Itron Announces New Share Repurchase Program
LIBERTY LAKE, Wash. -- March 8, 2013
Itron, Inc. (NASDAQ:ITRI) announced today that its Board of Directors has
authorized a new share repurchase program of up to $50 million of Itron common
stock during the next twelve months.
In February, the company completed its previously announced repurchase program
by purchasing approximately 2 million shares of common stock for a total of
"While we are significantly investing in our future, we are also pleased that
our strong financial profile allows us the opportunity to repurchase shares,”
said Philip Mezey, president and chief executive officer of Itron. "This new
plan shows our commitment to delivering shareholder value, as well as
confidence in Itron’s long-term growth potential."
The share repurchase program is effective immediately. Repurchases will be
made in accordance with applicable securities laws in the open market or in
privately negotiated transactions. Depending on market conditions and other
factors, these repurchases may be commenced or suspended from time to time
without prior notice.
Forward Looking Statements:
This release contains forward-looking statements concerning our expectations
about operations, financial performance, sales, earnings and cash flows. These
statements reflect our current plans and expectations and are based on
information currently available. The statements rely on a number of
assumptions and estimates, which could be inaccurate, and which are subject to
risks and uncertainties that could cause our actual results to vary materially
from those anticipated. Risks and uncertainties include the rate and timing of
customer demand for our products, rescheduling of current customer orders,
changes in estimated liabilities for product warranties, 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, 2012 and other reports on
file with the Securities and Exchange Commission. Itron undertakes no
obligation to update publicly or revise any forward-looking statements,
including our business outlook.
Itron is a global technology company. We build solutions that help utilities
measure, manage and analyze energy and water. Our broad product portfolio
includes electricity, gas, water and thermal energy measurement and control
technology; communications systems; software; and professional services. With
thousands of employees supporting nearly 8,000 utilities in more than 100
countries, Itron empowers utilities to responsibly and efficiently manage
energy and water resources. Join us in creating a more resourceful world;
start here: www.itron.com.
Vice President, Investor Relations
Barbara Doyle, 509-891-3443
Director, Investor Relations
Marni Pilcher, 509-891-3847
Press spacebar to pause and continue. Press esc to stop.