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Diebold exceeds $2B in sales in '`03

January 28, 2004

NORTH CANTON, Ohio -- Diebold Inc more than doubled its earnings in 2003's fourth quarter from a year ago and exceeded $2 billion in annual sales for the first time.

Diebold, which manufactures e-voting systems, along with ATMs and security equipment, earned $59.2 million, or 81 cents per share, in 2003's fourth quarter, up from $21.9 million, or 30 cents per share, a year ago. The per-share result beat the Thomson First Call estimate by a penny.

Fourth-quarter revenues were $648.4 million, up 23 percent from $525.8 million a year ago.

The company's sales of financial self-service products gained 19.3 percent. Financial self-service revenues were $469.5 million, up from $393.5 million a year earlier.

Though revenue from elections systems is expected to be flat for the first quarter of 2004, overall election-systems revenue is anticipated to grow to $138 to $170 million, according to the release.

This includes $75 million in expected revenue from Ohio, $37 million for an international voting contract, and assumes $30 million in recurring revenue from existing installations and up to $30 million in additional opportunities in several other states.

For all of 2003, Diebold earned $174.8 million, or $2.40 per share, on sales of $2.1 billion. In 2002, the company earned $99.2 million, or $1.37 per share, on sales of $1.9 billion.

Diebold said it expects earnings to range from 38 cents to 42 cents per share in 2004's first quarter and $2.58 to $2.70 per share for the year.