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 ========== ========= ========= =========