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Diebold expects revenue, profit increase for 1Q
April 29, 2008
NORTH CANTON, Ohio — Diebold Inc. has released the estimated 2008 financial results for the first quarter of 2008, following its change of revenue recognition method for 2006 and 2007.
Diebold had been using a "bill and hold" method of revenue recognition, but agreed to abandon that method after discussions between external auditors and the Securities and Exchange Commission.
The filing shows that the company expects to report revenue of $700 million for the first quarter, up roughly 7.5 percent from 1Q of last year. Of that, $495 million is expected to come from business related to ATM sales and management.
Diebold also says it expects to continue cutting its costs and plans to consolidate its four Opteva-ATM production plants down to two.
The company did not disclose which plants are closing.
"I am encouraged by the positive start to the year in the company's overall performance during the first quarter," said Tom Swidarski, Diebold's president and chief executive. "The revenue performance and year-over-year improvement of net debt are evidence that we focused on the right strategic initiatives."
Regulation / LegislationManufacturersNorth AmericaPublic CompaniesBank / Credit UnionDiebold Nixdorf
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Diebold Nixdorf
As a global technology leader and innovative services provider, Diebold Nixdorf delivers the solutions that enable financial institutions to improve efficiencies, protect assets and better serve consumers.
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