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 ST. PAUL, Minn., Oct. 5 /PRNewswire/ -- Deluxe Corporation (NYSE: DLX) indicated that it expects third quarter earnings will be down 20-25 percent from the 60 cents per share recorded in the year- earlier period. "The earnings shortfall primarily reflects the continued weakness in the financial institution check market," said chairman and CEO Harold V. Haverty. "The shortfall also includes the impact of the tax obligation from the recently passed federal budget package.
 "Check order units from financial institutions are down approximately 5 percent for the quarter and the continued weakness in the economy is also a concern for some of Deluxe's non-check business," Haverty said. "As a result, consolidated revenues for the third quarter will be flat compared to last year.
 "Deluxe is adjusting to the changes that are impacting its markets," Haverty said. "We are well along in restructuring our check printing operations, we expect to become a significant supplier to the U.K. forms market, and we are continuing to grow our forms business in the United States. We are also making good progress on commercialization plans for Deluxe's revolutionary, water-washable lithographic ink."
 In June, Deluxe announced that it was restructuring its check printing operations and that it would close 16 of its more than 60 check printing facilities by the end of the first quarter, 1994. The company recently opened a manufacturing plant in central England and in September, it acquired the remaining 75 percent of Stockforms Ltd. from Pegasus Group PLC. Deluxe also announced last month that it acquired PaperDirect, Inc., the nation's leading marketer of specialty papers and related products to the desktop publishing industry.
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 /CONTACT: Stuart Alexander, vice president, corporate public relations, or Charles M. Osborne, senior vice president and chief financial officer, of Deluxe, 612-483-7355/

CO: Deluxe Corporation; Stockforms Ltd., Pagasus Group PLC; PaperDirect ST: Minnesota IN: PUB SU: ERP

CP-DS -- MN009 -- 8880 10/05/93 13:00 EDT
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Publication:PR Newswire
Date:Oct 5, 1993

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