Deluxe Posts Spike in Net Income on More Modest Revenue Increase

Operating income in 2012 was $78.0 million compared to $67.5 million in the first quarter of 2011. Restructuring related costs were $1.9 million in 2012 vs. $1.5 million in 2011. These costs were primarily attributable to the Company’s on-going cost reduction initiatives. Operating income was 20.6 percent of revenue compared to 19.3 percent in the prior year driven primarily by higher revenue per order, favorable product mix, and continued cost reductions.