Diebold earnings take big hit

10:20 a.m.

Diebold Inc.'s overhaul of its operations led to a 76 percent decline in fourth-quarter earnings, the Green, Ohio, manufacturer said. It had net income of $15 million, or 21 cents a share, on sales that rose 15 percent to $818 million. One-time charges, much of them for restructuring, knocked 44 cents a share off earnings.

For the full year, net income sagged about 45 percent, to $101 million or $1.41 per share.

The company had other problems. Its CEO, Walden O'Dell, resigned in December. Continuing controversy about its voting machine unit led investors to sue.

The company's release noted that the results announced may not be final. "The company became aware late last night," it said, "of a possible adjustment relative to the recognition of certain election systems revenue in the fourth quarter of 2005. "

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