Itron Reports Third-Quarter Loss

Itron Inc. reported on Monday a third-quarter loss of $5.9 million that included charges for a work force reduction of 150 employees, about 12 percent of the company’s total.

The cutback, announced in July, and a write-off of some assets shaved $4.7 million from results, Itron said.

The loss equaled 40 cents per share, 20 cents due to the special charges. By comparison, the company reported net income of $1.6 million, or 11 cents per share, for the same period a year ago.

For the nine-month period ending Sept. 30, Itron reported a $6.9 million loss. Excluding charges, the loss would have been $3.9 million.

The company showed a loss of $2.3 million through September in 1997.

Revenues for the quarter were $54.8 million, down from $58.4 million a year ago. For the first nine months of the year, revenues increased 18 percent to $179.3 million, up from $151.7 million a year ago.

Chairman Johnny Humphreys said prospects are improving in the wake of August and September bookings that increased order backlog for the first time in 1998.

Orders expected to be shipped in the next 12 months reached $95 million compared with $88 million at the end of the second quarter.