The company repurchased 1,396,608 shares of its common stock during 2010 at a cost of approximately $50 million, including 515,350 shares in the fourth quarter for $20 million. The company's cash position was $273 million at December 31, 2010, down from $316 million at Sept. 30, 2010 reflecting the Money Controls acquisition for $92.5 million in December partially offset by strong cash flow.
Merchandising systems sales of $76.1 million increased $4.4 million, or 6 percent, reflecting higher sales in both vending and payment solutions. Operating profit and profit margin declined primarily reflecting the absence of a favorable legal settlement which occurred in the fourth quarter of 2009. The restructuring charge recorded in the fourth quarter of 2010 relates to initiatives associated with the Money Controls acquisition.
For more information, visit www.craneco.com.