Harland to Take Fourth-Quarter Charges - Company Reiterates Comfort With 2000 Estimates
Press release from the issuing company
ATLANTA (January 8, 2001) - John H. Harland Company (NYSE: JH) today announced that it will take fourth-quarter charges totaling approximately $14.5 million pre-tax ($11 million, net of tax), or $0.38 per share, stemming from severance-related expenses and a write-down of certain intangible assets.
The severance-related expenses resulted from the reorganization of the company's businesses into three segments: Printed Products, Harland Financial Solutions and Scantron. Approximately 145 positions are being eliminated as the company streamlines management of its operations. The write-down of intangibles is attributable to legacy software products.
"We remain comfortable that we will meet or exceed earnings estimates for 2000 of $1.55 - $1.60 per share, excluding the impact of the Concentrex acquisition and one-time events," said Timothy C. Tuff, chairman and chief executive officer of Harland.
According to Tuff, the segmentation of Harland's businesses and the subsequent streamlining of management reflect the way the company manages its businesses for both shareholders and customers.
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