NORTH CANTON -- Diebold, Incorporated (NYSE: DBD) reported net income of $34,901,000, or diluted 49 cents per share (71,510,000 shares), on revenue of $479,950,000 in the third quarter ended Sept. 30. Excluding the effect of acquisitions of Bull/Gentronics in Europe and Procomp Industria in Brazil, earnings per share were 50 cents. This compares to third quarter 1999 net income of $32,654,000, or diluted 47 cents per share [69,157,000] on revenue of $312,778,000.
For the nine months ended Sept. 30, Diebold reported net income of $101,994,000, or diluted $1.43 per share, on revenue of $1,266,644,000. Excluding the effect of the acquisitions for the nine-month period, Diebold reported net income of $103,210,000, or diluted $1.48 per share, on revenue of $951,517,000. For the same period 1999, the company reported net income of $93,339,000, or diluted $1.35 per share, on revenue of $893,257,000.
Excluding goodwill amortization, third quarter earnings per share were $.54. This compares with $.48 earnings per share excluding goodwill amortization for the third quarter 1999, an increase of 12.5 percent. The significant increase in goodwill amortization is due to Diebold's recent acquisitions in Europe and Brazil. For the nine-month period, excluding goodwill amortization, earnings per share were $1.55. For the same period 1999, the company reported $1.37, excluding goodwill amortization.
The results mark a total revenue increase of 6.9 percent, excluding acquisitions and prior year trade sales to Procomp. North America product revenue increased 10.1 percent, and Asia-Pacific product revenue increased 28.0 percent, excluding acquisitions. International service revenue, excluding acquisitions, increased 27.1 percent.
"We had a solid third quarter with growth in our core business and market share gains in products and services," said Walden W. O'Dell, Diebold chairman, president and CEO. "In North America, we are very excited about opportunities in markets where we can generate recurring revenue, such as the retail ATM franchising program. These types of opportunities offer much better long-term growth potential than simply selling hardware. Also, we continue to gain share in our service business globally and, as a result, it continues to represent a larger portion of our overall revenue structure."
