Deluxe Corp – ‘10-Q/A’ for 3/31/95

As of:  Thursday, 8/10/95   ·   For:  3/31/95   ·   Accession #:  912057-95-6194   ·   File #:  1-07945

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Amendment to Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q/A      Amendment to Quarterly Report                          6     26K 

Document Table of Contents

10-Q/A
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C.  20549

 FORM 10-Q / A-1

(Mark one)                                                                      

(X)  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES        
EXCHANGE ACT OF 1934                                                            

For quarterly period ended          March 31, 1995                              
                            ------------------------------------------------
or

( )  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE  SECURITIES       
EXCHANGE ACT OF 1934                                                            

For the transition period from ________________ to ________________________     

Commission file number:            1-7945                                       
                    --------------------------------------------------

DELUXE CORPORATION
---------------------------------------------------------------------------     
(Exact name of registrant as specified in its charter)

MINNESOTA                                              41-0216800     
---------------------------------------------------------------------------     
(State or other jurisdiction of         (IRS Employer Identification No.)       
incorporation or organization)                                                  

1080 West County Road "F", Shoreview, Minnesota             55126-8201          
---------------------------------------------------------------------------     
(Address of principal executive offices)                 (Zip code)   

(612) 483-7111      
---------------------------------------------------------------------------     
(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was     
required to file such reports), and (2) has been subject to such filing         
requirements for the past 90 days.                                              
          Yes   X       No
                          ------        ----------

The number of shares outstanding of the registrant's common stock, par value    
$1.00 per share, at May 1, 1995 was 82,504,839.                                 

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ITEM I.  FINANCIAL STATEMENTS                                                   

PART I.  FINANCIAL INFORMATION
 DELUXE CORPORATION AND SUBSIDIARIES
  CONSOLIDATED BALANCE SHEET
(Dollars in Thousands)

                                                                [Download Table]


                                                  March 31, 1995   December 31,
                                                    (Unaudited)        1994    
                                                  --------------   ------------

                                                                               
CURRENT ASSETS                                                                 
   Cash and cash equivalents                         $27,279        $29,139    
   Marketable securities                              46,775         49,109    
   Trade accounts receivable                         151,315        142,087    
   Inventories:                                                                
      Raw material                                    27,968         25,198    
      Semi-finished goods                             26,432         26,046    
      Finished goods                                  35,641         36,976    
   Deferred advertising                               18,920         27,770    
   Deferred income taxes                              25,352         25,647    
   Prepaid expenses and other current assets          66,945         58,894    
                                                      ------         ------    
      Total current assets                           426,627        420,866    
                                                     -------        -------    
LONG-TERM INVESTMENTS                                 45,372         45,091    
PROPERTY, PLANT AND EQUIPMENT                                                  
   Land                                               37,677         38,286    
   Buildings and improvements                        280,838        284,131    
   Machinery and equipment                           570,287        544,092    
   Construction in progress                            6,361          3,225    
                                                       -----          -----    
      Total                                          895,163        869,734    
   Less accumulated depreciation                     419,010        407,916    
                                                     -------        -------    
      Property, plant, and equipment - net           476,153        461,818    
INTANGIBLES                                                                    
   Cost in excess of net assets acquired - net       315,982        284,420    
   Other intangible assets - net                      53,375         44,077    
                                                      ------         ------    
      Total intangibles                              369,357        328,497    
                                                     -------        -------    
         TOTAL ASSETS                             $1,317,509     $1,256,272    
                                                  ----------     ----------    
                                                  ----------     ----------    
LIABILITIES AND SHAREHOLDERS' EQUITY                                           
CURRENT LIABILITIES                                                            
   Accounts payable                                  $64,000         65,033    
   Accrued liabilities:                                                        
      Wages, including vacation pay                   54,941         50,366    
      Employee profit sharing and pension             16,511         57,915    
      Accrued rebates                                 34,029         28,741    
      Income taxes                                    23,896          5,394    
      Other                                           73,199         67,313    
   Short-term debt                                    73,000         11,219    
   Long-term debt due within one year                  4,606          4,479    
                                                       -----          -----    
      Total current liabilities                      344,182        290,460    
                                                     -------        -------    
LONG-TERM DEBT                                       114,857        110,867    
                                                     -------        -------    
DEFERRED INCOME TAXES                                 40,599         40,552    
SHAREHOLDERS' EQUITY                                                           
   Common shares - $1 par value (authorized                                    
   500,000,000 shares; issued:  82,316,759)           82,317         82,375    
   Additional paid-in capital                             42          1,694    
   Retained earnings                                 735,420        732,158    
   Cumulative translation adjustment                   1,744            369    
   Unearned compensation                                (134)          (149)   
   Net unrealized change - marketable securities      (1,518)        (2,054)   
                                                       -----          -----    
      Total shareholders' equity                     817,871        814,393    
                                                     -------        -------    
      TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  $1,317,509     $1,256,272    
                                                  ----------     ----------    
                                                  ----------     ----------    

See Notes to Consolidated Financial Statements                                  

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 DELUXE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in Thousands Except per Share Amounts)
 (Unaudited)

                                                                [Download Table]


                                                     QUARTER ENDED MARCH 31,
                                                     ---------------------- 
                                                      1995            1994  
                                                      ----            ----  
                                                                            
NET SALES                                           $465,628       $429,988 
OPERATING EXPENSES                                                          
   Cost of sales                                     210,670        196,674 
   Selling, general, and administrative              179,811        148,466 
   Employee profit sharing and pension                14,718         14,846 
   Employee bonus and stock purchase discount          5,515          6,164 
                                                       -----          ----- 
      Total                                          410,714        366,150 
                                                     -------        ------- 
INCOME FROM OPERATIONS                                54,914         63,838 

OTHER INCOME (EXPENSE)                                                      
   Investment and other income                         6,540          4,726 
   Interest expense                                   (3,111)        (3,778)
                                                       -----          ----- 
INCOME BEFORE INCOME TAXES                            58,343         64,786 

PROVISION FOR INCOME TAXES                            24,504         26,745 
                                                      ------         ------ 

NET INCOME                                           $33,839        $38,041 
                                                     -------        ------- 
                                                     -------        ------- 

AVERAGE COMMON SHARES OUTSTANDING                 82,419,035     82,541,814 
NET INCOME PER COMMON SHARE                            $0.41          $0.46 
CASH DIVIDENDS PER COMMON SHARE                        $0.37          $0.36 

See Notes to Consolidated Financial Statements                                  

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 DELUXE CORPORATION AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 1995 and 1994
(Dollars in Thousands)
 (Unaudited)

                                                        [Enlarge/Download Table]


                                                                                          1995       1994 
                                                                                          ----       ---- 
                                                                                                          
CASH FLOWS FROM OPERATING ACTIVITIES                                                                      

   Net income                                                                          $33,839    $38,041 
   Adjustments to reconcile net income to net cash provided by operating activities:                      
   Depreciation                                                                         16,129     14,133 
   Amortization of intangibles                                                           8,173      5,778 
   Stock purchase discount                                                               2,067      2,084 
   Deferred income taxes                                                                   (35)       (74)
   Changes in assets and liabilities, net of effects from acquisitions:                                   
       Trade accounts receivable                                                        (4,529)     4,883 
       Inventories                                                                      (1,248)    (3,986)
       Accounts payable                                                                 (4,996)       710 
       Other assets and liabilities                                                     (9,646)   (22,597)
                                                                                         -----     ------ 
           Net cash provided by operating activities                                    39,754     38,972 

CASH FLOWS FROM INVESTING ACTIVITIES                                                                      
   Purchases of marketable securities with maturities of more than 3 months                        (9,867)
   Proceeds from sales of marketable securities with maturities of more than 3 months    3,010     23,501 
   Net change in marketable securities with maturities of  3 months or less                        20,000 
   Purchases of property, plant, and equipment                                         (30,818)   (20,104)
   Payments for acquisitions, net of cash acquired                                     (37,290)           
   Other                                                                                   243    (17,102)
                                                                                           ---     ------ 
           Net cash used in investing activities                                       (64,855)    (3,572)

CASH FLOWS FROM FINANCING ACTIVITIES                                                                      
   Payments on long-term debt                                                           (3,799)      (756)
   Payments to retire common stock                                                     (10,352)   (11,017)
   Proceeds from issuing stock under employee plans                                      6,188      6,358 
   Proceeds from short-term debt                                                        61,781            
   Cash dividends paid to shareholders                                                 (30,577)   (29,790)
                                                                                        ------     ------ 
   Net cash provided by (used in) financing activities                                  23,241    (35,205)
                                                                                        ------     ------ 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                    (1,860)       195 
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD                                        29,139    114,103 
                                                                                        ------    ------- 
CASH AND CASH EQUIVALENTS AT END OF PERIOD                                             $27,279   $114,298 
                                                                                       -------   -------- 
                                                                                       -------   -------- 

See Notes to Consolidated Financial Statements                                  

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1.   The consolidated balance sheet as of  March 31, 1995, and the related      
     consolidated statements of income and consolidated statements of cash flows
  for the three-month periods ended March 31, 1995 and 1994 are unaudited;
in the opinion of management, all adjustments necessary for a fair    
   presentation of such financial statements are included.  Such adjustments
consist only of normal recurring items.  Interim results are not      
necessarily indicative of results for a full year.                    

The financial statements and notes are presented in accordance with   
     instructions for Form 10-Q, and do not contain certain information included
in the Company's annual financial statements and notes.               

2.   During the first quarter of 1995, the Company acquired all of the          
outstanding stock of Financial Alliance Processing Services, Inc.  The
   Company recorded the acquisition under the purchase method of accounting.
The acquisition did not have a material proforma impact on operations.

3.   The Company has uncommitted bank lines of credit of $130 million available 
     at variable interest rates.  As of March 31, 1995, $73 million was drawn on
     those lines at a weighted average interest rate of 6.4%.  Also, the company
has in place a $150 million committed line of credit as support for   
    commercial paper.  The Company made its first issuance of commercial paper
during the second quarter of 1995.                                    

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
Registrant has duly caused this report to be signed on its behalf by the        
undersigned thereunto duly authorized.                                          

                      DELUXE CORPORATION
                      ------------------
                      (Registrant)

Date      August 9, 1995                /s/  J.A. Blanchard III                 
  ------------------------          ------------------------------------
                               J.A. Blanchard III, President
                             and Chief Executive Officer
                             (Principal Executive Officer)

Date      August 9, 1995                /s/  C.M. Osborne                       
 -------------------------          ------------------------------------
                                    C. M. Osborne, Senior Vice President
                           and Chief Financial Officer
                             (Principal Financial Officer)

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Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘10-Q/A’ Filing		Date		First		Last			Other Filings
Filed on:		8/10/95
		8/9/95		6
		5/1/95		1
For Period End:		3/31/95		1		5			10-Q
		3/31/94		4		5			10-K,  10-Q,  DEF 14A
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