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