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By Jim Mackinnon
Beacon Journal business writer
POSTED: 11:23 a.m. EST, Jan 15, 2008
ATM and electronic voting machine maker Diebold Inc. will restate earnings going back four years after concluding discussions with the Securities and Exchange Commission on how the Green company recognizes revenue.
The review of the accounting changes is expected to be completed by end of the month, Diebold said this morning.
The company issued a statement saying that it will change its revenue recognition policy.
Diebold shares had fallen 57 cents to $24.90 as of 10:45 a.m. Shares are down 14.1 percent since Jan. 1 and are down 45.2 percent from a year ago, including reinvested dividends.
Previously, Diebold used a ''bill and hold'' accounting basis where the company recorded sales before delivery. Now, the company said it will recognize revenue upon customer acceptance of products at a customer location.
The restated earnings will be for the fiscal years ending Dec. 31 in 2006, 2005, 2004 and 3003.
In addition, quarterly data will be restated for each of the 2006 and 2005 fiscal years, as well as the quarter ended March 31, 2007.
Diebold said that it continues to review other accounting items as well as part of the SEC investigation.
''Any adjustments identified will be included in amendments to the company's financial statements,'' Diebold said in a news release. ''The company anticipates the review of other accounting items will be completed in the first quarter of 2008.''
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
ATM and electronic voting machine maker Diebold Inc. will restate earnings going back four years after concluding discussions with the Securities and Exchange Commission on how the Green company recognizes revenue.
The review of the accounting changes is expected to be completed by end of the month, Diebold said this morning.
The company issued a statement saying that it will change its revenue recognition policy.
Diebold shares had fallen 57 cents to $24.90 as of 10:45 a.m. Shares are down 14.1 percent since Jan. 1 and are down 45.2 percent from a year ago, including reinvested dividends.
Previously, Diebold used a ''bill and hold'' accounting basis where the company recorded sales before delivery. Now, the company said it will recognize revenue upon customer acceptance of products at a customer location.
The restated earnings will be for the fiscal years ending Dec. 31 in 2006, 2005, 2004 and 3003.
In addition, quarterly data will be restated for each of the 2006 and 2005 fiscal years, as well as the quarter ended March 31, 2007.
Diebold said that it continues to review other accounting items as well as part of the SEC investigation.
''Any adjustments identified will be included in amendments to the company's financial statements,'' Diebold said in a news release. ''The company anticipates the review of other accounting items will be completed in the first quarter of 2008.''
Jim Mackinnon can be reached at 330-996-3544 or jmackinnon@thebeaconjournal.com.
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