Deluxe Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014; Reports Asset Impairment Charge for the Fourth Quarter Ended December 31, 2013
January 23, 2014 at 01:30 pm
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Deluxe Corp. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenue of $417.8 million compared to $387.6 million a year ago. Operating income was $78.0 million compared to $77.8 million a year ago. Income before income taxes was $68.8 million compared to $60.9 million a year ago. Net income was $45.7 million compared to $42.6 million a year ago. Diluted earnings per share were $0.90 compared to $0.83 a year ago. Capital expenditures were $10.7 million compared to $9.6 million a year ago. EBITDA was $94.6 million compared to $88.8 million a year ago. Adjusted EBITDA was $105.3 million compared to $98.1 million a year ago. Adjusted operating income was $88.7 million compared to $81.8 million a year ago. Adjusted Diluted EPS was $1.04 compared to $0.95 a year ago.
For the full year, the company reported total revenue of $1,584.8 million compared to $1,514.9 million a year ago. Operating income was $317.9 million compared to $302.0 million a year ago. Income before income taxes was $281.1 million compared to $250.8 million a year ago. Net income was $186.7 million compared to $170.5 million a year ago. Diluted earnings per share were $3.65 million compared to $3.32 million a year ago. Capital expenditures were $37.4 million compared to $35.2 million a year ago. EBITDA was $383.9 million compared to $363.3 million a year ago. Adjusted EBITDA was $401.0 million compared to $379.8 million a year ago. Total operating activities was $261.5 million compared to $244.0 million a year ago. Purchases of capital assets were $37.4 million compared to $35.2 million a year ago. Adjusted operating income was $335.0 million compared to $313.2 million a year ago.
The company provided earnings guidance for the first quarter and full year of 2014. For the quarter, the company expects revenue to be in the range of $397 million to $405 million. GAAP diluted EPS expected to be in the range of $0.91 to $0.96.
For the full year of 2014, the company expects revenue to be in the range of $1.610 billion to $1.650 billion. GAAP diluted EPS expected to be in the range of $3.90 to $4.10. Operating cash flow expected to be in the range of $260 million to $275 million, reflecting stronger earnings and lower VEBA and incentive compensation payments, offset by higher contract acquisition and tax payments. Capital Expenditures expected to be of approximately $40 million. Depreciation and amortization expected to be approximately of $64 million. Effective tax rate expected to be approximately of 34%.
The company reported impairment charge for the fourth quarter ended December 31, 2013. For the quarter, the company reported asset impairment charge of $5.0 million.
Deluxe Corporation is a payments and data company. The Companyâs segments include Merchant Services, B2B Payments, Data Solutions, and Print. The Merchant Services segment provides electronic credit and debit card authorization and payment systems and processing services primarily to small and medium-sized retail and service businesses. The B2B Payments segment provides treasury management solutions, including remittance and lockbox processing, remote deposit capture, receivables management, payment processing and paperless treasury management, as well as fraud and security services and Deluxe Payment Exchange. The Data Solutions segment provides data-driven marketing solutions, including digital engagement, financial institution profitability reporting and account switching tools, and business incorporation services. The Print segment provides printed personal and business checks, printed business forms, business accessories and promotional products.
Deluxe Corp. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Earnings Guidance for the First Quarter and Full Year of 2014; Reports Asset Impairment Charge for the Fourth Quarter Ended December 31, 2013