Press Releases

Itron Reports Stronger than Expected First Quarter 2002 Results
Itron Reports Stronger than Expected First Quarter 2002 ResultsCash generated from operations was $6.6 million during the quarter.
  • During the quarter, we paid a discounted amount of approximately $4.9 million to satisfy in full the mortgage note incurred when we purchased our Spokane facility. The early retirement of the debt resulted in an extraordinary gain of $125,000, net of income taxes.
  • We completed a $35 million line of credit facility with a new bank with improved terms and conditions and eliminated a $5.1 million restriction on cash.
  • During the quarter, we issued a redemption notice for approximately $15.0 million of our convertible debt. All of the holders of the debt have elected to convert and we expect to issue approximately 1.6 million shares to retire the debt.
  • New order bookings were $38 million. Total backlog was $202 million at March 31, 2002 and twelve-month backlog was $112 million.
  • We shipped approximately 850,000 AMR meter modules during the quarter compared to approximately 580,000 in the first quarter of last year.