ATLANTA, March 19, 2004 (PRIMEZONE) -- John H. Harland Company (NYSE:JH) today announced that it expects first quarter 2004 diluted earnings per share to be higher than the guidance provided in January. The company reaffirmed its previously provided guidance for the full year.
In January, Harland indicated that it expected first quarter 2004 diluted earnings per share to be in the range of $0.33 to $0.38 per share. Diluted earnings per share for the first quarter 2004 are expected to be in the range of $0.40 to $0.44 per share, up from the range of $0.33 to $0.38 per share indicated in January.
The improvement in the outlook for the quarter primarily reflects better results in Harland's Printed Products segment. The largest contributors to the improved performance are a lower-than-expected increase in the amortization of refundable contract payments to financial institutions and a reduction in exit costs associated with the previously announced restructuring of the company's Printed Products operations.
"While we are increasing our guidance for the first quarter, we are maintaining our previously provided earnings guidance for the year of $1.91 to $1.96 per diluted share," said Timothy C. Tuff, chairman and chief executive officer of Harland. "The first quarter improvements will be offset in the balance of the year by new business in Printed Products coming on slower than originally expected. Additionally, stock compensation expense in the last nine months of the year will be higher than expected reflecting a switch this year to grants of restricted stock rather than stock options. Accordingly, we believe that our previously announced guidance for the full year of 2004 continues to be appropriate."
The company will provide its normal earnings guidance when it announces results for the first quarter in April.
About Harland
Atlanta-based John H. Harland Company (NYSE: JH) (http://www.harland.net) is a leading provider of software and printed products to the financial and educational markets. Harland Financial Solutions, Inc., a wholly owned subsidiary (http://www.harlandfinancialsolutions.com), supplies software and services, including customer relationship management, deposit and loan origination, core systems and mortgage services to thousands of financial institutions of all sizes. Harland's printed products offerings include checks, direct marketing and financial forms. Scantron Corporation (http://www.scantron.com), a wholly owned subsidiary, is a leading provider of both paper and electronic-based services and systems for the collection, management and interpretation of data to the financial, commercial and educational markets.
Risk Factors And Cautionary Statements
This press release contains statements, which may constitute "forward-looking statements." These statements include statements regarding the intent, belief or current expectations of John H. Harland Company and members of its respective management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Reference is made to the Risk Factors and Cautionary Statements in Harland's Form 10-K and Form 10-Q filed under the Securities Exchange Act.