Itron Files Form 12b-25 with Securities and Exchange Commission
The Company has determined that additional time is needed to review
revenue recognition on certain contracts where the Company has not been
able to demonstrate Vendor Specific Objective Evidence (VSOE) of fair
value for maintenance contracts associated with certain software
solutions for the year ended
The Company does not expect that the results finally reported will be
materially different than the preliminary results announced on
The Company expects to file the Form 10-K on or before
"We are currently reviewing the timing of revenue recognition of certain
agreements," said
The Company also reaffirmed its financial guidance for the full year 2016. The guidance is as follows:
-
Revenue between
$1.85 and$1.95 billion -
Non-GAAP diluted earnings per share between
$1.95 and$2.25
This guidance assumes a Euro to
About
Itron® is a registered trademark of
Forward Looking Statements
This release contains
forward-looking statements concerning our expectations about operations,
financial performance, sales, earnings and cash flows. These statements
reflect our current plans and expectations and are based on information
currently available. The statements rely on a number of assumptions and
estimates, which could be inaccurate, and which are subject to risks and
uncertainties that could cause our actual results to vary materially
from those anticipated. Risks and uncertainties include the rate and
timing of customer demand for our products, rescheduling of current
customer orders, changes in estimated liabilities for product
warranties, changes in laws and regulations, our dependence on new
product development and intellectual property, future acquisitions,
changes in estimates for stock-based and bonus compensation, increasing
volatility in foreign exchange rates, international business risks and
other factors that are more fully described in our Annual Report on Form
10-K for the year ended
Non-GAAP Financial Information
To supplement our
consolidated financial statements presented in accordance with GAAP, we
use certain non-GAAP financial measures, including non-GAAP operating
expense, non-GAAP operating income, non-GAAP net income, non-GAAP
diluted EPS, adjusted EBITDA and free cash flow. We provide these
non-GAAP financial measures because we believe they provide greater
transparency and represent supplemental information used by management
in its financial and operational decision making. Specifically, these
non-GAAP financial measures are provided to enhance investors' overall
understanding of our current financial performance and our future
anticipated performance by excluding infrequent or non-cash costs,
particularly those associated with acquisitions. We exclude certain
costs in our non-GAAP financial measures as we believe the net result is
a measure of our core business. Non-GAAP performance measures should be
considered in addition to, and not as a substitute for, results prepared
in accordance with GAAP. Our non-GAAP financial measures may be
different from those reported by other companies. A more detailed
discussion of why we use non-GAAP financial measures, the limitations of
using such measures, and reconciliations between non-GAAP and the
nearest GAAP financial measures are included in this press release.
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