EXHIBIT 99.3
ITEM 6: SELECTED CONSOLIDATED FINANCIAL DATA
The selected consolidated financial data below is derived from our consolidated financial statements, which have been audited by an independent registered public accounting firm. This selected consolidated financial and other data represents portions of our financial statements. You should read this information together with Item 7: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and Item 8: “Financial Statements and Supplementary Data” included in this Current Report on Form 8-K. Historical results are not necessarily indicative of future performance.
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| | | | | | | | | | | | | | | | | | | |
| | Year Ended December 31, |
| | 2011(3) | | 2010 | | 2009 | | 2008 | | 2007(2) |
| | (in thousands, except per share data) |
| Consolidated Statements of Operations Data | | | | | | | | | |
| Revenues | $ | 2,434,124 |
| | $ | 2,259,271 |
| | $ | 1,687,447 |
| | $ | 1,909,613 |
| | $ | 1,464,048 |
|
| Cost of revenues | 1,687,666 |
| | 1,558,596 |
| | 1,147,484 |
| | 1,260,586 |
| | 975,373 |
|
| Gross profit | 746,458 |
| | 700,675 |
| | 539,963 |
| | 649,027 |
| | 488,675 |
|
| Operating income (loss) | (459,183 | ) | | 184,197 |
| | 45,027 |
| | 109,822 |
| | 46,473 |
|
| Net income (loss) attributable to Itron, Inc. | (510,157 | ) | | 104,770 |
| | (2,249 | ) | | 19,811 |
| | (22,851 | ) |
| Earnings (loss) per common share-Basic | $ | (12.56 | ) | | $ | 2.60 |
| | $ | (0.06 | ) | | $ | 0.60 |
| | $ | (0.77 | ) |
| Earnings (loss) per common share-Diluted | $ | (12.56 | ) | | $ | 2.56 |
| | $ | (0.06 | ) | | $ | 0.57 |
| | $ | (0.77 | ) |
| Weighted average common shares outstanding-Basic | 40,612 |
| | 40,337 |
| | 38,539 |
| | 33,096 |
| | 29,584 |
|
| Weighted average common shares outstanding-Diluted | 40,612 |
| | 40,947 |
| | 38,539 |
| | 34,951 |
| | 29,584 |
|
| | | | | | | | | | |
| Consolidated Balance Sheet Data | | | | | | | | | |
Working capital(1) | $ | 329,632 |
| | $ | 178,483 |
| | $ | 282,532 |
| | $ | 293,296 |
| | $ | 249,579 |
|
| Total assets | 2,064,282 |
| | 2,745,797 |
| | 2,854,621 |
| | 2,856,348 |
| | 3,030,457 |
|
| Total debt | 452,502 |
| | 610,941 |
| | 781,764 |
| | 1,151,767 |
| | 1,538,799 |
|
| Total Itron, Inc. shareholders' equity | 906,925 |
| | 1,428,295 |
| | 1,400,514 |
| | 1,058,776 |
| | 790,435 |
|
| | | | | | | | | | |
| Other Financial Data | | | | | | | | | |
| Cash provided by operating activities | $ | 252,358 |
| | $ | 254,591 |
| | $ | 140,787 |
| | $ | 193,146 |
| | $ | 133,327 |
|
| Cash used in investing activities | (78,741 | ) | | (56,274 | ) | | (53,994 | ) | | (67,075 | ) | | (1,714,416 | ) |
| Cash (used in) provided by financing activities | (209,453 | ) | | (148,637 | ) | | (114,121 | ) | | (63,376 | ) | | 1,310,360 |
|
| Capital expenditures | (60,076 | ) | | (62,822 | ) | | (52,906 | ) | | (63,430 | ) | | (40,602 | ) |
| |
| (1) | Working capital represents current assets less current liabilities. |
| |
| (2) | On April 18, 2007, we completed the acquisition of Actaris Metering Systems SA (Actaris). The Consolidated Statement of Operations for the year ended December 31, 2007 includes the operating activities of the Actaris acquisition from April 18, 2007 through December 31, 2007. |
| |
| (3) | During 2011, we incurred a goodwill impairment charge of $584.8 million. In addition, restructuring projects were approved and commenced to increase efficiency and lower our cost of manufacturing, for which we incurred costs of $68.1 million in 2011. Refer to Item 8: “Financial Statements and Supplementary Data, Note 5: Goodwill” and “Financial Statements and Supplementary Data, Note 13: Restructuring” included in this Current Report on Form 8-K for further disclosures regarding the goodwill impairment and restructuring charges. |
