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Harland Clarke Holdings Corp (1354752) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Harland Clarke Holdings Corp

CIK: 1354752
Exhibit 99.1
HARLAND CLARKE HOLDINGS CORP.
REPORTS FULL YEAR AND FOURTH QUARTER 2010 RESULTS
Harland Clarke Holdings Corp. to Participate in M & F Worldwide Corp.
Conference Call on March 16, 2011
     San Antonio, TX — March 4, 2011 — Harland Clarke Holdings Corp. (“Harland Clarke Holdings” or the “Company”) today reported results for the fourth quarter and year ended December 31, 2010. In addition to the Harland Clarke Holdings Annual Report on Form 10-K filed with the Securities and Exchange Commission today, Harland Clarke Holdings’ financial results are also consolidated in the Annual Report on Form 10-K filed today by M & F Worldwide Corp. (“M & F Worldwide”) (NYSE: MFW), which is the indirect parent company of Harland Clarke Holdings.
     M & F Worldwide will host a conference call to discuss its fourth quarter and full year 2010 results on March 16, 2011, at 9:00 a.m. (EDT). The conference call will be accessible by dialing (800) 553-0326 in the United States and (612) 332-0636 internationally. For those unable to listen live, a replay of the call will be available by dialing (800) 475-6701 in the United States and (320) 365-3844 internationally; Access Code: 193239. The replay will be available from 11:00 a.m. (EDT) Wednesday, March 16, 2011, through 11:59 p.m. (EDT) Wednesday, March 30, 2011.
2010 Highlights
    Net revenues of $1,671.2 million, down $41.1 million, or 2.4%, as compared to 2009.
 
    Operating income of $296.7 million, up $46.4 million, or 18.5%, as compared to 2009. Operating income for 2009 included a $44.2 million non-cash write-down of the value of the Harland Clarke tradename.
 
    Net income of $114.2 million, up $2.1 million, or 1.9%, as compared to 2009. Net income for 2009 included a $65.0 million ($40.1 million after tax) gain on early extinguishment of debt, partially offset by the $44.2 million ($27.0 million after tax) non-cash write-down of the value of the Harland Clarke tradename. The increase in net income for 2010 also reflects a $21.4 million ($13.3 million after tax) decrease in interest expense..
Full Year 2010 Performance
Consolidated Results
     Consolidated net revenues decreased by $41.1 million, or 2.4%, to $1,671.2 million for 2010 from $1,712.3 million for 2009. The decrease was primarily due to volume declines for the Harland Clarke and Scantron segments, partially offset by revenues from Harland Clarke’s 2009 acquisitions of Protocol IMS and SubscriberMail, as well as increased revenues for the Harland Financial Solutions segment.
     Operating income increased by $46.4 million, or 18.5%, to $296.7 million for 2010 from $250.3 million for 2009. The increase was primarily due to a $40.7 million decrease in asset impairment charges, labor cost reductions resulting from restructuring activities and a $10.2 million decrease in restructuring costs, partially offset by volume declines for the Harland Clarke and Scantron segments and an increase in amortization expense of $6.3 million resulting from the reclassification of the Harland Clarke tradename from an indefinite-lived to a definite-lived intangible asset in the fourth quarter of 2009 for the Harland Clarke and Harland Financial Solutions segments.
     Net income increased by $2.1 million, or 1.9%, to $114.2 million for 2010 from $112.1 million for 2009. The increase was primarily due to the $46.4 million ($28.8 million after tax) increase in operating income and a $21.4 million ($13.3 million after tax) decrease in interest expense due to lower effective interest rates and a decrease in total debt outstanding, substantially offset by a $65.0 million ($40.1 million after tax) reduction in gains on early extinguishment of debt.
     Adjusted EBITDA decreased by $8.5 million, or 1.7%, to $484.8 million for 2010 from $493.3 million for 2009. Adjusted EBITDA is a non-GAAP measure that is defined in the footnotes to this release and reconciled to net income, the most directly comparable GAAP measure, in the accompanying financial tables.

 


The following information was filed by Harland Clarke Holdings Corp on Friday, March 4, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Harland Clarke Holdings Corp provided additional information to their SEC Filing as exhibits

CIK: 1354752
Form Type: 10-K Annual Report
Accession Number: 0000950123-11-021960
Submitted to the SEC: Fri Mar 04 2011 7:10:49 AM EST
Accepted by the SEC: Fri Mar 04 2011
Period: Friday, December 31, 2010
Industry: Blankbooks Looseleaf Binders And Bookbindg And Relatd Work

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