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BLUFFTON, Ind., April 28 /PRNewswire-FirstCall/ — Franklin Electric Co., Inc. reported diluted earnings per share of $0.35 for the first quarter of 2008, an increase of 67 percent compared to 2007 first quarter earnings per share of $0.21, and first quarter income of $8.1 million in 2008, an increase of 66 percent compared to $4.9 million for the same period a year ago.
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First quarter sales were a record $176.0 million, up $45.5 million or 35 percent compared to $130.5 million in 2007. First quarter sales attributed to acquisitions were $28.7 million. The Company’s total organic growth was about 17 percent for the quarter including organic growth achieved by acquired companies and $7.0 million of growth from foreign exchange rate changes.
Water Systems sales worldwide were $136.7 million, up $36.1 million or 36 percent for the first quarter of 2008 compared to the same period for 2007. Water Systems’ total organic growth was about 12 percent for the quarter. The growth was primarily attributable to increased sales in the United States, Canada, Latin America and the Middle East.
Fueling Systems sales worldwide were $39.3 million, an increase of approximately 31 percent for the first quarter of 2008 compared to the same period for 2007. Fueling Systems’ sales growth was organic and driven by increased sales of vapor recovery and electronic fuel management systems.
R. Scott Trumbull, Chairman and Chief Executive Officer of the Company, stated: “First quarter 2008 sales of $176.0 million were on track with our expectations. Our sales and operating income were records for any first quarter in the Company’s history, and net income was the second best first quarter on record. Growth in the Water Systems segment occurred in spite of the dramatic drop in housing starts in the United States as our pump product lines continued to gain market share. Our Fueling Systems business is benefiting from high demand for vapor recovery systems in California as gas stations upgrade their emissions control systems to be in compliance with clean air regulatory standards.”
Gross profit margin, at 29.2 percent of sales, declined in the first quarter of 2008 approximately 60 basis points from the comparable quarter of 2007. The primary cause for the 2008 margin decline was reduced facility utilization consistent with management’s plan to reduce finished goods inventory and so increase turns over the course of the year. In response to rising commodity costs (e.g., aluminum, copper and steel), the Company announced market price increases for most of its product lines effective during the first and second quarters of 2008.
Selling, general, and administrative expenses increased by $6.9 million in the first quarter of 2008 compared to first quarter last year. The acquisitions of Pump Brands (South Africa), the pump division of Monarch Industries (Canada) and Schneider Motobombas (Brazil) added approximately $6.1 million to selling, general and administrative expenses for the first quarter of 2008. Selling, general, and administrative expenses as a percentage of sales declined by about 195 basis points versus the first quarter prior year.
For the first quarter 2008, the Company’s operating income was a record $15.1 million, up $6.8 million or about 80 percent compared to $8.2 million for the same period a year ago. Operating margins for the quarter were 8.6 percent compared to 6.3 percent last year.
Interest expense increased by $1.4 million due to the debt incurred to fund acquisitions coupled with the first quarter seasonal build-up of working capital to serve the Water Systems and Fueling Systems markets in the second and third quarters.
The effective tax rate for 2008 increased to 36.3 percent (before the impact of one-time benefits) from the prior year’s rate of 35.0 percent. The increase was primarily due to the loss of the research and development tax credit which has not been renewed by the Congress at this time.
During the first quarter of 2007, the Company initiated Phase 2 of its Global Manufacturing Realignment Program. Phase 2 of the Realignment Program included expanding facilities in low-cost regions and shifting production out of higher cost manufacturing facilities. During the first quarter 2008, having finished construction of the new pump plant in Linares, Mexico, the Company completed Phase 2 of the Global Manufacturing Realignment Program. In total, this phase included severance and equipment relocation costs of $4.0 million pre-tax with $3.9 million occurring in 2007 and $0.1 million occurring in the first quarter 2008. As previously disclosed, Phase 1 of the Realignment Program, which was completed in December 2005, resulted in $7.5 million of pre-tax restructuring expenses.
Mr. Trumbull commented on the Company’s continued emphasis on earnings growth in 2008 and beyond: “For several quarters I have assured our shareowners that while earnings declined in 2007 for the first time in six years, the impact of the competitive factors that caused the decline would diminish in 2008 and we would return to the path of growing earnings. I am pleased that our first quarter performance begins to validate this forecast.
— Our improvement during the quarter was driven by a combination of
organic sales growth, fixed cost leverage, and accretion from recent
acquisitions. Globally, the Water Systems segment achieved organic
growth of 12 percent during the quarter led by solid sales increases to
distributors in the United States; and to both distributors and OEMs in
Latin America and the Middle East.

— Our Fueling Systems segment achieved organic growth of 31 percent as
vapor recovery system sales grew rapidly in both California and in
international markets.

— For several years we have focused on expanding our sales base in
developing regions where we foresee growing demand for our Water
Systems products. During the first quarter, sales in developing regions
represented about 35 percent of our total Water Systems revenues and
grew organically by about 14 percent.

— Fixed Costs (which we define as fixed manufacturing costs,
restructuring costs and SG&A less commissions,) as a percentage of
sales during the first quarter of 2008 are on track to improve on a
full year basis from the prior year. Fixed cost spending reductions
contributed to offset higher material and freight costs and achieve a
225 basis point improvement in operating income as a percent of sales
versus the first quarter of the prior year.

— Our recently acquired companies, Pump Brands (South Africa), the pump
division of Monarch Industries (Canada), and Schneider Motobombas
(Brazil) all performed well during the quarter and the integrations
are on track.

As we look forward we anticipate organic sales growth in excess of 12 percent and total sales growth in the range of 25 percent. This growth combined with spending controls should allow us to achieve Fixed Costs improvements of about 220 basis points for the full year 2008. While these factors will have a significant impact on earnings growth, we are carefully monitoring signs of increased material cost inflation in copper, steel, and freight to determine our pricing and cost reduction plans for the second half of the year. We also anticipate opportunities to complete additional “bolt-on” acquisitions that will enhance our product offering and expand our global distribution footprint.”
Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and automotive fuels. Recognized as a technical leader in its specialties, Franklin serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to the Company’s financial results, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, technology factors, litigation, government and regulatory actions, the Company’s accounting policies, future trends, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 29, 2007, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward- looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.
FRANKLIN ELECTRIC CO., INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

First Quarter Ended

March 29, March 31,
2008 2007

Net sales $176,010 $130,496

Cost of sales 124,551 91,567

Gross profit 51,459 38,929

Selling and administrative expenses 36,311 29,455

Restructuring expense 82 1,238

Operating income 15,066 8,236

Interest expense (2,624) (1,212)
Other income 471 298
Foreign exchange gain (loss) (327) 247

Income before income taxes 12,586 7,569

Income taxes 4,438 2,672

Net income $8,148 $4,897

Net income per share:
Basic $0.35 $0.21
Diluted $0.35 $0.21

Weighted average shares and equivalent
shares outstanding:
Basic 23,030 23,088
Diluted 23,293 23,499

FRANKLIN ELECTRIC CO., INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands) Mar. 29, Dec. 29,
2008 2007
ASSETS:

Cash and equivalents $33,623 $65,252
Receivables 99,513 64,972
Inventories 164,593 156,146
Other current assets 26,225 23,109
Total current assets 323,954 309,479

Property, plant and equipment, net 143,576 134,931
Goodwill and other assets 251,221 217,827
Total assets $718,751 $662,237

LIABILITIES AND SHAREOWNERS’ EQUITY:

Accounts payable $32,221 $27,986
Accrued liabilities 54,979 52,265
Current maturities of long-term
debt and short-term borrowings 55,577 10,398
Total current liabilities 142,777 90,649

Long-term debt 152,202 151,287
Deferred income taxes 12,135 11,686
Employee benefit plan obligations 24,473 24,713
Other long-term liabilities 5,134 5,358

Shareowners’ equity 382,030 378,544
Total liabilities and shareowners’
equity $718,751 $662,237

FRANKLIN ELECTRIC CO., INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands) March 29, March 31,
2008 2007

Cash flows from operating activities:
Net income $8,148 $4,897
Adjustments to reconcile net
income to net cash flows from
operating activities:
Depreciation and amortization 6,229 4,730
Stock based compensation 1,106 1,363
Deferred income taxes (126) 365
Loss/(gain) on disposals of
plant and equipment 42 20
Changes in assets and liabilities:
Receivables (30,047) (17,984)
Inventories (4,141) (20,716)
Accounts payable and other
accrued expenses (5,222) (10,604)
Accrued income taxes 1,351 (7,415)
Excess tax from share-based
payment arrangements (64) (1,158)
Employee benefit plans (639) 574
Other, net (1,921) (1,150)
Net cash flows from operating activities (25,284) (47,078)
Cash flows from investing activities:
Additions to plant and equipment (6,758) (4,584)
Proceeds from sale of plant and
equipment 10 16
Additions to other assets (500) -
Purchases of securities (9,000) -
Proceeds from sale of securities 9,000 -
Cash paid for acquisitions, net of cash (35,465) -
Proceeds from sale of business - 1,310
Net cash flows from investing activities (42,713) (3,258)
Cash flows from financing activities:
Additions to short-term debt 45,000 -
Repayment of short-term debt (19) -
Additions to long-term debt - 50,000
Repayment of long-term debt (107) (79)
Proceeds from issuance of common stock 176 2,266
Excess tax from share-based payment
arrangements 64 1,158
Purchases of common stock (7,813) -
Reduction of loan to ESOP Trust - 200
Dividends paid (2,771) (2,536)
Net cash flows from financing activities 34,530 51,009
Effect of exchange rate changes on cash 1,838 (133)
Net change in cash and equivalents (31,629) 540
Cash and equivalents at beginning of
period 65,252 33,956
Cash and equivalents at end of period $33,623 $34,496

Franklin Electric Co., Inc.

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CHICAGO, April 28 /PRNewswire-FirstCall/ — Sauer-Danfoss Inc. today announced financial results for its first quarter ended March 31, 2008. Net sales for the quarter increased 18 percent to $617.4 million, compared to net sales of $523.1 million for the first quarter 2007. Net income for the quarter rose 81 percent to $27.9 million, or $0.57 per share, compared to $15.4 million, or $0.32 per share for the first quarter 2007. First quarter 2008 net income included a one-time gain on the sale of a building of approximately $1.5 million, or $0.02 per share, related to the previously completed restructuring program. First quarter 2007 results included restructuring costs of $11.9 million, or $0.21 per share.
David Anderson, President and Chief Executive Officer, stated, “This was an outstanding quarter for Sauer-Danfoss, reporting the highest quarterly sales and earnings in the history of the Company. The growth in revenue was across all regions and business segments. Importantly, our operating margin improved significantly, led by the impressive performance in our Propel segment. We continue to address capacity constraints and operational issues in our Work Function and Controls divisions, which should result in margin improvement later this year and into 2009.”
Excluding the impact of currency translation rate changes and divestitures, sales for the first quarter 2008 increased 13 percent over the prior year period with growth of 8 percent in the Americas, 14 percent in Europe and 34 percent in the Asia-Pacific region.
For the first quarter 2008, excluding the impact of currency translation rate changes and divestitures, sales in the Propel segment increased 15 percent, sales in the Work Function segment increased 9 percent, and sales in the Controls segment increased 13 percent compared with the prior year.
Anderson commented, “Our sales growth is quite impressive considering the economic concerns in some of the U.S. and world markets. Our growth was led by strong sales into Ag equipment markets in both the Americas and European regions, highlighting the benefit of our geographic diversification.”
Orders and Backlog Support Continued Growth
Orders received for the first quarter 2008 were $677.9 million, up 22 percent from the same period last year. Excluding currency translation rate changes and divestitures, orders were up 13 percent.
Total backlog at the end of first quarter 2008 was $1,035.8 million, a 56 percent increase from the end of first quarter 2007. Excluding currency translation rate changes and divestitures, backlog was up 41 percent.
Anderson stated, “Even though economic uncertainty continues to exist in some of our markets, our order level and backlog reflect our ability to consistently outgrow our served markets. This capability is a result of the combined strength of our product portfolio and applications know-how. The bottom line is, we’ve been able to continually increase our dollar content on customer vehicles and win market share, offsetting overall market declines.”
First Quarter Cash Flow
Cash flow from operations for the first quarter 2008 was $14.3 million, compared to last year’s $2.1 million. Capital expenditures for the first quarter 2008 were $35.1 million, a planned capacity-focused increase from last year’s $24.9 million. The debt to total capital ratio, or leverage ratio, was 43 percent at the end of the first quarter 2008, level with year-end.
Outlook
“Our record first quarter sales and results, along with a strong backlog, give us reason to raise our outlook for the full year,” Anderson said. “We now expect full year 2008 earnings to be $1.50 to $1.65 per share based on a sales growth of 9 to 11 percent and capital expenditures to be 7 to 8 percent of sales.”
Webcast Information
Members of Sauer-Danfoss’ management team will host a Webcast on April 29 at 10 AM Eastern Time to discuss 2008 first quarter results. The call is open to all interested parties on listen-only mode via an audio webcast and can be accessed through the Investor Relations page of the Company’s website at . A replay of the call will be available at that site through May 29, 2008.
About Sauer-Danfoss
Sauer-Danfoss Inc. is a worldwide leader in the design, manufacture, and sale of engineered hydraulic, electric and electronic systems and components, for use primarily in applications of mobile equipment. Sauer-Danfoss, with 9,800 employees worldwide and revenue of approximately $2.0 billion, has sales, manufacturing, and engineering capabilities in Europe, the Americas, and the Asia-Pacific region. The Company’s executive offices are located near Chicago in Lincolnshire, Illinois and in Neumunster, Germany. More details online at .
This press release contains certain statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. All statements regarding future performance, growth, sales and earnings projections, conditions or developments are forward-looking statements. Words such as “anticipates,”"in the opinion,”"believes,”"intends,”"expects,”"may,”"will,”"should,”"could,”"plans,”"forecasts,”"estimates,”"predicts,”"projects,”"potential,”"continue,” and similar expressions may be intended to identify forward-looking statements.
Actual future results may differ materially from those described in the forward-looking statements due to a variety of factors. Readers should bear in mind that past experience may not be a good guide to anticipating actual future results. The economy in the U.S. remains unstable due to the repercussions of the deterioration in the credit markets, the weak housing and residential construction markets, and uncertainty surrounding job creation, interest rates and crude oil prices. The European economy has been strong for some time but may be reaching its peak, with inevitable declines to follow. Any downturn in the Company’s business segments could adversely affect the Company’s revenues and results of operations. Other factors affecting forward-looking statements include, but are not limited to, the following: specific economic conditions in the agriculture, construction, road building, turf care, material handling and specialty vehicle markets and the impact of such conditions on the Company’s customers in such markets; the cyclical nature of some of the Company’s businesses; the ability of the Company to win new programs and maintain existing programs with its original equipment manufacturer (OEM) customers; the highly competitive nature of the markets for the Company’s products as well as pricing pressures that may result from such competitive conditions; the continued operation and viability of the Company’s significant customers; the Company’s execution of internal performance plans; difficulties or delays in manufacturing; cost-reduction and productivity efforts; competing technologies and difficulties entering new markets, both domestic and foreign; changes in the Company’s product mix; future levels of indebtedness and capital spending; claims, including, without limitation, warranty claims, field retrofit claims, product liability claims, charges or dispute resolutions; ability of suppliers to provide materials as needed and the Company’s ability to recover any price increases for materials in product pricing; the Company’s ability to attract and retain key technical and other personnel; labor relations; the failure of customers to make timely payment; any inadequacy of the Company’s intellectual property protection or the potential for third-party claims of infringement; global economic factors, including currency exchange rates; general economic conditions, including interest rates, the rate of inflation, and commercial and consumer confidence; energy prices; the impact of new or changed tax and other legislation and regulations in jurisdictions in which the Company and its affiliates operate; changes in accounting standards; worldwide political stability; the effects of terrorist activities and resulting political or economic instability; natural catastrophes; U.S. military action overseas; and the effect of acquisitions, divestitures, restructurings, product withdrawals, and other unusual events.
The Company cautions the reader that these lists of cautionary statements and risk factors may not be exhaustive. The Company expressly disclaims any obligation or undertaking to release publicly any updates or changes to these forward-looking statements that may be made to reflect any future events or circumstances. The foregoing risks and uncertainties are further described in Item 1A (Risk Factors) in the Company’s latest annual report on Form 10-K filed with the SEC, which should be reviewed in considering the forward- looking statements contained in this press release.
Internet:

CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(Dollars in thousands March 31, March 31,
except share and per share data) 2008 2007
Net sales 617,399 523,132
Cost of sales 469,674 398,547
Gross profit 147,725 124,585
Research and development 19,286 16,850
Selling, general and administrative 67,982 61,852
Net (gain)/loss on disposal of fixed assets (1,212) 252
Loss on sale of business — 6,230
Total operating expenses 86,056 85,184
Income from operations 61,669 39,401
Nonoperating expenses:
Interest expense, net (6,487) (5,356)
Minority interest (8,939) (8,384)
Other, net (3,836) (1,112)
Income before income taxes 42,407 24,549
Income taxes (14,544) (9,180)
Net income 27,863 15,369
Net income per share:
Basic net income per common share 0.58 0.32
Diluted net income per common share 0.57 0.32
Weighted average shares outstanding
Basic 48,210 48,085
Diluted 48,514 48,269
Cash dividends declared per common share 0.18 0.18

business SEGMENT INFORMATION

Three Months Ended
March 31, March 31,
(Dollars in thousands) 2008 2007
Net sales
Propel 311,658 256,970
Work Function 160,486 138,373
Controls 145,255 127,789
Total 617,399 523,132
Segment Income (Loss)
Propel 65,437 45,673
Work Function 4,388 2,479
Controls 4,875 5,002
Global Services and Other
Expenses, net (16,867) (14,865)
Total 57,833 38,289

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three Months Ended
March 31, March 31,
(Dollars in thousands) 2008 2007
Cash flows from operating activities:
Net income 27,863 15,369
Depreciation and amortization 28,041 24,530
Minority interest 8,939 8,384
Net change in receivables, inventories, and payables (48,144) (59,123)
Other, net (2,365) 12,957
Net cash provided by operating activities 14,334 2,117
Cash flows from investing activities:
Purchases of property, plant and equipment (35,146) (24,876)
Proceeds from sale of property, plant and equipment 3,472 542
Net cash used in investing activities (31,674) (24,334)
Cash flows from financing activities:
Net borrowings on notes payable and debt instruments 36,886 36,336
Cash dividends (8,667) (7,639)
Distribution to minority interest partners (2,415) (2,613)
Net cash provided by financing activities 25,804 26,084
Effect of exchange rate changes (4) 1,617
Net increase in cash and cash equivalents 8,460 5,484
Cash and cash equivalents at beginning of year 26,789 29,112
Cash and cash equivalents at end of period 35,249 34,596

CONDENSED CONSOLIDATED BALANCE SHEETS

March 31, Dec. 31,
(Dollars in thousands) 2008 2007
ASSETS
Current assets:
Cash and cash equivalents 35,249 26,789
Accounts receivable, net 399,577 318,152
Inventories 327,939 319,524
Other current assets 64,199 55,677
Total current assets 826,964 720,142
Property, plant and equipment, net 608,331 562,818
Other assets 223,457 217,462
Total assets 1,658,752 1,500,422

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Notes payable and bank overdrafts 65,389 59,415
Long-term debt due within one year 240,421 208,819
Accounts payable 175,949 168,015
Other accrued liabilities 162,138 128,358
Total current liabilities 643,897 564,607
Long-term debt 189,875 175,811
Long-term pension liability 61,117 70,777
Deferred income taxes 38,048 40,930
Other liabilities 65,110 62,253
Minority interest in net assets of
consolidated companies 69,464 60,544
Stockholders’ equity 591,241 525,500
Total liabilities and stockholders’ equity 1,658,752 1,500,422

Number of employees at end of period 9,853 9,756
Debt to total capital ratio (1) 43% 43%

(1) The debt to total capital ratio is calculated by dividing total
interest bearing debt by total capital. Total interest bearing debt is
the sum of notes payable and bank overdrafts, long-term debt due within
one year, and long-term debt. Total capital is the sum of total interest
bearing debt, minority interest in net assets of consolidated companies,
and stockholders’ equity.

Sauer-Danfoss Inc.

Tags: Electronics by admin
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SAN FRANCISCO, April 24 /PRNewswire/ — TechInsights, producer of EE Times, TechOnline, the Embedded Systems Conference and RFID World, today announced that Shannon Alo-Mendosa is joining TechInsights Events — Custom Solutions group as Director of business Development, which produces face to face events, digital environments and digital trade shows.
With over 10 years of international experience in the electronics market, Alo-Mendosa brings a keen understanding of the core technologies that drive the electronics market and proven relationships with the top semiconductor and electronics companies worldwide. Alo-Mendosa will be responsible for developing and fostering new relationships with vendors across the electronics industry as well as identifying new business opportunities with a specific focus on events.
Prior to joining TechInsights Events, Alo-Mendosa held the position of Strategic Accounts Director where she represented CMP’s Electronics Group worldwide media portfolio and drove a territory of 5.7 million. Previously, Alo-Mendosa was employed at PennWell as Associate Publisher of the Portable Design franchise.
“Shannon is joining TechInsights at an exciting time. Our mission is to offer our clients top-notch event services coupled with industry intelligence and audience access. Her extensive expertise, great attitude and proven track record make Shannon the ideal candidate to drive TechInsights’ growth plan for 2008 and well beyond,” said James Lonsdale-Hands, Vice President Events, TechInsights.
TechInsights Events is a full service global organization that provides strategic event consulting and program management services thru flexible, creative and scalable event programs that increase brand, product awareness, drive marketing and sales objectives as well as educate and evangelize new business contacts. TechInsights Events provides clients with customized event services including strategic planning, content development, project management, sponsorship sales, audience acquisition, marketing and event logistics for conferences, road shows, roundtables, thought leadership events reaching CLevel audiences as well as digital trade shows and expos. In essence TechInsights Events provides consultative integrated performance marketing solutions, using face to face and digital events as the glue to reach target customer, prospects, partners and/or employees.
For additional information on TechInsights Custom Events, go to:
About TechInsights ()
TechInsights is the daily source of essential business and technical information for the electronics industry’s decision makers — the Creators of Technology — that define, develop, and bring to market the electronic products that improve our lives. With global market leading brands such as EE Times, Semiconductor Insights, TechOnline, Embedded Systems Conferences and Portelligent, TechInsights is the leading dedicated information and services business serving the worldwide electronics market. For more information, please visit . TechInsights is a division of United business Media (), a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.
Contact:
Felicia Hamerman
TechInsights
1-516-562-5652

TechInsights

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DENVER, April 24 /PRNewswire/ — 5280 Solutions(R), a premier software development, consulting and systems integration organization announced today the launch of its newly designed and updated corporate Web site, . The new site provides streamlined content that describes and illustrates the company’s core business offerings: Educational Lending Solutions, Enterprise Content Management Solutions and Custom Software Solutions. The site is designed to enable clients, partners and prospects to easily navigate through 5280’s suite of business solutions based on their technology needs and business objectives.
“5280 Solutions continuously looks for ways to improve and innovate,” said Ray Ciarvella, President and CEO of 5280 Solutions. “In 2007 we merged with two premier educational lending software providers: Charter Account Systems and Idaho Financial Associates. As we continue to grow and integrate these businesses, our updated brand identity and Web site will help us communicate our strong position as a leading full-service business solution provider.”
The new Web site encompasses all of 5280 Solutions’ lines of business and showcases its unique suite of technology products and consulting service expertise. Among the products featured on the site are Info Centre - PI(TM), Dynamic Filer(TM) and Dynamic Payables(TM).
Info Centre - PI is a new business intelligence product for the financial services industry, while Dynamic Filer and Dynamic Payables are two new products for document and payables automation.
“Our focus remains on developing and enhancing products and services that either make or save money for our partners and clients,” said Mike Randash, Executive Vice President of 5280 Solutions. “Dynamic Payables, for example, recently received an industry ‘Innovation Award’ for its unique approach to gaining efficiencies for any accounts payable department and reducing the costs associated with invoice processing while also providing increased AP visibility and compliance.”
About 5280 Solutions
5280 Solutions is an award-winning provider of information technology products and full-service technical consulting with core competencies in Educational Loan Software Solutions, Enterprise Content Management (ECM) Solutions and Custom Software Solutions. 5280 Solutions is a Microsoft(R) Gold Certified Partner and an IBM(R) business Partner. For more information, visit .
5280 Solutions

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TROY, Mich., May 28 /PRNewswire/ — HiQube, a leader in high-performance business intelligence (BI) software, today announced the release of HiQube 5.0, a new version of the company’s flagship BI platform. This latest version includes numerous upgrades to the platform’s functionality, scalability and ease of use, most notably increased international language support and enhanced security features.
HiQube 5.0 provides support for Unicode, the industry standard for allowing technologies to represent and manipulate text consistently for most of the world’s languages. With the incorporation of Unicode, HiQube 5.0 now supports numerous additional languages, including multiple Asian languages such as Japanese and Chinese dialects.
“The internationalization of the BI platform is the real headliner for this release,” said Robert Lewis, vice president of global sales for HiQube. “Many of our customers are large international organizations, many with numerous offices throughout the world. It’s important to be able to share information and mine it regardless of the language in which data was input into systems. Even small and mid-sized businesses benefit, especially if they plan to diversify globally over time. With the release of HiQube 5.0, businesses can have a better picture of their global operations.”
By implementing the Unicode standard, the HiQube 5.0 user interface can be rendered in multiple languages, and as importantly, all of the underlying information, including user comments, can be translated into other languages to support global collaboration.
The second major new feature in HiQube 5.0 is improved access list management, which increases the platform’s security and protects the underlying data model. As the BI platform transcends the IT department and is deployed throughout organizations, customers need to limit the number of users that can edit the data model to protect the underlying data.
Though previous versions of the Web application could shield the data model from end-user manipulation, the desktop application was able to make changes to it. With the increased number of power users in the organization outside of the IT department, HiQube 5.0 implements enhanced access list management in this latest version, which allows customers to roll out full- featured desktop versions of the software to power users, and only those users on the access list can edit the data model. This ensures visibility into the entire BI process without compromising data results, delivering results that are consistent and preserved across the enterprise.
HiQube 5.0 also includes scalability enhancements. Unlike “in memory” BI platforms that analyze static, cached data, HiQube performs queries “on the fly” against ever-changing data to get the most-up-to-date information into the hands of business analysts. Despite the significant increase in the amount of computing power required to run a real-time query versus a query against cached data, HiQube can still match the speeds provided by in-memory systems, offering unmatched performance and scalability.
The new features further enhance the value of the HiQube BI platform for all businesses. HiQube 5.0 ranks as one of the most scalable, compatible and high-performance BI solutions on the market. HiQube’s technology is easy to use and combines hierarchical, relational and multidimensional BI technologies. HiQube’s technology gives customers the tools they need to perform in-depth business analytics and view data within a superior reporting environment.
About HiQube
HiQube is a new high-performance business intelligence (BI) software solution that quickly delivers in-depth business analysis capability and superior reporting, as a result of its unique HiQube technology. HiQube technology is easy to use and is the first to combine hierarchical, relational and multidimensional database technologies. In doing so, it delivers users with unparalleled decision-making power. HiQube BI software solutions are available and supported worldwide. For more information, visit .
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DENVER, April 24 /PRNewswire/ — CSIA today announced 134 companies and individuals were nominated for the 8th annual CSIA Apex Awards, the largest annual technology award events in the state.
“The nominated companies represent the leaders of Colorado’s technology industry,” said Barbara Bauer, co-chair of the 2008 CSIA Apex Awards. “It’s important to recognize the achievements made in our state, as well as the people behind the successes. These nominees — as well as the guests — represent the innovation and business success of technology in Colorado,” Jackie Walden, co-chair of the 2008 CSIA Apex Awards added.
“The Colorado technology market continues to intensify, and we are seeing continual proof points that Colorado companies are becoming more and more globally successful,” said Su Hawk, president, CSIA. “The companies and individuals who were nominated this year represent a broad spectrum of technology products and services, showing the innovation, intensity and inspiration that embodies why our industry is so strong,” she said.
This year’s nominees are:

Corporate Nominees
3t Systems
Absolute Performance
Adams County School District 14
AgentSheets
Applied Intelligence Solutions
Applied Trust Engineering
Ascendant Technology
AweSumation
AWhere
Aztek Networks
BlueFolder, Inc
Boulder Carshare
Boulder Innovation Group
Boulder Logic
business Controls
business Network Consulting
CaduceX
Chronicle Graphics
CiviCore, LLC
Collective Intellect
Colorado Women’s Chamber of Commerce
Confio
Countermind
Data Storage Group
DatamanUSA, LLC
DataPreserve
Datria
Dean Evans & Associates
Developing Minds Software
Displaytech
EffectiveUI
Efficient Forms
Enspiria Solutions, Inc
Envysion
EventVue
Foops
Guaranteed Recycling Xperts
Goozmo
Governor’s Energy Office
GuideSTAR Technologies
HCL Technologies
HiveLive
HomeSphere
IDwatchdog
IHS
Indigio Group
Insyntrix
IP Commerce
ISYS Search Software
ITonCommand
Jabber, Inc
Kaiser
Kaiser Permanente Colorado
KPA
LeftHand Networks
Liquid Conceptions
LogRhythm
Lynott & Associates
Magpie Telecom Insiders
MapQuest
MX Logic
NAVSYS Corporation
Newmerix
NewsGator Technologies
OpenLogic
OpenWorld Learning
PaySimple
PluralSoft
Premier Parking, LLC
Prism Group
Privacy Networks
Quantum Corp
Rally Software Development
Rebit, Inc
Remarkable Mobile
Resort Technology Partners
Rockie Mountain Laboratories
Sales Partnership
Sentegra
SimAuthor, Inc
SkyeTek
Spatial
Statera
SwiftPage
TekJet, LLC
Tensegrity Prosthetics
The Fuel Team
Townsend Townsend and Crew
TransPerfect Translations
TruEffect
TUSC
Unity business Networks
VeriPoint
ViaWest
WealthTouch
Webroot
WildBlue Communications
Workforce Insight

Individual Nominees
Vladimir Aleksiev, GeoEye
Nick Becker, 9squared
Scott Bilyeu, Echostar
Wendy Bohling, Magpie Telecom Insiders
Kirk Bohn, 3t Systems
Lisa Breytspraak, Pariveda
Thomas Bruce, MWH Global
Bill Chambers, LeftHand Networks
Brenda Dempsey, Castle View High School
Becki Dilworth, Indigio Group
Karl Fisch, Arapahoe High School
Steve Foster, business Controls, Inc.
Cory Hofschild, Denver School for Science & Technology
Shawn Juister, Sterling Capital
Sarah Kiefhaber, Avaya
Joylee Kohler, Avaya
Amanda Lane-Cline, American Academy
Jeff Lewis, Adams 14 Schools
Michael Locatis, State of Colorado
Jake Marshall, Thompson School District
Charlene McCaslin, MWH Global
Katy Morton, Martin Luther King, Jr. Early College
Kristen Muzzy, 3t Systems
Micki Nelson, MWH Global
Deb Paino, SoftSolutions
John Raeder, IQ Navigator
Gary Scofield, Adams County High School
Diane Sharrock, CH2M Hill
Justin Stollsteimer, FusionBox
Michael Vaughn, TEKsystems
Charles Var, MX Logic
Jim Voss, Front Range Community College
Pavel Zelinsky, Applied Intelligence Solutions

Companies were nominated in any of twelve categories, including Rookie of the Year, Most Innovative Technology Product, Distinguished Professional Services Award, Outstanding Technology Company of the Year, Greenovation Award (new for 2008), Customer Care Excellence Award (new for 2008), Best Tech Workplace (new for 2008), Colorado’s Top Technology Education Initiative Award, Colorado’s Top Technology Education Innovator, Chief Technology Executive of the Year, Colorado’s Tech Champion Award, and Get IT Done Award (new for 2008).
In addition, CSIA presents the Champion of the Year to the most outstanding volunteers for the organization and industry.
Winners will be announced June 5, 2008 at the 8th Annual CSIA Apex Awards events. This year the event will be held at EXDO Event Center at 1399 35th St., Denver. The event begins at 5:30 pm with a reception and gourmet hors d’oeuvres. Blocks or individual tickets are available at (click on the Apex Awards information) or call CSIA at 303.592.4070. Companies do not need to be members of CSIA to attend, however, reservations are required. And, CSIA members receive a 50% discount on ticket prices.
About CSIA:
CSIA is the leader on behalf of the technology industry in Colorado, providing connections, insight and competitive edge programs and services to help technology companies succeed and prosper. Since 1994, CSIA has led legislative issues and public policy to represent the Colorado technology industry, and has provided a number of annual programs, events and to create peer-to-peer connections and grow business success for the state’s technology industry.
CSIA

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SAN FRANCISCO and LONDON, May 28 /PRNewswire/ — Jericho Forum, the international IT security thought-leadership group dedicated to advancing secure business in a global open-network environment, today released the results of a spot survey of 22 IT security vendors that responded to questions about vendor preparedness to deliver security for today’s de-perimeterized network business model — a model required to support collaboration between customers, partners, vendors and their mobile work forces. According to the respondents, vendors are listening to their customers and reacting to the problem! Of the vendors that responded to the survey, 67 percent intend to modify their products to deliver effective security for the perimeter erosion problem. One vendor summed it up for the remainder of the vendors: “While we do this explicitly already, we will continue to find new ways in which to perform these tasks.”
The survey uncovered that 45 percent of the vendors are being asked by more than half of their customers to enhance existing products or build new solutions to help them resolve the problem. Jericho Forum was the first thought-leadership group to recognize that business drivers for global operations over the Internet meant that once solid corporate “network security” walls would tumble down, leaving valuable confidential data exposed unless we adopt a new approach to securing our data. Composed of global corporate CISOs, who collectively are responsible for global revenue exceeding US$875 billion, and senior representatives from the vendor community, members of the Jericho Forum have united to create a blueprint for solutions to shore up security in the face of advancing perimeter erosion.
Respondents to the survey included representatives from Europe (73 percent) and the United States (37 percent). Focused on security products, vendors ranged from large companies with 1,000 to 10,000 plus employees that support a broad range of security products (53 percent) to small vendors with less than 100 employees that support a single product (47 percent). Products represented by these vendors include encryption data leakage prevention, intrusion prevention, compliance authentication, access control, anti-virus, secure client virtualization, vulnerability management and other types of IT security products.
Top Survey Highlights

— Respondents believe access control is one of the most important
solutions that help customers resolve perimeter erosion problems. In
weighted rankings, access control came in number one, authentication
came in second, compliance third, data leak prevention and identity
management tied for fourth, encryption was fifth, intrusion prevention
sixth, and VPN came in seventh.
— Vendors are aware of the security concern enterprises have about the
erosion of their network perimeter: 45 percent of survey respondents
stated that more than half of their customers have requested
enhancements or solutions to resolve this problem.
— Vendors and enterprises are becoming increasingly more aware of the
de-perimeterization problem, but not enough is being done today to
protect corporate assets. When asked, only 21 percent of vendors polled
believed that less than half of their customers were running open
networks environments that enable secure collaboration and commerce –
which still leaves too many enterprises vulnerable.
— The survey revealed that the primary reason why more products are not
available today is based on the state of the market, not a technical
decision. In weighted rankings, vendors identified the lack of
practical, scalable business models that support business on the
Internet as the number one reason they are not more aggressively
creating perimeter erosion solutions. The lack of incentives and design
drivers for tackling the open network environment ranked second; lack
of interoperable universal standards came in third; lack of a common
language to express perimeter erosion solution goals, requirements,
policies and solutions came in fourth; and having to bridge legacy
systems with Internet-accessible devices came in fifth.

As businesses enable more partners, vendors, mobile work forces, and customers to collaborate online, it is even more critical for enterprises and vendors to unite to solve the security gap that such collaboration creates. The Jericho Forum is the catalyst for change that will continue to bring Fortune 500 companies, entrepreneurial companies, and vendors together to show organizations how to architect for safe business collaboration. A special white paper on collaboration-oriented architectures is available for download from Jericho Forum at .
To learn more about Jericho Forum, its members, and how to become a member, go to .
About Jericho Forum
Jericho Forum is the leading international IT security thought-leadership association dedicated to advancing secure business in a global open-network environment. Members include top IT security officers from multinational Fortune 500 and entrepreneurial user companies, major information security product vendors, government, and academic institutions. Working together, members drive approaches and standards for a secure, boundaryless, collaborative online business world.
Jericho Forum

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DENVER, July 24 /PRNewswire-FirstCall/ — The Regus Group , the world’s largest provider of fully furnished and equipped offices with 950 locations in 70 countries, today announced that it has signed a lease agreement to open a new center in the Cherry Creek North area of Denver. The new center will be located at 100 Fillmore Street, Suite 500.
The term of the lease is 120 months and Sturm Realty Group, LLC is the landlord for the project. The 15,000 square foot Regus center will feature 64 offices, 142 workstations and two conference rooms. CB Richard Ellis represented Regus in the transaction and Frederick Ross Company represented the landlord.
100 Fillmore is a nearly 90,000 square foot Class-A office building that is part of a mixed-use development. The building is surrounded by more than 300 galleries, boutiques, restaurants and salons/spas throughout Cherry Creek North. The new Regus center will be within 10 minutes of downtown and 30 minutes of Denver International Airport. Its new Cherry Creek center will be Regus’ 12th Denver metropolitan area location.
“The completion of this transaction allows us to add a key trade area in the Denver market to our rapidly expanding portfolio,” said Michael Berretta, Vice President of business Development for Regus. “The unparalleled amenities that Cherry Creek has to offer make it an extremely attractive location.”
Berretta added, “We’re confident that the high quality development combined with excellent demographics and the ideal location of the center will all contribute to making our newest Denver area center very appealing to businesses of all sizes and industries.”
“We are pleased to welcome Regus to 100 Fillmore and to Cherry Creek. Regus will provide an important amenity to our office complex and to the entire area,” said Evan Kline, President of Sturm Realty Group.
Regus offers its clients a number of benefits including: the freedom to grow, downsize, or expand their business to another geographic location with minimal disruption; simple, one-page contracts; one, fixed monthly price, that includes everything they need to run their business; state-of-the-art IT; and a global network of more than 950 locations that allow members unlimited access to Regus business lounges worldwide.
Every day Regus provides more than 400,000 clients worldwide with flexible and cost-effective workplace options to meet their specific needs. Whether using a fully furnished office, a virtual office that provides clients with a local business address, meeting rooms or videoconferencing facilities, businesses working with Regus are able to establish an immediate presence at prime business center locations such as the Cherry Creek center.
About The Regus Group
The Regus Group is the world’s leading provider of pioneering workplace solutions, with products and services ranging from fully equipped offices to professional meeting rooms, business lounges and the largest network of videoconferencing studios. The Regus Group delivers a new way to work, whether it’s from home, on the road or from an office.
Clients such as Google, GlaxoSmithKline, IBM, Nokia and Accenture join thousands of growing small and medium businesses that benefit from outsourcing their office and workplace needs to The Regus Group, allowing them to focus on their core business.
Over 400,000 clients a day benefit from Regus Group facilities spread across a global footprint of 950 locations in 400 cities and 70 countries, which allows individuals and companies to work wherever, however and whenever they want to.
For more information, visit .
The Regus Group

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ST. PAUL, Minn., April 24 /PRNewswire-FirstCall/ — Deluxe Corporation reported first quarter diluted earnings per share (EPS) of $0.53 on net income of $27.3 million. EPS for the first quarter of 2007 was $0.68 on net income of $35.2 million. The quarter’s results reflect expected softness in the Small business Services segment and investments made in growth initiatives, partly offset by continued progress with the Company’s cost reduction initiatives.
“We are pleased to have successfully delivered on our financial commitments for the quarter,” said Lee Schram, CEO of Deluxe. “Results in our Financial Services segment were particularly strong and we continued to deliver on our $225 million cost reduction program. We also made good progress investing in initiatives that we believe will drive revenue growth in the second half of the year and beyond.”
First Quarter Performance
Revenue for the quarter was $381.2 million compared to $403.8 million during the first quarter of 2007. Small business Services revenue was $15.9 million lower than the previous year due to economic softness, as well as the sale of the industrial packaging product line in January 2007, which accounted for $3 million of revenue last year. Financial Services revenue was up slightly compared to the previous year, while Direct Checks revenue decreased $7.1 million due to lower order volume and a $3 million benefit realized in the first quarter of 2007 from weather-related issues late in 2006 that shifted revenue between years.
Gross margin was 61.7 percent of revenue compared to 63.0 percent in 2007. Reductions in manufacturing costs from production efficiencies and higher revenue per order were offset by higher delivery related costs from a postal rate increase in mid-2007 and an unfavorable shift in product mix.
Selling, general and administrative (SG&A) expense decreased $8.8 million in the quarter. Benefits from cost reduction initiatives were partially offset by higher marketing expenses and investments to drive revenue growth opportunities. As a percent of revenue, SG&A increased to 47.4 percent from 46.9 percent in 2007.
Operating income was $54.8 million, compared to $69.0 million in the first quarter of 2007. Operating income was 14.4 percent of revenue compared to 17.1 percent in the prior year. The decrease in operating margin was driven primarily by the revenue decline, a $3.8 million gain realized last year from the sale of the industrial packaging product line and higher delivery-related costs.
Net income decreased $7.9 million and diluted EPS decreased $0.15, driven by the lower operating income partially offset by a lower effective tax rate due to the higher taxes specifically attributable to the gain on the product line sale in 2007.
First Quarter Performance by business Segment
Small business Services revenue was $215.9 million versus $231.8 million in 2007. The decline was due to soft economic conditions and $3 million of non-recurring 2007 revenue attributable to the divested industrial packaging product line, partially offset by a favorable Canadian exchange rate. Operating income decreased to $21.1 million from $33.2 million in 2007 largely as a result of the revenue decrease, investments to drive revenue growth opportunities, including an increase in marketing expense, partially offset by continued cost reductions. In addition, the 2007 period included a $3.8 million gain from the sale of the industrial packaging product line.
Financial Services revenue was $113.9 million compared to $113.5 million in 2007. First quarter order volume was down 3.7% compared to last year due mostly to non-recurring financial institution conversion activity last year. Revenue per order was up primarily due to a February 2007 price increase and favorable mix. Financial Services order volume was up 1.9% compared to the fourth quarter of 2007. Operating income increased to $19.0 million from $15.7 million in 2007. Delivery-related cost increases and investments in revenue growth opportunities during the quarter were more than offset by benefits from higher revenue per order and cost reduction initiatives.
Direct Checks revenue was $51.4 million compared to $58.5 million in 2007. First quarter order volume was down due to the continued decline in check usage and advertising response rates. In addition, revenue in the first quarter of 2007 benefited from weather-related production delays in the fourth quarter of 2006 which shifted $3 million of revenue to the first quarter. Operating income was $14.7 million compared to $20.1 million in 2007. Benefits from cost reduction initiatives and lower advertising expense were more than offset by lower order volume and higher delivery-related expenses.
First Quarter Operating Cash Flow Performance
Cash provided by operating activities for the quarter totaled $30.0 million, a decrease of $39.0 million compared to last year. The expected decrease in 2008 primarily relates to lower net income and higher payments in the quarter for 2007-related incentive compensation, both of which were partially offset by lower income tax payments.
Business Outlook
The Company stated that for the second quarter of 2008, revenue is expected to be between $374 million and $384 million, and diluted EPS is expected to be between $0.60 and $0.64, in line with the Company’s original outlook. For the full year, revenue is expected to be between $1.56 billion and $1.59 billion, and diluted EPS is expected to be between $3.00 and $3.15. The Company also stated that it expects operating cash flow to be between $230 million and $250 million in 2008 and capital expenditures to be approximately $30 million.
“We continue to execute against our transformation plan,” Schram stated. “While the economy continues to provide challenges to our Small business Services segment, progress against our cost initiatives enables us to further invest in opportunities for revenue expansion while delivering bottom line growth.”
Conference Call Information
Deluxe will hold an open-access teleconference call today at 11:00 a.m. EDT (10:00 a.m. CDT) to review the financial results. All interested persons may listen to the call by dialing 866-700-0161 (access code 29524672). The presentation also will be available via a simultaneous webcast at . An audio replay of the call will be available through midnight on May 1st by calling 888-286-8010 (access code 67339464). The presentation will be archived on Deluxe’s Web site.
About Deluxe
Deluxe Corporation, through its industry-leading businesses and brands, helps financial institutions and small businesses better manage, promote, and grow their businesses. The Company uses direct marketing, distributors, and a North American sales force to provide a wide range of customized products and services: personalized printed items (checks, forms, business cards, stationery, greeting cards, labels, and retail packaging supplies), promotional products and merchandising materials, fraud prevention services, and customer retention programs. The Company also sells personalized checks and accessories directly to consumers. For more information about Deluxe, visit .
Forward-Looking Statements
Statements made in this release concerning the Company’s or management’s intentions, expectations, or predictions about future results or events are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements reflect management’s current expectations or beliefs, and are subject to risks and uncertainties that could cause actual results or events to vary from stated expectations, which variations could be material and adverse. Factors that could produce such a variation include, but are not limited to, the following: the inherent unreliability of earnings, revenue and cash flow predictions due to numerous factors, many of which are beyond the Company’s control; declining demand for the Company’s check and check-related products and services due to increasing use of alternative payment methods; intense competition in the check printing business; continued consolidation of financial institutions, thereby reducing the number of potential customers and referral sources and increasing downward pressure on our revenues and gross margins; risks that our Small business Services segment strategies to increase its pace of new customer acquisition and average annual sales to existing customers, while at the same time increase its operating margins, are delayed or unsuccessful; risks that cost reductions in the Company’s information technology, fulfillment and other shared services areas will be delayed or unsuccessful; performance shortfalls by the Company’s major suppliers, licensors or service providers; unanticipated delays, costs and expenses in the development and marketing of new products and services, including new e-commerce, customer loyalty and business services, and the failure of such new products and services to deliver the expected revenues and other financial targets; and the impact of governmental laws and regulations. Our forward-looking statements speak only as of the time made, and we assume no obligation to publicly update any such statements. Additional information concerning these and other factors that could cause actual results and events to differ materially from the Company’s current expectations are contained in the Company’s Form 10-K for the year ended December 31, 2007.
Financial Highlights

DELUXE CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Dollars and shares in millions, except per share amounts)
(Unaudited)

Quarter Ended March 31,
2008 2007
Revenue $381.2 $403.8
Cost of goods sold 145.9 38.3% 149.3 37.0%
Gross profit 235.3 61.7% 254.5 63.0%

Selling, general and
administrative expense 180.5 47.4% 189.3 46.9%
Net gain on sale of product line - - (3.8) -0.9%
Operating income 54.8 14.4% 69.0 17.1%

Interest expense (12.7) -3.3% (12.8) -3.2%
Other income 0.5 0.1% 1.0 0.2%
Income before income taxes 42.6 11.2% 57.2 14.2%

Income tax provision 15.3 4.0% 22.0 5.4%
Net income $27.3 7.2% $35.2 8.7%

Weighted-average dilutive shares
outstanding 51.6 51.6

Diluted earnings per share $0.53 $0.68

Capital expenditures $5.8 $4.4
Depreciation and amortization expense $15.5 $17.3
Number of employees-end of period 7,765 8,155

Non-GAAP financial measure-EBITDA(1) $70.8 $87.3

(1) Earnings Before Interest, Taxes, Depreciation and Amortization
(EBITDA) is not a measure of financial performance under generally
accepted accounting principles (GAAP) in the United States of America.
We disclose EBITDA because we believe it is useful in evaluating our
operating performance compared to that of other companies in our
industry, as the calculation eliminates the effects of long-term
financing (i.e., interest expense), income taxes and the accounting
effects of capital investments (i.e., depreciation and amortization),
which may vary for companies for reasons unrelated to overall
operating performance. In our case, depreciation and amortization of
intangibles, as well as interest expense, were significantly impacted
by the acquisition of New England business Service, Inc. (NEBS) in
June 2004. Additionally, interest expense in previous years was
significantly impacted by borrowings used for our share repurchase
programs. We believe that a measure of operating performance which
excludes these impacts is helpful in analyzing our results. We also
believe that an increasing EBITDA depicts increased ability to attract
financing and increases the valuation of our business. We do not
consider EBITDA to be a measure of cash flow, as it does not consider
certain cash requirements such as interest, income taxes or debt
service payments. We do not consider EBITDA to be a substitute for
operating income or net income. Instead, we believe that EBITDA is a
useful performance measure which should be considered in addition to
GAAP performance measures. EBITDA is derived from net income as
follows:

Quarter Ended March 31,
2008 2007
EBITDA $70.8 $87.3
Income tax provision (15.3) (22.0)
Interest expense (12.7) (12.8)
Depreciation and
amortization expense (15.5) (17.3)
Net income $27.3 $35.2

DELUXE CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS
(In millions)
(Unaudited)

March 31, December 31, March 31,
2008 2007 2007
Cash and cash equivalents $17.6 $21.6 $11.5
Other current assets 152.2 170.4 171.1
Property, plant & equipment-net 135.4 139.2 140.9
Intangibles-net 142.3 148.5 166.1
Goodwill 584.8 585.3 585.7
Other non-current assets 141.5 145.8 147.9
Total assets $1,173.8 $1,210.8 $1,223.2

Short-term debt and current portion
of long-term debt $73.3 $69.0 $371.1
Other current liabilities 186.3 228.6 213.7
Long-term debt 774.7 775.1 576.2
Deferred income taxes 12.3 10.2 14.0
Other non-current liabilities 81.6 86.8 88.4
Shareholders’ equity (deficit) 45.6 41.1 (40.2)
Total liabilities and
shareholders’ equity (deficit) $1,173.8 $1,210.8 $1,223.2

Shares outstanding 51.5 51.9 51.9

DELUXE CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

Quarter Ended March 31,
2008 2007
Cash provided (used) by:
Operating activities:
Net income $27.3 $35.2
Depreciation and amortization of intangibles 15.5 17.3
Contract acquisition payments (2.8) (4.2)
Other (10.0) 20.7
Total operating activities 30.0 69.0
Investing activities:
Purchases of capital assets (5.8) (4.4)
Payments for acquisitions (0.3) (2.3)
Proceeds from sale of product line - 19.2
Other 0.2 2.5
Total investing activities (5.9) 15.0
Financing activities:
Dividends (12.9) (13.0)
Share repurchases (13.9) -
Shares issued under employee plans 1.6 3.0
Net change in debt 3.9 (68.5)
Other (6.6) (5.7)
Total financing activities (27.9) (84.2)
Effect of exchange rate change on cash (0.2) 0.1
Net change in cash (4.0) (0.1)
Cash and cash equivalents: Beginning of period 21.6 11.6
Cash and cash equivalents: End of period $17.6 $11.5

DELUXE CORPORATION
SEGMENT INFORMATION
(In millions)
(Unaudited)

Quarter Ended March 31,
2008 2007
Revenue:
Small business Services $215.9 $231.8
Financial Services 113.9 113.5
Direct Checks 51.4 58.5
Total $381.2 $403.8

Operating income:
Small business Services $21.1 $33.2
Financial Services 19.0 15.7
Direct Checks 14.7 20.1
Total $54.8 $69.0

The segment information reported here was calculated utilizing methodology
outlined in the Notes to Consolidated Financial Statements included in our
Annual Report on Form 10-K for the year ended December 31, 2007.

Deluxe Corporation

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MCLEAN, Va., April 24 /PRNewswire-FirstCall/ — MicroStrategy(R) Incorporated , a leading worldwide provider of business intelligence software, today announced that Burlington Coat Factory Warehouse Corporation has selected MicroStrategy for merchandising reporting and analytics. Burlington Coat Factory, a nationally recognized retailer of high-quality, branded apparel at every day low prices, currently operates 397 stores in 44 states.
Burlington Coat Factory plans to use MicroStrategy for reporting and analysis on key merchandising metrics. MicroStrategy will convert the detailed transactional data into personalized reports through dashboards and exception reporting for Burlington Coat Factory executives and merchants. MicroStrategy teamed with QuantiSense to provide Burlington Coat Factory with an end-to-end solution for their retail business intelligence requirements.
“Following a highly competitive evaluation of merchandising-related BI products, we felt that MicroStrategy and QuantiSense provided the solution that best fit our growing BI requirements,” said Brad Friedman, Senior Vice President of Information Services, Burlington Coat Factory. “MicroStrategy is a robust BI product with proven retail experience. We were impressed with MicroStrategy’s analytical toolset, which we expect to empower our users to create their own reports and dashboards and remove IT from the report request process.”
“Burlington Coat Factory is a valued new customer and we are delighted that they selected MicroStrategy to support their BI applications,” said Sanju Bansal, MicroStrategy’s COO. “The MicroStrategy platform has the scalability and flexibility to analyze large volumes of transactional data and provide retailers with valuable information that can enhance store operations and give them a competitive edge.”
About MicroStrategy
Founded in 1989, MicroStrategy is a global leader in business intelligence (BI) technology. MicroStrategy provides integrated reporting, analysis, and monitoring software that helps leading organizations worldwide make better business decisions every day. Companies choose MicroStrategy for its advanced technical capabilities, sophisticated analytics, and superior data and user scalability. More information about MicroStrategy is available at .
MicroStrategy and MicroStrategy business Intelligence Platform are either trademarks or registered trademarks of MicroStrategy Incorporated in the United States and certain other countries. Other product and company names mentioned herein may be the trademarks of their respective owners.
Contact:
Wende Cover
MicroStrategy Incorporated
703-770-1646

MicroStrategy Incorporated

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