The decline was due to lower net income coupled with an increase in working capital. Share Repurchase During the reported quarter, Itron repurchased 380,310 shares for $15.9 million. As of Jun 30, 2013, the company had $27 million worth of shares remaining under the $50 million share repurchase authorization. Bookings and Backlog Bookings in the reported quarter increased 15% year over year to $515 million, while total backlog at the end of the quarter was $1.06 billion. Guidance For full-year 2013, Itron expects revenues in the range of $1.95–$2 billion. The company forecast earnings in the band of $2.25–$2.55 per share. Annual gross margin is expected at around 32%. For the second half, revenues are predicted in the band of $1.02–$1.07 billion, representing growth of about 10–15% over the first half. However, revenues from gas will be lower than expected due to a slower pace of business in EMEA and product mix in North America. Free cash flow will be about 4% to 5% of second-half revenues.