IMGCAP(1)]
Citing a significant drop off in sales and operating income caused by the worldwide recession, Wincor Nixdorf AG Wednesday reported a 6.5% drop in net income for the nine-month period ended June 30, to 87 million euros (US$123.9 million) from 93 million euros during the same period last year.
Sales totaled 1.73 billion euros, down about 0.5% from the same period last year.
The lower performance was not surprising because net sales and operating income dropped significantly in the third quarter ended 30 June as the recession continued, Eckard Heidloff, the Germany-based ATM manufacturer's president and CEO, said in a statement.
Third-quarter net sales totaled 496 million euros, down 11% from the same period last year. Third-quarter operating income was 35 million euros, down 11% from last year. Contributing to the drop were decreased ATM sales to banks and retailers, the company says. Sales in the Americas for the nine-month period reached 146 million euros, up 1.4% from 144 million euros.
Third-quarter net sales in the region rose 4.8%, to 44 million euros from 42 million euros.
Despite Wincor Nixdorf's weak third-quarter performance, Gil Luria, an analyst with Wedbush Morgan Securities, wrote in an report Wednesday that the company is "relatively well-positioned to weather market turbulence."
Luria also mentioned that Wincor Nixdorf's U.S. expansion remains on track despite a flat-to-declining U.S. ATM market. ATM
