8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 2, 2006

Commission file number 333-113658

Sensus Metering Systems (Bermuda 2) Ltd. (Exact name of registrant as specified in its charter) Sensus Metering Systems Inc. (Exact name of registrant as specified in its charter)

Bermuda	98-0413362	Delaware	51-0338883
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)	(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

8601 Six Forks Road, Suite 300, Raleigh, North Carolina 27615

(Address of principal executive offices) (Zip Code)

(919) 845-4017

(Registrants’ telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 2, 2006, Sensus Metering Systems (Bermuda 2) Ltd. (the “Company”) issued the press release attached hereto as Exhibit 99.1 setting forth the Company’s revenues and other selected financial data for the fourth quarter and fiscal year ended March 31, 2006.

Item 9.01 Financial Statements and Exhibits.

Exhibits

Exhibit 99.1 Company press release dated May 2, 2006 titled “Sensus Metering Systems Announces Record Revenues for Fiscal Quarter and Year Ended March 31, 2006”

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	SENSUS METERING SYSTEMS (BERMUDA 2) LTD.
Dated: May 2, 2006	By:	/s/ Peter Mainz
	Name:	Peter Mainz
	Title:	Chief Financial Officer
	SENSUS METERING SYSTEMS INC.
Dated: May 2, 2006	By:	/s/ Peter Mainz
	Name:	Peter Mainz
	Title:	Chief Financial Officer

EX-99.1

Exhibit 99.1

PRESS RELEASE

May 2, 2006

FOR IMMEDIATE RELEASE

Investor Contact:

Peter Mainz

Chief Financial Officer

Sensus Metering Systems

919-845-4017

Peter.Mainz@sensus.com

Sensus Metering Systems Announces Record Revenues for Fiscal Quarter and Year Ended March 31, 2006

RALEIGH, NORTH CAROLINA - Sensus Metering Systems (Bermuda 2) Ltd. will report record revenues of approximately $178 million (unaudited) and approximately $614 million (unaudited), respectively, for the fourth quarter and full year ended March 31, 2006. Revenue for the fourth quarter is a 9% increase over prior year and sales for the full year grew 8% over last fiscal year. The company continues to generate positive cash flow and ended the year with cash balances in excess of $50 million (unaudited) after having made additional accelerated debt payments of $10 million in the fiscal quarter ended March 31, 2006. The company is in the process of approaching its lenders to request modification of its interest rates on its senior credit facilities. The Sensus Metering Systems (Bermuda 2) Ltd. Form 10-K is expected to be available on or about June 15, 2006.

ABOUT SENSUS METERING SYSTEMS

The Sensus Metering Systems companies are leading world-class providers of high-value metering and Automatic Meter Reading (AMR) solutions for water, gas, electric, and heat utilities as well as sub-metering entities worldwide. Additional linked businesses include Smith-Blair, Inc. a leading provider of pipe clamp & coupling products for the water, gas, and industrial markets; and Sensus Precision Die Casting a producer of complex, high quality die castings. For more information, please visit the company’s web site at www.sensus.com.