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Diebold reports EPS of 57 cents in '03's 2Q

July 22, 2003

NORTH CANTON, Ohio -- As expected, Diebold, Incorporated (NYSE: DBD) reported second quarter net income of $41.3 million on revenue of $480.8 million or diluted earnings per share of 57 cents, which was within the company's guidance of 54 cents to 59 cents and in line with analysts' expectations.

This compares to second quarter 2002 net income of $39.7 million on revenue of $483.4 million or diluted EPS of 55 cents.

The financials were impacted by a delay in a voting contract by the state of Maryland that lowered Diebold's earnings by $30 million in 2003's second quarter. (See related story Delayed voting order to lower Diebold's expected 2Q earnings)

Walden O'Dell, Diebold's chairman, president and chief executive, said in a news release that the company will recognize revenue of $30 million from that order during 2003's third quarter instead. "We remain confident in our full-year guidance for voting revenue growth of 15 to 25 percent and believe that the voting business will be significantly more accretive on a full-year basis than in 2002," he said.

According to the release, financial self-service orders (which includes ATMs) in the Americas and Asia-Pacific both increased in the double-digit range, while EMEA (Europe/Middle East/Africa) orders decreased in the low double-digits.

Total financial self-service revenue increased 0.4 percent (a decrease of  0.4 percent on a fixed exchange rate basis) to $350.1 million in 2003's second quarter, from $348.7 million in 2002's second quarter.

According to the release, significant self-service orders in 2003 included: two orders totaling $15.5 million from two large banks in California; equipment orders totaling $9.9 million from two customers in Belgium; an order valued at $8.7 million from a bank in Brazil; two orders from a bank in China totaling $8.6 million; orders totaling $5.2 million from two regional banks in the Midwestern United States; orders valued at $3.5 million from a bank in the Southeast U.S.; an order from a customer in France for $3.2 million; and an order from a large bank in New York totaling $3.2 million.

Based on the results, Diebold is raising its full-year EPS guidance to $2.35 to $2.45 compared to its previous guidance of $2.32 to $2.42.

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