Diebold, Incorporated (NYSE:DBD) today reported fourth quarter 2010 loss from continuing operations attributable to Diebold, net of tax, of ($119.9) million, or ($1.83) per share, down from $7.9 million and $.12 per share, respectively, from the fourth quarter 2009.
Fourth-quarter 2010 revenue was $791.0 million, up 9% from the fourth quarter 2009.
Non-GAAP earnings per share* from continuing operations attributable to Diebold, net of tax, in the fourth quarter 2010 were $.73 per share, up from $.29 per share in the fourth quarter 2009.
"Diebold delivered significant growth in revenue and generated more than $200 million in free cash flow* during the fourth quarter," said Thomas W. Swidarski, Diebold president and chief executive officer. "In addition, our financial self-service orders in North America grew substantially as that market continues to recover and demand for our deposit automation solutions increases in the regional bank space.
"We are also seeing good progress in other key markets around the world, especially in Latin America and Asia Pacific where customer acceptance of our solutions is growing," Swidarski continued. "Europe, however, remains a challenging market for us. While Europe has never been a large market for the company, it is strategically important as we consider the global nature of our customer base. Therefore, we are taking decisive actions to re-engineer our infrastructure to free up more resources in core markets where we can compete most effectively. With the right focus and business model in place, we will improve our global competitiveness and achieve sustainable profitability in the region. This is a key priority in 2011."
Swidarski concluded, "As we progress through 2011, I am encouraged by the many opportunities that lie before us. We will continue to step up our investment in developing new solutions in the software and services arena - such as several significant software wins we announced in the past year. In addition, we will continue to invest in our enterprise security business as we build off the success we had in 2010 in winning major projects."
Bradley C. Richardson, Diebold execud executive vice president and chief financial officer, said, "I am pleased to report we have remediated our remaining material weaknesses as we continue to make improvements in our financial control environment. I am also pleased with the progress we made on improving our working capital, which resulted in exceptional free cash flow for the year and enabled us to finish the year in a net investment position. Moving forward, we will continue to drive a keen focus on return on capital employed throughout the organization, which will further enhance our ability to invest in future growth opportunities and return cash to shareholders in the form of dividends and share repurchases."
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