United States Securities and Exchange Commission
Washington, D.C. 20549
FORM 10-Q
(Mark One)
(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 1995
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from __________________ to ________________
Commission file number 1-6352
JOHN H. HARLAND COMPANY
(Exact name of registrant as specified in its charter)
GEORGIA 58-0278260
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
2939 Miller Rd.
Decatur, Georgia 30035
(Address of principal executive offices) (Zip code)
(770) 981-9460
(Registrant's telephone number, including area code)
(Not Applicable)
(Former name, former address and former fiscal year, if changed since last
report.)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes (X) No ( ).
The number of shares of the Registrant's Common Stock outstanding on August
1, 1995 was 30,549,758.
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<PAGE>
Item 1. FINANCIAL STATEMENTS
<TABLE>
JOHN H. HARLAND COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
ASSETS
------
June 30, December 31,
(In thousands) 1995 1994
----------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
CURRENT ASSETS:
Cash and cash equivalents $ 19,822 $ 12,049
Short-term investments 4,300 3,250
Accounts receivable 64,322 59,403
Inventories 28,636 25,428
Deferred income taxes 8,224 6,471
Prepaid expenses 6,568 4,739
Other 12,459 5,883
---------- ----------
Total current assets 144,331 117,223
---------- ----------
INVESTMENTS AND OTHER ASSETS:
Investments 11,056 11,606
Goodwill and intangibles-net 97,814 101,887
Other 22,909 21,856
---------- ----------
Total investments and other assets 131,779 135,349
---------- ----------
PROPERTY, PLANT AND EQUIPMENT 345,646 335,668
Less accumulated depreciation
and amortization 185,582 173,867
---------- ----------
Property, plant and equipment - net 160,064 161,801
---------- ----------
Total $ 436,174 $ 414,373
========== ==========
<FN>
See Notes to Condensed Consolidated Financial Statements.
</TABLE>
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<PAGE>
<TABLE>
JOHN H. HARLAND COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
June 30, December 31,
(In thousands, except share amounts) 1995 1994
----------------------------------------------------------------------
(Unaudited)
<S> <C> <C>
CURRENT LIABILITIES:
Short-term debt $ 20,000 $ 14,000
Accounts payable - trade 13,799 11,235
Deferred revenues 19,188 17,724
Accrued liabilities:
Salaries, wages and employee benefits 19,351 16,937
Taxes 4,668 4,836
Other 13,631 14,588
---------- ----------
Total current liabilities 90,637 79,320
---------- ----------
LONG-TERM LIABILITIES:
Long-term debt, less current maturities 114,773 115,226
Deferred income taxes 3,719 4,806
Other 12,030 11,607
---------- ----------
Total long-term liabilities 130,522 131,639
---------- ----------
Total liabilities 221,159 210,959
---------- ----------
SHAREHOLDERS' EQUITY:
Series preferred stock, authorized 500,000
shares of $1.00 par value, none issued
Common stock - authorized 144,000,000
shares of $1.00 par value, issued
37,907,497 37,907 37,907
Additional paid-in capital 2,828 3,389
Foreign exchange translation adjustments 54 54
Retained earnings 356,363 346,660
---------- ----------
Total 397,152 388,010
Less 7,359,704 and 7,468,591 shares of
treasury stock - at cost 182,137 184,596
---------- ----------
Total shareholders' equity 215,015 203,414
---------- ----------
Total $ 436,174 $ 414,373
========== ==========
<FN>
See Notes to Condensed Consolidated Financial Statements
</TABLE>
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<PAGE>
<TABLE>
JOHN H. HARLAND COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND RETAINED EARNINGS
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
(In thousands, except JUNE 30, JUNE 30,
per share amounts) 1995 1994 1995 1994
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET SALES $ 136,068 $ 130,752 $ 274,359 $ 261,795
---------- ---------- ---------- ----------
COST AND EXPENSES:
Cost of sales 71,851 68,205 142,455 137,311
Selling, general and
administrative expenses 36,961 34,437 75,595 68,101
Employees' profit sharing 2,252 2,487 4,731 4,968
Amortization of intangibles 3,353 2,889 6,708 5,299
---------- ---------- ---------- ----------
Total 114,417 108,018 229,489 215,679
---------- ---------- ---------- ----------
INCOME FROM OPERATIONS 21,651 22,734 44,870 46,116
---------- ---------- ---------- ----------
OTHER INCOME (EXPENSE):
Interest expense (1,999) (1,873) (3,995) (3,782)
Other - net 1,127 461 1,176 567
---------- ---------- ---------- ----------
Total (872) (1,412) (2,819) (3,215)
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES 20,779 21,322 42,051 42,901
INCOME TAXES 8,311 8,481 16,820 17,074
---------- ---------- ---------- ----------
NET INCOME 12,468 12,841 25,231 25,827
RETAINED EARNINGS AT BEGINNING
OF PERIOD 351,674 330,840 346,660 325,323
---------- ---------- ---------- ----------
Total 364,142 343,681 371,891 351,150
Cash dividends 7,779 7,482 15,528 14,951
---------- ---------- ---------- ----------
RETAINED EARNINGS AT END OF PERIOD $ 356,363 $ 336,199 $ 356,363 $ 336,199
========== ========== ========== ==========
WEIGHTED AVERAGE SHARES OUTSTANDING 30,544 30,548 30,509 30,534
========== ========== ========== ==========
NET INCOME PER COMMON SHARE $ 0.41 $ 0.42 $ 0.83 $ 0.85
========== ========== ========== ==========
CASH DIVIDENDS PER COMMON
SHARE $ 0.255 $ 0.245 $ 0.51 $ 0.49
========== ========== ========== ==========
<FN>
See Notes to Condensed Consolidated Financial Statements.
</TABLE>
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<PAGE>
<TABLE>
JOHN H. HARLAND COMPANY AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 1995 AND 1994
(Unaudited)
<CAPTION>
(In thousands) 1995 1994
-----------------------------------------------------------------------------
<S> <C> <C>
OPERATING ACTIVITIES:
Net Income $ 25,231 $ 25,827
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 22,566 19,656
Other 565 384
Change in assets and liabilities net of
effect of acquisitions:
Accounts receivable (5,256) 10,943
Inventories and other current assets (11,613) (260)
Accounts payable and accrued expenses 2,477 (1,890)
Other-net 223 48
---------- ---------
Net cash provided by operating activities 34,193 54,708
---------- ---------
INVESTING ACTIVITIES:
Purchases of property, plant and equipment (13,689) (19,672)
Proceeds from sale of property, plant and equipment 1,102 2,740
Change in short-term investments-net (1,050) 2,148
Payments for acquisition of businesses,
net of cash acquired (2,500) (40,202)
Long-term investments and other assets-net (2,200) (2,408)
---------- ----------
Net cash used in investing activities (18,337) (57,394)
---------- ----------
FINANCING ACTIVITIES:
Sale of common stock 1,950 1,977
Dividends paid (15,528) (14,951)
Purchase of treasury stock (52) (1,209)
Short-term debt 6,000 6,000
Other (453) (206)
---------- ----------
Net cash used in financing activities (8,083) (8,389)
---------- ----------
Increase (decrease) in cash and cash equivalents 7,773 (11,075)
Cash and cash equivalents at beginning of period 12,049 26,224
---------- ----------
Cash and cash equivalents at end of period $ 19,822 $ 15,149
========== ==========
<FN>
See Notes to Condensed Consolidated Financial Statements
</TABLE>.
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<PAGE>
JOHN H. HARLAND COMPANY AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 1995
(Unaudited)
1. Basis of Presentation
The condensed consolidated financial statements contained in this report
are unaudited but reflect all adjustments, consisting only of normal
recurring accruals, which are, in the opinion of management, necessary for
a fair presentation of the results of operations, financial position and
cash flows of the John H. Harland Company and subsidiaries ("the Company")
for the interim periods reflected. Certain information and note disclosures
normally included in financial statements prepared in accordance with
generally accepted accounting principles have been omitted pursuant to
applicable rules and regulations of the Securities and Exchange Commission.
The results of operations for the interim period reported herein are not
necessarily indicative of results to be expected for the full year.
2. Accounting Policies
The condensed consolidated financial statements included herein should be
read in conjunction with the consolidated financial statements and notes
thereto, and the Independent Auditors' Report included in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 1994.
Reference is made to the accounting policies of the Company described in
the notes to consolidated financial statements included in the Company's
Annual Report on Form 10-K for the fiscal year ended December 31, 1994. The
Company has consistently followed those policies in preparing this report.
3. Acquisitions
On January 7, 1994, the Company acquired Marketing Profiles, Inc. ("MPI")
for cash paid at closing and a contingent purchase payment payable in 1997
to the former MPI shareholders. The contingent purchase payment is based
upon a multiple of MPI's 1996 operating results as defined in the
acquisition agreement. MPI is a database marketing and consulting company
which provides software products and related marketing services to the
financial industry.
On March 31, 1994, the Company acquired the net assets of FormAtion
Technologies, Inc. ("FormAtion") for cash paid at closing and a contingent
purchase payment payable in 1997 to the former FormAtion shareholders. The
contingent purchase payment is based upon a multiple of FormAtion's
operating results during the three-year period ending in 1996 as defined in
the acquisition agreement. FormAtion develops, markets and supports lending
and platform automation software for the financial industry. In June 1995,
the Company paid an amount in cash for early settlement and termination of
the contingent purchase payment.
On September 30, 1994, the Company's wholly-owned subsidiary, Scantron
Corporation, acquired the net assets of Financial Products Corporation
("FPC") for cash paid at closing. FPC is a provider of maintenance and
repair services for a broad variety of computers, peripherals, networks and
operating systems. FPC serves financial, commercial, governmental and
medical markets.
-6-
<PAGE>
The MPI, FormAtion and FPC acquisitions were accounted for using the
purchase method of accounting and, accordingly, the results of operations
of each acquisition are included in the consolidated financial statements
from the date of acquisition. Assets acquired totaled $65.4 million, net of
liabilities assumed of $18.9 million. The cash paid for these acquisitions
totaled $65.0 million and estimated acquisition-related costs totaled $0.4
million. The purchases were funded with a portion of the proceeds received
in the December 1993 issuance of long-term debt, proceeds from short-term
borrowings and from internally generated funds. Of the total acquisition
costs, $59.3 million was preliminarily allocated to intangible assets, of
which $52.6 million represented goodwill. Subsequent contingent purchase
payments will be recorded as an increase in goodwill and will be amortized
over the remaining life of the goodwill at the time of payment.
The following represents the unaudited pro forma results of operations
which assume the acquisitions occurred on January 1, 1994. These results
include certain adjustments, primarily increased amortization expense
related to intangible assets and increased interest expense (in thousands
of dollars, except per share amounts):
Six months ended
June 30, 1994
---------------------------------------------------------------------
Net sales $ 273,046
Net income 25,912
Net income per common share .85
The pro forma financial information presented above does not purport
to be indicative of either the results of operations that would have
occurred had the acquisitions taken place on January 1, 1994 or of future
consolidated results of operations.
4. Accounting for Income Taxes
The provision for income tax expense for the six months ended June 30, 1995
and 1994 includes the following (in thousands):
1995 1994
----------------------------------------------------------------------
Current provision $ 19,660 $ 20,071
Deferred benefit (2,840) (2,997)
--------- --------
Total $ 16,820 $ 17,074
========= ========
5. Employee Stock Plans
The Company has an Employee Stock Purchase Plan under which employees are
granted an option to purchase shares of the Company's common stock during
the quarter in which the option is granted. The option price is 85% of the
fair market value of the stock at the beginning or end of the quarter,
whichever is lower. In the quarter ended June 30, 1995, options
representing 42,937 shares were exercised at a price of $19.23 per share.
At June 30, 1995, there were 1,111,946 shares reserved for purchase under
the Employee Stock Purchase Plan.
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<PAGE>
The Company has incentive and non-qualified stock option plans ("Plans")
which provide for the granting of options to certain key employees of the
Company to purchase shares of the Company's common stock at the fair market
value of the common stock on the date of the grant. Option transactions for
the three months ended June 30, 1995 are as follows:
Shares Exercise Price
-----------------------------------------------------------------------
Options outstanding at March 31, 1995 426,327 $ 11.59 - 26.25
Options exercised (717) 11.59 - 17.55
Options cancelled (4,500) 19.38 - 24.75
---------
Options outstanding at June 30, 1995 421,110 11.59 - 26.25
=========
The options generally become exercisable one year from the date of the
grant. At June 30, 1995, there were 304,360 options exercisable and
1,418,694 shares reserved for options under the Plans.
6. Net Income Per Share
Net income per share is based on the weighted average number of common
shares and common share equivalents outstanding during the period. Common
share equivalents include the number of shares issuable upon the exercise
of the Company's stock options.
7. Inventories
Inventories consisted of the following (in thousands of dollars):
June 30, December 31,
1995 1994
-----------------------------------------------------------------------
Raw materials and semi-finished goods $ 24,811 $ 22,014
Finished goods 2,081 2,024
Hardware component parts 1,744 1,390
-------- --------
Total $ 28,636 $ 25,428
======== ========
8. Subsequent Event
On July 3, 1995, the Company's wholly-owned subsidiary, Scantron
Corporation, acquired the net assets of Quality Computers & Applications,
Inc. ("Quality Computers") for cash paid at closing and a contingent
purchase payment payable in 1999. The contingent purchase payment is based
upon a multiple of Quality Computer's 1998 operating results as defined in
the acquisition agreement. The acquisition price was funded with proceeds
from short-term borrowings. The acquisition will be accounted for using the
purchase method of accounting and, accordingly, the results of operations
of Quality Computers will be included in the Company's consolidated
financial statements from the date of acquisition. Quality Computers is
based in Detroit, Michigan and is a mail-order retailer of software and
hardware to the educational technology market. Founded in 1984, Quality
Computers had 1994 revenues of more the $10 million.
-8-
<PAGE>
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
RESULTS OF OPERATIONS
Second Quarter 1995 compared with Second Quarter 1994
Consolidated net sales for the second quarter 1995 increased $5.3 million
or 4.1% as compared to the second quarter of 1994.
Sales for the Company's Financial Services Group ("FSG") decreased $3.5
million or 3.2%, which consisted of a 9.0% decrease in units and a price
and product mix increase of 5.8%. The positive price and product mix is
attributable in part to a general price increase which FSG implemented in
December 1994, to increased revenues from FSG's specialty printing
operations and to revenues from expedited delivery programs. The unit
decrease is partially due to the loss in 1994 of one large customer and
also to a general erosion of check orders to direct to consumer markets.
FSG check printing revenues generated from non-traditional marketing
channels, such as sales via software companies and retail stores, grew
approximately 40% compared to the 2nd quarter 1994. FSG continues to
experience pricing pressures within the check printing industry.
Sales for the Company's Data Services Group ("DSG") increased $4.7 million
or 35.0% in the second quarter 1995 versus the comparable period in 1994.
The DSG sales increase was primarily due to the acquisition of Financial
Products Corporation ("FPC") in September 1994. FPC contributed over $4
million to DSG's second quarter 1995 revenues.
Revenues for the Company's Information Services Group ("ISG") increased
$1.9 million or 31.5% in the second quarter 1995 versus the comparable
period in 1994. ISG consists of Marketing Profiles Inc. ("MPI") and
FormAtion Technologies, Inc. ("FormAtion") which were acquired in January
1994 and March 1994, respectively. Increases in sales of MPI software
products were the primary reason for the ISG revenue increase.
Sales for the Company's Direct Marketing Group ("DMG"), which consists of
The Check Store, Inc. ("The Check Store"), continued to exceed the
Company's expectations in the second quarter of 1995. The Check Store
markets checks and related products directly to consumers and began
production operations during the second quarter of 1994. The Check Store's
second quarter 1995 sales were almost four times greater than the
comparable period in 1994.
The consolidated gross margin decreased from 47.8% in 1994 to 47.2% in
1995. FSG's gross margin decreased from 48.4% in 1994 to 46.6% in 1995. The
FSG margin decrease is primarily due to increases in the cost of paper.
DSG's gross margin decreased from 51.0% in 1994 to 46.7% in 1995 primarily
from changes in product mix. Cost of goods sold for ISG and DMG totaled
$5.1 million in 1995.
Consolidated selling, general and administrative expense increased by $2.5
million or 7.3%, and increased as a percentage of sales from 26.3% in the
1994 period to 27.2% in the 1995 period. This increase is primarily due to
marketing expenditures associated with The Check Store.
-9-
<PAGE>
Amortization of intangibles, principally resulting from acquisitions,
increased by $0.5 million or 16.1%, and increased as a percentage of net
sales from 2.2% in the second quarter 1994 to 2.5% for the second quarter
1995. This increase is primarily attributable to the acquisition of FPC.
Other income (expense) decreased from an expense of $1.4 million in the
second quarter 1994 to an expense of $0.9 million in the second quarter
1995. The decrease as an expense was primarily due to gains realized in
1995 on sales of certain investments.
Income before income taxes decreased $0.5 million or 2.5% and decreased as
a percentage of sales from 16.3% in 1994 to 15.3% in 1995. The Company's
consolidated effective income tax rate for the second quarter was 40.0% in
1995 compared to 39.8% in 1994.
Year to Date 1995 compared with Year to Date 1994
Consolidated net sales increased $12.6 million or 4.8% as compared to the
same period of 1994.
FSG sales decreased $7.4 million or 3.3% from the same period in 1994. The
change consisted of a 9.5% decrease in units and a price and product mix
increase of 6.2%. The positive price and product mix is attributable in
part to a general price increase which FSG implemented in December 1994, to
increased revenues from FSG's specialty printing operations and to revenues
from expedited delivery programs. The unit decrease is partially due to the
loss in 1994 of one large customer, the erosion of check orders to direct
to consumer marketers of checks and the reduction of business in 1994 with
one large customer, although the business retained was renewed at more
favorable pricing.
DSG sales increased $9.9 million or 38.8% in 1995 versus the comparable
period in 1994. The DSG sales increase was primarily due to the acquisition
of FPC in September 1994. FPC contributed over $8 million to DSG's revenues
in the 1995 period.
ISG sales contributed $15.6 million to consolidated sales in the 1995
period compared to $10.4 million in 1994. The increase was primarily due to
the acquisition of FormAtion in March 1994.
The consolidated gross margin decreased from 52.4% in the 1994 period to
51.9% in the 1995 period. FSG's gross margin was 48.1% for both the 1994
and 1995 periods. FSG's gross margin was negatively impacted by increases
in the cost of paper but was positively impacted by margin improvements
attributable to the price increase mentioned previously. DSG experienced a
decrease in its gross margin from 47.4% in the 1994 period to 46.8% in the
1995 period. DSG's margin change is primarily due to product mix changes.
Cost of goods sold for ISG and DMG totaled $11.0 million in the 1995
period.
Consolidated selling, general and administrative expense increased by $7.5
million or 11.0%, and increased as a percentage of sales from 26.0% in the
1994 period to 27.6% in the 1995 period. This increase is primarily due to
marketing expenditures associated with The Check Store and also from ex-
penses resulting from acquired operations (FPC and FormAtion). These in-
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<PAGE>
creases were partially offset by a decrease in FSG administrative expenses
primarily from plant consolidation expenses incurred in 1994.
Amortization of intangibles, principally resulting from acquisitions,
increased by $1.4 million or 26.6%, and increased as a percentage of net
sales from 2.0% in the 1994 period to 2.4% in the 1995 period. This
increase is primarily attributable to the acquisitions of FPC and
FormAtion.
Other income (expense) decreased from an expense of $3.2 million in the
1994 period to an expense of $2.8 million in the 1995 period. The decrease
as an expense was primarily due to gains realized in 1995 on sales of
certain investments.
Income before income taxes decreased $850,000 or 2.0% and decreased as a
percentage of sales from 16.4% in 1994 to 15.3% in 1995. The Company's
consolidated effective income tax rate for the 1995 period was 40.0%
compared to 39.8% in 1994.
FINANCIAL CONDITION, CAPITAL RESOURCES AND LIQUIDITY
Cash flows provided by operations in the first six months of 1995 were
$34.2 million compared to $54.7 million in 1994. This decrease was
primarily due to an increase of "operating working capital" (defined as
receivables, inventories and other current assets less accounts payable and
accrued expenses) in the first six months of 1995 verses a decrease of the
same in the comparable 1994 period. The primary uses of funds during the
first six months of 1995 were to pay dividends to the Company's
shareholders and for capital expenditures.
Purchases of property, plant and equipment totaled $13.7 million in the
first six months of 1995, compared to $19.7 million in 1994. The Company
estimates that its capital expenditures will total approximately $30
million in 1995.
The Company has unsecured lines of credit which provide for borrowings up
to $111.0 million. At June 30, 1995, $20.0 million was outstanding under
these lines of credit.
On June 30, 1995, the Company had $24.1 million in cash and cash
equivalents and short-term investments. The Company believes that its
current cash position, funds from operations and the availability of funds
under its unsecured lines of credit will be sufficient to meet anticipated
requirements for working capital, dividends, capital expenditures and other
corporate needs, and management is not aware of any condition that would
materially alter this trend. The Company also believes that it possesses
sufficient unused debt capacity and access to equity capital markets to
pursue additional acquisition opportunities.
-11-
<PAGE>
PART II. OTHER INFORMATION
===========================
Item 4. Submission of Matters to a Vote of Security Holders
(a) The Annual Meeting of shareholders of the Company was held on April
28, 1995 in Atlanta, GA. There was no solicitation in opposition to
management's nominees for Directors as listed in the Proxy Statement and
all such nominees were elected.
(c) Below is a brief description of matters voted on at the Annual
Meeting and the results of the voting:
Election of directors:
H. G. Pattillo
Voting for 26,074,611
Withhold Authority 114,915
John H. Weitnauer, Jr.
Voting for 26,068,358
Withhold Authority 121,168
To amend the Company's Employee Stock Purchase Plan to increase the number
of shares of Common Stock authorized under the Purchase Plan from 3,600,000
to 4,350,000:
Voting for 25,064,221
Voting against 928,452
Voting abstain 196,853
To amend the Company's Employee Stock Purchase Plan to replace the term
"Annualized Base Pay" with the term "Annualized Cash Compensation" and to
provide a definition of "Annualized Cash Compensation":
Voting for 25,581,354
Voting against 393,303
Voting abstain 214,869
To amend the Company's 1981 Incentive Stock Option Plan, as Extended to
increase the number of share of Common Stock authorized under the Option
Plan from 435,955 to 1,185,955:
Voting for 24,189,543
Voting against 1,785,406
Voting abstain 214,577
Ratify the appointment of Deloitte & Touche LLP as the Company's
independent certified public accountants for the year ending December 31,
1995:
Voting for 26,037,931
Voting against 85,480
Voting abstain 66,115
-12-
<PAGE>
Item 6. Exhibits and Reports on Form 8-K.
(a) Exhibits
Reference No. Description of Exhibit
----------------------------------------------------------------
27 Financial Data Schedule
(b) Reports on Form 8-K
There were no reports filed on Form 8-K for the three months ended June 30,
1995.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
JOHN H. HARLAND COMPANY
(Registrant)
August 14, 1995 William M. Dollar
Date: _________________ By:_____________________________
William M. Dollar
Vice-President and Treasurer
(Authorized Officer and
Principal Financial Officer)
-13-
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
This schedule contains summary financial information extracted from the
Company's financial statements for the six months ended June 30, 1995 and
is qualified in its entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1994
<PERIOD-END> JUN-30-1995
<CASH> 19,822
<SECURITIES> 4,300
<RECEIVABLES> 66,616
<ALLOWANCES> 2,294
<INVENTORY> 28,636
<CURRENT-ASSETS> 144,331
<PP&E> 345,646
<DEPRECIATION> 185,582
<TOTAL-ASSETS> 436,174
<CURRENT-LIABILITIES> 90,637
<BONDS> 114,773
<COMMON> 37,907
0
0
<OTHER-SE> 177,108
<TOTAL-LIABILITY-AND-EQUITY> 436,174
<SALES> 274,359
<TOTAL-REVENUES> 274,359
<CGS> 142,455
<TOTAL-COSTS> 142,455
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 3,995
<INCOME-PRETAX> 42,051
<INCOME-TAX> 16,820
<INCOME-CONTINUING> 25,231
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 25,231
<EPS-PRIMARY> 0.83
<EPS-DILUTED> 0.83
</TABLE>
