Earnings Slide At Diebold
NORTH CANTON, Ohio – ATM maker Diebold reported a 2% decline in second quarter profits yesterday, to $29.7 million, as revenues fell by 4% in the period to $665.2 million.
The company incurred restructuring charges of $200,000 in the second quarter of 2010. The majority of these charges were related to severance costs from the previously announced reorganization of the company's North America and corporate functions, and the continued strategic realignment of the company's global manufacturing. The company also incurred a pre-tax impairment charge in the second quarter 2010 of $4.1 million, related to the write down of intangible assets from its TFE Technology Holdings subsidiary.
For the first six months of the fiscal year Diebold had a 5% decline in revenues to $1.28 billion, but a 67% surge in net income to $53.7 million, compared to last year, which included $5.8 million of restructuring costs and an $8.7 million loss for discontinued operations.