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HARLAND REPORTS 42ND CONSECUTIVE YEAR OF SALES GAINS

 HARLAND REPORTS 42ND CONSECUTIVE YEAR OF SALES GAINS
 ATLANTA, Jan. 21 /PRNewswire/ -- The John H. Harland Company


(NYSE: JH) today reported record sales for 1991.
 Sales for the Atlanta-based company were $378.7 million in 1991, a 3.2 percent increase from $366.8 million in 1990. Net income was $47.4 million or $1.27 per share, compared with $57.2 million or $1.52 per share last year. Net income for 1991 reflects the impact of a pre-tax restructuring charge of $12.2 million recorded in the fourth quarter. In addition, the first quarter has been restated for a $3.8 million ($2.4 million after tax) charge for the cumulative effect of the early adoption of the accounting standard for post-retirement benefits. These charges reduced earnings per share by 30 cents.
 Sales for the three months ended Dec. 31 were $92.7 million, compared with $91.3 million in 1990. Earnings were $5.0 million, compared with $14.0 million during the same period last year. Net income per share was 13 cents, vs. 37 cents in 1990. Fourth quarter 1991 earnings included the $12.2 million restructuring charge which reduced earnings 24 cents per share. This charge covers discontinued lines of business and taxes on repatriation of earnings from Harland's Puerto Rico operations.
 "We have spent the year strategically positioning Harland for future growth to enhance shareholder value," said Robert R. Woodson, Harland president and chief executive officer. "These activities include the repurchase of common stock, the purchase of Datascan, the sale of Courier Dispatch, a dividend reinvestment program and the reorganization of our business units."
 In November, Harland's board of directors authorized the repurchase of 4 million share of common stock. By the end of 1991, the company had repurchased 1,014,250 shares. There were 36,570,000 shares outstanding as of Dec. 31.
 "We will spend 1992 concentrating on growing our two business units, Financial Services Group and Data Services Group, as well as pursuing acquisition opportunities," said Woodson. "Our growth will be carefully planned and we'll capitalize on opportunity through efficient use of our resources."
 As previously announced, Harland signed a letter of intent to purchase Interchecks Inc. of Seattle for $50 million in cash. The agreement is subject to due diligence and regulatory approval. Interchecks is owned by the United Kingdom company Bowater PLC through its United States subsidiary Rexham Inc. Interchecks had 1991 revenues of approximately $70 million.
 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, Puerto Rico and Switzerland.
 JOHN H. HARLAND COMPANY
 (Dollar amounts in thousands, except per share amounts)
 3 mos. ended 12/31 1991 1990
 Net sales $ 92,667 $ 91,287
 Income before income taxes 8,606 22,079
 Provision for income taxes 3,624 8,113
 Net income 4,982(a) 13,966
 Net income per common share .13(a) .37
 Average number of shares outstanding 37,431 37,390
 12 mos. ended 12/31 1991 1990
 Net sales $378,659 $366,834
 Income before income taxes and
 cumulative effect of change in
 accounting principle 79,702 90,498
 Provision for income taxes 29,882 33,331
 Income before cumulative effect of
 change in accounting principle 49,820 57,167
 Cumulative effect of change in
 accounting principle 2,385 ---
 Net income 47,435(b) 57,167
 Net income per common share 1.27(b) 1.52
 Average number of shares outstanding 37,469 37,604
 (a) Includes restructuring charge of $8.7 million (after tax) or 24 cents per share.
 (b) Includes restructuring charge and adoption of SFAS 106 with a total impact of 30 cents per share.
 -0- 1/21/92
 /CONTACT: Robert R. Woodson, president and chief executive officer, or Michael S. Rupe, senior vice president of the John H. Harland Company, 404-981-9460/
 (JH) CO: John H. Harland Company ST: Georgia IN: SU: ERN


BR-BN -- AT008 -- 1719 01/21/92 10:32 EST
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Date:Jan 21, 1992
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