20 August 2014

SEC probes Diebold

08 August 2006  |  5790 views  |  0 Diebold

US ATM manufacturer Diebold says the US Securities and Exchange Commission (SEC) has launched a formal investigation into how the company recognises its revenue.

Diebold said in May that the SEC was conducting an informal inquiry relating to its revenue recognition policy.

But in its quarterly report, the vendor says the SEC has converted the probe from an informal inquiry to a "formal non-public investigation".

Diebold says it is continuing to cooperate with the SEC.

The vendor has been struggling over the last two years against falling financial services revenue in North America and Europe and has incurred restructuring charges to cut costs and improve its profitability. Last month Diebold reported a 46% drop in second quarter profits after earnings were hit by these restructuring charges.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Related blogs

Create a blog about this story (membership required)

Related stories

25 July, 2006
17 May, 2006
25 April, 2006
07 February, 2006
13 December, 2005
21 September, 2005
15 July, 2005
30 June, 2005
10 June, 2005

Related company news

 

Featured job

c.£80k base, double OTE, stock options, benefits
London, UK

Find your next job