EX-99.3 5 ex-993updateditem6selected.htm UPDATED PART II, "ITEM 6: SELECTED CONSOLIDATED FINANCIAL DATA" EX-99.3 Updated "Item 6: Selected Consolidated Finanical Data"


EXHIBIT 99.3

ITEM 6:    SELECTED CONSOLIDATED FINANCIAL DATA
The selected consolidated financial data below is derived from our consolidated financial statements, which have been audited by an independent registered public accounting firm. This selected consolidated financial and other data represents portions of our financial statements. You should read this information together with Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8: “Financial Statements and Supplementary Data” included in this Current Report on Form 8-K. Historical results are not necessarily indicative of future performance.
 
 
Year Ended December 31,
 
2011(3)
 
2010
 
2009
 
2008
 
        2007(2)     
 
(in thousands, except per share data)
Consolidated Statements of Operations Data
 
 
 
 
 
 
 
 
 
Revenues
$
2,434,124

 
$
2,259,271

 
$
1,687,447

 
$
1,909,613

 
$
1,464,048

Cost of revenues
1,687,666

 
1,558,596

 
1,147,484

 
1,260,586

 
975,373

Gross profit
746,458

 
700,675

 
539,963

 
649,027

 
488,675

Operating income (loss)
(459,183
)
 
184,197

 
45,027

 
109,822

 
46,473

Net income (loss) attributable to Itron, Inc.
(510,157
)
 
104,770

 
(2,249
)
 
19,811

 
(22,851
)
Earnings (loss) per common share-Basic
$
(12.56
)
 
$
2.60

 
$
(0.06
)
 
$
0.60

 
$
(0.77
)
Earnings (loss) per common share-Diluted
$
(12.56
)
 
$
2.56

 
$
(0.06
)
 
$
0.57

 
$
(0.77
)
Weighted average common shares outstanding-Basic
40,612

 
40,337

 
38,539

 
33,096

 
29,584

Weighted average common shares outstanding-Diluted
40,612

 
40,947

 
38,539

 
34,951

 
29,584

 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheet Data
 
 
 
 
 
 
 
 
 
Working capital(1)
$
329,632

 
$
178,483

 
$
282,532

 
$
293,296

 
$
249,579

Total assets
2,064,282

 
2,745,797

 
2,854,621

 
2,856,348

 
3,030,457

Total debt
452,502

 
610,941

 
781,764

 
1,151,767

 
1,538,799

Total Itron, Inc. shareholders' equity
906,925

 
1,428,295

 
1,400,514

 
1,058,776

 
790,435

 
 
 
 
 
 
 
 
 
 
Other Financial Data
 
 
 
 
 
 
 
 
 
Cash provided by operating activities
$
252,358

 
$
254,591

 
$
140,787

 
$
193,146

 
$
133,327

Cash used in investing activities
(78,741
)
 
(56,274
)
 
(53,994
)
 
(67,075
)
 
(1,714,416
)
Cash (used in) provided by financing activities
(209,453
)
 
(148,637
)
 
(114,121
)
 
(63,376
)
 
1,310,360

Capital expenditures
(60,076
)
 
(62,822
)
 
(52,906
)
 
(63,430
)
 
(40,602
)
 
(1)
Working capital represents current assets less current liabilities.

(2)
On April 18, 2007, we completed the acquisition of Actaris Metering Systems SA (Actaris). The Consolidated Statement of Operations for the year ended December 31, 2007 includes the operating activities of the Actaris acquisition from April 18, 2007 through December 31, 2007.

(3)
During 2011, we incurred a goodwill impairment charge of $584.8 million. In addition, restructuring projects were approved and commenced to increase efficiency and lower our cost of manufacturing, for which we incurred costs of $68.1 million in 2011. Refer to Item 8: “Financial Statements and Supplementary Data, Note 5: Goodwill” and “Financial Statements and Supplementary Data, Note 13: Restructuring” included in this Current Report on Form 8-K for further disclosures regarding the goodwill impairment and restructuring charges.