Deluxe (DLX) FY2013 results: revenue $1.6 billion, up 4.6% on the year
Deluxe Corp. (DLX) reported revenue of $1.6 billion for fiscal 2013, the year ended 31 December 2013, up 4.6% on the year before. Net income was $187 million, up 9.5%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$1.6 billion
+4.6% on the year
FY2008FY2013
Operating margin
20.1%
19.9% a year earlier
FY2008FY2013
Net income
$187 million
+9.5% on the year
FY2008FY2013
Diluted EPS
$3.65
+9.9% on the year
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
1,585
1,515
1,418
+4.6%
Cost of revenue
561
524
493
+7.0%
Gross profit
1,024
991
924
+3.3%
Gross margin
64.6%
65.4%
65.2%
Selling, general and administrative
691
680
640
+1.6%
Operating income
318
302
271
+5.3%
Operating margin
20.1%
19.9%
19.1%
Interest expense
38.3
46.8
47.8
-18.2%
Pre-tax income
281
251
216
+12.1%
Income tax
94.4
80.3
71.5
+17.6%
Effective tax rate
33.6%
32.0%
33.1%
Net income
187
170
145
+9.5%
Net margin
11.8%
11.3%
10.2%
Diluted EPS
$3.65
$3.32
$2.80
+9.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
262
244
235
+7.1%
Capital expenditure
37.5
35.2
35.5
+6.4%
Free cash flow
224
209
200
+7.3%
Free cash flow margin
14.1%
13.8%
14.1%
Depreciation and amortisation
64.5
65.7
73.3
-1.8%
Share-based compensation
7.6
7.3
5.7
+3.7%
Buybacks
48.8
27.2
23.6
+79.7%
Dividends paid
50.7
50.9
51.1
-0.4%
Dividend per share
$1.00
$1.00
$1.00
0.0%
Diluted shares, weighted
51m
51m
51m
-0.1%
Shares outstanding at period end
50m
51m
51m
-0.5%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
550
433
303
+27.1%
Debt
641
653
742
-1.8%
Other liabilities
378
327
344
+15.7%
Total liabilities and equity
1,570
1,412
1,389
+11.1%
Fixed assets
101
104
113
-2.7%
Goodwill
823
790
777
+4.2%
Intangible assets
154
151
157
+1.9%
Investments
44.5
46.9
45.1
-5.2%
Trading assets
2.4
2.2
n/a
+9.6%
Cash and equivalents
121
45.4
28.7
+166.5%
Receivables
88.0
70.4
69.0
+25.1%
Inventory
29.0
23.3
22.0
+24.4%
Other assets
207
180
176
+15.1%
Total assets
1,570
1,412
1,389
+11.1%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.