NORTH CANTON, Ohio,
March 27, 2020 /PRNewswire/ --
Diebold Nixdorf (NYSE:DBD), a
global leader in driving connected commerce for the banking and
retail industries, today announced a business update relating
to the novel coronavirus (COVID-19) pandemic.
As discussed in the company's recent press release, Diebold Nixdorf's business offerings have been
designated as essential by the U.S. Department of Homeland Security
and numerous other state, local and international governments.
Diebold Nixdorf's services business
is providing much-needed maintenance and support for our customers'
ATM and retail checkout networks around the world, which are
essential to maintaining public health and safety as well as
economic security during the COVID-19 pandemic. In addition,
technology support of financial institutions and key retailers
including grocery, pharmacy and fuel, through products and software
solutions, are also essential during the crisis. At the same
time, in certain locations, Diebold
Nixdorf is seeing instances of product installation
disruptions from coronavirus-related logistics challenges, which
impacts the company's ability to forecast product revenue. In light
of these developments, the prudent course at this point in the
global pandemic is to withdraw the company's full-year outlook.
As a result of the company's continued cash management programs
and the prudent recent draw down of its revolver facility,
Diebold Nixdorf currently has ample
liquidity and is strengthening its financial position by
accelerating its DN Now cost initiatives and implementing
incremental actions.
"We have been hard at work prioritizing the health and safety of
our employees, while maintaining outstanding service to customers,"
said Gerrard Schmid, Diebold Nixdorf president and chief executive
officer. "While conditions remain dynamic, I am extremely proud of
how our team has responded to recent events. We have taken actions
to avoid major disruptions to our supply chain during our first
quarter and Diebold Nixdorf is
performing an essential role by enabling vital commerce activities
at our customer locations. We will continue to carefully
manage costs and cash as conditions warrant. We expect to
resume our practice of providing an annual outlook after business
conditions return to a more normal environment."
Additionally, in light of travel restrictions and focus on
social distancing, the company has decided to postpone its Investor
Day event, previously scheduled for May 21.
About Diebold
Nixdorf
Diebold
Nixdorf, Incorporated (NYSE: DBD) is a world leader in
enabling connected commerce. We automate, digitize and transform
the way people bank and shop. As a partner to the majority of
the world's top 100 financial institutions and top 25 global
retailers, our integrated solutions connect digital and physical
channels conveniently, securely and efficiently for millions of
consumers each day.
The company has a presence in more than 100 countries with
approximately 22,000 employees worldwide.
Visit www.DieboldNixdorf.com for more information.
Twitter: @DieboldNixdorf
LinkedIn: www.linkedin.com/company/diebold
Facebook: www.facebook.com/DieboldNixdorf
YouTube: www.youtube.com/dieboldnixdorf
Forward-Looking Statements
This press release contains statements that are not historical
information are "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including
statements regarding potential impact of the ongoing coronavirus
(COVID-19) outbreak, anticipated revenue, future liquidity and
financial position. Statements can generally be identified as
forward looking because they include words such as "believes,"
"anticipates," "expects," "could," "should" or words of similar
meaning. Statements that describe the company's future plans,
objectives or goals are also forward-looking statements.
Forward-looking statements are subject to assumptions, risks and
uncertainties that may cause actual results to differ materially
from those contemplated by such forward-looking statements. The
factors that may affect the company's results include, among
others: the ultimate impact of the ongoing coronavirus (COVID-19)
outbreak; the ultimate impact of the appraisal proceedings
initiated in connection with the implementation of the domination
and profit and loss transfer agreement with Diebold Nixdorf AG and
the merger squeeze-out; the company's ability to achieve benefits
from its cost-reduction initiatives and other strategic
initiatives, such as DN Now, including its planned restructuring
actions, as well as its business process outsourcing initiative;
the success of the company's new products, including its DN Series
line; the company's ability to comply with the covenants contained
in the agreements governing its debt; the company's ability
to successfully refinance its debt when necessary or desirable; the
ultimate outcome of the company's pricing, operating and tax
strategies applied to former Diebold Nixdorf AG and the ultimate
ability to realize cost reductions and synergies; the changes in
political, economic or other factors such as interest rates,
currency exchange rates, inflation rates, recessionary or expansive
trends, taxes and regulations and laws affecting the worldwide
business in each of the company's operations; interest rate foreign
currency exchange rate fluctuations, including the impact of
currency devaluations in countries experiencing high inflation
rates; changes in political, economic or other factors such as
currency exchange rates, inflation rates, recessionary or expansive
trends, taxes and regulations and laws affecting the worldwide
business in each of the company's operations; the company's
reliance on suppliers and any potential disruption to the company's
global supply chain; the impact of market and economic conditions,
including any additional deterioration and disruption in the
financial and service markets, including the bankruptcies,
restructurings or consolidations of financial institutions, which
could reduce our customer base and/or adversely affect our
customers' ability to make capital expenditures, as well as
adversely impact the availability and cost of credit; interest rate
and foreign currency exchange rate fluctuations, including the
impact of possible currency devaluations in countries experiencing
high inflation rates; the acceptance of the company's product and
technology introductions in the marketplace; competitive pressures,
including pricing pressures and technological developments; changes
in the company's relationships with customers, suppliers,
distributors and/or partners in its business ventures; the effect
of legislative and regulatory actions in the United States and internationally and the
company's ability to comply with government regulations; the
impact of a security breach or operational failure on the company's
business; the company's ability to successfully integrate other
acquisitions into its operations; the company's success in
divesting, reorganizing or exiting non-core and/or non-accretive
businesses; the company's ability to maintain effective internal
controls; changes in the company's intention to further repatriate
cash and cash equivalents and short-term investments residing in
international tax jurisdictions, which could negatively impact
foreign and domestic taxes; unanticipated litigation, claims or
assessments, as well as the outcome/impact of any current/pending
litigation, claims or assessments; the investment performance of
the company's pension plan assets, which could require the company
to increase its pension contributions, and significant changes in
healthcare costs, including those that may result from government
action; and the amount and timing of repurchases of the
company's common shares, if any; and other factors included in the
company's filings with the SEC, including its Annual Report on Form
10-K for the year ended December 31,
2019 and in other documents that the company files with the
SEC. You should consider these factors carefully in evaluating
forward-looking statements and are cautioned not to place undue
reliance on such statements. The company assumes no obligation to
update any forward-looking statements, which speak only to the date
of this release.
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SOURCE Diebold Nixdorf