producer to
accurately totalize and dispense water for premixed concrete batches at the job
site thus eliminating operator error and batch waste. The truck meter housing
and electronics can withstand the direct hose spray wash downs that are required
in this environment and can tolerate the high vibrations associated with being
mounted on a concrete mixer truck.


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