Itron To Implement Stock Buyback Plan

Thu., May 7, 1998

From Staff

Itron Inc. Wednesday announced plans to repurchase up to one million shares of company stock.

Shares of the Spokane maker of remote meter-reading equipment have languished for months. On April 22, the stock plunged $4.12 to $16.50 after President Johnny Humphreys predicted a loss for the second quarter.

The stock closed Wednesday at $16.62.

“We believe the current level of Itron shares represents a substantial undervaluation of the company,” Humphreys said in a prepared statement.

There is no time limit for the repurchases, which would constitute about 7 percent of Itron’s outstanding shares, spokeswoman Mima Scarpelli said.

The company, she noted, has been drawing on a line of credit for cash that would be needed for any buybacks.

Scarpelli said repurchased shares will be used for internal purposes.

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Itron To Implement Stock Buyback Plan

Jesse Tinsley

Jim Meehan

Molly Quinn

Rob Curley

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