Diebold, Incorporated (NYSE: DBD - News) today reported record first quarter 2005 revenue of $540.2 million, up 8.4 percent from the first quarter of 2004. The company reported first quarter net income of $26.7 million, compared to net income of $29.2 million in the first quarter 2004. Diluted earnings per share were $.37, a decline of 7.5 percent and within the previous guidance of $.35 to $.40. Net cash provided by operating activities was $78.4 million, up 389 percent from the prior year, while free cash flow* improved by $59.6 million, moving from a free cash use* of $1.2 million in the first quarter 2004 to free cash flow* of $58.4 million.
Included in the first quarter 2005 reported results were restructuring charges of $7.3 million, or approximately $.07 per share*, related primarily to the realignment of the company's operations in Western Europe, consistent with previous guidance. The first quarter 2005 effective tax rate was 32.8 percent, compared with previous guidance of 31.5 percent. The higher first quarter effective tax rate reduced reported earnings per share by approximately $.01. Excluding the impact of both the restructuring charges and the higher effective tax rate, diluted earnings per share in the first quarter would have been $.45, or 12.5 percent higher than the first quarter of 2004.
You can find the whole release here.
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