2006-2007 has been a transition period for Diebold as it completes an investigation by the SEC and DOJ based on its “bill and hold” method of reporting revenue, which meant a sale was recorded and ownership was given to a customer, however, delivery didn’t occur until a later period. After the Office of Chief Accountant advised Diebold regarding its “bill and hold” method, Diebold has adopted a new accounting method and will immediately recognize revenue at the same time a product is delivered to its customers. Diebold began eliminating jobs in 4Q07, when 100 employees received pink slips. Diebold’s 2007 revenue is estimated at $2.95 billion, up from an estimated $2.93 billion in 2006. Diebold will restate financial results for 2003-2006 and the first quarter of 2007. As U.S. banks scale back on branch construction and deployment of ATMs due to major write downs in 2007 and more expected in 2008, Diebold is feeling the crunch and plans to scale back its strategic plans for 2008.