Drivers Diebold Procomp Im4x3tp
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The company was incorporated under the laws of the state of Ohio in August 1876, succeeding aproprietorship established in 1859, and is engaged primarily in the sale, manufacture, installationand service of automated self-service transaction systems, electronic and physical securityproducts, election systems and software. The company specializes in technology that empowers peopleworldwide to access services when, where and how they may choose. In 2002, the company acquiredGlobal Election Systems Inc., subsequently renamed Diebold Election Systems, Inc. (DESI), amanufacturer and supplier of elections systems and support, to mark its launch into the electionsystems market.
The companys segments comprise its three main sales channels: Diebold North America (DNA),Diebold International (DI) and Election Systems (ES) & Other. The DNA segment sells financial andretail systems, and also services financial and retail systems in the United States and Canada.The DI segment sells and services financial and retail systems over the remainder of the globe.The ES & Other segment includes the operating results of DESI beginning in 2002 and the voting andlottery related business in Brazil. The company develops, manufactures, sells and services self-service transaction systems, electronicand physical security systems, software and various products used to equip bank facilities andelectronic voting terminals.
The companys primary customers include banks and financialinstitutions, as well as public libraries, government agencies, utilities and various retailoutlets. Sales of systems and equipment are made directly to customers by the companys salespersonnel and by manufacturers representatives and distributors globally. The sales/supportorganization works closely with customers and their consultants to analyze and fulfill thecustomers needs. In 2006, 2005 and 2004, the companys sales and services of financial systemsand equipment and security solutions accounted for more than 92 percent of consolidated net sales. The companys operating results and the amount and timing of revenue are affected by numerousfactors including production schedules, customer priorities, sales volume and sales mix. Duringthe past several years, the company has dramatically changed the focus of its self-service businessto that of a total solutions approach.
The value of unfilled orders is not as meaningful anindicator of future revenues due to the significant portion of revenues derived from the companysgrowing service-based business, for which order information is not available. Therefore, thecompany believes that backlog information is not material to an understanding of its business anddoes not disclose backlog information. The company carries working capital mainly related to accounts receivable and inventories.Inventories, generally, are only manufactured as orders are received from customers. The companysnormal and customary payment terms are net 30 days from date of invoice. The company generallydoes not offer extended payment terms. The companys government customers represent a smallportion of the companys business.
Typically, the companys contracts with its governmentcustomers do not contain fiscal funding clauses. In the event that such a clause exists, revenuewould not be recognizable until the funding clause was satisfied. In general, the company recognizes revenuefor delivered elements only when the fair values of undelivered elements are known, uncertaintiesregarding customer acceptance are resolved and there are no customer-negotiated refunds or returnrights affecting the revenue recognized for the delivered elements. All phases of the companys business are highly competitive; some products being in competitiondirectly with similar products and others competing with alternative products having similar usesor producing similar results. The company believes, based upon outside independent industrysurveys, that it is a leading manufacturer of self-service systems in the United States and is alsoa market leader internationally. In the area of automated transaction systems, the companycompetes primarily with NCR Corporation, Wincor-Nixdorf, Triton, and Itautec.
In serving thesecurity products market for the financial services industry, the company competes with national,regional and local security companies. Of these competitors, some compete in only one or twoproduct lines, while others sell a broader spectrum of products competing with the company.However, the unavailability of comparative sales information and the large variety of individualproducts make it difficult to give reasonable estimates of the companys competitive ranking in orshare of the market in its security product fields of activity. Many smaller manufacturers ofsafes, surveillance cameras, alarm systems and remote drive-up equipment are found in the market. The companys annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form8-K and any amendments to those reports are available, free of charge, on or through its website,www.diebold.com, as soon as practicable after such material is electronically filed with orfurnished to the Securities and Exchange Commission. Additionally, these reports can be furnishedfree of charge to shareholders upon written request to Diebold Global Communication at thecorporate address, or call +1 330 490-3790 or 800 766-5859. The following are certain risk factors that could affect the business, financial condition,operating results and cash flows of the company.
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These risk factors should be considered inconnection with evaluating the forward-looking statements contained in this annual report on Form10-K because these risk factors could cause the companys actual results to differ materially fromthose expressed in any forward-looking statement. The risks the company has highlighted below arenot the only ones the company faces. If any of these events actually occur, the companys business,financial condition, operating results or cash flows could be negatively affected. The companycautions the reader to keep in mind these risk factors and to refrain from attributing unduecertainty to any forward-looking statements, which speak only as of the date of this annual report. In addition, energy prices, particularly petroleum, are cost drivers for the companys business. Inrecent years, the price of petroleum has been highly volatile, particularly due to the unstablepolitical conditions in the Persian Gulf. Any increase in the costs of energy would also increasethe companys transportation costs.
Although the company attempts to pass on higher raw materialand energy costs to the companys customers, given the companys competitive markets, it is often not possibleto pass on all of these increased costs. Demand for the companys products is affected by general economic conditions and the businessconditions of the industries in which the company sells our products and services. The business ofmost of the companys customers, particularly our financial institution and election systemscustomers, is, to varying degrees, cyclical and has historically experienced periodic downturns.Any future downturns in general economic conditions could adversely affect the demand for ourproducts and services and our sales and operating results. In addition, downturns in our customersindustries, even during periods of strong general economic conditions, could adversely affect oursales and our operating results. Additionally, the unstable political conditions in the PersianGulf could lead to financial, economic and political instability, which could lead to a furtherdeterioration in general economic conditions. The company has launched a number of cost-cutting initiatives, including the companysrestructuring initiatives, to improve operating efficiencies and reduce operating costs.
Althoughthe company is anticipating a substantial amount of annual cost savings associated with thesecost-cutting initiatives, we may be unable to sustain the cost savings that the company hasachieved. In addition, if the company is unable to achieve, or have any unexpected delays inachieving additional cost savings, the companys results of operations and cash flow may beadversely affected. Even if the company meets the goals pursuant to these initiatives, the companymay not receive the expected financial benefits of these initiatives.
Any of these events could have an adverse effect on our international operations in the future byreducing the demand for our products, decreasing the prices at which the company can sell ourproducts or otherwise having an adverse effect on our business, financial condition or results ofoperations. The company may not be able to continue to operate in compliance with applicablecustoms, currency exchange control regulations, transfer pricing regulations or any other laws orregulations to which the company may be subject. In addition, these laws or regulations may bemodified in the future, and the company may not be able to operate in compliance with thosemodifications. The Help America Vote Act (HAVA) required that jurisdictions have HAVA-compliant equipment byJanuary 1, 2006; however, despite that deadline, numerous jurisdiction have not yet becomeHAVA-compliant. Further, individual states and municipalities have the discretion as to how theywill become compliant with HAVA.
It is uncertain at this time the extent to which challengesraised about reliability and security of the companys election systems products, including therisk that such products will not be certified for use or will be decertified, could adverselyeffect our business, financial condition and results of operation. The company could be subject to differing and inconsistent laws, regulations and certificationrequirements with respect to our election systems products.
If that were to happen, the companymay find it necessary to eliminate, modify or cancel components of our services that could resultin additional development costs and the possible loss of revenue. Future legislative changes orother changes in the laws could have an adverse effect on our business, financial condition andresults of operations. Because of the political nature of our election systems business, various individuals and advocacygroups may raise challenges in the media and elsewhere, including legal challenges, about thereliability and security of the companys election systems products and services. Our electionsystems business is vulnerable to these types of challenges because the electronic electionssystems industry is emerging. Furthermore, in the event of adverse publicity, whether directed atus or our competitors products, due to processing errors or other system failures, the electronicelection systems industry could suffer as a whole, which would have an adverse effect on ourbusiness, financial condition and results of operations. In addition, these efforts may adverselyaffect the companys relations with its election systems customers. A number of shareholder action lawsuits have been filed against us and certain of our current andformer officers and directors, alleging violations of the federal securities laws and breaches offiduciary duties with respect to the companys 401(k) savings plan.
The company believes thatthese lawsuits are without merit and the company intends to defend ourselves vigorously. Thecompany cannot, however, determine with certainty the outcome or resolution of these claims or anyfuture related claims, or the timing for their resolution. In addition to the expense and burdenincurred in defending this litigation and any damages that the company may suffer, our managementsefforts and attention may be diverted from the ordinary business operations in order to addressthese claims. If the final resolution of this litigation is unfavorable to us, our financialcondition, results of operations and cash flows might be materially adversely affected.
As part of our business strategy, the company frequently engages in discussions with third partiesregarding possible investments, acquisitions, strategic alliances, joint ventures, divestitures andoutsourcing arrangements and enter into agreements relating to such extraordinary transactions inorder to further our business objectives. In order to pursue this strategy successfully, thecompany must identify suitable candidates for and successfully complete extraordinary transactions,some of which may be large and complex, and manage post-closing issues such as the integration ofacquired companies or employees. Integration and other risks of extraordinary- 7. Transactions can bemore pronounced for larger and more complicated transactions, or if multiple transactions arepursued simultaneously. If the company failed to identify and complete successfully extraordinarytransactions that further our strategic objectives, the company may be required to expend resourcesto develop products and technology internally, the company may be at a competitive disadvantage orthe company may be adversely affected by negative market perceptions, any of which may have amaterial adverse effect on our revenue, gross margin and profitability. The company evaluates and enters into extraordinary transactions on an ongoing basis. The companymay not fully realize all of the anticipated benefits of any transaction, and the timeframe forachieving benefits of a transaction may depend partially upon the actions of employees, suppliersor other third parties.
In addition, the pricing and other terms of our contracts for extraordinarytransactions require us to make estimates and assumptions at the time the company enters into thesecontracts, and, during the course of our due diligence, the company may not identify all of thefactors necessary to estimate our costs accurately. Any increased or unexpected costs,unanticipated delays or failure to achieve contractual obligations could make these agreements lessprofitable or unprofitable. Managing extraordinary transactions requires varying levels of management resources, which maydivert our attention from other business operations. Experienced computer programmers and hackers may be able to penetrate our network security andmisappropriate our confidential information or that of third parties, create system disruptions orcause shutdowns. As a result, the company could incur significant expenses in addressing problemscreated by security breaches of our network.
Moreover, the company could lose existing or potentialcustomers or incur significant expenses in connection with our customers system failures. Inaddition, sophisticated hardware and operating system software and applications that the companyproduce or procure from third parties may contain defects in design ormanufacture, including bugs and other problems that could unexpectedly interfere with theoperation of the system. The costs to us to eliminate or alleviate security problems, viruses andbugs could be significant, and the efforts to address these problems could- 8. Portions of our information technology infrastructure also may experience interruptions, delays orcessations of service or produce errors in connection with systems integration or migration workthat takes place from time to time. The company may not be successful in implementing new systems,and transitioning data and other aspects of the process could be expensive, time consuming,disruptive and resource-intensive. Such disruptions could adversely impact our ability to fulfillorders and interrupt other processes.
Delayed sales, lower margins or lost customers resulting fromthese disruptions could adversely affect our financial results, stock price and reputation. In order to be successful, the company must attract, retain and motivate executives and other keyemployees, including those in managerial, administration, technical, sales, marketing andinformation technology support positions. The company also must keep employees focused on ourstrategies and goals.
Drivers Diebold Procomp Im4x3tp 3
Hiring and retaining qualified executives, engineers and qualified salesrepresentatives are critical to our future, and competition for experienced employees in theseareas can be intense. The failure to hire or loss of key employees could have a significant impacton our operations.
Our cash flows from operations depend primarily on sales and service margins. To develop newproduct and service technologies, support future growth, achieve operating efficiencies andmaintain product quality, the company must make significant capital investments in manufacturingtechnology, facilities and capital equipment, research and development, and product and servicetechnology. In addition to cash provided from operations, the company has from time to timeutilized external sources of financing. Depending upon general market conditions or other factors,the company may not be able to generate sufficient cash flows to fund our operations and makeadequate capital investments. The company is constantly looking to develop new products and services that complement ourtraditional product and service offerings or leverage the underlying design or process technologyof our traditional product and service offerings. The company makes significant investments inproduct and service technologies and anticipates expending significant resources for new productdevelopment over the next several years. There can be no assurance that our product developmentefforts will be successful, that we will be able to cost effectively manufacture these newproducts, that we will be able to successfully market these products or that margins generated fromsales of these products will recover costs of development efforts.
As is common in any high technology industry, from time to time, others have asserted, and may inthe future assert, that our products or manufacturing processes infringe their intellectualproperty rights. A court determination that our products or manufacturing processes infringe theintellectual property rights of others could result in significant liability and/or require us tomake material changes to our products and/or manufacturing processes. The company is unable topredict the outcome of assertions of infringement made against the company. Any of the foregoingcould have a material adverse effect on our business, results of operations or financial condition. The companys corporate offices are located in North Canton, Ohio. It owns manufacturingfacilities in Canton and Newark, Ohio; Lynchburg, Virginia, and Lexington, North Carolina.
Thecompany also has manufacturing facilities in Argentina, Belgium, Brazil, China, France, Hungary andIndia. The company has selling, service and administrative offices in the following locations:throughout the United States, and in Argentina, Australia, Austria, Barbados, Belgium, Brazil,Canada, Chile, China, Colombia, Czech Republic, Ecuador, France, Germany, Greece, Hong Kong,Hungary, India, Indonesia, Italy, Malaysia, Mexico, Namibia, Netherlands, New Zealand, Panama,Paraguay, Peru, Philippines, Portugal, Poland, Romania, Russia, Singapore, South Africa, Spain,Switzerland, Taiwan, Thailand, Turkey, the United Arab Emirates, the United Kingdom, Uruguay,Venezuela and Vietnam. The company leases a majority of the selling, service and administrativeoffices under operating lease agreements. In addition to the routine legal proceedings noted above, the company has been served with variouslawsuits, filed against it and certain current and former officers and directors, by shareholdersand by participants in the companys 401(k) savings plan, alleging violations of the federalsecurities laws and breaches of fiduciary duties with respect to the 401(k) plan.
These complaintsseek compensatory damages in an unspecific amount, fees and expenses related to such lawsuit andthe granting of extraordinary equitable and/or injunctive relief. For each of these lawsuits, thedate each complaint was filed, the name of the plaintiff and the federal court in which suchlawsuit is pending are as follows. Diebold Inc., et al., No. 5:05CV2873 (N.D.
Ohio filed December 13, 2005). Ziolkowski v. Diebold Inc., et al., No. 5:05CV2912 (N.D. Ohio filed December 16, 2005). New Jersey Carpenters Pension Fund v. Diebold,Inc., et al., No. 5:06CV40 (N.D. Ohio filed January 6, 2006). Rein v. Diebold, Inc., et al., No. 5:06CV296 (N.D.
Ohio filed February 9, 2006). Graham v. Diebold, Inc., et al., No.5:05CV2997 (N.D. Ohio filed December 30, 2005). McDermott v. Diebold, Inc., et al., No. 5:06CV170 (N.D. Ohio filed January 24, 2006). Barnett v.
Diebold, Inc., et al., No. 5:06CV361 (N.D. Ohio filed February 15, 2006). Farrell v.
Diebold, Inc., et al., No. 5:06CV307 (N.D. Ohio Filed February 8, 2006). Forbes v. Diebold, Inc., et al., No. 5:06CV324 (N.D. Ohio filed February 10, 2006). Gromek v. Diebold, Inc. Et al., No. 5:06CV579 (N.D.
Ohio filed March 14, 2006). The Konkol, Ziolkowski, New Jersey Carpenters Pension Fund, Rein and Graham cases, which allegeviolations of the federal securities laws, have been consolidated into a single proceeding and thecourt has appointed lead plaintiffs and lead plaintiffs counsel.
In addition, the McDermott,Barnett, Farrell, Forbes and Gromek cases, which allege breaches of fiduciary duties with respectto the 401(k) plan, have also been consolidated into a single proceeding, and lead plaintiffs andlead plaintiffs counsel have been appointed. The company and the individual defendants deny theallegations made against them in each of these groups of cases, regard them as without merit, andintend to defend themselves vigorously. Finally, the cases of Recht v. ODell et al., No. 5:06CV233 (N.D.
Ohio filed January 31,2006) and Wietschner v. Diebold, Inc., et al., No. 5:06CV418 (N.D. Ohio filed February 23,2006), which assert claims, purportedly on behalf of the company, for breach of fiduciary dutiesagainst certain current and former officers and directors in connection with alleged violations ofthe federal securities laws, have also been consolidated into a single proceeding, and the courthas appointed lead plaintiffs and lead plaintiffs counsel. The company was informed during the first quarter of 2006 that the staff of the SEC had begun aninformal inquiry relating to the companys revenue recognition policy.
The SEC indicated in itsletter to the company that the inquiry should not be construed as an indication by the SEC thatthere has been any violation of the federal securities laws. In the second quarter of 2006, thecompany was informed that the SECs inquiry had been converted to a formal, non-publicinvestigation. The company is continuing to cooperate with the SEC in connection with theinvestigation.
The company cannot predict the length, scope or results of the investigation, orthe impact, if any, on its results of operations. (1) - The company purchased 95,700 common shares in the fourth quarter of 2006 pursuant to thecompanys Stock Repurchase Plan (thePlan). The total number of shares repurchased as part of the Plan was 9,073,500 as of December 31,2006. The Plan was approved by the Board of Directors in April 1997 and authorized the repurchaseof up to two million shares. The Plan was amended in June 2004 to authorize the repurchase of anadditional two million shares, and was further amended in August and December 2005 to authorize therepurchase of an additional six million shares. The Plan has no expiration date.
On February 14,2007, the Board of Directors approved an increase in the companys share repurchase program byauthorizing the repurchase of up to an additional two million shares of the companys outstandingstock. (2) - Includes 31,350 shares in December surrendered or deemed surrendered to the company inconnection with stock-based compensation exercises and to satisfy tax withholding obligations inconnection with the distribution of shares of stock under employee stock-based compensation plans. The disclosures about market risk required by this item are set forth in the 2006 Annual Report toshareholders within the Quantitative and Qualitative Disclosures about Market Risk section ofManagements Discussion and Analysis of Financial Condition and Results of Operations, which isincorporated herein by reference. For further information relating to borrowings and interestrates, see the Liquidity and Capital Resources section of Managements Discussion and Analysisof Financial Condition and Results of Operations and Notes 7 and 8 to the Consolidated FinancialStatements, which are incorporated herein by reference. Under the direction of the Companys chief executive officer and chief financial officer,management has evaluated the companys disclosure controls and procedures, as such term is definedin Exchange Act Rule 13a-15(f), as in effect as of the end of the period covered by this annualreport. Based on that evaluation, the chief executive officer and the chief financial officer haveconcluded that, as of the end of the period covered by this annual report, our disclosure controlsand procedures are effective. Management of the company is responsible for establishing and maintaining adequate internal controlover financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Management, underthe supervision and with the participation of the companys chief executive officer and chieffinancial officer, conducted an evaluation of the effectiveness of the companys internal controlover financial reporting as of December 31, 2006, based on the framework in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the TreadwayCommission.
The company concluded that its internal control over financial reporting waseffective as of December 31, 2006. Informationwith respect to directors of the company, including the auditcommittee and the designatedaudit committee financial experts, is included in the companys proxy statement for the 2007 Annual Meeting ofShareholders (2007 Annual Meeting) and is incorporated herein by reference. Information withrespect to any material changes to the procedures by which security holders may recommend nomineesto the companys board of directors is included in the companys proxy statement for the 2007Annual Meeting and is incorporated herein by reference. The following table summarizes informationregarding executive officers of the company. Under date of March 1, 2007, we reported on the consolidated balance sheets of Diebold,Incorporated and subsidiaries as of December 31, 2006 and 2005, and the related consolidatedstatements of income, shareholders equity, and cash flows for each of the years in the three-yearperiod ended December 31, 2006.
In connection with our audits of the aforementioned consolidatedfinancial statements, we also audited Schedule IIValuation and Qualifying Accounts incorporatedin the Form 10-K. This financial statement schedule is theresponsibility of the Companys management. Our responsibility is to express an opinion on thisfinancial statement schedule based on our audits.