SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 20, 2003
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(Date of Report)
ITRON, INC.
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(Exact Name of Registrant as Specified in Charter)
Washington 000-22418 91-1011792
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(State or Other Jurisdiction (Commission File No.) (IRS Employer
of Incorporation) Identification No.)
2818 N. Sullivan Road, Spokane, WA 99216
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(Address of Principal Executive Offices, including Zip Code)
(509) 924-9900
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(Registrant's Telephone Number, Including Area Code)
None
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(Former Name or Former Address, if Changed Since Last Report)
Item 9. Regulation FD Disclosure. The following item is attached as an
exhibit hereto:
(c) Exhibits.
Exhibit No. 99.1 Press Release dated October 15, 2003, "Itron Settles Patent
Infringement Litigation."
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized.
ITRON, INC.
Dated: October 20, 2003 By: /s/ DAVID G. REMINGTON
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David G. Remington
Vice President and Chief Financial Officer
Exhibit 99.1
Itron Settles Patent Infringement Litigation
SPOKANE, Wash.--(BUSINESS WIRE)--Oct. 15, 2003--Itron, Inc.
(Nasdaq:ITRI) announced today that it has entered into a settlement
agreement with Ralph Benghiat, an individual, that resolves all
outstanding Benghiat patent litigation issues and assigns ownership of
Mr. Benghiat's patent to Itron.
On December 20, 2002, a jury in Minneapolis found that Itron's
manual entry handheld meter reading devices infringed a patent owned
by Mr. Benghiat and awarded Mr. Benghiat damages of $7.4 million. On
August 29, 2003, the Court issued an injunction prohibiting sales of
the accused products and awarded Benghiat interest on the verdict,
which Itron estimated to be approximately $2 million.
According to the terms of the settlement, Itron will pay Benghiat
$7.9 million to settle all payments to Benghiat for royalties,
interest, attorney's fees and any other items. The agreement also
specifies that ownership of the patent will be transferred to Itron.
Itron had previously recorded a $7.4 million pre-tax charge for the
amount of the jury's award in December 2002 and will record an
additional $500,000 charge in the third quarter of 2003.
"While we continue to believe that our products do not infringe
the Benghiat patent, this settlement will allow us to focus our
efforts and resources in a positive direction for our customers,
employees and shareholders," said LeRoy Nosbaum, chairman and CEO of
Itron.
About Itron:
Itron is a leading technology provider and critical source of
knowledge to the global energy and water industries. More than 2,800
utilities worldwide rely on Itron technology to deliver the knowledge
they require to optimize the delivery and use of energy and water.
Itron delivers value to its clients by providing industry-leading
solutions for meter data collection, energy information management,
demand side management and response, load forecasting, analysis and
consulting services, transmission and distribution system design and
optimization, web-based workforce automation, C&I customer care and
residential energy management. To know more, start here:
www.itron.com.
CONTACT: Itron, Inc.
Mima Scarpelli, 509-891-3565
mima.scarpelli@itron.com