Itron predicts first quarter will exceed analyst expectations


March 15, 2002 — Itron Inc. on Thursday revised its outlook for 2002 revenue and earnings upward slightly, excluding the impact of the recently completed LineSoft acquisition.

The consensus analyst expectation for Itron for the first quarter of 2002 is 15 cents per share. Excluding the impact of the recently announced LineSoft acquisition, Itron said it expects net income per diluted share for the first quarter to be between 18 and 22 cents per share, well above the consensus expectation, and more than twice the 9 cents per share Itron announced for the first quarter of 2001.

For the full year 2002, Itron expects revenues to be between $250 and $265 million and net income per diluted share to be between 90 and 97 cents, both of which are slightly higher than previous guidance.

The estimates do not include the impact of LineSoft. The acquisition of LineSoft, which closed March 12, 2002, will result in a first quarter charge for in-process R&D. Operations for LineSoft subsequent to March 12 will be included in Itron’s first quarter financial results. Those results will include additional amortization of intangible assets related to the acquisition.

Itron is a technology provider and source of knowledge to the energy and water industry for collecting, analyzing, and applying critical data about electric, gas, and water usage. More information may be found at www.itron.com.

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