BADGER METER INC — Director's Dealing 2004

Oct 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-10-25

Reporting Person: GRAS HORST (VP-International)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-25	Common Stock	M	1800	$22.99	Acquired	6830	Indirect
2004-10-25	Common Stock	S	200	$49.80	Disposed	6630	Indirect
2004-10-25	Common Stock	S	700	$49.75	Disposed	5930	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-10-25	Stock Options	$22.99	M	1800	Disposed	2012-01-29	BMI Common Stock (1800)	Direct

Footnotes

F1: In addition to the shares held by Mr. Gras in the Badger Meter Officers' Voting Trust, he also owns 1,700 shares directly.

F2: Represents Common Stock held in the Badger Meter Officers' Voting Trust (OVT). The reporting person retains beneficial interest in the shares he holds in the OVT.

F3: Stock Options are granted on a one-for-one basis.