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Technology Stocks : Itron (ITRI) - wireless utility meter reading
ITRI 95.09-1.4%Dec 29 3:59 PM EST
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To: Daniel Johnson who wrote (174)2/5/1998 2:28:00 PM
From: Daniel Johnson   of 202
 
Conference call was upbeat. CEO said that decision to continue development during (mid-96 to mid-97) downturn in utility AMR ordering had set the stage for strong 2nd half of 97 when the market returned.

Issues about the Duquesne Light Co. contract, which has fueled some recent short selling, were favorably resolved during the quarter. First, the auditors had no problem with the "percentage of completion" accounting on the Duquense order. The audited 1997 financial statement has been published without revision. Second, Itron received a signoff on a January 1, 1998 milestone in the Duquense contract. 350,000 residential meters are now being read by Itron's fixed network. The rest will be done by September.

A question was raised if Itron had any agreements with California energy providers similar to those being announced by the competition. The CEO said yes, they do have agreements... however they have chosen to not announce them until CA deregulation begins.

It was interesting that Itron said that interest is swinging back to mobile AMR. The reason is that some utilities see it as a better migration strategy. First meters are fitted with AMR which allows low cost meter reading from a van driving by at 35mph. Later, a fixed network can be added and enlarged as desired. This strategy gets a utility in the door with automated meter reading products without having to commit to a high-end solution right away.
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