0000780571-19-000003.txt : 20190221 0000780571-19-000003.hdr.sgml : 20190221 20190221160620 ACCESSION NUMBER: 0000780571-19-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20190221 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190221 DATE AS OF CHANGE: 20190221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITRON INC /WA/ CENTRAL INDEX KEY: 0000780571 STANDARD INDUSTRIAL CLASSIFICATION: INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825] IRS NUMBER: 911011792 STATE OF INCORPORATION: WA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22418 FILM NUMBER: 19621890 BUSINESS ADDRESS: STREET 1: 2111 N MOLTER ROAD CITY: LIBERTY LAKE STATE: WA ZIP: 99019 BUSINESS PHONE: 5099249900 MAIL ADDRESS: STREET 1: 2111 N MOLTER ROAD CITY: LIBERTY LAKE STATE: WA ZIP: 99019 FORMER COMPANY: FORMER CONFORMED NAME: ITRON INC DATE OF NAME CHANGE: 19920724 8-K 1 dnoreleaseinformation22119.htm 8-K Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 
February 21, 2019
 
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)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

c Written communications pursuant to Rule 425 under Securities Act (17 CFR 230.425)
c Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
c Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
c Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company c

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. c






Item 8.01    Other Events.

Attached hereto as Exhibit 99.1 and incorporated herein by reference is a schedule containing recast financial information for the Company’s new reporting segments - Device Solutions, Networked Solutions, and Outcomes. The financial information is for the years ended December 31, 2016 and 2017 and the nine-months ended September 30, 2018, as well as the interim periods therein. This schedule has also been posted to the Company’s website: www.itron.com.

Item 9.01    Financial Statements and Exhibits.

(d)    Exhibits.
Exhibit
Number
 
Description
 
 
 
99.1
 
Recast segment information for the years ended December 31, 2016 and 2017 and the nine-months ended September 30, 2018 and the interim periods therein.
 
 
 

Forward Looking Statements

The information presented in this Current Report on Form 8-K may contain forward-looking statements within in the meaning of the Private Securities Litigation Reform Act of 1995.  These statements relate to our expectations about revenues, operations, financial performance, earnings, earnings per share, cash flows and other financial results. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks and other factors that are more fully described in our Annual Report on Form 10-K for the year ended December 31, 2017 and other reports on file with the Securities and Exchange Commission. The Company undertakes no obligation to update this information.





SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 
 
ITRON, INC.
 
 
 
 
 
 
By:
/s/ JOAN S. HOOPER
Dated: February 21, 2019
 
 
Joan S. Hooper
 
 
 
Senior Vice President and Chief Financial Officer





EXHIBIT INDEX



 EX-99.1 2 ex991recastsegmentinformat.htm EXHIBIT 99.1 Exhibit


 
Itron, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New segmentation recast for years ended December 31, 2016 and 2017, and the nine-months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2016
 
Full Year
 
(Unaudited; $ in Thousands)
Q1
 
Q2
 
Q3
 
Q4
 
2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Product revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
233,737

 
$
241,044

 
$
214,370

 
$
205,432

 
$
894,583

 
 
Networked Solutions
204,232

 
214,727

 
232,749

 
230,389

 
882,097

 
 
Outcomes
11,844

 
12,170

 
14,023

 
15,353

 
53,390

 
 
Total Company
$
449,813

 
$
467,941

 
$
461,142

 
$
451,174

 
$
1,830,070

 
 
 
 
 
 
 
 
 
 
 
 
 
Service revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
4,498

 
$
4,459

 
$
5,492

 
$
4,489

 
$
18,938

 
 
Networked Solutions
14,216

 
14,541

 
14,142

 
14,685

 
57,584

 
 
Outcomes
29,062

 
26,083

 
26,082

 
25,367

 
106,594

 
 
Total Company
$
47,776

 
$
45,083

 
$
45,716

 
$
44,541

 
$
183,116

 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
238,235

 
$
245,503

 
$
219,862

 
$
209,921

 
$
913,521

 
 
Networked Solutions
218,448

 
229,268

 
246,891

 
245,074

 
939,681

 
 
Outcomes
40,906

 
38,253

 
40,105

 
40,720

 
159,984

 
 
Total Company
$
497,589

 
$
513,024

 
$
506,858

 
$
495,715

 
$
2,013,186

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
63,091

 
$
64,903

 
$
60,072

 
$
44,830

 
$
232,896

 
 
Networked Solutions
87,767

 
93,726

 
97,815

 
99,074

 
378,382

 
 
Outcomes
12,721

 
11,491

 
13,527

 
13,515

 
51,254

 
 
Total Company
$
163,579

 
$
170,120

 
$
171,414

 
$
157,419

 
$
662,532

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
48,471

 
$
51,351

 
$
45,901

 
$
32,438

 
$
178,161

 
 
Networked Solutions
63,890

 
72,643

 
77,293

 
77,409

 
291,235

 
 
Outcomes
2,799

 
3,636

 
5,056

 
4,748

 
16,239

 
 
Corporate unallocated
(90,740
)
 
(91,293
)
 
(120,478
)
 
(82,131
)
 
(384,642
)
 
 
Total Company
24,420

 
36,337

 
7,772

 
32,464

 
100,993

 
Total other income (expense)
(5,010
)
 
(3,642
)
 
(3,244
)
 
(4,470
)
 
(16,366
)
 
Income (loss) before income taxes
$
19,410

 
$
32,695

 
$
4,528

 
$
27,994

 
$
84,627

 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
5,784

 
$
6,358

 
$
6,673

 
$
6,343

 
$
25,158

 
 
Networked Solutions
2,452

 
2,368

 
2,268

 
2,049

 
9,137

 
 
Outcomes
771

 
736

 
760

 
774

 
3,041

 
 
Corporate unallocated
1,457

 
1,549

 
1,385

 
1,479

 
5,870

 
 
Total Company
$
10,464

 
$
11,011

 
$
11,086

 
$
10,645

 
$
43,206

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Published February 21, 2019 information has the potential to change or be updated at a future date.




 
Itron, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New segmentation recast for years ended December 31, 2016 and 2017, and the nine-months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2017
 
Full Year
 
(Unaudited; $ in Thousands)
Q1
 
Q2
 
Q3
 
Q4
 
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Product revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
201,903

 
$
207,258

 
$
222,642

 
$
234,225

 
$
866,028

 
 
Networked Solutions
217,481

 
234,028

 
195,635

 
233,898

 
881,042

 
 
Outcomes
12,981

 
13,427

 
15,707

 
24,740

 
66,855

 
 
Total Company
$
432,365

 
$
454,713

 
$
433,984

 
$
492,863

 
$
1,813,925

 
 
 
 
 
 
 
 
 
 
 
 
 
Service revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
4,740

 
$
4,663

 
$
3,252

 
$
4,213

 
$
16,868

 
 
Networked Solutions
15,129

 
15,634

 
15,889

 
19,690

 
66,342

 
 
Outcomes
25,358

 
28,072

 
33,622

 
34,010

 
121,062

 
 
Total Company
$
45,227

 
$
48,369

 
$
52,763

 
$
57,913

 
$
204,272

 
 
 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
206,643

 
$
211,921

 
$
225,894

 
$
238,438

 
$
882,896

 
 
Networked Solutions
232,610

 
249,662

 
211,524

 
253,588

 
947,384

 
 
Outcomes
38,339

 
41,499

 
49,329

 
58,750

 
187,917

 
 
Total Company
$
477,592

 
$
503,082

 
$
486,747

 
$
550,776

 
$
2,018,197

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
54,803

 
$
49,826

 
$
57,758

 
$
54,244

 
$
216,631

 
 
Networked Solutions
94,428

 
117,793

 
94,286

 
105,868

 
412,375

 
 
Outcomes
8,406

 
10,658

 
13,711

 
14,970

 
47,745

 
 
Total Company
$
157,637

 
$
178,277

 
$
165,755

 
$
175,082

 
$
676,751

 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
40,947

 
$
34,537

 
$
43,833

 
$
40,324

 
$
159,641

 
 
Networked Solutions
72,877

 
94,599

 
72,024

 
82,867

 
322,367

 
 
Outcomes
(1,058
)
 
(504
)
 
2,725

 
3,752

 
4,915

 
 
Corporate unallocated
(81,939
)
 
(91,004
)
 
(80,356
)
 
(78,747
)
 
(332,046
)
 
 
Total Company
30,827

 
37,628

 
38,226

 
48,196

 
154,877

 
Total other income (expense)
(5,766
)
 
(6,061
)
 
(4,732
)
 
(3,743
)
 
(20,302
)
 
Income (loss) before income taxes
$
25,061

 
$
31,567

 
$
33,494

 
$
44,453

 
$
134,575

 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
 
 
 
Device Solutions
$
6,002

 
$
6,241

 
$
6,680

 
$
6,834

 
$
25,757

 
 
Networked Solutions
1,904

 
1,894

 
1,899

 
2,061

 
7,758

 
 
Outcomes
867

 
887

 
965

 
1,107

 
3,826

 
 
Corporate unallocated
1,056

 
1,098

 
1,363

 
1,572

 
5,089

 
 
Total Company
$
9,829

 
$
10,120

 
$
10,907

 
$
11,574

 
$
42,430

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Published February 21, 2019 information has the potential to change or be updated at a future date.




 
Itron, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
New segmentation recast for years ended December 31, 2016 and 2017, and the nine-months ended September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
2018
YTD
 
(Unaudited; $ in Thousands)
Q1
 
Q2
 
Q3
 
September 30, 2018
 
 
 
 
 
 
 
 
 
 
 
Product revenues
 
 
 
 
 
 
 
 
 
Device Solutions
$
245,423

 
$
231,750

 
$
216,371

 
$
693,544

 
 
Networked Solutions
279,795

 
275,298

 
297,726

 
852,819

 
 
Outcomes
11,892

 
8,866

 
11,619

 
32,377

 
 
Total Company
$
537,110

 
$
515,914

 
$
525,716

 
$
1,578,740

 
 
 
 
 
 
 
 
 
 
 
Service revenues
 
 
 
 
 
 
 
 
 
Device Solutions
$
3,944

 
$
4,396

 
$
3,879

 
$
12,219

 
 
Networked Solutions
22,543

 
20,868

 
22,782

 
66,193

 
 
Outcomes
43,624

 
44,712

 
43,585

 
131,921

 
 
Total Company
$
70,111

 
$
69,976

 
$
70,246

 
$
210,333

 
 
 
 
 
 
 
 
 
 
 
Total revenues
 
 
 
 
 
 
 
 
 
Device Solutions
$
249,367

 
$
236,146

 
$
220,250

 
$
705,763

 
 
Networked Solutions
302,338

 
296,166

 
320,508

 
919,012

 
 
Outcomes
55,516

 
53,578

 
55,204

 
164,298

 
 
Total Company
$
607,221

 
$
585,890

 
$
595,962

 
$
1,789,073

 
 
 
 
 
 
 
 
 
 
 
Gross profit
 
 
 
 
 
 
 
 
 
Device Solutions
$
53,604

 
$
48,743

 
$
46,484

 
$
148,831

 
 
Networked Solutions
114,241

 
112,290

 
133,057

 
359,588

 
 
Outcomes
12,010

 
15,544

 
17,556

 
45,110

 
 
Total Company
$
179,855

 
$
176,577

 
$
197,097

 
$
553,529

 
 
 
 
 
 
 
 
 
 
 
Operating income
 
 
 
 
 
 
 
 
 
Device Solutions
$
38,192

 
$
34,510

 
$
33,019

 
$
105,721

 
 
Networked Solutions
79,943

 
81,941

 
103,998

 
265,882

 
 
Outcomes
(655
)
 
4,249

 
6,372

 
9,966

 
 
Corporate unallocated
(257,928
)
 
(100,137
)
 
(101,713
)
 
(459,778
)
 
 
Total Company
(140,448
)
 
20,563

 
41,676

 
(78,209
)
 
Total other income (expense)
(16,010
)
 
(13,009
)
 
(16,174
)
 
(45,193
)
 
Income (loss) before income taxes
$
(156,458
)
 
$
7,554

 
$
25,502

 
$
(123,402
)
 
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
 
Device Solutions
$
6,474

 
$
6,442

 
$
6,127

 
$
19,043

 
 
Networked Solutions
3,244

 
3,071

 
3,152

 
9,467

 
 
Outcomes
1,709

 
1,638

 
1,621

 
4,968

 
 
Corporate unallocated
1,905

 
1,757

 
1,589

 
5,251

 
 
Total Company
$
13,332

 
$
12,908

 
$
12,489

 
$
38,729

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Note: Published February 21, 2019 information has the potential to change or be updated at a future date.