Allen Press, Inc. was honored with 16 awards at the 2018 Gold Ink Awards presented by Printing Impressions. The Gold Ink Awards are known as one of the print industry’s most prestigious competitions with over a 100 companies competing in nearly 50 categories, including commercial printing, magazines, books, catalogs, digital printing and packaging. “The Gold Ink Awards signify some of the best printers in the world. Winning 16 awards not only confirms our world class print quality, but is a direct reflection of our high-tech, modern pressroom and the extensive knowledge and experience of our team,” said Allen Press Executive Vice President, Maria Preston-Cargill. Allen Press has significantly expanded its new printing technologies and capabilities to be the Midwest’s most versatile full-service commercial printer. Click read more below for additional detail.
Deluxe Corporation (NYSE: DLX) today reported strong operating results for its third quarter ended September 30, 2019. Revenue was $493.6 million, consistent with last year and within the outlook range. GAAP Diluted Loss per Share was $7.49, including non-cash asset impairment charges of $391.0 million related to past acquisitions. Adjusted Diluted EPS was $1.71, exceeding the outlook range. The Company affirmed the full year revenue and adjusted diluted EPS outlook ranges.
“We delivered strong operating results in the quarter and exceeded our adjusted diluted EPS guidance, and we are affirming our full year revenue and adjusted diluted EPS outlook ranges. I am especially encouraged by the accelerating momentum of our transformation into a Trusted, Tech-Enabled Solutions CompanyTM,” said Barry McCarthy, President & CEO of Deluxe. “With our new and expanded senior management team in place, we are already capturing opportunities created by our “One Deluxe” strategy. We are increasing cross-sales, winning new clients, and have begun the process of reorganizing our team to become a product and sales focused company. We are on-track and on-budget transforming our infrastructure into a modern technology platform while investing in Payments and Cloud services to build a strong foundation for growth. This is the New Deluxe.”
Mr. McCarthy continued, “I am energized by the passion and enthusiasm of our employee-owners, the company’s accelerating momentum, and proud of the accomplishments we have achieved in my short tenure. I am confident we are positioned for accelerated growth.”
Third Quarter 2019 Highlights
• Revenue was flat to last year as the incremental revenue from the Financial Services REMITCO acquisition in August 2018 was offset by the continuing decline in checks and forms.
• Marketing solutions and other services (MOS) revenue expanded to 43.9% of total revenue, checks accounted for 39.1% and forms and accessories accounted for 17.0%.
• The non-cash asset impairment in the quarter was the result of: recent softness in the performance of the web services and data-driven marketing business units and management’s decision to exit certain contracted relationships. The sustained decline in the company’s stock price was also a factor. The non-cash impairment of $391.0 million was a pre-tax charge, of which $273.6 million was recorded in the Small Business Services Segment in web services, and $117.4 million was recorded in the Financial Services Segment, primarily in data-driven marketing.
• The net loss was $318.5 million, driven primarily by the non-cash impairment charge of $391.0 million, with additional costs from previously disclosed investments in our transformation.
• Adjusted EBITDA decreased $9.2 million from the prior year, driven by revenue mix changes, price concessions on long-term contract renewals, and customer churn.
• Cash provided by operating activities for the first nine months of the year was $208.0 million, a decrease of $11.1 million from 2018, driven by lower adjusted EBITDA, certain legal-related payments earlier in the year and higher spending on our business transformation.
• The Company repurchased $39.7 million of common stock in open market transactions during the third quarter, bringing total share repurchases for the year to $118.5 million.
• At the end of the third quarter, the Company had $924.0 million of total debt outstanding under its revolving credit facility.
details at: https://deluxecorporation.gcs-web.com/node/19246/pdf