Itron reports mixed revenues
Itron Inc.’s acquisition of Actaris led to record quarterly revenues of $402 million, putting the Liberty Lake company on pace to top $1.4 billion in sales for 2007.
The acquisition also required Itron to take about $52 million in one-time accounting charges that tempered its financial report as the company recorded a $23.9 million loss for the second quarter.
Deloris Duquette, Itron’s vice president of investor relations, said the charges shouldn’t take the shine off what was otherwise a big quarter for the company, which develops, sells and deploys automated meter reading equipment worldwide.
Without those charges – which related to how inventory of Actaris was booked and how Itron must account for certain research and development activities – Itron would have recorded a $28 million gain.
Actaris is the latest major acquisition for the company led by Chairman and CEO LeRoy Nosbaum. It contributed $250 million of Itron’s overall revenues of $402 million.
Itron adjusted its earnings guidance to analysts, predicting it would deliver between 84 cents and 89 cents per share.
Coeur d’Alene
Dept. of Labor office honored
For its role in helping veterans find work, the Idaho Department of Labor’s Coeur d’Alene office will receive a national award from The American Legion.
The “local office of the year” award will be presented at The American Legion’s annual convention in Reno later this month.
More than 12 percent of Idaho’s adult population – about 132,000 residents – are veterans, which is one of the highest population percentages in the nation. At the Coeur d’Alene office, about 1,600 veterans are signed up to receive services, said Robert Shoeman, a local veterans employment representative.
The vets range from people in their 20s who’ve just finished a four-year stint in the military, to World War II vets who need extra income during their retirement years. The staff works together to give veterans that extra edge in getting a job, Shoeman said.
Counselors can provide an assessment of veterans’ job interests, health needs and vocational training opportunities.
Qualified veterans can also be entered into a database, where they are matched with job openings. In some situations, veterans receive a 48-hour advance notice of job postings, so they can be first in line to apply, Shoeman said.
Spokane
Shareholders OK bank merger
Shareholders of Redding, Calif.-based North Valley Bancorp on Tuesday approved a merger into Sterling Financial Corp. of Spokane, according to the companies.
The deal, announced in April, still requires regulatory approval, which is currently pending, according to a Sterling news release. The merger is expected to close during the third quarter, according to the release.
Founded in 1972, North Valley is the holding company for North Valley Bank, which has 26 locations in northern California.