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Deluxe Reports Fourth Quarter 2010 Results

ST. PAUL, Minn. Jan. 27, 2011 $351.5 million $0.78 $0.70

$0.68 $34.8 million $0.59 $30.5 million $7.8 million $0.10 $8.7 million $0.11

Lee Schram

Fourth Quarter Performance

$351.5 million $340.3 million $204.2 million $1.8 million $6.9 million $19.9 million $21.5 million April 2010

Gross margin was 64.0 percent of revenue compared to 62.8 percent in 2009. The favorable impact of the Company’s cost reduction initiatives was partially offset by increased material costs and delivery rates.

$5.5 million

$60.9 million $55.8 million

$0.09

Fourth Quarter Performance by Business Segment

$204.2 million $206.0 million $32.7 million $23.6 million $4.2 million

$88.0 million $94.9 million $13.0 million $17.8 million $2.7 million

$59.3 million $39.4 million $21.5 million $15.2 million $14.4 million $0.6 million

Cash Flow Performance

$212.6 million $6.2 million

Business Outlook

$342 and $350 million $0.68 and $0.73 $1.375 and $1.415 billion $2.85 and $3.10 $65 million $205 million and $225 million $35 million

"We have made tremendous progress in transforming Deluxe and still have many opportunities ahead of us in 2011," Schram stated.  "We believe we are entering the new year well positioned to grow revenue through clear alignment on our strategic direction, focus on our customers, diversity in our channels, and the extensive depth and breadth of our product and services offerings.   If the economy improves, we should have further upward opportunity in our Small Business Services revenue."

Quarterly Dividend

$0.25 March 7, 2011 February 21, 2011 January 24, 2011

Conference Call Information

11:00 a.m. ET 10:00 a.m. CT www.deluxe.com in the news February 10th

About Deluxe Corporation

www.deluxe.com

Forward-Looking Statements

December 31, 2009

December 31, 2010 the United States of America

Adjusted quarterly EPS from continuing operations reconciles to reported EPS from continuing operations as follows:

Outlook

Actual

First Qtr.

2011

Fourth Qtr. 2010

(provided on Oct. 28, 2010)

Fourth Qtr.

2010

Fourth Qtr.

2009

Adjusted EPS from continuing operations

$0.68 to $0.73

$0.65 to $0.72

$0.78

$0.70

Restructuring and related costs

(0.10)

(0.09)

Transaction-related costs

(0.02)

Reported EPS from continuing operations

$0.68 to $0.73

$0.65 to $0.72

$0.68

$0.59

Adjusted annual EPS from continuing operations reconciles to reported EPS from continuing operations as follows:

Outlook

Actual

2011

2010

2009

Adjusted EPS from continuing operations

$2.85 to $3.10

$3.18

$2.44

Asset impairment charges

(0.40)

Restructuring and related costs

(0.14)

(0.18)

Transaction-related costs

(0.03)

Tax impact of health care legislation enactment

(0.07)

Net gain on repurchases of debt

0.11

Reported EPS from continuing operations

$2.85 to $3.10

$2.97

$1.94

Financial Highlights

DELUXE CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(Dollars and shares in millions, except per share amounts)

(Unaudited)

Quarter Ended December 31,

2010

2009

Revenue

$351.5

$340.3

 Cost of goods sold, including restructuring charges

126.7

36.0%

126.6

37.2%

Gross profit

224.8

64.0%

213.7

62.8%

 Selling, general and administrative expense

157.9

44.9%

152.4

44.8%

 Restructuring charges

6.0

1.7%

5.5

1.6%

Operating income

60.9

17.3%

55.8

16.4%

 Interest expense

(10.9)

(3.1%)

(10.7)

(3.1%)

 Other (expense) income

(0.5)

(0.1%)

0.1

Income before income taxes

49.5

14.1%

45.2

13.3%

 Income tax provision

14.7

4.2%

14.7

4.3%

Net income

$34.8

9.9%

$30.5

9.0%

Weighted average dilutive shares outstanding

51.3

51.0

Diluted earnings per share

$0.68

$0.59

Capital expenditures

$12.3

$9.3

Depreciation and amortization expense

19.3

16.8

Number of employees-end of period

5,765

6,089

Non-GAAP financial measure – EBITDA(1)

$79.7

$72.7

Non-GAAP financial measure – Adjusted EBITDA(1)

87.5

81.4

(1) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA are not measures of financial performance under generally accepted accounting principles (GAAP) in the United States of America. We disclose EBITDA and Adjusted EBITDA because we believe they are useful in evaluating our operating performance compared to that of other companies in our industry, as the calculation eliminates the effects of long-term financing (i.e., interest expense), income taxes, the accounting effects of capital investments (i.e., depreciation and amortization) and in the case of Adjusted EBITDA, certain items (i.e., restructuring and related costs, transaction-related costs, asset impairment charges and gains on debt retirements), which may vary for companies for reasons unrelated to overall operating performance. In our case, depreciation and amortization of intangibles and interest expense in the current year and in previous years have been significantly impacted by acquisitions. Certain transactions in 2010 and 2009 also impacted the comparability of reported net income. We believe that measures of operating performance which exclude these impacts are helpful in analyzing our results. We also believe that an increasing EBITDA and Adjusted EBITDA depict increased ability to attract financing and an increase in the value of our business. We do not consider EBITDA and Adjusted EBITDA to be measures of cash flow, as they do not consider certain cash requirements such as interest, income taxes or debt service payments. We do not consider EBITDA or Adjusted EBITDA to be substitutes for operating income or net income. Instead, we believe that EBITDA and Adjusted EBITDA are useful performance measures which should be considered in addition to GAAP performance measures. EBITDA and Adjusted EBITDA are derived from net income as follows:

Quarter Ended December 31,

2010

2009

Adjusted EBITDA

$87.5

$81.4

Restructuring and related costs

(7.8)

(7.3)

Transaction-related costs

(1.4)

EBITDA

79.7

72.7

Income tax provision

(14.7)

(14.7)

Interest expense

(10.9)

(10.7)

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