NORTH CANTON -- Diebold Incorporated posted first-quarter 2001 results in line with analysts' expectations, with net income of $7.6 million, or 11 cents per diluted share, which included previously announced restructuring charges of $27 million, or about 26 cents per share.
The charges covered severance packages for 600 employees whose jobs were cut at the company's Staunton, Va. plant, the costs of the divestiture of its MedSelect business and the write-down of other assets, according to Diebold.
Excluding the charges, Diebold reported operating net income of $25.7 million, or 36 cents per diluted share, a decline from the year-earlier quarter's net income of $31.3 million or 44 cents per diluted share.
First quarter revenue reached $383.8 million, up from $344.6 million.
Diebold said it expects second-quarter earnings per share of 43 cents to 49 cents, excluding restructuring charges. This would be shy of the 49-cent consensus of analysts surveyed by Thomson Financial/First Call.
Diebold said it expected full-year earnings in the range of $1.95 to $2.00 per share, compared to the $1.96 previously estimated by financial analysts.
Diebold expects to take additional realignment and special charges of $30 million to $40 million during the rest of 2001, including $5 million to $10 million in the second quarter.
