NCR announces fourth-quarter 2008 results

  • GAAP EPS from continuing operations was $0.34 per diluted share; non-GAAP EPS from continuing operations was $0.58 per diluted share(1)
  • Cash provided by operating activities was $108 million, an improvement of $49 million versus fourth quarter of 2007
  • Company reports strong working capital and cash position
  • NCR provides 2009 outlook

DAYTON , OhioNCR Corporation (NYSE: NCR) reported financial results today for the three months ended December 31, 2008.  Reported revenue of $1.42 billion decreased 7 percent from the fourth quarter of 2007 and included approximately 4 percentage points of negative impact from foreign currency translation.

NCR reported fourth-quarter income from continuing operations of $55 million, or $0.34 per diluted share, compared to $96 million or $0.52 per diluted share in the fourth quarter of 2007. Income from continuing operations for the fourth quarter of 2008 included $53 million ($38 million after-tax) in costs, or $0.24 per diluted share, resulting from organizational realignment, legal matters and the Fox River environmental reserve. In the fourth quarter of 2007, income from continuing operations included $0.02 per diluted share of costs from items related to NCR’s manufacturing realignment, the spin-off of Teradata, the Fox River environmental matter and a realignment initiative in Japan . Excluding these items, non-GAAP earnings from continuing operations(1) in the fourth quarter of 2008 were $0.58 per diluted share compared to $0.54 per diluted share in the prior-year period.

"NCR delivered fourth-quarter earnings in line with expectations and strong free cash flow against the backdrop of a worsening global economy,” said Bill Nuti, chairman and chief executive officer of NCR.  “In 2008, we made very good progress on each of our long-term business goals. We generated profitable revenue growth, made progress towards building the lowest cost structure in our industry, and optimized our capital structure. In addition to our solid financial performance, we launched more than 50 new products, regained the No.1 share of automated teller machine (ATM) shipments in North America , while preserving our overall global share leadership position, and gained significant traction in our self-service initiative. The progress we have made helps fortify the company as we manage through the current macroeconomic turbulence. Moreover, the work we have done positions us to come out of the economic downturn a stronger company.”

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Alan Ulman
NCR Corporation

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NCR Corporation