-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Mjh5yqzoT/8sNh3tNM1MnWHraNjOE0b8D6ADtEav4zOkzDIk2G0cw1Vw/0i13own VG/OidYmu2jxIMdMFtpK7A== 0001157523-05-002422.txt : 20050311 0001157523-05-002422.hdr.sgml : 20050311 20050311111136 ACCESSION NUMBER: 0001157523-05-002422 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050310 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050311 DATE AS OF CHANGE: 20050311 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ITRON INC /WA/ CENTRAL INDEX KEY: 0000780571 STANDARD INDUSTRIAL CLASSIFICATION: RADIO & TV BROADCASTING & COMMUNICATIONS EQUIPMENT [3663] 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: 05674292 BUSINESS ADDRESS: STREET 1: 2818 N SULLIVAN RD CITY: SPOKANE STATE: WA ZIP: 99216 BUSINESS PHONE: 5099249900 MAIL ADDRESS: STREET 1: 2818 NORTH SULLIVAN ROAD CITY: SPOKANE STATE: WA ZIP: 99216 FORMER COMPANY: FORMER CONFORMED NAME: ITRON INC DATE OF NAME CHANGE: 19920724 8-K 1 a4840847.txt ITRON, INC. 8-K 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 March 11, 2005 ---------------------- 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 (Commission File No.) (IRS Employer of Incorporation) Identification No.) 2818 N. Sullivan Road, Spokane, WA 99216 - -------------------------------------------------------------------------------- (Address of Principal Executive Offices, Zip Code) (509) 924-9900 - -------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) None - -------------------------------------------------------------------------------- (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: [ ] 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 8.01. Other Events. On February 15, 2005, Itron, Inc. announced preliminary financial results for the fourth quarter and year ending December 31, 2004. On March 11, 2005, Itron filed its Annual Report on Form 10-K, which included final financial results for the fourth quarter and year ending December 31, 2004. The final results included a non-cash stock compensation adjustment as well as certain financial statement reclassification adjustments that were not included in the preliminary results. The non-cash stock compensation adjustment related to the Company's employee stock purchase plan resulted in an increase of $227,000 to the previously reported GAAP loss before tax for the fourth quarter and full year of 2004. The balance sheet reclassification adjustments did not affect total assets, total liabilities or total shareholders' equity. However, we did reclassify an additional $17 million of our bank debt from long-term to short-term. In addition, cash flow from operations was approximately $1 million higher for the fourth quarter and full year 2004 than previously reported. Attached as exhibits are schedules that reconcile GAAP net income (loss) with pro forma net income, EBITDA and pro forma EBITDA. Item 9.01. Financial Statements and Exhibits. (c) Exhibits. The following exhibits are filed as part of this report: Exhibit Number Description - --------- --------------------------------------------------------------------- 99.1 Reconciliation between GAAP Net Income (Loss) and Pro Forma Net Income and EPS. 99.2 Reconciliation between GAAP Net Income (Loss), EBITDA and Pro Forma EBITDA. The information presented in this Current Report on Form 8-K may contain forward-looking statements and certain assumptions upon which such forward-looking statements are in part based. Numerous important factors, including those factors identified in Itron, Inc.'s Annual Report on Form 10-K and other of the Company's filings with the Securities and Exchange Commission, and the fact that the assumptions set forth in this Current Report on Form 8-K could prove incorrect, could cause actual results to differ materially from those contained in such forward-looking statements. 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. Dated: March 11, 2005 By: /s/ STEVEN M. HELMBRECHT ------------------------ Steven M. Helmbrecht Sr. Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit Number Description - --------- --------------------------------------------------------------------- 99.1 Reconciliation between GAAP Net Income (Loss) and Pro Forma Net Income and EPS. 99.2 Reconciliation between GAAP Net Income (Loss), EBITDA and Pro Forma EBITDA. EX-99.1 2 a4840847ex991.txt ITRON, INC. EXHIBIT 99.1 EXHIBIT 99.1
ITRON, INC. RECONCILIATION BETWEEN GAAP NET INCOME (LOSS) AND PRO FORMA NET INCOME AND EPS (Unaudited, in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, PRO FORMA NET INCOME 2004 2003 2004 2003 ---------- --------- --------- --------- GAAP basis income (loss) before income taxes $ (12,142) $ (2,347) $ (9,406) $ 17,899 Adjustments to income (loss) before income taxes Amortization of intangibles 16,630 2,574 27,901 9,618 Amortization of debt placement fees 633 190 1,745 680 Restructurings 3,253 - 7,258 2,208 In-process research and development 6,400 - 6,400 900 Non-cash stock based compensation 227 - 227 - Litigation accrual - - - 500 ---------- --------- --------- --------- Total adjustments 27,143 2,764 43,531 13,906 Adjusted income before income taxes 15,001 417 34,125 31,805 Income tax provision (5,884) (164) (13,572) (12,480) ---------- --------- --------- --------- Pro forma net income $ 9,117 $ 253 $ 20,553 $ 19,325 ========== ========= ========= ========= PRO FORMA EARNINGS PER SHARE Basic Weighted average number of basic shares outstanding 21,204 20,556 20,922 20,413 Basic pro forma net income per share $ 0.43 $ 0.01 $ 0.98 $ 0.95 ========== ========= ========= ========= Diluted Weighted average number of basic shares outstanding 21,204 20,556 20,922 20,413 Employee stock option shares 1,069 1,304 1,136 1,327 ---------- --------- --------- --------- Weighted average number of diluted shares outstanding 22,273 21,860 22,058 21,740 Pro forma net income $ 9,117 $ 253 $ 20,553 $ 19,325 ========== ========= ========= ========= Diluted pro forma net income per share $ 0.41 $ 0.01 $ 0.93 $ 0.89 ========== ========= ========= =========
EX-99.2 3 a4840847ex992.txt ITRON, INC. EXHIBIT 99.2 EXHIBIT 99.2
ITRON, INC. RECONCILIATION BETWEEN GAAP NET INCOME (LOSS), EBITDA AND PRO FORMA EBITDA (Unaudited, in thousands) Three Months Ended Twelve Months Ended December 31, December 31, 2004 2003 2004 2003 --------- --------- --------- --------- GAAP basis net income (loss) $ (7,007) $ (1,639) $ (5,257) $ 10,478 Adjustments to net income (loss) Interest income (14) 106 (166) (159) Interest expense 4,983 421 13,145 2,638 Income tax provision (benefit) (5,135) (708) (4,149) 7,421 Depreciation and amortization 19,859 4,950 38,785 19,040 --------- --------- --------- --------- Total adjustments 19,693 4,769 47,615 28,940 --------- --------- --------- --------- EBITDA $ 12,686 $ 3,130 $ 42,358 $ 39,418 In-process research and development 6,400 - 6,400 900 Non-cash stock based compensation 227 - 227 - --------- --------- --------- --------- PRO FORMA EBITDA $ 19,313 $ 3,130 $ 48,985 $ 40,318 ========= ========= ========= =========
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