April
16, 2007
|
||
Date
of Report (Date of Earliest Event
Reported)
|
ITRON,
INC.
|
(Exact
Name of Registrant as Specified in its
Charter)
|
Washington
|
000-22418
|
91-1011792
|
||
(State
or Other
Jurisdiction
of Incorporation)
|
(Commission
File No.)
|
(IRS
Employer
Identification
No.)
|
2111
N. Molter Road, Liberty Lake,
WA 99019
|
(Address
of Principal Executive Offices, Zip
Code)
|
(509)
924-9900
|
(Registrant’s
Telephone Number, Including Area
Code)
|
(Former
Name or Former Address, if Changed Since Last
Report)
|
|
[ ] Written communications pursuant to Rule 425
under
Securities Act (17 CFR 230.425)
|
|
[ ] Soliciting material pursuant to Rule 14a-12
under the
Exchange Act (17 CFR 240.14a-12)
|
|
[
]
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|
|
[
]
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
|
Item 7.01
|
Regulation
FD Disclosure.
|
ITRON,
INC.
|
||||||||||||||||||||
RECONCILIATIONS
OF NON-GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
TO
MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
|
||||||||||||||||||||
FOR
EACH OF THE QUARTERS AND THE YEAR ENDED DECEMBER 31,
2006
|
||||||||||||||||||||
(Unaudited,
in thousands, except per share data)
|
Three
months ended
|
Year
ended
|
||||||||||||||||||
March
31,
|
June
30,
|
September
30,
|
December
31,
|
December
31,
|
||||||||||||||||
Non-GAAP
Operating Income:
|
||||||||||||||||||||
GAAP
operating income
|
$ |
18,988
|
$ |
17,660
|
$ |
15,876
|
$ |
9,219
|
$ |
61,743
|
||||||||||
Amortization
of intangible assets
|
7,313
|
7,612
|
8,284
|
7,916
|
31,125
|
|||||||||||||||
Non-GAAP
operating income
|
$ |
26,301
|
$ |
25,272
|
$ |
24,160
|
$ |
17,135
|
$ |
92,868
|
||||||||||
Non-GAAP
Net Income:
|
||||||||||||||||||||
GAAP
net income
|
$ |
7,069
|
$ |
10,204
|
$ |
9,215
|
$ |
7,271
|
$ |
33,759
|
||||||||||
Amortization
of intangible assets
|
7,313
|
7,612
|
8,284
|
7,916
|
31,125
|
|||||||||||||||
Amortization
of debt placement fees
|
2,735
|
301
|
597
|
744
|
4,377
|
|||||||||||||||
Income
tax effect of non-GAAP adjustments
|
(3,898 | ) | (3,077 | ) | (3,284 | ) | (3,394 | ) | (13,653 | ) | ||||||||||
Non-GAAP
net income
|
$ |
13,219
|
$ |
15,040
|
$ |
14,812
|
$ |
12,537
|
$ |
55,608
|
||||||||||
Non-GAAP
diluted EPS
|
$ |
0.51
|
$ |
0.57
|
$ |
0.56
|
$ |
0.48
|
$ |
2.12
|
||||||||||
Shares
used in diluted EPS
|
26,071
|
26,360
|
26,336
|
26,378
|
26,283
|
|||||||||||||||
EBITDA:
|
||||||||||||||||||||
GAAP
net income
|
$ |
7,069
|
$ |
10,204
|
$ |
9,215
|
$ |
7,271
|
$ |
33,759
|
||||||||||
Interest
income
|
(362 | ) | (360 | ) | (3,467 | ) | (5,308 | ) | (9,497 | ) | ||||||||||
Interest
expense
|
5,746
|
2,585
|
4,028
|
5,426
|
17,785
|
|||||||||||||||
Income
tax provision
|
6,087
|
4,990
|
5,913
|
1,486
|
18,476
|
|||||||||||||||
Depreciation
and amortization
|
10,938
|
11,353
|
11,975
|
11,968
|
46,234
|
|||||||||||||||
EBITDA
|
$ |
29,478
|
$ |
28,772
|
$ |
27,664
|
$ |
20,843
|
$ |
106,757
|
See
"About non-GAAP Financial Measures" immediately preceding
this table for
information on these measures, the items excluded
from the most directly
comparable GAAP measures in arriving at non-GAAP
financial measures and
the reasons that management uses each measure and
excludes the specified
amounts in arriving at each non-GAAP financial measure.
|
||||||||||
Dated: April
16, 2007
|
ITRON,
INC.
By: /s/
Steven M.
Helmbrecht
|
|
Steven
M. Helmbrecht
Sr.
Vice President and Chief Financial
Officer
|