Itron Announces Earnings Release Date for First Quarter 2016 Results
August 04 2016 - 4:05PM
Business Wire
Files 12b-25 Related to Second Quarter 2016
Quarterly Report on Form 10-Q
Itron, Inc. (NASDAQ: ITRI) today announced that it expects to
release its financial results for the first quarter ended March 31,
2016 after the close of market on Aug. 11, 2016.
“Following the business update we provided in May, we look
forward to announcing Itron’s first quarter financial and
operational results next week,” said Philip Mezey, Itron’s
president and chief executive officer. “We continue to successfully
execute against our strategic initiatives to drive profitability
and growth, and our business outlook remains strong.”
As previously announced, Itron filed its 2015 Annual Report on
Form 10-K on June 30, 2016 which included revised financial
statements for the years ended Dec. 31, 2013 and 2014 following a
review of revenue recognition on contracts for maintenance
associated with certain software solutions for 2015 and prior
years. The company is now working as diligently as possible to
finalize its review for the first and second quarters of 2016. Due
to the ongoing review, the company has not filed its Quarterly
Report on Form 10-Q for the fiscal quarter ended March 31, 2016 and
will not file its Quarterly Report on Form 10-Q for the fiscal
quarter ended June 30, 2016 in a timely manner. Accordingly, Itron
has filed a Form 12b-25, Notification of Late Filing, with the U.S.
Securities and Exchange Commission (SEC) relating to the company's
report on Form 10-Q for the period ended June 30, 2016.
As a result of the filing delay, Itron expects to receive an
additional notice from The Nasdaq Stock Market (“NASDAQ”)
indicating that it is not currently in compliance with NASDAQ
Listing Rule 5250(c)(1). As previously announced on June 30, 2016,
Itron received notice from The Nasdaq Stock Market (“NASDAQ”) that
its plan to regain compliance with NASDAQ Listing Rule 5250(c)(1)
and its request for an extension to Sept. 12, 2016 to regain
listing compliance has been approved. Itron also obtained waivers
from its creditors that extend the due dates to Sept. 12, 2016 for
annual audited financial statements for the year ended Dec. 31,
2015 (which have now been filed) and quarterly unaudited financial
statements for the quarters ended March 31, 2016 and June 30,
2016.
Itron expects to file its first and second quarter Forms 10-Q as
soon as practicable and not later than Sept. 12, 2016.
About Itron
Itron is a world-leading technology and services company
dedicated to the resourceful use of energy and water. We provide
comprehensive solutions that measure, manage and analyze energy and
water. Our broad product portfolio includes electricity, gas, water
and thermal energy measurement devices and control technology;
communications systems; software; as well as managed and consulting
services. With thousands of employees supporting nearly 8,000
customers in more than 100 countries, Itron applies knowledge and
technology to better manage energy and water resources. Together,
we can create a more resourceful world. Join
us: www.itron.com.
Itron® is a registered trademark of Itron, Inc.
Forward Looking Statements
This release contains forward-looking statements concerning our
expectations about the release of our results or the filing of our
first and second quarter Forms 10-Q as well as 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 potential that release of our results or
the filing of our first and second Forms 10-Q may be further
delayed, timing and ability to regain compliance with the reporting
obligations of the Securities and Exchange Commission within any
exemption period granted by NASDAQ, 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 Dec.
31, 2015 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.
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Itron, Inc.Barbara DoyleVice President, Investor
Relations509-891-3443orMarni PilcherDirector, Investor
Relations509-891-3847
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