BADGER METER INC — Director's Dealing 2004

Oct 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-10-04

Reporting Person: DIX RONALD H (Sr. VP-Admin, HR & Secretary, Co-trustee Officers' Voting Tr)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-10-04	Common Stock	M	500	$11.125	Acquired	4700	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-09-23	Stock Options - Right to Buy	$11.125	M	500	Disposed	2005-02-16	BMI Common Stock (500)	Direct

Footnotes

F1: In addition to the shares held directly by Mr. Dix, he owns 20,952 shares jointly with his spouse, 10,200 shares in the Badger Meter Officers' Voting Trust and 3,200.37 shares in the Company's ESSOP.

F2: Stock Options are granted on a one-for-one basis.

F3: In addition to the 1800 stock options remaining in the 1995 grant, the reporting person has options to acquire 27,148 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.