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Diebold Reports Fourth Quarter and Full-Year Financial Results

NORTH CANTON, Ohio Feb. 14, 2011

Earnings overview presentation available at http://www.diebold.com/DBD4Q10.pdf  

  • ($1.83) $0.73 ($0.31) $2.33
  • Total revenue for 4Q 2010 increased 9%; FY revenue increased 4%
  • $100.5 million $35.1 million
  • $169 million
  • Board of directors authorizes a total 4 million shares under the company’s repurchase plan; intent is to execute in 2011

($119.9) million ($1.83) $7.9 million $.12 $791.0 million

http://photos.prnewswire.com/prnh/20080725/DIEBOLDLOGO

$.73 $.29

Business Review

Management commentary

$200 million Thomas W. Swidarski North America

Latin America Asia Pacific Europe Europe

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

Fourth Quarter Orders (constant currency)

Brazil

Orders by Solution (Q4 2010 vs. Q4 2009)

% Change

Financial self-service solutions

-12%

Security solutions

-0.5%

      Total FSS & security

-10%

Brazil election systems & lottery

-29%

Total Global Order Entry

– 12%

Orders by Geography (Q4 2010 vs. Q4 2009)

% Change

Diebold North America

14%

Total Diebold International

-25%

Latin America (incl. Brazil)

-40%

Asia Pacific

10%

Europe, Middle East, and Africa

-12%

Total Global Order Entry

-12%

Results of Operations

Profit/loss summary – 4th quarter comparison (Dollars in millions)

Q4 2010

Q4 2009

Rev

Gross Profit

% of Sales

OPEX

OP

% of Sales

Rev

Gross Profit

% of Sales

OPEX

OP

% of Sales

$791.0

$189.5

24.0%

$331.1

($141.6)

-17.9%

     GAAP Results     

$724.9

$176.6

24.4%

$148.2

$28.3

3.9%

1.1

(0.3)

1.4

Restructuring

5.8

(9.2)

15.0

(16.7)

16.7

Non-rout. Exp

(0.1)

0.1

Non-rout. Inc

(168.8)

168.8

Impairment

(2.5)

2.5

$791.0

$190.6

24.1%

$145.4

$45.2

5.7%

Non-GAAP Results

$724.9

$182.3

25.2%

$136.4

$46.0

6.3%

Profit/loss summary – full-year comparison (Dollars in millions)

2010

2009

Rev

Gross Profit

% of Sales

OPEX

OP

% of Sales

Rev

Gross Profit

% of Sales

OPEX

OP

% of Sales

$2,823.8

$719.6

25.5%

$721.4

($1.8)

-0.1%

     GAAP Results     

$2,718.3

$650.0

23.9%

$499.4

$150.6

5.5%

1.7

(2.5)

4.2

Restructuring

12.8

(12.4)

25.2

(20.4)

20.4

Non-rout. Exp

(1.5)

1.5

4.1

(4.1)

Non-rout. Inc

11.3

(11.3)

(175.8)

175.8

Impairment

(2.5)

2.5

$2,823.8

$721.3

25.5%

$526.8

$194.5

6.9%

Non-GAAP Results

$2,718.3

$662.8

24.4%

$494.4

$168.4

6.2%

The company’s management believes excluding restructuring charges, non-routine expenses and income and impairment charges from operating margins is an indication of the company’s baseline performance.  The exclusion of these items permits evaluation and comparison of results for the company’s core business operations and it is on this basis that the company’s management internally assesses the company’s performance.

Revenue

Latin America

Gross Margin

$1.1 million $5.8 million $1.7 million $12.8 million

Operating Expenses

$0.3 million $0.9 million $16.7 million $9.8 million $6.9 million $169 million

$9.2 million $0.1 million $2.5 million

Operating Profit

$186.9 million $17.6 million $45.2 million $46.0 million

Full-year 2010 operating loss was (0.1%) of revenue, a decrease of 5.6 percentage points from the comparable period of 2009.  Excluding net restructuring, non-routine expenses & income, and impairment charges, full-year non-GAAP operating profit* was 6.9%, an increase of 0.7 percentage points from the prior year.  

Income from Continuing Operations, net of tax (attributable to Diebold)

($119.9) million $1.2 million $167.5 million $9.8 million

($20.5) million $73.1 million $3.3 million $172.3 million $25 million $8.2 million $17.4 million $2.7 million

Taxes on Income from continuing operations attributable to Diebold

($23.8) million $14.6 million $15.4 million $10 million Latin America Brazil the United States

Balance Sheet, Cash Flow and Liquidity

$35.1 million December 31, 2010 $100.5 million December 31, 2009 December 31, 2010 December 31, 2009

$273.4 million $23.5 million December 31, 2009 $209.0 million $49.0 million $222.1 million $30.5 million

$1 million $24.4 million

Share repurchase authorization

February 9

Restructuring, non-routine expenses and income, impairment charges and discontinued operations

$.02 North America $9.8 million $0.15 North America

$169 million

$3.3 million $0.05 $17.4 million $0.27

Foreign Corrupt Practices Act review

Asia Pacific

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