NCR Corporation (NYSE: NCR) today announced that Teradata has filed an initial registration statement on Form 10 with the U.S. Securities and Exchange Commission (SEC). This filing is part of the process necessary to complete the spin off of the Teradata Data Warehousing business to NCR stockholders. Subject to review by the SEC, the receipt of a ruling from the Internal Revenue Service (IRS) and final approval by NCR’s board of directors, the spin off is expected to occur in the third calendar quarter of 2007.
The name of the new independent company created through this strategic separation will be Teradata Corporation and it will own the assets and liabilities associated with the Teradata Data Warehousing business. Teradata Corporation will apply to have its common stock listed on the New York Stock Exchange under the symbol “TDC.”
Dayton is expected to be the headquarters of Teradata Corporation, with management of the business continuing through three main locations in the United States: Atlanta, Ga.; Rancho Bernardo, Calif.; and Dayton. Mike Koehler, currently senior vice president of NCR’s Teradata Data Warehousing Division, will lead the Teradata Corporation as its chief executive officer, as previously announced.
NCR stockholders as of the record date of the distribution will receive one share of Teradata Corporation common stock for each share of NCR common stock they own.
NCR President and Chief Executive Officer Bill Nuti said, “Filing the Form 10 with the SEC is an important milestone in the company’s preparation for the planned spin off of Teradata. I am pleased with our progress and believe we are on track to complete the strategic separation in the third quarter of 2007, providing new opportunities for the shareholders, customers, partners and employees of each company.”
About NCR Corporation
NCR Corporation (NCR.com) is a leading global technology company helping businesses build stronger relationships with their customers. NCR’s Teradata® data warehouses, ATMs, retail systems, self-service solutions and IT services provide Relationship Technology™ that maximizes the value of customer interactions and helps organizations create a stronger competitive position. Based in Dayton, Ohio, NCR employs approximately 29,500 people worldwide.
About Teradata Division
Teradata (teradata.com) a division of NCR Corporation (NYSE: NCR), is the global technology leader in enterprise data warehousing, analytic applications and data warehousing services. Organizations around the world rely on the power of Teradata’s award-winning solutions to get a single, integrated view of their business to enhance decision-making, customer relationships and profitability. As a growing business, Teradata is always looking for outstanding talent.
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries.
Contact: Janet Brewer, NCR Corporation
T: (937) 445-6779
Contact: Gregg Swearingen, NCR Corporation
T: (937) 445-4700
Note to Investors
This news release contains forward-looking statements, including statements as to anticipated or expected results, beliefs, opinions and future financial performance, within the meaning of Section 21E of the Securities and Exchange Act of 1934. Forward-looking. statements include projections of revenue, profit growth and other financial items, future economic performance and statements concerning analysts’ earnings estimates, among other things. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause NCR’s actual results to differ materially.
In addition to the factors discussed in this release, other risks and uncertainties include those relating to: the proposed separation of Teradata and NCR’s other businesses, including the ability of each to operate as an independent entity; the uncertain economic climate and its impact on the markets in general or on the ability of our suppliers to meet their commitments to us, or the timing of purchases by our current and potential customers and other general economic and business conditions; the timely development, production or acquisition and market acceptance of new and existing products and services (such as self-service technologies and enterprise data warehousing), including our ability to accelerate market acceptance of new products and services; shifts in market demands, continued competitive factors and pricing pressures and their impact on our ability to improve gross margins and profitability, especially in our more mature offerings; the effect of currency translation; short product cycles, rapidly changing technologies and maintaining competitive leadership position with respect to our solution offerings, particularly data warehousing technologies; tax rates; ability to execute our business and reengineering plans; turnover of workforce and the ability to attract and retain skilled employees, especially in light of continued cost-control measures being taken by the company; availability and successful exploitation of new acquisition and alliance opportunities; changes in Generally Accepted Accounting Principles (GAAP) and the resulting impact, if any, on the company’s accounting policies; continued efforts to establish and maintain best-in-class internal information technology and control systems; and other factors detailed from time to time in the company’s U.S. Securities and Exchange Commission reports and the company’s annual reports to stockholders. The company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.