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Meldungen 29.10.2009

Itron: Q3 Results

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Itron, Inc.  reported financial results for the three and nine month periods ended September 30, 2009. Financial results include:

    * Quarterly and nine-month revenues of $408 million and $1.2 billion;
    * Quarterly and nine-month non-GAAP diluted EPS of $0.45 and $1.28;
    * Quarterly and nine-month adjusted EBITDA of $41 million and $131 million; and
    * Record twelve-month backlog of $749 million and total backlog of $1.6 billion.

“As we expected, third quarter results reflect continued softness in the market,” said Malcolm Unsworth, president and CEO. “We are still being negatively affected by the economy, foreign currency exchange rates and lower order volumes as our customers await stimulus fund award announcements. On the positive side, we have now shipped more than 400,000 OpenWay units, our AMI deployments are gaining momentum and stimulus awards have been announced. We are confident and excited about the opportunities for growth next year.”

Revenues:

Total Company - Revenues of $408 million for the third quarter and $1.21 billion for the first nine months of 2009 were 16% and 18% lower than respective 2008 revenues of $485 million and $1.48 billion.

North America - Revenues of $137 million for the third quarter and $420 million for the first nine months of 2009 were 22% and 21% lower than respective 2008 revenue of $176 million and $528 million. The lower North America revenues in the 2009 periods were primarily driven by the substantial completion of a number of AMR contracts in 2008 and fewer shipments of electric meters and AMR modules due to the economic downturn and uncertainty surrounding stimulus funds announcements.

International - Revenues of $271 million for the third quarter and $791 million for the first nine months of 2009 were 12% and 17% lower than respective 2008 revenue of $309 million and $949 million. Approximately 65% of the quarterly and 80% of the year-to-date decrease was due to foreign exchange rates while the remainder was primarily due to completion of a smart metering/AMI project in 2008, softening of demand in some markets and economic conditions in certain countries.

Gross Margins:

Total Company - Gross margins of 31.7% for the third quarter and 32.4% for the first nine months of 2009 were lower than 2008 gross margins of 33.6% and 34%.

North America - Gross margins of 31% for the quarter and 34.5% for the first nine months of 2009 were lower than 2008 gross margins of 37.8% and 38%. The decline in gross margins in 2009 was primarily driven by shipments of our first generation AMI meters, which currently have higher costs, fewer AMR meter and module shipments and reduced overhead absorption resulting from lower overall production levels.

International - Gross margins of 32.1% for the quarter and 31.3% for the first nine months compared with 2008 gross margins of 31.2% and 31.7%. The increased margins in the current quarter were primarily due to lower material costs and product mix.

Operating Expenses:

Total Company - Operating expenses of $120 million for the third quarter and $362 million for the first nine months of 2009 were lower than 2008 third quarter and year-to-date operating expenses of $138 million and $413 million.

North America - Operating expenses were $44 million in the third quarter and $132 million in the first nine months of 2009 compared with $49 million and $145 million in the same periods of 2008. The decrease in 2009 was primarily due to lower sales expenses and lower general and administrative expenses.

International - Operating expenses of $70 million in the third quarter and $207 million in the first nine months of 2009 compared with $78 million and $238 million in the same periods of 2008. Decreased amortization of intangibles expense in the 2009 periods and foreign exchange rates accounted for the majority of the decrease.

Corporate Unallocated – Operating expenses were $7 million for the third quarter and $23 million in the first nine months of 2009 compared with $11 million and $31 million in the respective periods of 2008. The decrease in 2009 is due to reductions in compensation expenses and consulting fees related to financial integration and Sarbanes-Oxley compliance.

Interest and Other Income:

Interest - Net interest expense of $20 million in the third quarter and $52 million in the first nine months of 2009 compared with $19 million and $71 million in the same periods of 2008. Amortization of debt placement fees, which is included in net interest expense, of $4.0 million in the third quarter and $6.2 million in the first nine months of 2009 compared with $1.7 million and $7.5 million in the same periods in 2008. Amortization of debt placement fees varies ratably depending on the amount of debt repayments in each period. During the last twelve months, we reduced our debt by approximately $360 million.

Other Expense – Other expense was $4.5 million in the third quarter and $9.4 million in the first nine months of 2009 compared with $281,000 and $1.9 million in the same periods of 2008. Other expense for both periods in 2009 includes foreign exchange losses caused by fluctuations in exchange rates driven by material purchases and associated product sales in differing currencies. Year-to-date 2009 expense includes legal and advisory fees associated with an amendment to our senior debt agreement which was completed in the second quarter.

Loss on Extinguishment - On July 17, 2009, we paid $113.2 million to redeem our 7¾% senior subordinated notes which had a remaining principal value of $109.6 million. We redeemed the notes at 101.938% of the principal amount. This redemption resulted in a net loss on extinguishment of $2.5 million. In the first nine months of 2009, we incurred a total net loss on extinguishment of debt of $12.8 million due to a convertible debt for common stock exchange in January and the redemption of our senior subordinated notes in July. The debt for stock exchange resulted in a net loss of $10.3 million as the value of the shares of Itron’s common stock issued under the exchange agreement differed from the value of the shares used to derive the amount payable under the original conversion agreement.

GAAP Measures:

GAAP Income Taxes – We had a tax benefit of $15.1 million in the third quarter and $37.5 million in the first nine months of 2009 compared with a tax expense of $377,000 in the third quarter and a tax benefit of $1.3 million in the first nine months of 2008. The 2009 tax benefits are primarily due to pre-tax losses, the benefit for claiming foreign taxes as credits rather than deductions and expected lower income in higher tax jurisdictions.

GAAP Net Income/Loss and Diluted EPS – Our GAAP net loss and diluted EPS for the third quarter and first nine months of 2009 was $3.0 million, or 7 cents per share, and $7.4 million, or 19 cents per share. This compares with net income of $5.6 million, or 15 cents per share and $17.6 million, or 50 cents per share, in the same periods in 2008. The net loss in 2009 was due to lower revenue, contraction of gross margins and foreign exchange losses.

Non-GAAP Measures:

Non-GAAP Operating Income - Non-GAAP operating income excludes amortization expense related to intangible assets and was $34 million, or 8.4% of revenues, in the third quarter and $102 million, or 8.5% of revenues in the first nine months of 2009. This compares with $56 million, or 11.5% of revenues and $182 million, or 12.3% of revenues, in the third quarter and first nine months of 2008. The decreased operating income and margin was primarily due to the combination of lower revenues and gross margins in 2009.

Non-GAAP Income Taxes - We had a non-GAAP tax benefit in the third quarter of 2009 and our year-to-date 2009 non-GAAP tax rate was 4.5%. This compares with 28% for the third quarter and 27% for the first nine months of 2008. The lower non-GAAP tax rate in 2009 is due to projected lower income in higher tax jurisdictions, and the benefit for claiming foreign taxes as credits rather than deductions.

Non-GAAP Net Income and Diluted EPS – Non-GAAP net income, which excludes amortization expenses related to intangibles assets, amortization of debt placement fees, the additional non-cash interest expense related to the adoption of FSP 14-1 and the non-cash net loss associated with the convertible debt for stock exchange, was $18 million for the third quarter and $49 million for the first nine months of 2009. This compares with $30 million and $93 million in the same periods in 2008. Non-GAAP diluted EPS was 45 cents and $1.28 in the third quarter and first nine months of 2009 compared with 81 cents and $2.65 in the same periods of 2008. The lower net income and diluted EPS was primarily due to lower revenues and a decline in gross margin in 2009. Diluted weighted average shares outstanding in 2009 were approximately 3.6 million and 3.4 million shares higher than the same periods in 2008 primarily due to the convertible debt for stock exchange in the first quarter of 2009 and the equity offering in the second quarter of 2009.

Other Financial Highlights:

Backlog and New Order Bookings – Total backlog was $1.6 billion at September 30, 2009 compared with $1 billion at September 30, 2008. Twelve month backlog of $749 million at September 30, 2009 was higher than the $436 million at September 30, 2008 due to the inclusion of Q3 2010 AMI shipments in the current twelve month backlog. New order bookings for the third quarter of 2009 were $400 million, compared with $894 million in the third quarter of 2008. Our book-to-bill ratios were .98 to 1 and 1.9 to 1 for the third quarter of 2009 and 2008, respectively. New order bookings for the first nine months of 2009 were $1.5 billion compared with $1.8 billion in the same nine months of 2008. New order bookings for the three and nine month periods of 2008 included $470 million related to an AMI contract with Southern California Edison (SCE).

Cash Flows – Net cash provided by operating activities during the first nine months of 2009 was $87 million, compared with $156 million in the same period in 2008. Adjusted earnings before interest, taxes, depreciation and amortization and the non-cash net loss on extinguishment of debt (adjusted EBITDA) in the third quarter of 2009 was $41 million compared with $69 million for the same period in 2008. Adjusted EBITDA for the first nine months of 2009 was $131 million compared with $220 million in the first nine months of 2008. Free cash flow in the first nine months of 2009 was $49 million compared with $115 million in the same period of 2008.

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 income, non-GAAP net income and 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 costs, particularly those associated with acquisitions. We exclude these expenses in our non-GAAP financial measures as we believe the net result is a measure of our core business that is not subject to the variations of expenses associated with these infrequently occurring items. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. Finally, 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.

Earnings Conference Call:

Itron will host a conference call to discuss the financial results contained in this release at 2:00 p.m. (PDT) on October 28, 2009. The call will be webcast in a listen only mode and can be accessed online at www.itron.com, “Investors/Investor Events.” The live webcast will begin at 2:00 p.m. (PDT). The webcast replay will begin after the conclusion of the live call and will be available for two weeks. A telephone replay of the call will also be available approximately one hour after the conclusion of the live call, for 48 hours, and is accessible by dialing (888) 203-1112 (Domestic) or (719) 457-0820 (International), entering passcode #5642738. You may also view presentation materials related to the earnings call on Itron’s website, www.itron.com / Investors / Presentations.

About Itron:

Itron, Inc. is a leading technology provider to the global energy and water industries. Our company is the world’s leading provider of intelligent metering, data collection and utility software solutions, with nearly 8,000 utilities worldwide relying on our technology to optimize the delivery and use of energy and water. Our products include electricity, gas, water and heat meters, data collection and communication systems, including automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and related software applications; as well as project management, installation and consulting services. To know more, start here: www.itron.com.

Statements of operations, segment information, balance sheets, cash flow statements and reconciliations of non-GAAP financial measures to the most directly comparable financial measures follow.

ITRON, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
                                                    
(Unaudited, in thousands, except per share data)
                Three Months Ended September 30,     

 
    Nine Months Ended September 30,
                      2009                     2008                     2009                     2008     
                                        
Revenues         $     408,358             $     484,818             $     1,210,624             $     1,477,225     
Cost of revenues               278,879                     321,858                     818,452                     975,496     
Gross profit             129,479                 162,960                 392,172                 501,729     
                                        
Operating expenses                                 
    Sales and marketing             37,669                 41,363                 112,569                 127,534     
    Product development             31,077                 31,781                 93,044                 92,283     
    General and administrative             26,606                 34,088                 84,097                 100,000     
    Amortization of intangible assets               25,121                     30,395                     72,788                     93,114     
        Total operating expenses               120,473                     137,627                     362,498                     412,931     
                                        
Operating income             9,006                 25,333                 29,674                 88,798     
Other income (expense)                                 
    Interest income             (45     )             1,962                 971                 4,846     
    Interest expense             (20,075     )             (21,037     )             (53,319     )             (75,362     )
    Loss on extinguishment of debt, net             (2,460     )             -                 (12,800     )             -     
    Other income (expense), net               (4,534     )               (281     )               (9,445     )               (1,938     )
        Total other income (expense)               (27,114     )               (19,356     )               (74,593     )               (72,454     )
                                        
Income (loss) before income taxes             (18,108     )             5,977                 (44,919     )             16,344     
Income tax benefit (provision)               15,146                     (377     )               37,517                     1,298     
Net income (loss)         $     (2,962     )         $     5,600               $     (7,402     )         $     17,642     
                                        
Earnings (loss) per common share                                 
    Basic         $     (0.07     )         $     0.16               $     (0.19     )         $     0.54     
    Diluted         $     (0.07     )         $     0.15               $     (0.19     )         $     0.50     
                                        
Weighted average common shares outstanding                                 
    Basic             40,039                 34,385                 38,003                 32,632     
    Diluted             40,039                 36,872                 38,003                 34,991     
ITRON, INC.
SEGMENT INFORMATION
                                                        
(Unaudited, in thousands)
                            
                    Three Months Ended September 30,         Nine Months Ended September 30,
                          2009                     2008                     2009                     2008     
Revenues                                 
    Itron North America         $     137,360             $     176,135             $     419,689             $     527,986     
    Itron International               270,998                     308,683                     790,935                     949,239     
        Total Company         $     408,358               $     484,818               $     1,210,624               $     1,477,225     
                                            
Gross profit                                 
    Itron North America         $     42,553             $     66,500             $     144,849             $     200,847     
    Itron International               86,926                     96,460                     247,323                     300,882     
        Total Company         $     129,479               $     162,960               $     392,172               $     501,729     
                                            
Operating income (loss)                                 
    Itron North America         $     (1,187     )         $     17,934             $     12,461             $     56,296     
    Itron International             17,318                 18,408                 40,016                 63,074     
    Corporate unallocated               (7,125     )               (11,009     )               (22,803     )               (30,572     )
        Total Company         $     9,006               $     25,333               $     29,674               $     88,798     
                                            
                                            
METER AND MODULE SUMMARY
(Units in thousands)                                 
                    Three Months Ended September 30,         Nine Months Ended September 30,
                          2009                     2008                     2009                     2008     
Total meters (with and without AMR/AMI)                                 
    Itron North America                                 
        Electricity             740                 1,250                 2,340                 3,870     
        Gas             90                 100                 260                 290     
    Itron International                                 
        Electricity             1,890                 2,060                 5,670                 5,760     
        Gas             1,160                 1,490                 3,880                 4,040     
        Water               1,960                     2,090                     6,540                     7,080     
    Total meters with and without AMR/AMI           5,840                     6,990                     18,690                     21,040     
                                            
Additional meter information (Total Company)                             
    Meters with AMR             670                 1,150                 2,200                 3,860     
    Meters with AMI             120                 10                 220                 20     
Standalone AMR/AMI modules               850                     1,250                     2,860                     3,550     
        Meters with AMR/AMI and modules               1,640                     2,410                     5,280                     7,430     
                                            
Meters with other vendors' AMR/AMI               160                     220                     470                     620     
                                            
                                            
As part of the integrate of the 2007 Actaris acquisition, we made refinements to our two operating segments on January 1, 2009. The information presented for the three and nine months ended September 30, 2008 reflects the restatement of our segment operating results based on this refinement.
ITRON, INC.
CONSOLIDATED BALANCE SHEETS
                              
(Unaudited, in thousands)
                        
                September 30, 2009         December 31, 2008
        ASSETS                 
Current assets                 
    Cash and cash equivalents         $     124,721         $     144,390     
    Accounts receivable, net             325,119             321,278     
    Inventories             177,766             164,210     
    Deferred income taxes, net             28,993             31,807     
    Other                   69,583               56,032     
        Total current assets             726,182             717,717     
                        
Property, plant, and equipment, net             315,967             307,717     
Prepaid debt fees             10,450             12,943     
Deferred income taxes, net             68,934             30,917     
Other                 18,831             19,315     
Intangible assets, net             419,136             481,886     
Goodwill                   1,323,932               1,285,853     
        Total assets         $     2,883,432         $     2,856,348     
                        
        LIABILITIES AND SHAREHOLDERS' EQUITY                 
Current liabilities                 
    Accounts payable         $     193,867         $     200,725     
    Other current liabilities             59,687             66,365     
    Wages and benefits payable             70,559             78,336     
    Taxes payable             34,309             18,595     
    Current portion of long-term debt             10,953             10,769     
    Current portion of warranty             20,751             23,375     
    Unearned revenue             34,731             24,329     
    Deferred income taxes, net               1,927               1,927     
        Total current liabilities             426,784             424,421     
                        
Long-term debt             812,991             1,140,998     
Warranty             12,764             14,880     
Pension plan benefits             59,026             55,810     
Deferred income taxes, net             83,745             102,720     
Other obligations               77,280               58,743     
        Total liabilities             1,472,590             1,797,572     
                        
Commitments and contingencies                 
                        
Shareholders' equity                 
    Preferred stock             -             -     
    Common stock             1,294,425             992,184     
    Accumulated other comprehensive income, net             91,320             34,093     
    Retained earnings             25,097             50,291     
    Cumulative effect of change in accounting principle               -               (17,792     )
        Total shareholders' equity               1,410,842               1,058,776     
        Total liabilities and shareholders' equity         $     2,883,432         $     2,856,348     
ITRON, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
                                
(Unaudited, in thousands)                 
                Nine Months Ended September 30,
                      2009                     2008     
                        
Operating activities                 
    Net income (loss)         $     (7,402     )         $     17,642     
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                 
        Depreciation and amortization             113,812                 133,295     
        Stock-based compensation             13,467                 12,560     
        Amortization of prepaid debt fees             6,384                 7,665     
        Amortization of convertible debt discount             7,262                 9,995     
        Loss on extinguishment of debt, net             9,960                 -     
        Deferred income taxes, net             (51,341     )             (31,357     )
        Other, net             1,768                 236     
Changes in operating assets and liabilities, net of acquisitions:                 
    Accounts receivable             11,608                 1,834     
    Inventories             (4,211     )             (19,100     )
    Accounts payables, other current liabilities, and taxes payable             (2,473     )             15,373     
    Wages and benefits payable             (10,404     )             15,549     
    Unearned revenue             9,272                 5,339     
    Warranty             (5,735     )             103     
    Other, net               (4,880     )               (12,910     )
        Net cash provided by operating activities             87,087                 156,224     
                        
Investing activities                 
    Acquisitions of property, plant, and equipment             (38,023     )             (41,422     )
    Business acquisitions & contingent consideration, net of cash equivalents acquired             (1,317     )             (95     )
    Other, net               4,101                     1,380     
        Net cash used in investing activities             (35,239     )             (40,137     )
                        
Financing activities                 
    Payments on debt             (236,495     )             (384,426     )
    Issuance of common stock             165,235                 323,424     
    Prepaid debt fees             (3,936     )             (207     )
    Other, net               (1,309     )               (44     )
        Net cash used in financing activities             (76,505     )             (61,253     )
                        
Effect of exchange rate changes on cash and cash equivalents               4,988                     569     
Increase (decrease) in cash and cash equivalents             (19,669     )             55,403     
Cash and cash equivalents at beginning of period               144,390                     91,988     
Cash and cash equivalents at end of period         $     124,721               $     147,391     

Itron, Inc.

About Non-GAAP Financial Measures

The accompanying press release dated October 28, 2009 contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA and free cash flow. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures please see the table captioned “Reconciliations of Non-GAAP Financial Measures to Most Directly Comparable GAAP Financial Measures”.

We use these non-GAAP financial measures for financial and operational decision making and as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management’s internal comparisons to our historical performance as well as comparisons to our competitor’s operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and non-recurring discrete cash and non-cash charges that are infrequent in nature such as in-process research and development (IPR&D), purchase accounting adjustments or extinguishment of debt gains and losses. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to help them analyze the health of our business.

Non-GAAP operating income – We define non-GAAP operating income as operating income excluding the expense related to the amortization of intangible assets. We consider this non-GAAP financial measure to be a useful metric for management and investors because it excludes the effect of expenses that are related to previous acquisitions. By excluding these expenses we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, expenses related to amortization of intangible assets are now decreasing, which is improving GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating income versus operating income calculated in accordance with GAAP. Non-GAAP operating income excludes some costs that are recurring. Additionally, the expenses that we exclude in our calculation of non-GAAP operating income may differ from the expenses that our peer companies exclude when they report the results of their operations. We compensate for these limitations by providing specific information about the GAAP amounts we have excluded from our non-GAAP operating income and evaluating non-GAAP operating income together with GAAP operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income excluding the expenses associated with amortization of intangible assets, amortization of debt placement fees, non-cash interest expense from the adoption of FSB APB 14-1 and the non-cash net loss on the extinguishment of debt. We define non-GAAP diluted EPS as non-GAAP net income divided by the weighted average shares, on a diluted basis, outstanding during each period. We consider these financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income. The same limitations described above regarding our use of non-GAAP operating income apply to our use of non-GAAP net income and non-GAAP diluted EPS. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP measures and evaluating non-GAAP net income and non-GAAP diluted EPS together with GAAP net income and GAAP diluted EPS.

Adjusted EBITDA – We define adjusted EBITDA as net income (a) minus interest income, (b) plus interest expense, depreciation and amortization of intangible asset expenses and the non-cash net loss on the extinguishment of debt, and (c) exclude the tax expense or benefit. We believe that providing this financial measure is important for management and investors to understand our ability to service our debt as it is a measure of the cash generated by our core business. Management uses adjusted EBITDA as a performance measure for executive compensation. A limitation to using adjusted EBITDA is that it does not represent the total increase or decrease in the cash balance for the period and the measure includes some non-cash items and excludes other non-cash items. Additionally, the items that we exclude in our calculation of adjusted EBITDA may differ from the items that our peer companies exclude when they report their results. Management compensates for this limitation by providing a reconciliation of this measure to GAAP net income.

Free cash flow – We define free cash flow as net cash provided by operating activities less cash used for acquisitions of property, plant and equipment. We believe free cash flow provides investors with a relevant measure of liquidity and a useful basis for assessing our ability to fund our operations and repay our debt. The same limitations described above regarding our use of non-GAAP operating income apply to our use of free cash flow. We compensate for these limitations by providing specific information regarding the GAAP amounts and reconciling to free cash flow.

The accompanying tables have more detail on the GAAP financial measures that are most directly comparable to the non-GAAP financial measures and the related reconciliations between these financial measures.

ITRON, INC.
RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
                                                  
(Unaudited, in thousands, except per share data)
                Three Months Ended September 30,         Nine Months Ended September 30,
                      2009                     2008                     2009                     2008     
Non-GAAP operating income:                                 
    GAAP operating income         $     9,006             $     25,333             $     29,674             $     88,798     
        Amortization of intangible assets               25,121                     30,395                     72,788                     93,114     
    Non-GAAP operating income         $     34,127               $     55,728               $     102,462               $     181,912     
                                        
Non-GAAP net income:                                 
    GAAP net income (loss)         $     (2,962     )         $     5,600             $     (7,402     )         $     17,642     
        Amortization of intangible assets             25,121                 30,395                 72,788                 93,114     
        Amortization of debt placement fees             4,053                 1,726                 6,214                 7,475     
    (1     )     FSP APB 14-1 interest expense             2,367                 3,393                 7,262                 9,995     
        Loss on extinguishment of debt, net             -                 -                 9,960                 -     
        Income tax effect of non-GAAP adjustments               (10,378     )               (11,245     )               (39,831     )               (35,492     )
    Non-GAAP net income         $     18,201               $     29,869               $     48,991               $     92,734     
                                              
    Non-GAAP diluted EPS         $     0.45               $     0.81               $     1.28               $     2.65     
                                        
    Weighted average common shares outstanding - Diluted               40,456                     36,872                     38,387                     34,991     
                                        
Adjusted EBITDA:                                 
    GAAP net income (loss)         $     (2,962     )         $     5,600             $     (7,402     )         $     17,642     
        Interest income             45                 (1,962     )             (971     )             (4,846     )
        Interest expense             20,075                 21,037                 53,319                 75,362     
        Income tax (benefit) provision             (15,146     )             377                 (37,517     )             (1,298     )
        Depreciation and amortization             39,405                 43,829                 113,812                 133,295     
        Loss on extinguishment of debt, net               -                     -                     9,960                     -     
    Adjusted EBITDA         $     41,417               $     68,881               $     131,201               $     220,155     
                                        
Free Cash Flow:                                 
        Net cash provided by operating activities         $     19,734             $     35,775             $     87,087             $     156,224     
        Acquisitions of property, plant, and equipment               (10,219     )               (12,456     )               (38,023     )               (41,422     )
    Free Cash Flow         $     9,515               $     23,319               $     49,064               $     114,802     
                                        

(1)
    

 
    On January 1, 2009, we adopted FSP APB 14-1, Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement) (FSP 14-1), and applied FSP 14-1 retrospectively to all periods for which our convertible debt was outstanding. We have excluded the additional interest expense associated with FSP 14-1 as detailed in our discussion of our use of non-GAAP financial measures. (The guidance in FSP 14-1 is now located within ASC 470)

Contact:
Itron Inc.
Marni Pilcher
Director, Investor Relations
509-891-3847
marni.pilcher@itron.com

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