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Diebold continues discussion with SECs chief accountant
NORTH CANTON, Ohio (12/26/07)--Diebold Inc., an ATM manufacturer, is continueing discussion with the Securities and Exchange Commission (SEC) about the company’s discontinued practice of recognizing certain revenue on a “bill and hold” basis. “Bill and hold” refers to ownership of a product that contractually passes to the customer and revenue is recognized by the supplier prior to delivery of the products to the customer. Changes in the company’s bill and hold revenue recognition practice would affect the timing of recognition of certain revenue. However, Diebold does not anticipate that the change in timing would impact previously reported cash provided by operating activities or the company’s net cash position, the company stated in a press release. Diebold is continuing its dialogue with SEC’s Office of the Chief Accountant so it can determine the most appropriate revenue recognition method to replace its bill and hold practice. It will provide further information once guidance is received. Diebold also will provide revenue estimates for 2007.


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