BADGER METER INC — Director's Dealing 2004

May 21, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BADGER METER INC (BMI)
CIK: 0000009092
Period of Report: 2004-05-21

Reporting Person: ZANDRON DANIEL D (VP-Business Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-21	Common Stock	M	2000.0000	$11.1250	Acquired	12826.0000	Direct
2004-05-21	Common Stock	S	1200.0000	$42.1500	Disposed	11626.0000	Direct
2004-05-21	Common Stock	S	300.0000	$42.1000	Disposed	11326.0000	Direct
2004-05-21	Common Stock	S	500.0000	$42.1200	Disposed	10826.0000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-21	Stock Options	$11.1250	M	2000.0000	Disposed	2006-02-15	Common Stock (2000.0000)	Direct

Footnotes

F1: In addition to the shares held directly by Mr. Zandron, he also owns 3,500 shares in the Badger Meter Officers' Voting Trust and 2,308 shares in the Company's ESSOP.

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

F3: The reporting person has options to acquire 20,742 additional shares of Common Stock at varying grant prices and vesting schedules over a ten-year period.