diff --git a/statsd/__init__.py b/statsd/__init__.py
index 27dc8dbf2..d2d5e2383 100644
--- a/statsd/__init__.py
+++ b/statsd/__init__.py
@@ -1,5 +1,5 @@
-import socket
 import os
+import socket
 
 try:
     from django.conf import settings
@@ -11,10 +11,12 @@
 
 __all__ = ['StatsClient', 'statsd']
 
-VERSION = (0, 4, 0)
+VERSION = (0, 5, 0)
 __version__ = '.'.join(map(str, VERSION))
 
 
+statsd = None
+
 if settings:
     try:
         host = getattr(settings, 'STATSD_HOST', 'localhost')
@@ -22,11 +24,12 @@
         prefix = getattr(settings, 'STATSD_PREFIX', None)
         statsd = StatsClient(host, port, prefix)
     except (socket.error, socket.gaierror, ImportError):
-        try:
-            host = os.environ['STATSD_HOST']
-            port = int(os.environ['STATSD_PORT'])
-            prefix = os.environ.get('STATSD_PREFIX')
-            statsd = StatsClient(host, port, prefix)
-        except (socket.error, socket.gaierror, KeyError):
-            statsd = None
-
+        pass
+elif 'STATSD_HOST' in os.environ:
+    try:
+        host = os.environ['STATSD_HOST']
+        port = int(os.environ['STATSD_PORT'])
+        prefix = os.environ.get('STATSD_PREFIX')
+        statsd = StatsClient(host, port, prefix)
+    except (socket.error, socket.gaierror, KeyError):
+        pass