Deluxe Reports Improvement in Q1 Results, Outlook for Full Year

Reported diluted EPS was $0.65 on net income of $33.4 million in the first quarter 2010 and $0.24 on net income of $12.5 million in the comparable quarter of 2009. Results for 2010 include a charge to income tax expense of $3.4 million, or $0.07 per diluted share, due to the impact of recent health care legislation and a loss from discontinued operations of $0.4 million, or $0.01 per diluted share, associated with a previous business disposition. Results for 2009 included asset impairment charges of $24.9 million, restructuring-related costs of $2.4 million and net pre-tax gains of $9.3 million from debt repurchases.