Itron’s 1994 Earnings Hit Record Pace

Itron Inc. Monday reported record earnings for 1994 and the fourth quarter.

The Spokane maker of automated meter-reading equipment for the utilities industry said revenues for the quarter ended Dec. 31 reached $34.9 million, a 43 percent increase from the 1993 period.

Net income jumped 44 percent to $2.8 million, or 23 cents per share.

For the year, revenues were $120.7 million, a 36 percent improvement on 1993. Net income vaulted 87 percent to $8 million, or 67 cents per share.

President Johnny Humphreys said revenue increases covered both major Itron product lines, its services business and international sales.

“Automatic meter reading revenues for the year were $59 million, up 51 percent from 1993,” he said. “Meanwhile, we experienced unusual strength in our more mature handheld systems business, where revenues for the year were $39.9 million, up 32 percent.”

Humphreys said foreign sales added $16.9 million in revenues, up 85 percent, and servicing another $21.7 million, up 13 percent.

Inventory levels indicate the company’s strong performance should continue.

The backlog for orders to be shipped in the next 12 months stood at $72.9 million, compared with $41 million a year ago.

For shipment beyond 12 months, the backlog was $63.9 million, compared with $60 million a year ago.

Itron employs 450 at its Spokane Valley headquarters, and 750 overall.

Itron stock closed Monday at $21.13, up $1.38.