DAYTON, Ohio -- NCR Corp. said it earned $4 million, or 4 cents a share, in 2002's first-quarter, a 97 percent drop from year-earlier earnings of $17 million, or $1.18 a share, but still a penny ahead of ahead of estimates of analysts surveyed by Thomson Financial/First Call.
NCR said that without special items and a now-discontinued accounting practice, it would have earned only $27 million, or 27 cents a share, in 2001's first quarter.
The special items included a $138 million benefit stemming from a tax audit of international operations and a $40 million charge for loans and receivables related to the now-bankrupt Credit Card Center.
NCR reported $1.25 billion in revenue for the first quarter of 2002, a 9 percent decline from $1.38 billion in last year's first quarter.
Data Warehousing and Financial Self Service, which includes ATMs, saw flat revenue in the quarter, as compared to the first quarter of 2001. Retail Store Automation, Customer Services Maintenance, Systemedia, and Payment and Imaging revenues declined 29 percent, 6 percent, 1 percent and 5 percent, respectively, versus the first quarter of 2001
NCR chairman Lars Nyberg said he expects increased revenue from the sale of checkout scanners and ATMs in the coming quarters.
Nyberg said that in the Financial Self Service area, operating margins will return to mid-teen levels as the company grows services revenue and benefits from the sale of higher-margin full-function ATMs. "However, the full potential for improved performance in these areas remains subject to the timing of a recovery in capital spending, which remains unpredictable," he warned.
Shares of NCR fell 4 percent, or $1.63, to close at $40.45 in April 18 trading on the New York Stock Exchange.
