Diebold, Incorporated announced preliminary 2012 fourth quarter revenue of approximately $840 million and a loss from continuing operations of $0.12 per share, or income from continuing operations of $0.45 per share on a non-GAAP basis.

For the full-year 2012, Diebold now expects EPS from continuing operations of approximately $1.28, or $2.07 on a non-GAAP basis, on revenue growth of approximately 6%. Diebold also announced preliminary full-year free cash flow of approximately $85 million. These results are preliminary in nature and subject to standard year-end financial reporting procedures. The major factors contributing to the company's lower-than-expected earnings included an accelerated slowdown in the U.S. regional bank space and associated declines in non-contract-based service work, in addition to higher costs in the U.S. service business partially due to the impact of certain items, including an insurance liability charge and Hurricane Sandy. However, Diebold's core elements of working capital continue to make progress, as the company ended the year with net debt of approximately $20 million. Capital expenditures were $50 million.

In regards to the outlook for 2013, the company expects relatively flat revenue. While the company is encouraged by the backlog seen in the Asia Pacific and U.S. national account segments, it expects the U.S. regional bank space to be down substantially from 2012. In addition, the company expects improvements within its Brazil business with several significant tenders expected in the first half of 2013. However, limited
visibility to the U.S. regional bank market and the final outcome of the large Brazilian orders creates a wide range of earnings expectations. As such, the company is cautious on its full year outlook for 2013, expecting non-GAAP earnings to be flat to down moderately from 2012. However, free cash flow is expected to improve over 2012.

On January 24, 2013, the company announced that Thomas W. Swidarski has stepped down from his positions as the President and Chief Executive Officer of the company and resigned from the company's Board of Directors, effective January 19, 2013. Until a permanent Chief Executive Officer is hired, Henry D.G. Wallace, the Chairman of the Board of Directors of the company, will assume regular oversight of the company as its Executive Chairman and will act in the role of the company's principal executive officer. Mr. Wallace has served on the board of directors of Ambac Financial Group Inc. since 2004 and Lear Corporation since 2005, where Mr. Wallace Currently serves as Non-Executive Chairman of the Board. The company also announced that it had promoted George S. Mayes, Jr. to the newly created position of Chief Operating Officer.

The company expects impairment charges of $0.01 per share for the fourth quarter of 2012 and $0.17 per share for the year 2012.