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HARLAND REPORTS RECORD SALES FOR SECOND QUARTER, SIX MONTHS

 HARLAND REPORTS RECORD SALES FOR SECOND QUARTER, SIX MONTHS
 ATLANTA, July 20 /PRNewswire/ -- The John H. Harland Company (NYSE: JH) today reported record sales for the second quarter and first six months of 1992.
 Sales for the Atlanta-based company were $113.8 million for the second quarter ended June 30, a 19.5 percent increase from $95.2 million during the same period in 1991. Net income was $14.5 million or 40 cents per share, compared with $15.4 million or 41 cents per share last year.
 "We are very pleased with our stronger than anticipated performance for the second quarter," said Robert R. Woodson, Harland's chairman, president and chief executive officer. "Continued progress toward integrating the Interchecks operations into Harland, as well as improved unit growth in the overall check printing operations, helped to offset the dilutive impact of the Interchecks acquisition." Productivity increased 5.4 percent for the second quarter, representing Harland's 18th consecutive quarterly increase, and reflecting the benefit of significant past investments in technology.
 Sales for the six months ended June 30 were $217.4 million, a 13.2 percent increase from $192 million in 1991. Net income was $29.4 million or 81 cents per share, vs. $28.7 million or 77 cents per share during the same period last year.
 During the quarter, Harland sold American Testronics, a provider of standardized tests formerly owned by Scantron, and realized a gain of $1.5 million as a result of the sale.
 In May the company introduced an exclusive line of personal checks featuring the symbols of Major League Baseball teams. A team's symbol is printed on the background and the team's city is printed in the upper corner of the check. The officially licensed checks are part of Harland's MasterPieces line.
 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 periods ended June 30, 1992 and 1991
 (amounts in thousands, except per share amounts)
 3 mos. ended 6/30 1992 1991
 Net sales $113,766 $ 95,210
 Income before income taxes 22,967 24,228
 Provision for income taxes 8,437 8,848
 Net income 14,530 15,380
 Net income per common share .40 .41
 Average number of shares outstanding 36,204 37,494
 Return on equity 20.0 pct. 20.1 pct.
 6 mos. ended 6/30 1992 1991
 Net sales $217,395 $191,976
 Income before income taxes and
 cumulative effect of change in
 accounting principle 45,355 49,310
 Provision for income taxes 15,956 18,275
 Income before cumulative effect of
 change in accounting principle 29,399 31,035
 Cumulative effect of change in
 accounting principle --- 2,385
 Net income 29,399 28,650
 Per Common Share:
 Income before cumulative effect of
 change in accounting principle .81 .83
 Net income .81 .77
 Average number of shares outstanding 36,398 37,433
 Return on equity 20.4 pct. 18.9 pct.
 NOTE: 1991 results were restated for the cumulative effect of the accounting charge.
 -0- 7/20/92
 /CONTACT: Robert R. Woodson, chairman, president and CEO, 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


BN-EA -- AT016 -- 0781 07/20/92 13:17 EDT
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Publication:PR Newswire
Date:Jul 20, 1992
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