As Expected, Itron Reports Loss

Wed., Oct. 23, 1996

From Staff Reports

Itron Inc. on Tuesday reported a loss for the third quarter, a result the company predicted last month.

The Spokane maker of automated utility meter-reading equipment said the loss was $4.5 million, or 34 cents per share, compared with net income of $2.1 million, or 16 cents per share, for the same period last year.

The loss reflected $2.9 million in non-recurring expenses for inventory and reorganization as well as a slowdown in orders and shipments.

Without those expenses, the loss for the quarter would have been 19 cents per share.

Revenues dipped to $38.7 million from $39.9 million the prior year.

For the first nine months of 1996, net income was $837,000, or 6 cents per share, compared with $8.2 million, or 60 cents per share, for the same period a year ago.

Revenues were up 15 percent to $57.1 million.

President Johnny Humphreys said negotiations with several potential buyers of Itron systems indicate the company’s long-term prospects remain solid. , DataTimes

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As Expected, Itron Reports Loss

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