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![]() | Deluxe Corporation P.O. Box 64235 St. Paul, MN 55164-0235 (651) 483-7111 Ed Merritt Treasurer and VP of Investor Relations (651) 787-1068 |
DELUXE REPORTS THIRD QUARTER 2018 FINANCIAL RESULTS | ||
Deluxe to Announce Successor to Lee Schram as President, CEO and Director on November 6th | ||
Marketing solutions & other services revenue grows to 43% of total revenue | ||
Board increases share repurchase program to $500 million | ||
Declares regular quarterly dividend |
3rd Quarter 2018 | 3rd Quarter 2017 | % Change | ||||||||
Revenue | $493.2 million | $497.7 million | (0.9 | %) | ||||||
Net (Loss) Income | ($31.1 million) | $28.8 million | (208.0 | %) | ||||||
Diluted (Loss) Earnings Per Share – GAAP | ($0.67 | ) | $0.59 | (213.6 | %) | |||||
Adjusted Diluted EPS – Non-GAAP(1) | $1.36 | $1.32 | 3.0 | % |
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Deluxe Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Revenue per order increased for the third quarter and first nine months of 2018, as compared to the same periods in 2017, primarily due to the benefit of Small Business Services price increases and favorable product and service mix, partially offset by the impact of continued check pricing allowances in Financial Services.
These costs are recorded as non-current assets upon contract execution and are amortized, generally on the straight-line basis, as reductions of revenue over the related contract term.
If we have further performance obligations following the execution of a contract termination agreement, we record the related revenue over the remaining service period.
All of these factors could cause our actual results to differ materially from the statements we make from time to time regarding our expected future results, including, but not limited to, forecasts regarding estimated revenue, MOS revenue, earnings per share, cash provided by operating activities and expected cost savings.
In addition, purchases of capital assets increased $8.2 million as we continue to invest in key revenue growth initiatives and order fulfillment and information technology infrastructure, and we had proceeds of $3.5 million in 2017 from the redemption of marketable securities that were acquired as part of the acquisition of RDM Corporation in April 2017.
These decreases in operating income...Read more
We also offered retention agreements...Read more
RESTRUCTURING AND CEO TRANSITION COSTS...Read more
These share repurchases were completed...Read more
43 43 Net cash used...Read more
This legislation lowered the federal...Read more
We expect that 2018 diluted...Read more
The increase in total revenue...Read more
We expect to maintain a...Read more
In October 2018, our board...Read more
Our Management's Discussion and Analysis...Read more
Consolidated Cost of Revenue Cost...Read more
Liabilities for prepaid product discounts...Read more
These decreases in operating cash...Read more
Also, during the first nine...Read more
Certain costs incurred to obtain...Read more
Restructuring costs have been reduced...Read more
However, if our acquisitions fail...Read more
Because a large portion of...Read more
The decrease in operating income...Read more
Results for this segment were...Read more
New accounting pronouncements - Information...Read more
During the remainder of 2018,...Read more
In addition, we recognized gains...Read more
We intend to focus our...Read more
We anticipate payments for prepaid...Read more
Additionally, our strategic plan reflected...Read more
These opportunities have included new...Read more
We believe that cash generated...Read more
We believe that cash generated...Read more
We expect that our annual...Read more
The net charges for each...Read more
This impairment charge was driven...Read more
We estimate that our annual...Read more
Our unaudited consolidated statements of...Read more
41 41 Financial Services Financial...Read more
In addition, operating income decreased...Read more
In Small Business Services, we...Read more
In addition, delivery rates and...Read more
Certain of our contracts for...Read more
Interest Expense The increase in...Read more
The change in our effective...Read more
We also expect material costs...Read more
The quantitative analysis as of...Read more
Partially offsetting these decreases in...Read more
The slight increase was due...Read more
We expect that the benefits...Read more
Results for this segment were...Read more
Revenue is recognized to the...Read more
Revenue recognized from these contracts...Read more
The operating loss for the...Read more
Results for this segment were...Read more
In addition, revenue for Financial...Read more
Under the new guidance, our...Read more
The decrease in operating income...Read more
EXECUTIVE OVERVIEW We operate 3...Read more
The decrease in total revenue...Read more
A large portion of this...Read more
Partially offsetting this decrease in...Read more
Net cash used by financing...Read more
At times, a financial institution...Read more
As such, we defer sales...Read more
CEO transition costs - In...Read more
We estimate that CEO transition...Read more
Financial Statements, Disclosures and Schedules
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Material Contracts, Statements, Certifications & more
Deluxe Corp provided additional information to their SEC Filing as exhibits
Ticker: DLX
CIK: 27996
Form Type: 10-Q Quarterly Report
Accession Number: 0000027996-18-000105
Submitted to the SEC: Fri Oct 26 2018 5:16:58 AM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Blankbooks Looseleaf Binders And Bookbindg And Relatd Work