News
Itron Announces Sale of 3.4 Million Shares of Common Stock
LIBERTY LAKE, Wash.-(Business Wire)-May 6, 2008 - Itron Inc. (NASDAQ:ITRI) announced today that it has agreed to sell 3.4 million shares of its common stock in an underwritten at-the-market public offering. The last reported sale price of our common stock as reported by the Nasdaq Global Select Market on May 6, 2008 was $94.47 per share.
We expect to use $250 million of the net proceeds from the sale of the shares to repay a portion of our outstanding non-convertible debt and the remainder for general corporate purposes.
Closing of the offering is expected to occur on or about May 12, 2008, subject to customary closing conditions.
Goldman, Sachs & Co. is acting as the sole underwriter for the offering.
The offering is being made pursuant to an effective shelf registration statement. The offering may be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by sending a request to: Prospectus Department, Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004 or 212-902-1171.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities, nor shall there be any sale of these securities, in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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. They 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, changes in foreign exchange rates, foreign business risks and other factors which are more fully described in our Annual Report on Form 10-K for the year ended December 31, 2007 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update publicly or revise any forward-looking statements.
About Itron:
Itron, Inc. is a leading technology provider to the global energy and water industries. Itron, Inc. consists of Itron in North America and Actaris outside of North America. Our company is the world's leading provider of metering, data collection and utility software solutions, with utilities worldwide relying on our technology to optimize the delivery and use of energy and water. Our products include electricity, gas and water meters, data collection and communication systems, including automated meter reading (AMR) and advanced metering infrastructure (AMI); meter data management and related software applications; as well as project management, installation, and consulting services.
Search Our News Using Google Search
Can't find what you want? Try using Google:
