<SEC-DOCUMENT>0001157523-17-000895.txt : 20170328
<SEC-HEADER>0001157523-17-000895.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170328085525
ACCESSION NUMBER:		0001157523-17-000895
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170328
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170328
DATE AS OF CHANGE:		20170328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ITRON INC /WA/
		CENTRAL INDEX KEY:			0000780571
		STANDARD INDUSTRIAL CLASSIFICATION:	INSTRUMENTS FOR MEAS & TESTING OF ELECTRICITY & ELEC SIGNALS [3825]
		IRS NUMBER:				911011792
		STATE OF INCORPORATION:			WA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-22418
		FILM NUMBER:		17716915

	BUSINESS ADDRESS:	
		STREET 1:		2111 N MOLTER ROAD
		CITY:			LIBERTY LAKE
		STATE:			WA
		ZIP:			99019
		BUSINESS PHONE:		5099249900

	MAIL ADDRESS:	
		STREET 1:		2111 N MOLTER ROAD
		CITY:			LIBERTY LAKE
		STATE:			WA
		ZIP:			99019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ITRON INC
		DATE OF NAME CHANGE:	19920724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a51532122.htm
<DESCRIPTION>ITRON, INC. 8-K
<TEXT>
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      <font style="font-size: 12pt; font-family: Times New Roman"><b>UNITED
      STATES</b></font><b><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Washington,
      D.C. 20549</b></font><br><br>
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    <p style="text-align: center">
      <br>
      <font style="font-size: 18pt; font-family: Times New Roman"><b>FORM 8-K</b></font><br><br><font style="font-size: 12pt; font-family: Times New Roman"><b>CURRENT
      REPORT</b></font><br><font style="font-size: 12pt; font-family: Times New Roman"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br>
    </p>
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>March 28, 2017</b>
          </p>
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        <td style="width: 35%">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            Date of Report (Date of Earliest Event Reported)
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          &#160;
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <font style="font-size: 12pt"><b>ITRON, INC.</b></font>
          </p>
        </td>
        <td style="width: 25%">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="3" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Exact Name of Registrant as Specified in its Charter)
          </p>
        </td>
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    <p style="text-align: center">

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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Washington</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 30%; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>000-22418</b>
          </p>
        </td>
        <td style="width: 5%">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; border-bottom-width: 1.0pt; padding-left: 0.0px; width: 30%; white-space: nowrap; padding-right: 0.0px; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>91-1011792</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (State or Other Jurisdiction<br>of Incorporation)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Commission File No.)
          </p>
        </td>
        <td style="width: 5%">

        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 30%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (IRS Employer<br>Identification No.)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>2111 N. Molter Road, Liberty Lake, WA&#160;&#160;99019</b>
          </p>
        </td>
      </tr>
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        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Address of Principal Executive Offices, Zip Code)
          </p>
        </td>
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    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>(509) 924-9900</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Registrant&#8217;s Telephone Number, Including Area Code)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <div style="text-align:center">
    <table style="font-family: Times New Roman; margin-left:auto;margin-right:auto; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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          &#160;
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        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (Former Name or Former Address, if Changed Since Last Report)
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: justify">
      Check the appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions:
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br>
    </p>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
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        <div style="text-align: left">

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        <div style="text-align: center">

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          <hr style="color: black; height: 1.5pt">

        </div>
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        <div style="text-align: right">

        </div>
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    </div>
    <p>

    </p>
    <p>
      <b>Item 5.02 Departure of Directors or Certain Officers; Election of
      Directors; Appointment of Certain Officers; Compensatory Arrangements of
      Certain Officers. </b>
    </p>
    <p>
      (b) On March 28, 2017, Itron, Inc., (the &#8220;Company&#8221;) issued a press
      release announcing that W. Mark Schmitz, the Executive Vice President
      and Chief Financial Officer of the Company will be stepping down
      effective immediately. A copy of the press release is filed as Exhibit
      99.1 to this Form 8-K and is incorporated herein by reference in its
      entirety.
    </p>
    <p>
      (c) The Company and its board of directors have initiated a search for a
      new CFO and have engaged an executive search firm to assist in the
      process.&#160;&#160;Robert Farrow, the Company&#8217;s Vice President - Strategic
      Planning and Treasury will serve as interim CFO until a successor has
      been identified and the transition is effective.
    </p>
    <p>
      Mr. Farrow, age 59, the Company&#8217;s Vice President - Strategic Planning
      and Treasury, joined the Company in October 2015.&#160;&#160;Before joining the
      Company, Mr. Farrow served as Vice President &#8211; Financial Services and
      Treasury and as Corporate Treasurer for Alghanim Industries which he
      joined in June 2009.&#160;&#160;From 1994 to 2009, Mr. Farrow held positions of
      increasing responsibility in finance and treasury at General Electric,
      including CFO of GE Hydro.
    </p>
    <p>
      Mr. Farrow has no relationships or transactions with the Company which
      are required to be disclosed pursuant to Item 404(a) of Regulations S-K.
    </p>
    <p>
      (e)&#160; Mr.&#160;Farrow&#8217;s compensation as interim CFO will consist of: (1)&#160;an
      annual base salary of $293,300; (2)&#160;an annual bonus target for fiscal
      year 2017 equal to 50% of his annual base salary under the Itron, Inc.
      Executive Management Incentive Plan subject to its terms and conditions;
      (3) an additional payment of $7,000 for each month Mr. Farrow serves as
      interim CFO; and (4)&#160;restricted share units (RSUs) with a grant date
      fair market value of $140,000.&#160;&#160;The RSUs will be granted under the
      Itron, Inc. Amended and Restated 2010 Stock Incentive Plan (the &#8220;Plan&#8221;)
      and will vest 100% on the second anniversary of the grant date, subject
      to the terms and conditions of an RSU award agreement and the Plan. Mr.
      Farrow will become a participant under the Company&#8217;s Executive Severance
      Policy and the Company is entering into an indemnification agreement
      with Mr. Farrow in the form customary for its officers and directors.
    </p>
    <p>
      Under the Company&#8217;s Executive Severance Policy, Mr. Schmitz will receive
      a payment equal to his annual salary, a one year continuation of medical
      benefits and certain outplacement services, in each case conditioned
      upon his agreement to customary covenants regarding confidential
      information, non-disparagement, non-competition, non-solicitation and a
      release of claims.
    </p>
    <p>
      <b>Caution Regarding Forward Looking Statements</b>
    </p>
    <p>
      This 8-K includes forward-looking statements within the meaning of the
      Private Securities Litigation Reform Act of 1995. These statements
      relate to the Chief Financial Officer transition and other statements
      that are not historical fact. Although we believe the assumptions upon
      which these forward-looking statements are based are reasonable, any of
      these assumptions could prove to be inaccurate and the forward-looking
      statements based on these assumptions could be incorrect. Actual results
      may differ materially from those suggested or implied by the
      forward-looking statements depending on a variety of factors. Some of
      these factors include our ability to conduct an executive search, our
      ability to identify and attract a successor to the Chief Financial
      Officer and other risk factors discussed in Itron, Inc.&#8217;s filings with
      the Securities and Exchange Commission. We undertake no obligation to
      update any information contained in this 8-K.
    </p>
    <p>
      <b>Item 9.01 Financial Statements and Exhibits. </b>
    </p>
    <p>
      Exhibit 99.1 - Press release dated March 28, 2017
    </p>
    <p>

    </p>
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        <div style="text-align: center">

        </div>
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          <hr style="color: black; height: 1.5pt">

        </div>
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        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman"><b>SIGNATURE</b></font>
    </p>
    <p style="text-align: justify">
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p>

    </p>
<div style="text-align:left">
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        <td style="width: 6%">

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        <td style="width: 48%">

        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 10.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            ITRON, INC.
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 48%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 33%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
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        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 6%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 48%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            March 28, 2017
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%; padding-bottom: 2.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            By:
          </p>
        </td>
        <td valign="top" style="text-align: left; border-bottom-width: 1.0pt; padding-left: 10.0px; width: 33%; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Shannon Votava
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 48%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 10.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Shannon Votava
          </p>
        </td>
        <td style="width: 10%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 48%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" colspan="2" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Senior Vice President, General Counsel and<br>Corporate Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="color: black; height: 1.5pt">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>EXHIBIT INDEX</b><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; width: 100%; font-size: 10pt; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Exhibit<br>Number
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 3%; padding-bottom: 2.0px">
          &#160;
        </td>
        <td valign="bottom" style="text-align: left; border-bottom-width: 1.0pt; padding-left: 10.0px; width: 85%; border-bottom-style: solid; border-bottom-color: black">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Description
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 12%">

        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 85%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; width: 12%; white-space: nowrap; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            99.1
          </p>
        </td>
        <td style="width: 3%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 10.0px; width: 85%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press release dated March 28, 2017.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51532122ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Itron
      Announces Chief Financial Officer Transition</b></font>
    </p>
    <p>
      LIBERTY LAKE, Wash.--(BUSINESS WIRE)--March 28, 2017--Itron, Inc.
      (NASDAQ: ITRI), announced today that Mark Schmitz, the company&#8217;s
      executive vice president and chief financial officer (CFO) since
      September 2014, will be stepping down from the position, effective
      immediately. The company has engaged a firm to conduct an external
      search for qualified candidates to fill the position. During the
      transition, Robert Farrow, Itron&#8217;s current vice president, strategic
      planning and treasury, will serve as interim CFO of the company until
      the search for a permanent replacement is complete. Schmitz will remain
      available for one month to ensure a smooth transition during the first
      quarter accounting close.
    </p>
    <p>
      &#8220;During Mark&#8217;s tenure as CFO, he was instrumental in helping Itron begin
      its business transformation to a more predictable, profitable and
      growing company,&#8221; said Philip Mezey, Itron&#8217;s president and chief
      executive officer. &#8220;The board and I would like to thank Mark for his
      many contributions, and we wish him the best in his future endeavors.&#8221;
    </p>
    <p>
      &#8220;As Itron continues its business transformation, we are seeking an
      executive finance leader who builds upon Itron&#8217;s strong financial
      foundation as we develop a nimble finance organization focused on
      enabling our corporate strategy and achieving our next phase of growth,&#8221;
      continued Mezey.
    </p>
    <p>
      Robert Farrow will serve as interim CFO. Farrow, age 59, joined Itron in
      October 2015 with 35 years of finance and treasury experience. Before
      joining the company, he served as vice president, financial services and
      treasury and as corporate treasurer for Alghanim Industries, which he
      joined in June 2009. From 1994 to 2009, Farrow held positions of
      increasing responsibility in finance and treasury at General Electric,
      including CFO of GE Hydro.
    </p>
    <p>
      &#8220;We are fortunate to have Rob, a highly qualified finance professional,
      on staff to serve as our interim CFO while we recruit Mark&#8217;s
      replacement,&#8221; said Mezey. &#8220;Rob will lead the internal efforts currently
      underway to ensure that we are improving predictability, profitability
      and growth.&#8221;
    </p>
    <p>
      <b>About Itron</b>
    </p>
    <p>
      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: <u>www.itron.com</u>.
    </p>
    <p>
      Itron<sup>&#174;</sup> is a registered trademark of Itron, Inc. All
      third party trademarks are property of their respective owners and any
      usage herein does not suggest or imply any relationship between Itron
      and the third party unless expressly stated.
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    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This Press Release includes forward-looking statements within the
      meaning of the Private Securities Litigation Reform Act of 1995. These
      statements relate to the Chief Financial Officer transition and other
      statements that are not historical fact. Although we believe the
      assumptions upon which these forward-looking statements are based are
      reasonable, any of these assumptions could prove to be inaccurate and
      the forward-looking statements based on these assumptions could be
      incorrect. Actual results may differ materially from those suggested or
      implied by the forward-looking statements depending on a variety of
      factors. Some of these factors include our ability to conduct an
      executive search, our ability to identify and attract a successor to the
      Chief Financial Officer and other risk factors discussed in Itron,
      Inc.&#8217;s filings with the Securities and Exchange Commission. We undertake
      no obligation to update any information contained in this Press Release.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Itron, Inc.</b><br>Sharelynn Moore, 509-891-3524<br>Vice
      President, Global Marketing and Public Affairs<br><u>sharelynn.moore@itron.com</u>
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