ST. PAUL, Minn. – Deluxe Corp. reported a doubling in third quarter net income to $28.6 million amid a restructuring, even as sales from its core check business continued to slide.
The company reported lower revenues across its three business segments and third quarter revenues declined 8% to $332.3 million. For the first nine months of the year revenues were down almost 10% to $1 billion.
Small Business Services revenue was down 9% to $193.9 million, due to soft economic conditions, primarily in the sales of checks and forms. Financial Services revenue was down 5% to $98.9 million, primarily due to lower order volumes caused by check usage declines and turmoil in the financial services industry. And Direct Checks revenue was down 14% to $39.5 million, as order volume continued decline in check usage.
Net income for the first nine months was $68.8 million, down 7% from the same period last year.
