Executives at Diebold did not mince words when reporting their results for the fourth quarter of 2012, as well as for the full calendar year.
Executive Board Chairman Henry Wallace called the latest numbers "disappointing". The company reported revenues of nearly $80-million for 2012, but that's compared to nearly $145-million raked in for 2011.
Wallace told investors on Tuesday that cost reductions and structural changes will be needed to get back to those levels.
The company has seen a sharp turnover in the front office, with CEO Tom Swidarski stepping down as CEO in January, and other officials taking over new executive positions.
As for the search for a new CEO, Wallace said the committee has been formed, but there is no timetable for naming a successor.
In looking ahead to the rest of 2013, Wallace expects the numbers to remain relatively flat. They are encouraged, however, by a backlog of orders overseas.
The full report from Diebold is available with this story.