• Q1 2010 operational results above expectations; improved backlog driven by 18% increase in orders versus the prior year period
• Company announces plan to address pension funding status; rebalancing  portfolio to fixed income to substantially reduce risk and volatility   
• NCR reaffirms full year 2010 revenue and non-GAAP guidance
  
  

NCR Corporation (NYSE: NCR) reported financial results today for the three months ended March 31, 2010. Reported revenue of $1.03 billion increased 2 percent from the first quarter of 2009 and included approximately 5 percentage points of benefit from foreign currency translation.

NCR reported a first-quarter net loss attributable to NCR of $19 million, or $0.12 per diluted share, compared to a net loss attributable to NCR of $15 million, or $0.09 per diluted share, in the first quarter of 2009. Net loss attributable to NCR in the first quarter of 2010 included $56 million of pension expense ($40 million or $0.25 per diluted share, after-tax) and $5 million ($3 million or $0.02 per diluted share, after-tax) of incremental costs related to the relocation of the Company’s global headquarters. Net loss attributable to NCR for the first quarter of 2009 included $38 million of pension expense ($25 million or $0.15 per diluted share, after-tax) and 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. Excluding these items, non-GAAP earnings per share (1) in the first quarter of 2010 was $0.15 per diluted share compared to $0.06 in the prior year period.

“First quarter revenue and non-pension operating income growth, coupled with improving margins and balanced order growth give us increased confidence in 2010,” said Bill Nuti, chairman and chief executive officer. “Our further execution on sustainable productivity improvements has also allowed us to keep pace with our cost reduction initiative. In addition, today we announced a definitive strategic plan to address the underfunded status of our pension plans. We anticipate that these planned actions will lead to greater visibility into our operating performance as we pursue our longer-term growth objectives.”


The complete news release is available at:
http://www.ncr.com/about_ncr/media_information/news_releases/2010/april/20100422_q1.jsp