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Diebold concludes bill-and-hold talks with OCA
NORTH CANTON, Ohio (1/16/08)--Diebold has revised its revenue recognition method and will now recognize revenue upon customer acceptance of products at a customer location, the company announced Tuesday. The change will not affect the timing of related billing and collection activity, or the total cash flow from operating activities. Diebold plans to review the impact of the change on its 2006 and 2007 revenue with external auditors, and will provide updated revenue estimates for those periods, the company stated. The review is expected at the end of this month. Preliminary financial results for the second, third and fourth quarters of 2007 also will be made available. Financial statements for the fiscal years ending Dec. 31 during 2006, 2005, 2004 and 2003, and quarterly data in each year ending Dec. 31 for 2006 and 2005 must be revised to reflect the revised accounting method, Diebold stated in a press release. Diebold, an ATM manufacturer, has been in discussions with the Office of the Chief Accountant of the Securities and Exchange Commission, regarding its prior practice of recognizing certain revenue on a “bill and hold” basis. The company announced Oct. 2 that it would discontinue “bill and hold” as revenue recognition. Diebold said discussions have concluded.
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