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Diebold Reports 2008 Third Quarter Financial Results

Third quarter net income of $46.5 million up 65.2 percent from 2007

- Continued significant improvement in operating profitability and earnings

- Strong order growth and backlog, despite market challenges

- Quarterly cash from operating activities improved $80.7 million from the third quarter 2007

NORTH CANTON, Ohio, Oct. 30 /PRNewswire-FirstCall/ -- Diebold, Incorporated (NYSE: DBD) today reported 2008 third quarter revenue of $890.3 million, an increase of 20.2 percent from the third quarter of 2007. The company also reported net income of $46.5 million during the third quarter of 2008, compared to net income of $28.1 million in the comparable period in 2007, an increase of 65.2 percent. Earnings for the third quarter of 2008 were $.70 per share, compared to $.42 per share in the third quarter of 2007, an increase of 66.7 percent.

(Logo: http://www.newscom.com/cgi-bin/prnh/20080725/DIEBOLDLOGO )

The third quarter 2008 results included restructuring charges of $.17 per share, compared to $.01 per share in the third quarter of 2007. These restructuring charges related primarily to severance and reorganization costs from the previously announced reduction in the company's global workforce. In addition, the company also incurred $.29 per share in non-routine expenses in the third quarter 2008, compared to $.04 per share in the third quarter 2007. These non-routine expenses primarily consisted of legal, audit and consultation fees related to the completion of the internal review of other accounting items, the restatement of financial statements and the ongoing Securities and Exchange Commission (SEC) and U.S. Department of Justice (DOJ) investigations, as well as other advisory fees. Of the $.29 per share in non- routine expenses in the third quarter of 2008, $.16 per share was related to a fee owed to financial advisor Goldman Sachs as a result of the withdrawal of the unsolicited takeover bid from United Technologies Corp. Excluding these restructuring charges and non-routine expenses, diluted earnings per share in the third quarter of 2008 would have been $1.16 versus $.47 in the third quarter 2007*, an increase of 146.8 percent.

Cash from operating activities in the third quarter of 2008 was $56.3 million, compared to a cash use from operating activities of $24.4 million in the third quarter of 2007. Free cash flow during the third quarter of 2008 was $43.4 million, compared to free cash use of $34.7 million during the third quarter of 2007*.

Management commentary

"I am very pleased with the strong results we generated in the third quarter. We continue to make solid progress on our key initiatives to reduce costs and improve profitability, and this is reflected in our results," said Thomas W. Swidarski, Diebold president and chief executive officer. "While the quarter was very strong, it benefited from 2008 Brazilian election revenue, a business opportunity which historically occurs every other year.

"Also, we benefited from a large order in China, in which revenue was expected to be recognized during the fourth quarter but occurred during the third quarter due to customer acceptance occurring sooner than planned. Including this order, we anticipate revenue in China will increase more than 20 percent in the full-year 2008.

"In addition to the unique events that occurred during the quarter, we executed our business plans very effectively. As a result of our strong performance, we are again raising our full-year earnings guidance," Swidarski continued. "While this guidance reflects an exceptional year, it does result in fourth-quarter earnings expectations that are lower than what we historically realize. As we have communicated in prior quarters, our typical earnings seasonality has been affected by purchases in China coming early in the year in 2008, rather than being concentrated in the fourth quarter. We anticipate our more historical earnings seasonality returning in 2009."

Swidarski concluded, "Clearly, since our last earnings announcement on August 11, we have witnessed unprecedented change in the financial services industry -- both in the United States and internationally. In the United States, the federal government's Troubled Asset Recovery Program is reshaping the financial landscape almost daily. While our orders and backlog remain very strong, these day-to-day changes in our core industry make it difficult to assess the impact on 2009 financial results. Given this uncertainty, we are further accelerating our efforts to reduce costs, increase operational efficiencies and improve productivity. We expect to be in a better position to provide insight to 2009 financial expectations in our year-end earnings announcement."

Third Quarter Orders (constant currency)

Total product and services orders for financial self-service and security were up into the low double-digit range compared to the prior-year period. Financial self-service orders increased in excess of 20 percent, with double-digit growth in each of the geographic regions. Security orders, however, decreased in the low double-digit range as new bank branch construction and retail store openings remain weak in the United States.

Revenue

Total revenue for the 2008 third quarter was up 20.2 percent. Financial self-service products and services revenue increased 18.3 percent over the prior period, while total security revenue decreased 6.4 percent. During the quarter, election systems revenue in Brazil was $58.6 million, representing more than 85 percent of the increase in total election systems revenue. Of the 20.2 percent increase in total revenue, the net positive currency impact was 3.4 percentage points.

Gross Margin

Total gross margin for the quarter was 26.2 percent, compared to 23.9 percent in the third quarter of 2007. These gross margins included restructuring charges of $10.7 million in the third quarter of 2008 and $1.0 million in the third quarter of 2007.

Product gross margin was 27.9 percent in the quarter, compared to 26.5 percent in the third quarter 2007. Included in product gross margins were restructuring charges of $8.4 million in the third quarter of 2008 and $0.8 million in the third quarter of 2007. Despite the higher restructuring charges, product gross margin improved during the period. The gross profit associated with the Brazil voting business positively impacted product gross margin in the quarter by 2.2 percentage points. In addition, gross profit margin was negatively impacted by higher restructuring expenses, increased commodity costs, unfavorable security product revenue mix and lower overall volume in the security business. This negative impact was partially offset by the company's ongoing cost-reduction efforts and a higher mix of revenue from China. The China revenue included the large order in which revenue was expected to be recognized during the fourth quarter but occurred during the third quarter.

Service gross margin in the quarter was 24.4 percent, compared to 21.4 percent in the third quarter of 2007. Included in service gross margins were restructuring charges of $2.3 million in the third quarter of 2008 and $0.2 million in the third quarter of 2007. The year-over-year improvement in service margin was driven by better product quality, improved international margins as a result of previous restructuring actions, and continued gains in productivity and efficiency, partially offset by higher restructuring charges.

Operating Expense

Operating expenses as a percentage of revenue in the third quarter of 2008 were 18.9 percent, compared to 18.4 percent in the third quarter of 2007. Included in the third quarter 2008 operating expenses were restructuring charges of $3.8 million and non-routine expenses of $24.7 million. This compares to $0.2 million in restructuring charges and $3.3 million in non-routine expenses in the third quarter of 2007. The third quarter 2008 non-routine expenses included a $13.5 million fee owed to financial advisor Goldman Sachs as a result of the withdrawal of the unsolicited takeover bid from United Technologies Corp.

Net Income

The company reported net income of $46.5 million in the third quarter 2008, or 5.2 percent of revenue, compared to net income of $28.1 million in the third quarter 2007, or 3.8 percent of revenue. The increase in net income was a result of higher gross profits and a lower effective tax rate, partially offset by higher operating expense levels. The third quarter 2008 effective tax rate was positively affected by a $3.7 million discrete benefit related to a China technology tax credit.

On a net of tax basis, the fee to Goldman Sachs adversely impacted net income by $10.6 million, while restructuring charges adversely impacted net income by $11.4 million in the third quarter of 2008 and by $0.9 million in the third quarter of 2007. Finally, other non-routine expenses, net of tax, were $8.8 million in the third quarter of 2008 and $2.4 million in the third quarter of 2007.

Net Debt and Cash Flow

The company's net debt* was $378.4 million at September 30, 2008 compared to $389.9 million at September 30, 2007, a decrease of $11.5 million over the last 12 months.

Net cash provided by operating activities increased $24.0 million, moving from $37.8 million in the nine months ended September 30, 2007 to $61.8 million in the nine months ended September 30, 2008. The primary reason for this increase was higher net income and a net increase in certain other assets/liabilities, partially offset by an increase in trade receivable balances. The net increase in certain other assets/liabilities was primarily due to collection of refundable income taxes, increases in the accruals for non-routine expenses, and increases in warranty reserves and VAT taxes as a result of increased product revenue. The increase in trade receivables was due to significantly higher revenue levels. Days sales outstanding (DSO) was 52 days at September 30, 2008 compared to 61 days at September 30, 2007, while inventory turns moved to 4.2 turns at September 30, 2008 from 3.7 turns at September 30, 2007. As a result of the change in net cash provided by operating activities, free cash flow increased by $25.7 million, moving to $29.2 million at September 30, 2008 from $3.5 million at September 30, 2007*.

Restructuring charges

The company incurred third quarter 2008 restructuring charges totaling $14.5 million, or $.17 per share. These charges were primarily related to severance costs from the previously announced ongoing reduction in the company's global workforce, which is on track to be completed by the end of 2008. Cash payments related to restructuring in the third quarter of 2008 were $6.0 million. Taking into consideration the previously announced manufacturing and supply chain restructuring and the global workforce reduction, Diebold expects full-year restructuring charges to be in the range of $40 million to $45 million, or $.50 per share to $.56 per share. While the majority of the anticipated 2008 restructuring charges are ultimately expected to result in cash payments, the company cannot currently predict the timing of these payments.

Non-routine expenses

The company incurred third quarter 2008 non-routine expenses totaling $24.7 million, or $.29 per share, compared to $3.3 million, or $.04 per share in the third quarter of 2007. These expenses primarily consisted of legal, audit and consultation fees related to the previously announced internal review of other accounting items, restatement of financial statements and the ongoing government investigations, as well as other advisory fees. Diebold estimates these non-routine expenses for the full year will be in the range of $45 million to $47 million, or $.53 per share to $.55 per share. Cash payments related to these non-routine expenses in the third quarter of 2008 were $8.2 million, compared to $0.8 million in the third quarter of 2007.

Full-year 2008 outlook

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially. These statements do not include the potential impact of any future mergers, acquisitions, disposals or other business combinations.

    Expectations for the full year 2008 include:


    -- Revenue

    Revenue growth               Previous guidance       Current guidance
                            (provided August 11, 2008)

    Total revenue                8 to 10 percent         8 to 10 percent
       Financial self-service    9 to 10 percent         9 to 10 percent
       Security                  1 to 3 percent               Flat
       Election systems
        (including Brazil)       $120 million to          $135 million to
                                 $130 million             $140 million
                           (with approximately half  (with approximately half
                               coming from Brazil)       coming from Brazil)
       Brazilian lottery          $10 million to           $10 million to
                                  $13 million              $13 million


    -- Earnings per share

                                 Previous guidance       Current guidance
                            (provided Sept. 30, 2008)

    2008 EPS (GAAP)               $1.62 - $1.52           $1.45 - $1.42 (a)
    Restructuring charges          $.45 - $.56             $.50 - $.56
    Non-routine expenses           $.28 - $.32             $.53 - $.55
    Impairment                        $.05                    $.05
    2008 EPS non-GAAP             $2.40 - $2.45           $2.53 - $2.58

    (a) -- Included in the revised full-year earnings guidance is a potential
    inventory valuation adjustment in the fourth quarter of approximately
    $.10 to $.15 per share primarily related to select voting equipment within
    Premier Election Systems.  This inventory may require a reduction in
    value, contingent upon order volumes received in the fourth quarter.

Conference call

Thomas W. Swidarski and Kevin J. Krakora will discuss the company's financial performance during a conference call today at 10:00 a.m. (ET). Access is available from Diebold's Web site at www.diebold.com. The replay can also be accessed on the site for up to three months after the call.

    *See accompanying notes for non-GAAP measures.



    Revenue Summary by Product, Service and Geographic Area
    (In Thousands -- Quarter Ended September 30)

                                              %       YTD        YTD      %
                         Q3 2008  Q3 2007  Change  9/30/2008  9/30/2007 Change
    Financial
     Self-Service
    Products            $324,414 $270,509   19.9%   $812,732   $720,823  12.8%
    Services             290,225  249,227   16.5%    844,769    733,361  15.2%
       Total Fin.
        self-service     614,639  519,736   18.3%  1,657,501  1,454,184  14.0%

    Security solutions
    Products              78,755   86,509   -9.0%    227,890    238,158  -4.3%
    Services             120,116  125,941   -4.6%    352,202    350,789   0.4%
       Total Security    198,871  212,450   -6.4%    580,092    588,947  -1.5%

    Total Fin.
     self-service &
     security            813,510  732,186   11.1%  2,237,593  2,043,131   9.5%

    Election systems
    Products              69,326    2,954 2246.9%     92,199     19,648 369.3%
    Services               6,698    5,713   17.2%     25,648     19,545  31.2%
       Total Election
        systems           76,024    8,667  777.2%    117,847     39,193 200.7%

    Brazilian lottery
     systems                 756        -    n/a       4,047          -   n/a


    Total Revenue       $890,290 $740,853   20.2% $2,359,487 $2,082,324  13.3%



    Revenue Summary by Geographic Segment
                                              %       YTD         YTD     %
                         Q3 2008  Q3 2007  Change  9/30/2008  9/30/2007 Change

    The Americas         642,990  525,600   22.3%  1,692,514  1,503,814  12.5%
    Asia Pacific         123,442   79,899   54.5%    316,923    220,465  43.8%
    Europe, Middle
     East, Africa        123,858  135,354   -8.5%    350,050    358,045  -2.2%

    Total Revenue       $890,290 $740,853   20.2% $2,359,487 $2,082,324  13.3%



    Notes for Non-GAAP Measures

    1. Reconciliation of GAAP EPS to non-GAAP measures:

                                                           YTD        YTD
                                    Q3 2008   Q3 2007    9/30/08    9/30/07

    Total EPS (GAAP measure)         $0.70      $0.42      $1.32      $0.74
       Restructuring Charges          0.17       0.01       0.37       0.21
       Non-routine expenses           0.29       0.04       0.49       0.05
       Impairment                     0.00       0.00       0.05       0.00
    Total EPS (non-GAAP measure)     $1.16      $0.47      $2.23      $1.00


    The company's management believes excluding restructuring charges,
    non-routine expenses and impairment is useful to investors because it
    provides an overall understanding of the company's historical financial
    performance and future prospects.  Management believes operating EPS
    (non-GAAP) is an indication of the company's base-line performance before
    gains, losses or other charges that are considered by management to be
    outside the company's core operating results.  Exclusion of these items
    permits evaluation and comparison of results for the company's core
    business operations, and it is on this basis that management internally
    assesses the company's performance.



    2. Free cash flow/(use) is calculated as follows:

                                                           YTD        YTD
                                   Q3 2008    Q3 2007    9/30/08    9/30/07
    Net cash provided (used) by
     operating activities
     (GAAP measure)                $56,297   $(24,432)   $61,846    $37,848
    Capital expenditures           (12,859)   (10,296)   (32,637)   (34,323)
    Free cash flow (use)
     (non-GAAP measure)            $43,438   $(34,728)   $29,209     $3,525


    The company's management believes that free cash flow is useful to
    investors because it is a meaningful indicator of cash generated from
    operating activities that is available for the execution of its business
    strategy, including service of debt principal, dividends, share repurchase
    and acquisitions.  Free cash flow is not an indicator of residual cash
    available for discretionary spending, because it does not take into
    account mandatory debt service or other non-discretionary spending
    requirements that are deducted in the calculation of free cash flow.



    3. Net (debt) is calculated as follows:

                                   September 30,   December 31,  September 30,
                                        2008           2007           2007
    Cash, cash equivalents and
     other investments (GAAP
     measure)                         $330,251       $311,310       $233,604
    Less Industrial development
     revenue bonds and other           (11,900)       (11,950)       (11,950)
    Less Notes payable                (696,702)      (624,071)      (611,508)
    Net (debt) (non-GAAP measure)   $ (378,351)    $ (324,711)    $ (389,854)


    The company's management believes that given the net debt, the significant
    cash, cash equivalents and other investments on its balance sheet, that
    net cash against outstanding debt is a meaningful debt calculation.



    4. Reconciliation of GAAP Operating Margin to non-GAAP measures

                                                           YTD        YTD
                                   Q3 2008    Q3 2007    9/30/08    9/30/07

    GAAP Operating Margin          $65,531    $40,619   $132,764    $81,658
    GAAP Operating Margin %            7.4%       5.5%       5.6%       3.9%
    Restructuring                  $14,483     $1,219    $29,560    $19,037
    Non-routine Expenses           $24,665     $3,323    $41,840     $4,212
    Impairment                          $-         $-     $4,376         $-

    Non GAAP Operating Margin     $104,679    $45,161   $208,540   $104,907
    Non GAAP Operating Margin %       11.8%       6.1%       8.8%       5.0%


    The company's management believes excluding restructuring charges,
    non-routine expenses and impairment from operating margins is an
    indication of the company's baseline performance before gains, losses, or
    other charges that are considered by management to be outside the
    company's core operating results.  The exclusion of these items permits
    evaluation and comparison of results for the company's core business
    operations and it is on this basis that the company's management
    internally assesses the company's performance.

Forward-Looking Statements

In this press release, statements that are not reported financial results or other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give current expectations or forecasts of future events and are not guarantees of future performance. These forward-looking statements relate to, among other things, the company's future operating performance, the company's share of new and existing markets, the company's short- and long-term revenue and earnings growth rates, and the company's implementation of cost-reduction initiatives and measures to improve pricing, including the optimization of the company's manufacturing capacity. The use of the words "will," "believes," "anticipates," "expects," "intends" and similar expressions is intended to identify forward-looking statements that have been made and may in the future be made by or on behalf of the company. Although the company believes that these forward-looking statements are based upon reasonable assumptions regarding, among other things, the economy, its knowledge of its business, and on key performance indicators that impact the company, these forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed in or implied by the forward-looking statements. The company is not obligated to update forward-looking statements, whether as a result of new information, future events or otherwise.

Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Some of the risks, uncertainties and other factors that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements include, but are not limited to:

    -- the results of the SEC and DOJ investigations;
    -- competitive pressures, including pricing pressures and technological
       developments;
    -- changes in the company's relationships with customers, suppliers,
       distributors and/or partners in its business ventures;
    -- changes in political, economic or other factors such as currency
       exchange rates, inflation rates, recessionary or expansive trends,
       taxes and regulations and laws affecting the worldwide business in each
       of the company's operations, including Brazil, where a significant
       portion of the company's revenue is derived;
    -- the effects of the sub-prime mortgage crisis and the disruptions in the
       financial markets, including the bankruptcies, restructurings or
       consolidations of financial institutions, which could reduce our
       customer base and/or adversely affect our customers' ability to make
       capital expenditures;
    -- acceptance of the company's product and technology introductions in the
       marketplace;
    -- the amount of cash and non-cash charges in connection with the planned
       closure of the company's Newark, Ohio facility;
    -- unanticipated litigation, claims or assessments;
    -- variations in consumer demand for financial self-service technologies,
       products and services;
    -- challenges raised about reliability and security of the company's
       election systems products, including the risk that such products will
       not be certified for use or will be decertified;
    -- changes in laws regarding the company's election systems products and
       services;
    -- potential security violations to the company's information technology
       systems;
    -- the company's ability to successfully execute its strategy related to
       the election systems business; and
    -- the company's ability to achieve benefits from its cost-reduction
       initiatives and other strategic changes.

About Diebold

Diebold, Incorporated is a global leader in providing integrated self-service delivery and security systems and services. Diebold employs more than 17,000 associates with representation in nearly 90 countries worldwide and is headquartered in Canton, Ohio, USA. Diebold is publicly traded on the New York Stock Exchange under the symbol 'DBD.' For more information, visit the company's Web site at www.diebold.com.



    DIEBOLD, INCORPORATED
    CONDENSED CONSOLIDATED INCOME STATEMENTS - UNAUDITED
    (IN THOUSANDS EXCEPT EARNINGS PER SHARE)

                                    Three months ended    Nine months ended
                                      September 30,         September 30,
                                      2008      2007       2008       2007
    Net Sales
       Product                      $473,251  $359,972  $1,136,868   $978,629
       Service                       417,039   380,881   1,222,619  1,103,695
       Total                         890,290   740,853   2,359,487  2,082,324

    Cost of goods
       Product                       341,306   264,494     821,261    732,982
       Service                       315,343   299,300     937,069    878,408
       Total                         656,649   563,794   1,758,330  1,611,390

    Gross Profit                     233,641   177,059     601,157    470,934

       Percent of net sales             26.2%     23.9%       25.5%      22.6%

    Operating expenses
       Selling, general and
        administrative               147,774   117,532     405,774    342,568
       Research, development and
        engineering                   20,364    18,894      58,275     53,115
       Impairment of Assets                -         -       4,376          -
       (Gain) Loss on sale of Assets     (28)       14         (32)    (6,407)
       Total                         168,110   136,440     468,393    389,276
       Percent of net sales             18.9%     18.4%       19.9%      18.7%

    Operating profit                  65,531    40,619     132,764     81,658
       Percent of net sales              7.4%      5.5%        5.6%       3.9%

    Other expense and minority
     interest, net                    (9,233)   (6,223)    (20,278)   (11,183)
    Income before taxes               56,298    34,396     112,486     70,475
       Percent of net sales              6.3%      4.6%        4.8%       3.4%

    Taxes on income                   (9,782)   (6,247)    (24,961)   (20,874)
       Effective tax rate               17.4%     18.2%       22.2%      29.6%

    Net income                       $46,516   $28,149     $87,525    $49,601

    Basic weighted average shares
     outstanding                      66,101    65,926      66,073     65,798
    Diluted weighted average shares
     outstanding                      66,758    66,985      66,459     66,720


    Basic Earnings Per Share           $0.70     $0.43       $1.32      $0.75

    Diluted Earnings Per Share         $0.70     $0.42       $1.32      $0.74



    DIEBOLD, INCORPORATED
    CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
    (IN THOUSANDS)

                                                September 30,     December 31,
                                                     2008             2007
    ASSETS
    Current assets
       Cash and cash equivalents                   $212,784         $206,334
       Short-term investments                       117,467          104,976
       Trade receivables, net                       591,162          544,501
       Inventories                                  571,684          533,619
       Other current assets                         273,780          241,102
          Total current assets                    1,766,877        1,630,532

    Securities and other investments                 80,618           75,227
    Property, plant and equipment, net              205,811          220,056
    Goodwill                                        449,596          465,484
    Other assets                                    235,936          239,827
                                                 $2,738,838       $2,631,126
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities
       Notes payable                                $12,743          $14,807
       Accounts payable                             197,008          170,632
       Other current liabilities                    565,832          565,199
          Total current liabilities                 775,583          750,638

    Long-term notes payable                         683,959          609,264
    Long-term liabilities                           159,684          156,390
    Total shareholders' equity                    1,119,612        1,114,834
                                                 $2,738,838       $2,631,126



    DIEBOLD, INCORPORATED
    CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED
    (IN THOUSANDS)
                                               Nine months ended September 30,
                                                     2008             2007
    Cash flow from operating activities:
       Net income                                   $87,525          $49,601
       Adjustments to reconcile net income to
        cash provided by operating activities:
          Minority share of income                    6,800            5,579
          Depreciation and amortization              61,211           53,366
          Share-based compensation                    9,166           10,945
          Excess tax benefits from share-based
           compensation                                   -             (867)
          Deferred income taxes                         610           14,892
          Impairment of asset                         4,376                -
          Gain on sale of assets, net                   (32)          (6,407)
          Cash provided (used) by changes in
           certain assets and liabilities:
             Trade receivables                      (67,311)          92,589
             Inventories                            (53,161)         (48,164)
             Prepaid expenses                        (6,297)         (12,686)
             Other current assets                   (24,403)         (11,134)
             Accounts payable                        29,748           18,085
             Deferred revenue                       (61,057)         (51,500)
             Certain other assets and
              liabilities                            74,671          (76,451)

       Net cash provided by operating
        activities                                   61,846           37,848

    Cash flow from investing activities:
       Payments for acquisitions, net of cash
        acquired                                     (3,733)         (10,028)
       Net investment activity                      (30,874)          22,921
       Proceeds from sale of fixed assets                29            7,594
       Capital expenditures                         (32,637)         (34,323)
       Increase in certain other assets             (17,035)         (22,725)

       Net cash used by investing activities        (84,250)         (36,561)

    Cash flow from financing activities:
       Dividends paid                               (49,917)         (46,820)
       Net borrowings                                74,522          (73,294)
       Distribution of affiliates' earnings
        to minority interest holder                       -          (15,440)
       Excess tax benefits from share-based
        compensation                                      -              867
       Issuance of common shares                          -            8,323
       Net cash provided (used) in financing
        activities                                   24,605         (126,364)

    Effect of exchange rate changes on cash           4,249           12,859

    Increase (Decrease) in cash and cash
     equivalents                                      6,450         (112,218)
    Cash and cash equivalents at the beginning
     of the period                                  206,334          253,968
    Cash and cash equivalents at the end of the
     period                                        $212,784         $141,750

SOURCE Diebold, Incorporated

CONTACT:
Media
Mike Jacobsen
+1-330-490-3796
michael.jacobsen@diebold.com
or
Investors
Chris Bast
+1-330-490-6908
christopher.bast@diebold.com
both of Diebold, Incorporated

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