Itron Reports Loss For Quarter, Year

Itron Inc. closed 1996 with a loss, and President Johnny Humphreys said the downturn likely will last into the second quarter of this year.

The maker of automatic meter-reading equipment lost $2.3 million, or 17 cents per share, in the fourth quarter, compared with a profit of $2.9 million, or 21 cents per share, a year ago.

For the year, Itron lost $1.5 million, or 11 cents per share, compared with a profit of $11.2 million, or 81 cents per share, reported for 1995.

Humphreys said results suffered from a slowdown in orders as utilities sorted out the implications of a freer market and an increasing number of mergers.

The Spokane Valley company also spent heavily on development of equipment that reads meters using a radio network.

Humphreys said some of the issues should be sorted out by midyear.

“We expect the second half of 1997 to show a very marked improvement, including a return to profitability,” Humphreys said.

Despite the reverses suffered last year, he said Itron added customers, maintained its dominant market share, and strengthened its technological position.

“We believe Itron will be the major beneficiary of the automatic meter-reading industry’s rapid expansion, and perhaps even explosive growth,” Humphreys said.

Itron, which recently announced minor layoffs, employs about 500 in Spokane.

, DataTimes