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deluxe corp (DLX) Key Developments

Deluxe Corp. Presents at Bank of America Merrill Lynch Smid Cap Conference, Mar-19-2014 11:00 AM

Deluxe Corp. Presents at Bank of America Merrill Lynch Smid Cap Conference, Mar-19-2014 11:00 AM. Venue: The Ritz-Carlton, Boston Common, 10 Avery Street, Boston, Massachusetts, United States. Speakers: Lee J. Schram, Chief Executive Officer and Director.

Deluxe Corporation Announces Election of Thomas J. Reddin to its Board of Directors

Deluxe Corporation announced the election of Thomas J. Reddin to its Board of Directors effective February 1, 2014. Mr. Reddin is currently the managing partner of Red Dog Ventures LLC, a venture capital and advisory firm he founded in 2007. He serves on several public company boards including Tanger Factory Outlet Centers Inc., Premier Farnell plc and Valassis Communications Inc., and is publisher of MortgageRates.us, where he provides advice on mortgages and home ownership.

Deluxe Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014; Reports Asset Impairment Charge for the Fourth Quarter Ended December 31, 2013

Deluxe Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenue of $417.8 million compared to $387.6 million a year ago. Operating income was $78.0 million compared to $77.8 million a year ago. Income before income taxes was $68.8 million compared to $60.9 million a year ago. Net income was $45.7 million compared to $42.6 million a year ago. Diluted earnings per share were $0.90 compared to $0.83 a year ago. Capital expenditures were $10.7 million compared to $9.6 million a year ago. EBITDA was $94.6 million compared to $88.8 million a year ago. Adjusted EBITDA was $105.3 million compared to $98.1 million a year ago. Adjusted operating income was $88.7 million compared to $81.8 million a year ago. Adjusted Diluted EPS was $1.04 compared to $0.95 a year ago. For the full year, the company reported total revenue of $1,584.8 million compared to $1,514.9 million a year ago. Operating income was $317.9 million compared to $302.0 million a year ago. Income before income taxes was $281.1 million compared to $250.8 million a year ago. Net income was $186.7 million compared to $170.5 million a year ago. Diluted earnings per share were $3.65 million compared to $3.32 million a year ago. Capital expenditures were $37.4 million compared to $35.2 million a year ago. EBITDA was $383.9 million compared to $363.3 million a year ago. Adjusted EBITDA was $401.0 million compared to $379.8 million a year ago. Total operating activities was $261.5 million compared to $244.0 million a year ago. Purchases of capital assets were $37.4 million compared to $35.2 million a year ago. Adjusted operating income was $335.0 million compared to $313.2 million a year ago. The company provided earnings guidance for the first quarter and full year of 2014. For the quarter, the company expects revenue to be in the range of $397 million to $405 million. GAAP diluted EPS expected to be in the range of $0.91 to $0.96. For the full year of 2014, the company expects revenue to be in the range of $1.610 billion to $1.650 billion. GAAP diluted EPS expected to be in the range of $3.90 to $4.10. Operating cash flow expected to be in the range of $260 million to $275 million, reflecting stronger earnings and lower VEBA and incentive compensation payments, offset by higher contract acquisition and tax payments. Capital Expenditures expected to be of approximately $40 million. Depreciation and amortization expected to be approximately of $64 million. Effective tax rate expected to be approximately of 34%. The company reported impairment charge for the fourth quarter ended December 31, 2013. For the quarter, the company reported asset impairment charge of $5.0 million.

Deluxe Corp. Declares a Regular Quarterly Dividend, Payable on March 3, 2014

The Board of Directors of Deluxe Corp. declared a regular quarterly dividend of $0.25 per common share on all outstanding shares of the company. The dividend will be payable on March 3, 2014 to shareholders of record at the close of business on February 14, 2014.

Deluxe Seeks Acquisitions

Deluxe Corp. (NYSE:DLX) is looking for acquisition opportunities. Lee Schram, Chief Executive Officer of Deluxe said, “We also have significant growth opportunities in marketing solutions and other services. We will continue to assess potential small to medium sized acquisitions that complement our large customer bases with a focus on marketing solutions and other services.”

 

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