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- Revenue of $46.7 million declined 8.6 percent year-over-year. The decline was in line with expectations and a result of lower check order volumes.
- Operating income declined 10.7 percent year-over-year as a result of lower revenue, partially offset by cost reductions.
Other Highlights
- Cash provided by operating activities for 2013 was $261.5 million, an increase of $17.5 million compared to 2012. Higher payments for incentive compensation related to our 2012 performance and higher income tax payments were more than offset by lower VEBA contributions to fund future medical benefits and lower interest expense, as well as lower contract acquisition payments.
- During the fourth quarter, the company repurchased $15.0 million of common stock in open market transactions. For the full year, the company repurchased $48.8 millionof common stock.
- The board of directors of Deluxe Corporation declared a regular quarterly dividend of $0.25 per common share on all outstanding shares of the company. The dividend will be payable on March 3, 2014 to shareholders of record at the close of business on Feb. 14, 2014.
- In late December 2013, the company acquired Destination Rewards in an all-cash transaction for $20.1 million, net of acquired cash. Destination Rewards, a leading customer rewards and loyalty program provider, employs 196 people and will continue to be based in Boca Raton, Fla. The acquisition is expected to generate at least $15 millionof revenue in 2014 and be approximately $0.03 dilutive to EPS in 2014 after acquisition-related amortization expense.
To view the complete release, visit www.deluxe.com.
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- People:
- Lee Schram
- Places:
- Shoreview, Minn.
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