Printer Friendly

HARLAND ANNOUNCES SHARE REPURCHASE PROGRAM AND EARNINGS CHARGE

    HARLAND ANNOUNCES SHARE REPURCHASE PROGRAM AND EARNINGS CHARGE
    ATLANTA, Nov. 18 /PRNewswire/ -- Today at a presentation before the New York Society of Security Analysts, John H. Harland Company (NYSE: JH) announced that its directors have authorized the purchase of up to 4 million shares of common stock.
    The purchases will be made in cash, from time to time, on the open market or in private transactions.  This represents approximately 11 percent of Harland's 37.5 million shares outstanding.
    According to the company, any shares repurchased under the plan can be held in treasury or used for acquisitions, for funding Harland's employee benefits plans, or for other corporate purposes. Purchases will be funded from working capital.  This plan supersedes previous authorizations to purchase stock.
    Consistent with the company's long-term plan to strategically position itself for future growth, Harland also announced a one-time charge of $16 million.  This charge reflects the early adoption of the accounting standard for post-retirement benefits, the decision to discontinue certain lines of business and to provide for taxes as a result of repatriating $46 million from the company's Puerto Rico subsidiaries.  These charges are expected to have a $11.1 million impact on 1991 net earnings, or 30 cents per share.
    "The decisions announced today are a result of a review and refinement of our long-term strategies," said Robert R. Woodson, Harland president and chief executive officer.  "We believe these actions are consistent with our goal to create long-term value for our shareholders."
    Atlanta-based Harland is one of the nation's largest check printers, and also serves the financial industry with a variety of related products and services.  In addition, Harland is a national participant in the data services industry, serving educational and commercial markets.  The company has production facilities for its business units across the United States and Puerto Rico.
    -0-                 11/18/91
    /CONTACT:  Robert R. Woodson, president and chief executive officer, or Michael S. Rupe, senior vice president, of John H. Harland, 404-981-9460/
    (JH) CO:  John H. Harland Company ST:  Georgia IN: SU:  OFR BR-BN -- AT006 -- 1437 11/18/91 12:14 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 18, 1991
Words:348
Previous Article:EDDIE BAUER BRINGS THE NORTHWEST TO NEW YORK CITY
Next Article:ENVIROPACT ANNOUNCES FIRST QUARTER RESULTS
Topics:


Related Articles
HARLAND ENTERS NEW ERA IN 1991; POSITIONS ITSELF FOR 1992
HARLAND REPORTS 42ND CONSECUTIVE YEAR OF SALES GAINS
HARLAND REPORTS RECORD SALES RESULTS FOR THIRD QUARTER, NINE MONTHS
HARLAND REPORTS RECORD SALES RESULTS FOR FIRST QUARTER
HARLAND ANNOUNCES SHARE REPURCHASE PROGRAM
HARLAND REPORTS SALES RESULTS FOR SECOND QUARTER, SIX MONTHS
HARLAND REPORTS 44TH CONSECUTIVE YEAR OF SALES GAINS; RECORD EARNINGS PER SHARE
HARLAND ANNOUNCES SECOND QUARTER EARNINGS WHICH INCLUDE RESTRUCTURING CHARGES
Harland Reports First Quarter Earnings
Harland Announces Third Quarter Earnings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters