<SEC-DOCUMENT>0001157523-17-001470.txt : 20170508
<SEC-HEADER>0001157523-17-001470.hdr.sgml : 20170508
<ACCEPTANCE-DATETIME>20170508080016
ACCESSION NUMBER:		0001157523-17-001470
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170506
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170508
DATE AS OF CHANGE:		20170508

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:		17820615

	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>a51554495.htm
<DESCRIPTION>ITRON, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br>
    </p>
    <hr style="color: #000000; height: 1.0 pt; text-align: center; width: 30%">


    <p style="text-align: center">
      <br>
      <font style="font-family: Times New Roman; font-size: 18pt"><b>FORM 8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br>
    </p>
    <div style="text-align:center">
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>May 6, 2017</b>
          </p>
        </td>
        <td style="width: 35%">

        </td>
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        <td colspan="3" valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Date of Report (Date of Earliest Event Reported)
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          &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <font style="font-size: 12pt"><b>ITRON, INC.</b></font>
          </p>
        </td>
        <td style="width: 25%">

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

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

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

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

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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(509) 924-9900</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 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 cellspacing="0" style="margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-size: 10pt; font-family: Times New Roman">
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          &#160;
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        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 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="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <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>
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    <table cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 8.01</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Other Events.</b>
          </p>
        </td>
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          &#160;
        </td>
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        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          On May 8, 2017, the Company issued a press release announcing it has
          signed an agreement to acquire Comverge, Inc. by purchasing its
          parent company, Peak Holding Corp. A copy of this press release is
          attached as Exhibit 99.1 and is incorporated by reference herein.
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Item 9.01</b>
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibits.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 10%">

        </td>
        <td style="width: 90%">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">

        </td>
        <td valign="top" style="text-align: left; width: 90%; padding-left: 0.0px">
          (d) Exhibits.
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap">

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

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

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

        </td>
        <td valign="top" style="text-align: left; width: 85%; padding-left: 10.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press release dated May 8, 2017.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      The information presented in this Current Report on Form 8-K may contain
      forward-looking statements within in the meaning of the Private
      Securities Litigation Reform Act of 1995.&#160;&#160;These statements relate to
      our expectations about our business, financial performance and
      restructuring activities, the closing of the Comverge transaction and
      synergies related to the Comverge acquisition and its
      integration.&#160;&#160;Although we believe the estimates and assumptions upon
      which these forward-looking statements are based are reasonable, any of
      these estimates or assumptions could prove to be inaccurate and the
      forward-looking statements based on these estimates and assumptions
      could be incorrect. Our operations involve risks and uncertainties, many
      of which are outside our control, and any one of which, or a combination
      of which, could materially affect our results of operations and whether
      the forward-looking statements ultimately prove to be correct. Actual
      results and trends in the future may differ materially from those
      suggested or implied by the forward-looking statements depending on a
      variety of factors. Some of the factors that we believe could affect our
      results include our ability to execute on our restructuring plan, our
      ability to achieve estimated cost savings, 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, our ability to close the Comverge
      transaction, our ability to execute on the integration of Comverge, our
      ability to achieve estimated synergies, the market for Comverge&#8217;s
      products and other factors that are more fully described in our Annual
      Report on Form 10-K for the year ended December 31, 2016 and other
      reports on file with the Securities and Exchange Commission.
    </p>
    <p>

    </p>
    <p>

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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>
      </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: left">
      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>
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        <td style="width: 39%">

        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 3%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; width: 39%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            ITRON, INC.
          </p>
        </td>
        <td style="width: 10%">

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

        </td>
        <td style="width: 39%">

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

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

        </td>
        <td style="width: 39%">

        </td>
        <td style="width: 10%">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 39%">

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

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

        </td>
        <td style="width: 39%">

        </td>
        <td valign="top" style="text-align: left; width: 10%; padding-left: 0.0px">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; width: 6%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 39%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            May 8, 2017
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="width: 3%; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt">
          &#160;
        </td>
        <td valign="top" style="text-align: left; width: 39%; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Robert H.A. Farrow
          </p>
        </td>
        <td style="width: 10%">

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

        </td>
        <td style="width: 39%">

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

        </td>
        <td valign="top" style="text-align: left; width: 39%; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Robert H.A. Farrow
          </p>
        </td>
        <td style="width: 10%">

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

        </td>
        <td style="width: 39%">

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

        </td>
        <td colspan="2" valign="top" style="text-align: left; padding-left: 0.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Interim Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-bottom: 10pt; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <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 cellspacing="0" style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt">
      <tr>
        <td valign="top" style="text-align: left; width: 12%; border-bottom-style: solid; border-bottom-color: black; border-bottom-width: 1.0pt; padding-left: 10.0px">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Exhibit<br>Number
          </p>
        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-bottom: 2.0px; padding-left: 0.0px">
          &#160;
        </td>
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            Description
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            99.1
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            Press release dated May 8, 2017.
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Itron
      Poised to Drive New Grid and Customer Experience Solutions with Comverge
      Acquisition</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Comverge&#8217;s
      demand response, energy efficiency and customer engagement solutions
      complement Itron&#8217;s strategy to provide more value to utilities and their
      customers</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Itron
      to host webcast today at 12:00 p.m. EDT to discuss the transaction</b></font></i>
    </p>
    <p>
      LIBERTY LAKE, Wash.--(BUSINESS WIRE)--May 8, 2017--Itron, Inc. (NASDAQ:
      ITRI), a world-leading technology and services company dedicated to the
      resourceful use of energy and water, announced today that it has signed
      a definitive agreement to acquire privately held Comverge by purchasing
      its parent company, Peak Holding Corp., in a cash transaction valued at
      approximately $100 million. The acquisition combines a world-leader in
      gas, water, electricity and smart cities solutions with a longtime
      leader of demand response, which expands the scope of smart grid
      offerings for the industry.
    </p>
    <p>
      &#8220;The acquisition of Comverge enables Itron to offer a unique solution
      set that brings Comverge&#8217;s demand management solutions to the edge of
      the network using OpenWay Riva&#8217;s edge intelligence and processing
      capabilities. This will enable utilities to better integrate distributed
      energy resources and optimize grid performance and reliability. With
      this acquisition, we are delivering even more value for our customers on
      top of industry-leading AMI and smart grid solutions enabling a robust,
      active grid,&#8221; said Philip Mezey, Itron&#8217;s president and chief executive
      officer.
    </p>
    <p>
      Comverge is an industry-leading provider of integrated cloud-based
      demand response, energy efficiency and customer engagement solutions
      that enable electric utilities to ensure grid reliability, lower energy
      costs, meet regulatory demands and enhance the customer experience.
      Through its combination of software, hardware and services, Comverge
      helps utilities optimize every aspect of a demand management program,
      from participant recruitment and device installation to call center
      support, control events, and measurement and verification. Comverge has
      enrolled and deployed nearly 3 million energy management devices into
      mass market demand management programs. In 2016, the company generated
      $60 million in revenue.
    </p>
    <p>
      &#8220;There are tremendous opportunities that exist, between our
      technologies, operations and customer relationships. The combination of
      Comverge and Itron is beneficial for both companies and, most
      importantly, to our employees and customers,&#8221; said Gregory Dukat,
      Comverge&#8217;s chairman, president and chief executive officer. &#8220;We&#8217;ve spent
      the last several years successfully pivoting from a hardware-oriented
      demand response company to a software and services company focused on
      delivering increased value to our customers. By integrating with Itron&#8217;s
      platform, we create a more compelling offer that leverages data and
      analytics to optimize the management of distributed energy resources,
      delivering even greater customer value.&#8221;
    </p>
    <p>
      Excluding acquisition and integration-related costs, amortization of
      acquired intangible assets and purchase accounting adjustments, the
      company anticipates the acquisition will be neutral to non-GAAP earnings
      per share in 2017 and accretive beginning in 2018. The transaction is
      expected to close in the second quarter of 2017, subject to customary
      closing conditions.
    </p>
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    <p>
      <b>Company Webcast</b>
    </p>
    <p>
      Itron will host a webcast on May 8, 2017, at 12:00 p.m. EDT to discuss
      this transaction. The call will be webcast in a listen-only mode. The
      webcast and presentation materials will be made available 10 minutes
      before the start of the call and will be accessible on Itron&#8217;s website
      at <u>http://investors.itron.com/events.cfm</u>. A replay of the audio
      webcast will be made available at <u>http://investors.itron.com/events.cfm</u>.
      A telephone replay of the conference call will be available through May
      13, 2017. To access the telephone replay, dial (888) 203-1112 (Domestic)
      or (719) 457-0820 (International) and enter passcode 2028923.
    </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> and OpenWay<sup>&#174;</sup> are registered
      trademarks 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.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      This release contains forward-looking statements within in the meaning
      of the Private Securities Litigation Reform Act of 1995. These
      statements relate to our expectations about revenues, operations,
      financial performance, earnings, earnings per share, cash flows, the
      closing of the Comverge transaction and synergies related to the
      Comverge acquisition and its integration. Although we believe the
      estimates and assumptions upon which these forward-looking statements
      are based are reasonable, any of these estimates or assumptions could
      prove to be inaccurate and the forward-looking statements based on these
      estimates and assumptions could be incorrect. Our operations involve
      risks and uncertainties, many of which are outside our control, and any
      one of which, or a combination of which, could materially affect our
      results of operations and whether the forward-looking statements
      ultimately prove to be correct. Actual results and trends in the future
      may differ materially from those suggested or implied by the
      forward-looking statements depending on a variety of factors. Some of
      the factors that we believe could affect our results include our ability
      to close the Comverge transaction, our ability to execute on the
      integration of Comverge, our ability to achieve estimated synergies, the
      market for Comverge&#8217;s products and other factors that are more fully
      described in our Annual Report on Form 10-K for the year ended December
      31, 2016, and other reports on file with the Securities and Exchange
      Commission. Itron undertakes no obligation to update or revise any
      information in this press release.
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    <p>
      <b>Non-GAAP Financial Information</b>
    </p>
    <p>
      To supplement our consolidated financial statements presented in
      accordance with GAAP, we use certain non-GAAP financial measures,
      including non-GAAP operating expense, non-GAAP operating income,
      non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, adjusted
      EBITDA margin, constant currency and free cash flow. We provide these
      non-GAAP financial measures because we believe they provide greater
      transparency and represent supplemental information used by management
      in its financial and operational decision making. We exclude certain
      costs in our non-GAAP financial measures as we believe the net result is
      a measure of our core business. The company believes these measures
      facilitate operating performance comparisons from period to period by
      eliminating potential differences caused by the existence and timing of
      certain expense items that would not otherwise be apparent on a GAAP
      basis. Non-GAAP performance measures should be considered in addition
      to, and not as a substitute for, results prepared in accordance with
      GAAP. Our non-GAAP financial measures may be different from those
      reported by other companies. A more detailed discussion of why we use
      non-GAAP financial measures, the limitations of using such measures, and
      reconciliations between non-GAAP and the nearest GAAP financial measures
      are included in our 10-K for the year ended Dec. 31, 2016.
    </p>
    <p>

    </p>
    <p>
      CONTACT:<br><b>Itron, Inc.</b><br>Media:<br>Sharelynn Moore, 509-891-3524<br>Vice
      President, Global Marketing and Public Affairs<br>or<br>Investors:<br>Barbara
      Doyle, 509-891-3443<br>Vice President, Investor Relations
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