DIEBOLD'S 1992 THIRD-QUARTER AND NINE-MONTH EARNINGS INCREASE
DIEBOLD'S 1992 THIRD-QUARTER AND NINE-MONTH EARNINGS INCREASE CANTON, Ohio, Oct. 14 /PRNewswire/ -- Diebold, Incorporated (NYSE: DBD) today reported a 17 percent improvement in 1992 third- quarter earnings per share compared with the 1991 period. In the quarter ended September 30, Diebold had net income of $10,985,000, or $.82 per share, on revenues of $133,245,000. This compares with net income of $9,280,000, or $.70 per share, on revenues of $126,709,000 in the 1991 third quarter. Revenues for the third quarter increased 5 percent compared with the prior-year quarter. For the nine months ended September 30, Diebold had net income of $26,020,000, or $1.95 per share, on revenues of $389,486,000. This compares with net income of $21,138,000, or $1.60 per share, on revenues of $361,015,000 for the 1991 nine-month period. Revenues for the nine- month period were up 8 percent compared to the prior-year period, while earnings per share before an accounting change were up 22 percent. A one-time adjustment of $1.26 per share for Statement of Financial Accounting Standard No. 106, "Employers' Accounting for Postretirement Benefits Other than Pensions," which was adopted during the 1992 first quarter, resulted in nine-month net income per share of $.69. "The company turned in a strong performance in the third quarter despite the continuing economic problems around the world," said Robert W. Mahoney, chairman and chief executive officer. "All product areas of the business grew during the period, resulting in an exceptionally strong backlog as we enter the last quarter of the year. We are encouraged that our international business showed some renewed strength, although we are still below 1991 year-to-date results in that area. "Our strong U.S. sales are being led by automated teller machines (ATMs) and the phenomenal acceptance of our InterBold(TM) i Series product line by domestic financial institutions," Mahoney said. "We are pleased our customers recognize the merits of this modular and highly reliable ATM system. "We also were pleased to see significant margin improvement in our service business due to ongoing expense control and an increase in non-contract work," he said. "In addition, sales of all security products were strong in the quarter, and we are starting to see increased revenues. We believe we have finally stopped the slide in the physical security and facility product area.
We are optimistic as we look forward to the fourth quarter to conclude a good 1992."
Diebold, Incorporated, headquartered in Canton, Ohio, is a world leader in financial self-service transaction systems, security products and customer service. Founded in 1859 as a security equipment company, Diebold develops, manufactures, sells and services ATMs, electronic and physical security systems, facility products and software for global financial and commercial markets. DIEBOLD, INCORPORATED (IN THOUSANDS EXCEPT NET INCOME PER SHARE) (Unaudited) Three Months Ended September 30 1992 1991 Net sales $133,245 $126,709 Income before taxes and cumulative effect of change in accounting principle 15,205 12,610 PERCENT OF NET SALES 11.42 pct 9.96 pct Federal, foreign and state income taxes 4,220 3,330 EFFECTIVE TAX RATE 27.76 pct 26.41 pct Income before cumulative effect of change in accounting principle 10,985 9,280 PERCENT OF NET SALES 8.25 pct 7.33 pct Cumulative effect of change in accounting principle -- -- Net income $10,985 $9,280 Average number of shares outstanding 13,372 13,262 Earnings per share: Before cumulative effect of change in accounting principle $0.82 $0.70 Cumulative effect of change in accounting principle -- -- Net income $0.82 $0.70 DIEBOLD, INCORPORATED (IN THOUSANDS EXCEPT NET INCOME PER SHARE) (Unaudited) Nine Months Ended September 30 1992 1991 Net sales $389,486 $361,015 Income before taxes and cumulative effect of change in accounting principle 36,140 29,699 PERCENT OF NET SALES 9.28 pct 8.23 pct Federal, foreign and state income taxes 10,120 8,561 EFFECTIVE TAX RATE 28.01 pct 28.83 pct Income before cumulative effect of change in accounting principle 26,020 21,138 PERCENT OF NET SALES 6.68 pct 5.86 pct Cumulative effect of change in accounting principle (16,835) -- Net income $ 9,185 $21,138 Average number of shares outstanding 13,363 13,250 Earnings per share: Before cumulative effect of change in accounting principle $1.95 $1.60 Cumulative effect of change in accounting principle (1.26) -- Net income $ .69 $1.60 -0- 10/14/92 /CONTACT: Mary Ann Jackson of Diebold, Incorporated, 216-588-3780/ (DBD) CO: Diebold, Incorporated ST: Ohio IN: CPR FIN SU: ERN
BM -- CL006 -- 9694 10/14/92 09:00 EDT
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|Date:||Oct 14, 1992|
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