Itron revises net income to $3.1 million for second quarter

SPOKANE, Wash., Aug. 10, 2001 – Itron, Inc., today re-released its financial results for the quarter-ended June 30, 2001.

Itron previously released results for the quarter on July 17, 2001. Subsequently, information became available to the company that resulted in a reassessment of restructuring reserves, primarily related to the sublease of facility space the Company had previously vacated in Lakeville, Minn.

As a result of the reassessment, restructuring reserves were reduced by $807,000 during the second quarter of 2001. This resulted in an increase to after-tax net income for Q2 2001, from what had previously been reported, of $500,000. Diluted earnings per share for Q2 2001 are 18 cents versus the 15 cents previously reported. The balance in the company’s remaining restructuring reserves at June 30, 2001 is approximately $1.4 million. The company expects to file its Form 10-Q for the second quarter of 2001 the week of August 13, 2001.

Itron, Inc. 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.

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