NORTH CANTON, Ohio – Diebold yesterday reported it will eliminate another 350 jobs by the end of the month – part of a multi-year restructuring – as revenues in its core business continue to slide.
"To improve our ability to invest in key growth initiatives, we are realigning our organization and resources to better support our opportunities in the emerging growth markets. Unfortunately, these changes will result in the elimination of approximately 350 full-time jobs from our North America operations and corporate functions," said Thomas Swidarski, president of Diebold. "These reductions will be largely completed by mid-February. As always, these are extremely difficult decisions, but necessary to ensure we’re in a position of strength in our industry."
The ATM maker yesterday reported net income for the fourth quarter was $16.7 million, up from $1.1 million for the fourth quarter of 2008. The fourth quarter of 2009 included a $10.7 million gain from the sale of its Premier Elections Solutions business, as well as gains from restructuring.
But revenues were down by 8% in the fourth quarter to $724.9 million, and by 12% for the fiscal year to $2.7 billion. Net income for the year was down 53% to $41.6 million.
