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NCR announces first-quarter results
- Difficult global economic environment results in loss of $.09 per diluted share in both GAAP and non-GAAP EPS(1) from continuing operations
- Cash provided by operating activities was $38 million
- Company reports strong working capital performance
- Total cash and cash equivalents of $717 million as of March 31, 2009
- Company announces Entertainment investment
- NCR updates 2009 Outlook
NCR Corporation (NYSE: NCR) reported financial results today for the three months ended March 31, 2009. Reported revenue of $1.01 billion decreased 15 percent from the first quarter of 2008 and included approximately 5 percentage points of negative impact from foreign currency translation.
NCR reported a first-quarter loss from continuing operations (attributable to NCR) of $15 million, or a $0.09 loss per diluted share, compared to income (attributable to NCR) of $49 million or $0.28 per diluted share in the first quarter of 2008. Income from continuing operations included a $5 million ($3 million after-tax) impairment charge related to an equity investment, which was offset by a $5 million ($3 million after-tax) benefit from an insurance settlement related to the Fox River environmental matter. Income from continuing operations in the first quarter of 2008 included a $16 million ($13 million after-tax) gain, or $0.07 gain per diluted share, resulting from the sale of a Canadian manufacturing facility. Excluding these items, non-GAAP loss from continuing operations(1) in the first quarter of 2009 was a loss of $0.09 per diluted share compared to income of $0.21 per diluted share in the prior-year period.
"NCR is managing through this global economic downturn by executing consistently on our strategy, accelerating our multi-year cost structure improvement plan, and pressing our competitive advantages in the global marketplace," said Bill Nuti, chairman and chief executive officer of NCR. "The Company is focused on areas within our control, such as reducing our operating expenses, improving our working capital performance, and taking tangible steps to build our business by investing to drive shareholder value. While we expect the revenue environment will remain challenging, particularly due to difficult first half comparisons and lower volumes from retail customers, our aggressive cost reductions and investment initiatives will provide leverage as business conditions improve."
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