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Deluxe Reconfirms 2001 Earnings Target in Meeting with Analysts

Press release from the issuing company

2/22/01 - New York, NY— In a meeting to be held later today with investors and securities analysts, Deluxe Corporation (NYSE: DLX), the nation’s leading check printing company, will re-confirm revenue and earnings per share (EPS) targets for 2001. Deluxe anticipates revenue of $1.26 billion in 2001 and earnings per share of approximately $2.45 prior to the effect of any share repurchases. Deluxe announced on January 29, 2001 that its board of directors authorized a share repurchase program of up to 14 million shares of its common stock or approximately 20 percent of the company’s shares outstanding. "We’re serving a mature industry," said Deluxe Chairman and CEO Lawrence J. Mosner, "but that doesn’t mean that there aren’t opportunities. Excluding cash transactions, checks remain the most popular form of payment," Mosner said, "and we don’t think the payment behavior of U.S. consumers is going to change dramatically in the next few years." Deluxe said that its research indicates that the majority of check writers would select a different check style or design than the one that they are currently using, if given the choice. "Reorders are the life blood of a mature business," Mosner said. "And unfortunately, most individuals who reorder checks order the same design and style that they had before because they don’t know what’s available. This represents an opportunity," Mosner continued. "We are developing strategies to get the options and choices in front of the end users of our product to enhance the customer experience, and consequently, improve revenue and profit for Deluxe and our financial institution clients." Deluxe is partnering with its financial institution clients in using the Internet, phone and mail to present check ordering options to consumers. Deluxe has pioneered the check industry for more than 85 years and today offers "The Most Popular Checks in the World(R)," including the largest selection of check designs, licensed designs and personalization enhancements through its financial institution clients. Deluxe also offers industry leading marketing programs such as SecureMail(SM) and the Business Referral Program that help financial institutions generate revenue, increase operational efficiency and minimize risk.