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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-K
[ x ] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange
Act of 1934.
For the fiscal year ended DECEMBER 31, 1993.
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Commission file number 1-7945.
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DELUXE CORPORATION
------------------
(Exact name of registrant as specified in its charter)
MINNESOTA 41-0216800
- --------------------------------------- ------------------------------
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
1080 WEST COUNTY ROAD F, SAINT PAUL, MINNESOTA 55126-8201
- ------------------------------------------------ ------------------------------
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number: (612) 483-7111.
Securities registered pursuant to Section 12(b) of the Act:
COMMON STOCK, PAR VALUE $1.00 PER SHARE NEW YORK STOCK EXCHANGE
- --------------------------------------- -----------------------
(Title of Class) (Name of each exchange
on which registered)
Securities registered pursuant to Section 12(g) of the act: None.
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. x Yes No
----- -----
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K (Section 229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K. [ x ]
Aggregate market value of the voting stock held by non-affiliates of the
registrant: $2,728,026,633 based on the closing price of the stock on
the New York Stock Exchange on March 14, 1994. The number of outstanding
shares of the registrant's common stock as of March 14, 1994: 82,518,073.
Documents Incorporated by Reference:
1. Portions of the registrant's 1993 Annual Report to Shareholders (Annual
Report) are incorporated in Parts II and IV.
2. Portions of the registrant's proxy statement dated March 28, 1994 (Proxy
Statement) are incorporated in Part III.
DELUXE CORPORATION
PART I
Item 1. Description of Business
Deluxe Corporation was incorporated under the laws of Minnesota in 1920 as
the successor to a business founded in 1915. Unless the context otherwise
requires, the term "Company," as used herein, refers to Deluxe Corporation and
its seven wholly owned subsidiaries.
The seven wholly owned subsidiaries are: Deluxe Data Systems, Inc., a
supplier of software and processing services for automated teller machines,
point-of-sale systems, automated clearing houses and government benefit
transfers; Chex Systems, Inc., a new-account verification business providing
services to financial institutions; Electronic Transaction Corporation, a data
base business providing check authorization information to retailers; Deluxe
U.K. Limited, a manufacturer of short-run computer and business forms in the
United Kingdom; PaperDirect, Inc., a direct mail marketer of specialty paper;
Nelco, Inc., a supplier of tax forms, tax forms software, and electronic tax
filing services ; and Current, Inc., a direct mail marketer of greeting cards,
stationery, bank checks and related consumer specialty products.
The Company has three basic business units: (1) Payment Systems, in which
the Company provides check printing, electronic funds transfer, automated
terminal machine (ATM) card services and credit reporting services; (2) Business
Systems, in which the Company manufactures and supplies computer and business
forms, record-keeping systems, and a variety of related office products and
services; and (3) Consumer Specialty Products, in which the Company manufactures
and distributes, primarily through direct mail, greeting cards, gift wrap,
stationery, bank checks, and other products for household use. With the
exception of a relatively small volume of business forms and paper sales in the
United Kingdom, practically all of the Company's products and services are sold
in the United States.
Reference is made to the information contained in Note 9, Business Segment
Information, in the Notes to Consolidated Financial Statements on page 37 in the
Company's Annual Report.
PAYMENT SYSTEMS
The Company's Payment Systems Division prints and sells to banks and other
financial institutions and depositors a variety of checks and related banking
forms. It directs its efforts to the production and marketing of checks and
deposit tickets for personal and business
- 2 -
accounts. Several check styles are offered; some are designed for desk or office
use; others are designed to be carried in a pocket or purse.
Substantially all of the Company's checks and related banking forms are
imprinted with magnetic ink and are designed to conform with the specifications
of the magnetic ink character recognition (MICR) program currently utilized by
the U.S. banking system.
For several years the banking industry and others have been seeking ways to
improve the payment system and a variety of alternatives to the bank check as a
medium for settling financial transactions have been introduced, including, for
example, charge cards, credit cards, debit cards, telephone bill payment, etc.
Although such alternative means of settling financial transactions may reduce
the demand for checks, the Company is unable to predict the precise extent of
application of such alternatives or their effect on its future operations.
In the case of checks, depositors commonly submit initial orders and
reorders to their financial institutions which forward them to one of the
Company's printing plants. Completed orders are sent directly by the Company to
the depositors, typically on the business day after receipt of the order. The
Company's charges are paid by the financial institutions, which in turn usually
deduct the amounts from the depositors' accounts.
Skeleton check forms are lithographed in three of the Company's regional
warehouse and distribution centers, principally on high-speed roll-fed presses.
From these centers, the forms are distributed to the Company's 48 check
production plants, where names, addresses, financial institution name and other
information are printed on the documents. The Company's facilities are located
in major metropolitan areas throughout the United States.
The Company has no material backlog of orders. Approximately 96 percent of
all check orders received by the Company in 1993 were completed and shipped no
later than the first working day after receipt of the order. The approximate
number of financial institutions (not including branches as separate entities)
to which the Company made gross sales of checks and related banking forms in
excess of $100,000 during the year was 1,926. No single institution, including
its branches, accounted for more than approximately 2 percent of the Company's
1993 check sales.
The Company's principal raw materials are safety paper and special MICR
bond papers. The Company purchases substantially all of its safety paper from
Simpson Paper Company, which finishes and warehouses the paper in its plants in
Warwick, New York, and Burlington, Iowa. Most of the Company's special MICR bond
papers are obtained from Georgia Pacific Corporation, primarily from its
facility in Port Edwards, Wisconsin. The Company has no long-term contract with
any of its suppliers and has never experienced a shortage of either safety paper
or MICR bond papers. In order to assure adequate sources of supply, the Company
is continually experimenting with the use of special MICR bond papers from other
suppliers. Other raw materials used by the Company are of a standard composition
and are purchased from a number of sources at competitive prices.
The Company's primary competitors in the sale of bank checks and related
banking forms are two other large national printers who specialize in check
printing. However, any printer which complies with the American Bankers
Association's specifications for MICR
- 3 -
printing is a potential competitor. The Company is the largest firm engaged
principally in check printing.
The Company is also a major supplier of electronic funds transfer software
and processing services, particularly software and services for automated teller
machines, processing of ATM interchange transactions within and between regional
shared networks, and electronic benefit transactions. Deluxe provides ATM
transaction processing technology and services to six of the 10 largest ATM
networks. The Company provides electronic benefit transactions services for the
automated payment of aid to dependent children and food stamp benefits in
Maryland and New Jersey.
Competition for the Company's electronic funds transfer software and
processing services comes from several large financial institutions and
communications companies.
BUSINESS SYSTEMS
This division directs its primary efforts to the production and marketing
of short-run printed computer and business forms and record-keeping systems for
small businesses and professional practices. In addition, it is a direct mail
marketer of decorated and other specialty papers to users of laser printers and
office copiers. Other products and services marketed by the division include tax
forms, tax forms software, one-write accounting systems, and electronic tax
filing services.
The division has no material backlog of orders and does not carry
significant inventory. Approximately 94 percent of all personalized standard
forms orders were completed and shipped no later than the third working day
after receipt, and all custom forms were completed and shipped no later than the
fifth day after receipt. Orders for specialty papers were typically filled no
later than the first day after receipt.
Business Systems' products are sold primarily through direct mail and check
package advertisements. Business Systems' products are produced or inventoried
in nine of the Company's plants. Its competition consists of a large number of
national and local business forms and office products suppliers and tax filing
service providers.
CONSUMER SPECIALTY PRODUCTS
This division produces and markets greeting cards, gift wrap, miscellaneous
stationery and bank checks. In addition, it markets a variety of novelty items
for household use, many of which have been created by the division and are sold
under its proprietary trademarks. All such products are sold to consumers by
means of catalogs and other direct mail advertisements. Many of the division's
promotions are based on holidays, and due to the relative size of the year-end
holiday season, approximately 40 percent of the division's sales occur in the
fourth quarter.
Consumer Specialty Products are produced in two of the Company's plants.
The division's competitors are primarily the national greeting card and
stationery printers that market their products through owned and franchised card
and gift shops, and a large number of check printers that solicit orders by
direct mail.
- 4 -
EMPLOYEES
Including its subsidiaries, the Company has approximately 17,748 full and
part-time employees. It has a number of employee benefit plans, including
medical, hospitalization and retirement plans. The Company has never experienced
a work stoppage or strike and considers its employee relations to be good.
EXECUTIVE OFFICERS OF THE COMPANY
The executive officers of the Company are elected by the board of directors
each year. The term of office of each executive officer will expire at the
annual meeting of the board after the annual shareholders' meeting on May 9,
1994. The principal occupation of each of the executive officers listed below is
with the Company.
OFFICER
NAME POSITION AGE SINCE
- ---- -------- --- -------
Harold V. Haverty Chairman, President and Chief 63 1969
Executive Officer
Jerry K. Twogood Executive Vice President 53 1974
Charles M. Osborne Senior Vice President and
Chief Financial Officer 40 1981
Arnold A. Angeloni Senior Vice President 53 1985
Kenneth J. Chupita Senior Vice President 52 1981
Each of the executive officers has held his current position during the
past five years.
Item 2. Properties
The Company conducts production operations in 73 facilities located in 30
states, Puerto Rico, and the United Kingdom aggregating approximately 4,623,000
square feet; in addition, the Payment Systems Division occupies three facilities
in Shoreview, Minnesota, aggregating approximately 433,000 square feet, which
are devoted to administration, information systems, research and development,
the Business Systems Division occupies a 156,000 square foot administration
building in Shoreview, Minnesota, and the Consumer Specialty Products Division
occupies a 148,000 square foot administration and product design building in
Colorado Springs, Colorado. All but four of the production facilities are of
one story construction and most were constructed and equipped in accordance with
the Company's plans and specifications.
Over one-half of the Company's total production area has been constructed
during the past 20 years. The Company owns 58 of its facilities and leases the
remainder for terms expiring from 1994 to 2001. Depending upon the
circumstances, when a lease expires, the Company either renews the lease or
constructs a new facility to replace the leased facility. All facilities are
adequately equipped for the Company's operations.
- 5 -
Item 3. Legal Proceedings
There are no material pending legal proceedings, other than ordinary
routine litigation incidental to the business, to which the Company or any of
its subsidiaries is a party or of which any of such company's property is the
subject.
Item 4. Submission of Matters to a Vote of Security Holders
Not applicable.
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters
Reference is made to the information contained under the caption "Financial
Highlights" on page 1, and "Shareholder Information" on page 40 of the Company's
Annual Report.
Item 6. Selected Financial Data
Reference is made to the information contained under the caption
"Eleven-Year Summary" on pages 22 and 23 in the Company's Annual Report.
Item 7. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Reference is made to the information contained under the caption
"Management's Discussion and Analysis" on pages 24 through 26 in the Company's
Annual Report.
Item 8. Financial Statements and Supplementary Data
Reference is made to the financial statements , notes and independent
auditors' report on pages 21 through 39 of the Company's Annual Report and the
information contained under the caption "Summarize Quarterly Financial Data" on
page 39 in the Company's Annual Report.
Item 9. Changes in and Disagreements with Accountants on Accounting and
Financial Disclosure
Not applicable.
PART III
ITEMS 10, 11, 12 AND 13.
Directors and Executive Officers of the Registrant, Compliance with Section
16(a) of the Exchange Act, Executive Compensation, Security Ownership of Certain
Beneficial Owners and Management, and Certain Relationships and Related
Transactions.
- 6 -
Reference is made to the Company's Proxy Statement.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
(a) The following financial statements, schedules and independent auditors'
report and consent are filed as part of this report:
Page in
Annual Report
(1) Financial Statements:
Consolidated Balance Sheets at December 31, 1993 and 1992 . . . 28 - 29
Consolidated Statements of Income for the three years in the
period ended December 31, 1993 . . . . . . . . . . . . . . 30
Consolidated Statements of Cash Flows for the three years
in the period ended December 31, 1993. . . . . . . . . . . 31
Notes to Consolidated Financial Statements. . . . . . . . . . . 32 - 38
Independent Auditors' Report. . . . . . . . . . . . . . . . . . 39
(2) Supplemental Financial Information (Unaudited):
Summarized Quarterly Financial Data . . . . . . . . . . . . . . 39
Page in this
Form 10-K
(3) Financial Statement Schedules:
Independent Auditors' Report on the Financial Statement
Schedules. . . . . . . . . . . . . . . . . . . . . . . . . F-1
V - Property, Plant and Equipment. . . . . . . . . . . . . . . S-1
VI - Accumulated Depreciation of Property, Plant and Equipment. S-2
IX - Short-Term Borrowings. . . . . . . . . . . . . . . . . . . S-3
X - Supplementary Income Statement Information . . . . . . . . S-4
(4) Independent Auditors' Consent to the incorporation by reference
of its reports in the Company's Registration Statements Nos.
2-94462, 2-96963, 33-32279 and 33-58510 . . . . . . . . . . . . F-2
Schedules other than those listed above are not required or are not
applicable, or the required information is shown in the financial statements or
notes.
(b) The Company did not file a report on Form 8-K during the fourth quarter of
1993.
(c) The following exhibits are filed as part of or are incorporated in this
report by reference:
- 7 -
(3) A - Articles of Incorporation, incorporated by reference to the
Company's Form 10-K for the year ended December 31, 1990.
B - Bylaws, incorporated by reference to the Company's Form 10-K for
the year ended December 31, 1990.
(4) A - Rights Agreement, incorporated by reference to the Company's Form
8-K dated February 17, 1988.
B - Indenture, incorporated by reference to the Company's Form S-3
dated November 24, 1989.
(10) A - Deferred Compensation Plan, incorporated by reference to the
Company's Form 10-K for the year ended December 31, 1985.
B - Supplemental Benefits Plan, incorporated by reference to the
Company's Form 10-K for the year ended December 31, 1985.
C - Stock Option Plan, incorporated by reference to the Company's
Form 10-K for the year ended December 31, 1989.
(13) 1993 Annual Report to Shareholders
(24) Independent Auditors' Consent, incorporated by reference to page
F-2 of the Company's Form 10-K for the year ended December 31,
1993.
(25) Powers of Attorney of officers and directors signing by an
attorney-in-fact.
(28) Proxy Statement, incorporated by reference to the Company's
definitive proxy statement dated March 28, 1994.
[Note to recipients of Form 10-K: Copies of exhibits will be furnished upon
written request and payment of the Company's reasonable expenses ($.25 per page)
in furnishing such copies.]
- 8 -
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.
DELUXE CORPORATION
Date: March 28, 1994
By /s/ Harold V. Haverty
--------------------------
Harold V. Haverty
Chairman, President and
Chief Executive Officer
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
Date: March 28, 1994 By /s/ Harold V. Haverty
---------------------------------
Harold V. Haverty for Himself and
Harold V. Haverty, Director and as Attorney-In-Fact for the Named
Principal Executive Officer Directors and Officers
Eugene R. Olson, Director
Edward W. Asplin, Director
John Schreiner, Director
H. William Lurton, Director
Whitney MacMillan, Director
James J. Renier, Director
Jerry K. Twogood, Director
Barbara B. Grogan, Director
Allen F. Jacobson, Director
Charles M. Osborne, Principal
Financial Officer and
Principal Accounting Officer
- 9 -
INDEPENDENT AUDITORS' REPORT
Deluxe Corporation:
We have audited the consolidated financial statements of Deluxe Corporation and
subsidiaries as of December 31, 1993 and 1992, and for each of the three years
in the period ended December 31, 1993, and have issued our report thereon dated
February 10, 1994; such consolidated financial statements and report are
included in your 1993 Annual Report to Shareholders and are incorporated herein
by reference. Our audits also included the financial statement schedules of
Deluxe Corporation and subsidiaries, listed in Item 14. These financial
statement schedules are the responsibility of the Company's management. Our
responsibility is to express an opinion based on our audits. In our opinion,
such financial statement schedules, when considered in relation to the basic
financial statements taken as a whole, present fairly in all material respects
the information set forth therein.
/s/ Deloitte & Touche
Deloitte & Touche
Saint Paul, Minnesota
February 10, 1994
F-1
INDEPENDENT AUDITORS' CONSENT
We consent to the incorporation by reference in Registration Statement
Nos. 2-94462 and 2-96963 on Forms S-8 and Nos. 33-32279 and 33-58510 on
Forms S-3 of our reports dated February 10, 1994 appearing in or incorporated by
reference in this Annual Report on Form 10-K of Deluxe Corporation for the year
ended December 31, 1993.
/s/ Deloitte & Touche
Deloitte & Touche
Saint Paul, Minnesota
March 28, 1994
F-2
SCHEDULE V
DELUXE CORPORATION
PROPERTY, PLANT, AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991
(DOLLARS IN THOUSANDS)
- -----------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F
- -----------------------------------------------------------------------------------------------------------------------------
BALANCE OTHER CHANGES BALANCE
AT BEGINNING ADDITIONS ADD AT END
CLASSIFICATION OF YEAR AT COST RETIREMENTS (DEDUCT) OF YEAR
- -----------------------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1993:
Land. . . . . . . . . . . . . . . . . . . . $ 25,812 $ 4,622 $ (68) $ 2,340 $ 32,706
Buildings . . . . . . . . . . . . . . . . . 165,465 18,977 (447) 5,408 189,403
Machinery and Equipment . . . . . . . . . . 455,315 45,675 (19,004) 1,867 483,853
Building and Leasehold Improvements . . . . 69,191 5,565 (2,432) 247 72,571
Construction in Progress. . . . . . . . . . 14,075 (12,729) (A) 14 1,360
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TOTAL . . . . . . . . . . . . . . . . . . . $ 729,858 $ 62,110 (B) $ (21,951) $ 9,876 (C) $ 779,893
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1992:
Land. . . . . . . . . . . . . . . . . . . . $ 25,746 $ $ $ 66 $ 25,812
Buildings . . . . . . . . . . . . . . . . . 164,836 629 165,465
Machinery and Equipment . . . . . . . . . . 435,935 52,598 (30,360) (2,858) 455,315
Building and Leasehold Improvements . . . . 60,313 5,547 (907) 4,238 69,191
Construction in Progress. . . . . . . . . . 609 13,466 (A) 14,075
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TOTAL . . . . . . . . . . . . . . . . . . . $ 687,439 $ 71,611 (B) $ (31,267) $ 2,075 (D) $ 729,858
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1991:
Land. . . . . . . . . . . . . . . . . . . . $ 20,691 $ 5,141 $ (87) $ 25,746
Buildings . . . . . . . . . . . . . . . . . 148,470 16,366 164,836
Machinery and Equipment . . . . . . . . . . 412,180 48,605 (24,849) 435,935
Building and Leasehold Improvements . . . . 52,340 8,055 (82) 60,313
Construction in Progress. . . . . . . . . . 6,275 (5,666) (A) 609
--------------------------------------------------------------------------------
TOTAL . . . . . . . . . . . . . . . . . . . $ 639,956 $ 72,501 (B) $ (25,018) $ 687,439
--------------------------------------------------------------------------------
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NOTE: (A) Represents net change in construction in progress.
(B) Difference from cash flow statement represents immaterial non-cash additions to property, plant and equipment
(C) Tangible property was added during 1993 as a result of two acquisitions. Additionally, a $7.2 million addition was
recorded to reflect the impact of adoption of SFAS No. 109 on assets acquired in 1987 through a purchase business
combination.
(D) Tangible property was added during 1992 as a result of a small acquisition.
S-1
SCHEDULE VI
DELUXE CORPORATION
ACCUMULATED DEPRECIATION
OF PROPERTY, PLANT, AND EQUIPMENT
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991
(DOLLARS IN THOUSANDS)
- -----------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E
- -----------------------------------------------------------------------------------------------------------------------------
BALANCE ADDITIONS RETIREMENTS BALANCE
AT BEGINNING CHARGED TO AND OTHER AT END
DESCRIPTION OF YEAR COST AND EXPENSES(A) CHARGES OF YEAR
- -----------------------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1993:
Buildings . . . . . . . . . . . . . . . . . $ 53,497 $ 5,857 $ 563 $ 59,917
Machinery and Equipment . . . . . . . . . . 258,776 45,502 (16,291) 287,987
Building and Leasehold Improvements . . . . 28,568 3,786 (2,006) 30,348
--------------------------------------------------------------------------------
TOTAL $ 340,841 $ 55,145 $ (17,734) $ 378,252
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1992:
Buildings . . . . . . . . . . . . . . . . . $ 47,840 $ 5,657 $ 53,497
Machinery and Equipment . . . . . . . . . . 244,259 45,132 $ (30,615) 258,776
Building and Leasehold Improvements . . . . 22,136 3,211 3,221 28,568
--------------------------------------------------------------------------------
TOTAL $ 314,235 $ 54,000 $ (27,394) $ 340,841
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1991:
Buildings . . . . . . . . . . . . . . . . . $ 42,498 $ 5,342 $ 47,840
Machinery and Equipment . . . . . . . . . . 222,103 44,996 $ (22,840) 244,259
Building and Leasehold Improvements . . . . 19,264 2,890 (18) 22,136
--------------------------------------------------------------------------------
TOTAL $ 283,865 $ 53,228 $ (22,858) $ 314,235
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
(A) Buildings with 40-year lives and machinery and equipment with lives of five to 11 years are generally depreciated using
accelerated methods. Buildings and leasehold improvements are depreciated on a straight line basis over the estimated
useful life of the property or the life of the lease, whichever is shorter.
S-2
SCHEDULE IX
DELUXE CORPORATION
SHORT-TERM BORROWINGS
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, and 1991
(DOLLARS IN THOUSANDS)
- -----------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F
- -----------------------------------------------------------------------------------------------------------------------------------
BALANCE MAXIMUM AMOUNT WEIGHTED AVERAGE WEIGHTED AVERAGE
AT END WEIGHTED AVERAGE OUTSTANDING AMOUNT OUTSTANDING INTEREST RATE
DESCRIPTION(A) OF PERIOD INTEREST RATE DURING THE PERIOD DURING THE PERIOD DURING THE PERIOD(B)
- -----------------------------------------------------------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31, 1992:
AMOUNT PAYABLE TO $ -0- N/A $ 184,000 $ 64,044 8.66%
FINANCIAL INSTITUTIONS
FOR BORROWINGS
NOTE: (A) Short-term borrowings consisted of margin financing for short-term investments during the third and fourth quarters
of 1992. There were no short-term borrowings during 1993 or 1991.
(B) The weighted average interest rate during the period represents the average of interest rates for each borrowing
weighted for the amounts of the respective borrowings.
S-3
SCHEDULE X
DELUXE CORPORATION
SUPPLEMENTARY INCOME STATEMENT INFORMATION
FOR THE YEARS ENDED DECEMBER 31, 1993, 1992, AND 1991
(DOLLARS IN THOUSANDS)
- -----------------------------------------------------------------------------------------------------------------------------------
COLUMN A COLUMN B
- -----------------------------------------------------------------------------------------------------------------------------------
CHARGED TO COSTS AND EXPENSES
1993 1992 1991
-----------------------------------------
Maintenance and Repairs $ 26,942 $ 27,339 $ 27,984
Amortization of Intangible Assets $ 17,175 $ 12,615 $ 22,748
All items of supplementary income statement information other than those shown above are less than one percent of net sales as shown
in the consolidated statements of income.
Certain prior year amounts have been restated to conform to the 1993 presentation.
S-4