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Itron Posts Record Revenues, Earnings

Itron Inc. Tuesday reported record revenues and earnings for the quarter ended March 31.

The Spokane-based company sold $36.1 million worth of automatic meter-reading equipment to the utilities industry during the quarter, a 43 percent increase over the same period last year.

Net income was $2.3 million, or 18 cents per share, compared with $1.2 million, or 11 cents per share, a year ago.

The company has issued 1 million shares in the last year, bringing the total to 12.7 million.

President Johnny Humphreys noted that sales of both automatic and hand-held systems were up substantially, the latter in large part because of major shipments to two Japanese utilities.

Those sales also helped bring international revenues to 27 percent of the company’s total, he said.

The one-year order backlog at the end of the quarter was $61.7 million, a decrease from the end of the fourth quarter. An additional $58.1 million of orders are scheduled beyond that period.