Itron profits fall to $7.3 million, down 57 percent

Itron Inc.’s fourth quarter profits fell to $7.3 million, 57 percent lower than the same period a year ago.

The manufacturer of utility meters and meter reading equipment based in Liberty Lake said the results were partly due to a $1.1 million one-time charge relating to a failed acquisition attempt, a $639,000 charge related to its former headquarters building, and static sales. The company moved from Spokane Valley to Liberty Lake and sold 250,000 fewer electricity meters during the October through December after fulfilling a large contract.

LeRoy Nosbaum, Itron’s chairman and chief executive officer, said the fourth quarter profit decline on sales of about $160 million was due to activities that he expects will benefit the company’s future. He defended the failed acquisition effort as an evaluation that was in the company’s best interest.

For fiscal year 2006, Itron reported profits of $33.8 million on sales of $644 million. The earnings per share was $1.28.

That compares to 2005 profits of $33.1 million on revenues of $552.7 million. The earnings per share was $1.33.

In a press release, Nosbaum said he expects a better performance in 2007, including sales of between $680 million to $700 million.

•Casual dining chain Applebee’s International Inc. said Tuesday it is exploring its strategic options, including a possible sale of the company. The company’s shares soared more than 10 percent.

The company, based in Overland Park, Kan., said it is withdrawing its fiscal guidance as a result of the review, which could be affected by certain strategic decisions.

Applebee’s had projected 2007 earnings of between $1.15 and $1.20 per share and analysts surveyed by Thomson Financial had expected $1.17 per share.

The company said there is no guarantee a transaction will occur, and it does not plan to disclose further developments until its review is complete.

The casual dining sector has struggled for the past year as high fuel prices have forced its customers to cut back on dining out.

•The Mexican unit of Wal-Mart Stores Inc. said Tuesday it plans to open 125 new stores and restaurants as part of its 2007 expansion plans.

Wal-Mart de Mexico chief executive Eduardo Solorzano told a meeting with analysts that company, Mexico’s biggest retailer, plans to increase its floor space by 12 percent this year. Solorzano said Walmex, as the company is also known, has identified 371 cities where it can expand, including 232 cities where the company currently has no presence.