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DELUXE REPORTS FOURTH-QUARTER, YEAR-END RESULTS

 DELUXE REPORTS FOURTH-QUARTER, YEAR-END RESULTS
 ST. PAUL, Minn., Jan. 21 /PRNewswire/ -- Deluxe Corporation


(NYSE: DLX) reported that sales for the fourth quarter were $395,807,989, up 2.3 percent from $386,871,433 last year, while net earnings were $52,720,897 or $.63 per share, down 1.9 percent, compared to $53,719,091 or $.63 per share, in 1990.
 Sales for the year 1991 reached a record $1,474,481,693, an increase of 4.3 percent over last year's $1,413,553,420. Net income for this same period was a record $182,902,091, or $2.18 per share, up 6.2 percent, compared to last year's $172,160,697, or $2.03 per share.
 Dividends of $1.22 per share, amounting to $102,512,023, were paid to shareholders during 1991, compared to $1.10 per share and $93,109,085 in 1990. The company had an average of 83,951,127 shares outstanding for the fourth quarter and an average of 84,004,992 shares outstanding for the year 1991.
 President and Chief Executive Officer Harold V. Haverty said that although the company reported record sales and earnings for the year, the results were less than expected due to economic conditions. "We have been managing the effects of the recession for four quarters now," said Haverty, "and given the length and severity of the recession, Deluxe has performed quite well. In early December, we had thought that our fourth quarter would be down 6 to 8 percent. But our people continued to find ways to reduce costs and improve productivity, limiting our drop in earnings to 1.9 percent."
 In commenting on the current year, Haverty said, "Because of our strong first half last year, 1992 will be a challenge for us. However, we are hopeful of an improving economy in the second half of this year and we are committed to achieving another successful year for Deluxe."
 Deluxe Corporation is an industry leader in providing products and services to the financial payment systems industry. The company is the nation's largest check printer and also provides electronic funds transfer (EFT) processing services and software, ATM card services, account verification services, and sales development services to financial institutions. The company also provides check authorization services to retailers. Deluxe's business systems division produces a variety of computer and business forms and related products for small businesses and professional practices. The company's consumer specialty products division markets greeting cards, gift wrap, stationery and a variety of related products to households.
 DELUXE CORPORATION
 CONDENSED STATEMENTS OF INCOME
 (Dollars in millions, except per share data)
 Quarter Ended Dec. 31,
 1991 1990
 (Unaudited)
 Sales $395.8 $386.9
 Cost of goods sold 186.4 183.4
 Gross profit 209.4 203.5
 Selling/general & administrative 107.6 101.2
 Employee sharing 19.1 19.8
 Non-operating expense, (income) (1.8) (2.7)
 Pretax income 84.5 85.2
 Income tax 31.8 31.5
 Net income $52.7 $53.7
 Earnings per share $.63 $.63
 12 Months Ended Dec. 31,
 1991 1990
 (Unaudited)
 Sales $1,474.5 $1,413.6
 Cost of goods sold 702.1 695.2
 Gross profit 772.4 718.4
 Selling/general & administrative 406.6 370.9
 Employee sharing 77.8 72.9
 Non-operating expense, (income) (7.5) (7.9)
 Pretax income 295.5 282.5
 Income tax 112.6 110.3
 Net income $182.9 $172.2
 Earnings per share $2.18 $2.03
 CONDENSED BALANCE SHEET
 (In millions)
 12/31/91 12/31/90
 (Unaudited)
 Assets
 Current assets $537.7 $344.3
 Property, plant & equipment - net 373.2 356.1
 Other investments 21.3 41.7
 Intangibles - net 166.2 181.8
 Total assets $1,098.4 $923.9
 Liabilities & Equity
 Current liabilities $208.0 $199.3
 Long term debt 110.6 11.9
 Deferred credits 31.8 36.9
 Shareholders' equity 748.0 675.8
 Total Liabilities & Equity $1,098.4 $923.9
 Shares outstanding 83.9 84.1
 -0- 1/21/92
 /CONTACT: Stuart Alexander, 612-483-7358 or Charles M. Osborne, 612-483-7355, both of Deluxe/
 (DLX) CO: Deluxe Corporation ST: Minnesota IN: SU: ERN


AL -- MN007 -- 1803 01/21/92 12:00 EST
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Date:Jan 21, 1992
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