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DIEBOLD ADOPTS NEW ACCOUNTING METHOD FOR CERTAIN POST-RETIREMENT BENEFITS

 DIEBOLD ADOPTS NEW ACCOUNTING METHOD
 FOR CERTAIN POST-RETIREMENT BENEFITS
 CANTON, Ohio, Feb. 25 /PRNewswire/ -- Diebold, Incorporated (NYSE: DBD) announced today that it intends to adopt the provisions of Statement of Financial Accounting Standard No. 106, "Employer's Accounting for Post-retirement Benefits Other than Pensions," during the first quarter of 1992. Under Statement 106, the estimated future costs of post-retirement benefits other than pensions must be recognized on an accrual basis. Previously, the company had generally expensed its post-retirement health care benefits on a pay-as-you-go basis.
 The effect of the accounting change will be a one-time, non-cash charge to earnings of approximately $17 million, net of applicable income taxes, in the first quarter of 1992. This charge represents an estimate of post-retirement benefits associated with service already rendered by eligible current and former employees.
 The effect of this change will be to reduce the company's net worth by approximately 4 percent. The company's financial position continues to be extremely strong after the accounting adjustment, with long-term debt totaling less than 1 percent of shareholders' equity. Although estimates of these future benefits can change significantly, management currently believes that the ongoing annual impact of this change in accounting principle is not expected to have a material effect on 1992 or future earnings.
 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 today manufactures, sells and services InterBold automated teller machines (ATMs), automated fuel systems, video dispensing machines, electronic and physical security systems, facility products, software and systems for global financial and commercial markets.
 -0- 2/25/92
 /CONTACT: Mary Ann Jackson, senior manager of corporate public relations and advertising of Diebold, Incorporated, 216-497-4757/
 (DBD) CO: Diebold, Incorporated ST: Ohio IN: CPR SU: ACC


KK -- CL009 -- 2186 02/25/92 08:36 EST
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Publication:PR Newswire
Date:Feb 25, 1992
Words:309
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