NORTH CANTON, Ohio, Sept. 30 /PRNewswire-FirstCall/ -- Diebold, Incorporated announced today that it has filed all of its late reports with the U.S. Securities and Exchange Commission (SEC), meeting the filing schedule previously announced by the company. Diebold today filed its Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2007, September 30, 2007, March 31, 2008 and June 30, 2008.
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As a result of completing these filings, Diebold is now able to resume its normal reporting schedule beginning with the third quarter 2008. The completion of these filings also marks the conclusion of the previously disclosed internal review of other accounting items. While these filings include all of the adjustments identified in the internal review, the previously disclosed investigations by the SEC and U.S. Department of Justice (DOJ) remain ongoing and there can be no assurance that the results of these investigations will not impact previously reported financial statements.
In addition, Diebold has raised its expectations for full-year 2008 earnings per share as follows:
Earnings per share Previous guidance Current guidance (provided August 11, 2008) 2008 EPS (GAAP) $1.47 - $1.37 $1.62 - $1.52 Restructuring charges $.45 - $.56 $.45 - $.56 Non-routine expenses $.28 - $.32 $.28 - $.32 Impairment $.05 $.05 2008 EPS non-GAAP $2.25 - $2.30 $2.40 - $2.45
The upward revision in Diebold's earnings expectations are a result of earlier-than-expected progress from its cost-reduction initiatives, improved profitability from the company's Brazilian voting and lottery businesses, continued demand for the company's solutions in the global financial markets and a lower anticipated effective tax rate.
"We are very pleased that we have become current with our financial reporting, which has been a top priority for the company for more than a year," said Thomas W. Swidarski, Diebold president and chief executive officer. "A tremendous amount of work and resources have gone into completing these filings, and we're happy to put this milestone behind us as we now intensify our efforts to improve customer satisfaction, reduce costs and increase shareholder value.
"The significant progress we've made in our cost-reduction initiatives has resulted in some of our anticipated savings coming in earlier than planned," Swidarski said. "This continued progress in reducing costs positions us well as we work toward achieving our profitability goals for 2009 and beyond. In addition, our global sales environment remains solid despite the well-publicized challenges facing the financial industry in the United States, as demonstrated by some of the recent orders we've announced.
"Since 2006, we have focused on putting the right leadership in place, improving the key drivers of profitability and positioning the company for future growth," Swidarski concluded. "We are now seeing the tangible results of these efforts. Recognizing there's much more for us to accomplish, I am increasingly confident in our strategies and our ability to execute on those strategies."
To view supporting financial schedules and reconciliations, please visit http://www.diebold.com/investors .
Forward-Looking Statements
In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements relate to, among other things, the company's future operating performance, the company's share of new and existing markets, the company's short- and long-term revenue and earnings growth rates, the company's implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company's manufacturing capacity, and the ongoing SEC and DOJ investigations. The use of the words "will," "believes," "anticipates," "expects," "intends" and similar expressions is intended to identify forward-looking statements that have been made and may in the future be made by or on behalf of the company. Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and on key performance indicators that impact the company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The company is not obligated to update forward-looking statements, whether as a result of new information, future events or otherwise.
Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to:
-- the results of the SEC and DOJ investigations;
-- competitive pressures, including pricing pressures and technological developments;
-- changes in the company's relationships with customers, suppliers, distributors and/or partners in its business ventures;
-- changes in political, economic or other factors such as currency exchange rates, inflation rates, recessionary or expansive trends, taxes and regulations and laws affecting the worldwide business in each of the company's operations, including Brazil, where a significant portion of the company's revenue is derived;
-- acceptance of the company's product and technology introductions in the marketplace;
-- the amount of charges in connection with the planned closure of the company's Newark, Ohio facility;
-- unanticipated litigation, claims or assessments;
-- variations in consumer demand for financial self-service technologies, products and services;
-- challenges raised about reliability and security of the company's election systems products, including the risk that such products will not be certified for use or will be decertified;
-- changes in laws regarding the company's election systems products and services;
-- potential security violations to the company's information technology systems;
-- the company's ability to successfully execute its strategy related to the election systems business; and
-- the company's ability to achieve benefits from its cost-reduction initiatives and other strategic changes.
About Diebold
Diebold, Incorporated is a global leader in providing integrated self-service delivery and security systems and services. Diebold employs more than 17,000 associates with representation in nearly 90 countries worldwide and is headquartered in Canton, Ohio, USA. Diebold is publicly traded on the New York Stock Exchange under the symbol 'DBD.' For more information, visit the company's Web site at http://www.diebold.com/.
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