DAYTON, Ohio -- NCR Corporation's (NYSE: NCR) revenue for the fourth quarter ended Dec. 31 decreased to $1.6 billion, an 11 percent decline from the $1.79 billion reported in the year-ago period.
Net income was $71 million, or 72 cents per diluted share, for the fourth quarter compared to $90 million, or 90 cents per diluted share, in the year-ago period. Excluding special items, fourth-quarter net income was $72 million, or 73 cents per diluted share, compared to $105 million, or $1.05 per diluted share in the fourth quarter of 2000.
For the full year, NCR reported net income of $217 million, or $2.18 per diluted share, compared to $178 million, or $1.82 per diluted share, in 2000. Excluding special items, net income was $142 million, or $1.43 per diluted share, compared to 2000 net income and diluted earnings per share of $229 million and $2.34, respectively.
Financial Self Service revenue declined by 5 percent in 2001's fourth quarter but increased by 5 percent for the full year. Despite the fourth-quarter revenue decline, NCR reported in a news release that Financial Self Service maintained operating margins at 17 percent due to lower product costs and a reduced expense structure.
Revenues for Retail Store Automation declined by 25 percent in 2001's fourth quarter and 7 percent for the full year. According to NCR, Retail Store Automation lowered expenses by more than $10 million in the fourth quarter, and approximately $40 million for the year, positioning the business for improved profitability as capital spending returns.
Looking ahead, NCR expects first-quarter 2002 Financial Self-Service revenue to decline 0-5 percent and Retail Store Automation revenue to be down 25 percent.
NCR's outlook for the entire year assumes improvement in economic conditions in the second half of the year. For the year, NCR forecasts revenues for Financial Self Service will increase 0-5 percent and Retail Store Automation earnings will decline 0-5 percent.
