Acquisition Trims Itron Earnings

An acquisition late in the first quarter dragged down the earnings of Itron Inc., the Spokane maker of automated meter-reading systems for utilities.

Including results from Utility Translation Systems Inc., Itron revenues increased 26 percent to $48.1 million.

But net income slipped to $3 million from $3.3 million, or 21 cents per share, vs. 24 cents, after allowing for the additional 400,000 outstanding shares created as a result of the merger.

Without allowing for the merger, Itron would have earned $2.7 million, up from $2.3 million for the same period last year. Shares earned 21 cents vs. 18 cents.

Sales of automatic meterreading systems grew 77 percent to $37.3 million, while sales for hand-held units dropped 37 percent to $10.8 million.

An unusually large shipment of hand-held equipment to Japan was booked in the first quarter of 1995.

At the end of March, 208 utilities were testing or had permanently installed Itron equipment. The number a year ago was only 110. Order backlog was $79 million.

, DataTimes