Diebold (DBD) Comments on Withdrawal of Bid From United Technologies (UTX); Increases FY08 EPS Guidance

October 13, 2008 2:22 PM EDT

In a letter dated today, Diebold (NYSE: DBD) has learned that United Technologies Corporation (NYSE: UTX) has withdrawn its unsolicited bid for the company of February 29, 2008. UTC released a copy of its letter publicly today.

"The Diebold board of directors remains confident that the company is on the right path, and is encouraged by the continued improvement it has seen in the company's strategic initiatives to gain cost efficiencies and increase profitability," said John N. Lauer, non-executive chairman of the board for Diebold. "This gives the board confidence that Diebold is on-course for creating substantial shareholder value for its investors, despite current global financial market conditions."

Also, despite the current turmoil in the financial industry, Diebold increased its 2008 earnings expectations on Sept. 30, 2008, when the company became current with its financial reports. Today Diebold is reiterating those expectations as follows:

Sees FY 2008 non-GAAP EPS between $2.40-2.45 vs. prior guidance of $2.25-2.30. (Consensus is $2.43)

Diebold, Incorporated is engaged primarily in the sale, manufacture, installation and service of automated self-service transaction systems, electronic and physical security products, election systems and software. [SM]

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