As part of its repositioning actions, the Company closed a small manufacturing facility in England. Repositioning costs of $1.1 million on a pre-tax basis were incurred in the third quarter of 2012.

Merchandising Systems
        Third Quarter   Change
(dollars in millions) 2012   2011  
Sales $92.5 $98.8 ($6.3) (6%)
Operating Profit $9.5 $10.8 ($1.3) (12%)
Profit Margin 10.3% 11.0%

Merchandising Systems sales of $92.5 million decreased $6.3 million, or 6%, reflecting lower sales in Vending and, to a lesser extent, Payment Solutions. Operating profit decreased $1.3 million, reflecting deleverage of the lower sales.

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