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Economy and Business

Diebold loses chief financial officer and money
But third-quarter earnings were better than analysts expected

Web Editor
M.L. Schultze
Mattes says North America markets are showing signs of a turnaround, but better times for Diebold may have to await 2014 and 2015.
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Green-based Diebold is losing another top executive and lost nearly $22 million in the third quarter of the year. Still, that beat analysts’ expectations.

During a conference call this morning, new CEO Andy Mattes said he expects a turnaround in 2015. And, after announcing earlier $150 million in cuts – including 700 layoffs – Mattes says Diebold is starting to invest in sales and technology.

LISTEN: Mattes on spending and growth projections

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“IT is an area where we have to make massive investments. These are things where you have purchased moments in time. There are rollout costs associated with it. So we stay committed to the $150 million but you want to think of 2014 as the year of heavy lifting.”

The maker of bank security equipment and ATMs is tying its third-quarter loss to problems with the banking, election and lottery industries in Brazil.

Mattes gave no specifics on the departure next week of Chief Financial Officer Bradley Richardson other than saying Richardson’s decision was personal.

Last week, the company agreed to pay a $48 million fine to settle charges its subsidiaries gave millions of dollars in “improper gifts” to foreign official in Asia and Indonesia.

Diebold removed its former CEO, Tom Swidarski, in Janaury. And in 2010,  two of its previous CFOs were charged in a civil complaint by the SEC with misstating earnings. Diebold paid a $25 million fine and restated its 2003-2006 earnings.  

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