Diebold, Incorporated on April 30 disclosed a multiyear global realignment plan to reduce its cost structure by $100 million to $150 million. Part of the savings will be reinvested in research, development and systems and infrastructure. Some of the savings is expected to offset price erosion, wage inflation in emerging markets and volatile commodity prices in the company's core business, and about 50% of the savings is anticipated to positively impact operating profit. A portion of the near-term actions and long-term actions needed for the realignment is scheduled to be fully carried out by the end of 2015. The restructuring costs expected to be incurred in connection with the plan are about $15 million to $30 million.

Diebold, Incorporated reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported net loss attributable to the company of $13.4 million or $0.21 per diluted share compared with first quarter 2012 net income of $45.2 million or $0.71 per diluted share. Revenue was $633.5 million, down 9.3% from $698.5 million for the first quarter 2012. Non-GAAP loss attributable to the company was $0.04 per share compared with income of $0.74 per share in the first quarter 2012. Total revenue for the first quarter 2013 decreased 9.3% compared with the first quarter 2012, including a net unfavorable currency impact of approximately 2% related mostly to the Brazilian real. Operating loss was $13.9 million, a decrease of 10.0% from the operating profit of $54.64 million for the first quarter 2012. Non-GAAP operating profit was $3.8 million compared with $57.3 million in the first quarter 2012. The company's net debt was $81.7 million at March 31, 2013, an increase in net debt of $60.2 million from the net debt position at December 31, 2012. Free cash use was $41.1 million, an increase of $2.7 million from $38.32 million for the first quarter 2012. Loss from continuing operations before taxes was $17.02 million compared to income from continuing operations before taxes of $59.45 million reported a year ago. Net cash used in operating activities was $31.73 million compared to $26.02 million reported a year ago. Capital expenditures were $9.33 million compared to $12.3 million reported a year ago. The company still expects 2013 non-GAAP earnings to be flat to down moderately from 2012, and revenue to be relatively flat. The company continues to expect free cash flow to improve in 2013. The company expects a slight increase in capital expenditures to approximately $60 million. The company expects the tax rate to be in the mid-20% range for 2013. The company also indicated cutting 700 jobs as a cost cutting measure, which primarily affects the company's North America facilities, mainly due to lower sales and a significant drop in gross margins. The majority of affected employees were notified beginning in January 2013 and the company expects to complete this workforce reduction by the end of 2014. Affected employees will be eligible to receive severance payments and continuation of medical insurance under COBRA. The company is undertaking this workforce reduction as part of its ongoing cost reduction efforts, and expects to see the full benefit of all cost reductions by the end of 2015.

Diebold, Incorporated announced that they will report Q1, 2013 results Pre-Market on Apr 30, 2013