Printer Friendly

HARLAND REPORTS RECORD SALES RESULTS FOR FIRST QUARTER

 HARLAND REPORTS RECORD SALES RESULTS FOR FIRST QUARTER
 ATLANTA, April 20 /PRNewswire/ -- John H. Harland Company (NYSE: JH) today reported sales of $103.6 million for the first quarter ended March 31, an increase of 7.1 percent over last year's $96.8 million.
 Net income was $14.9 million, up 12.0 percent from $13.3 million during the same period of 1991. Net income per share was 41 cents, vs. 36 cents in 1991. First quarter 1991 earnings were restated to reflect the cumulative effect of the change in accounting principle which reduced earnings per share by .06 cents.
 Sales for the first quarter were favorably impacted by the acquisition of Interchecks Inc. and Datascan. Additionally, a $1.9 million gain in first quarter net income was realized on the sale of Puerto Rico securities.
 "We were pleased with the revenue contribution from Interchecks and
Datascan. Both acquisitions have exceeded our expectations and are on track for the year. Additionally, we continue to experience productivity gains as a result of our conversion to new technology," said Robert R. Woodson, Harland president and chief executive officer. "However, first quarter results reflect the continued impact of competitive pricing."
 According to Woodson, Harland is consolidating Interchecks printing operations to achieve greater efficiencies and to protect profit margins. "Additionally, we will continue to look for ways to enhance our product mix and increase productivity."
 Scantron introduced Scan Survey in the first quarter, a program that allows commercial customers to design surveys, scan data and generate survey results. "Scantron is a valuable contributor to Harland's revenue stream, and through the introduction of products like Scan Survey, it will continue to play an important role in our growth," said Woodson.
 Atlanta-based Harland is one of the nation's largest check printers and serves the financial community with a variety of related products and services. In addition, Harland is a national participant in the data service industry, serving educational and commercial markets. The company has production facilities for its business units across the United States and in Puerto Rico and Switzerland.
 The John H. Harland Company reports for the three months ended (amounts in thousands, except per share amounts):
 3/31/92 3/31/91
 Net sales $103,629 $96,766
 Income before income taxes and
 cumulative effect of change in
 accounting principle 22,388 25,082
 Provision for income taxes 7,519 9,427
 Income before cumulative effect of
 change in accounting principle 14,869 15,655
 Cumulative effect of change in
 accounting principle 2,385
 Net income 14,869 13,270
 Per common share:
 Income before cumulative effect of
 change in accounting principle 0.41 0.42
 net income 0.41 0.36
 Average number of shares outstanding 36,592 37,426
 Return on equity 20.2 pct. 17.8 pct.
 Note: First quarter 1991 results were restated for the cumulative effect of the accounting change.
 -0- 4/20/92
 /CONTACT: Robert R. Woodson, president and chief executive officer, or Michael S. Rupe, senior vice president, 404-981-9460/
 (JH) CO: John H. Harland Company ST: Georgia IN: INS SU: ERN


BR -- AT006 -- 9959 04/20/92 10:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1992
Words:524
Previous Article:JONES SPACELINK LTD. REPORTS THIRD QUARTER RESULTS; REVENUES INCREASE 102 PERCENT
Next Article:BANK OF BOSTON DOUBLES ITS SHAREHOLDER SERVICES BUSINESS


Related Articles
HARLAND REPORTS RECORD SALES FOR SECOND QUARTER, SIX MONTHS
HARLAND REPORTS RECORD SALES RESULTS FOR THIRD QUARTER, NINE MONTHS
HARLAND REPORTS 43RD CONSECUTIVE YEAR OF SALES GAINS
HARLAND REPORTS RECORD SALES RESULTS FOR FIRST QUARTER
HARLAND REPORTS RECORD EARNINGS PER SHARE FOR FIRST QUARTER
HARLAND REPORTS RECORD SALES FOR FIRST QUARTER
HARLAND ANNOUNCES SECOND QUARTER EARNINGS WHICH INCLUDE RESTRUCTURING CHARGES
John H. Harland Announces Third Quarter Earnings
John H. Harland Reports Record Fourth Quarter Results
Harland Reports First Quarter Earnings

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