NORTH CANTON -- Diebold, Incorporated's (NYSE: DBD) second quarter results showed strong improvement in revenue and earnings per share.
In the quarter ended June 30, Diebold reported net income of $35,833,000 or diluted 50 cents per share, on revenue of $442,102,000. Excluding the effect of the acquisitions in Europe and Brazil, earnings per share were 51 cents. This compares to second quarter 1999 net income of $31,561,000, or diluted 46 cents per share on revenue of $296,996,000.
For the six months ended June 30, Diebold reported net income of $67,093,000, or diluted 94 cents per share, on revenue of $786,694,000. For the same period in 1999, the company reported net income of $60,685,000, or 88 cents per share, on revenue of $580,479,000.
Excluding goodwill amortization, second quarter earnings per share were 55 cents. This compares with 46 cents earnings per share excluding goodwill amortization for the second quarter 1999. The significant increase in goodwill amortization is due to Diebold's recent acquisitions in Europe and Brazil. For the six-month period, excluding goodwill amortization, earnings per share were $1.01. For the same period 1999, the company reported 89 cents, excluding goodwill amortization.
"We are very pleased with the progress made during the quarter, particularly in our custom maintenance and professional service businesses," said Walden W. O'Dell, Diebold chairman, president and CEO. "As we continue to establish the company globally by integrating key acquisitions, our expertise in delivering solutions that meet our customers' needs places us in a strong position heading into the future."
Total revenue for the quarter grew $145.1 million, or 48.9 percent. Products and services were up 7.8 percent, excluding the acquisitions. Total service revenue, excluding the acquisitions, increased by $12 million, or 10 percent, reflecting the company's emphasis on providing a greater mix of value-added services to its customers. The company's security business increased 10 percent, largely because of growing opportunities in emerging markets, such as retail, and increased share in established markets.
Total service revenue increased 42.9 percent. U.S. service revenue increased 4.8 percent, while international service revenue was up 47.3 percent excluding acquisitions. As a result, Diebold service revenue increased 10 percent.
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