ST. PAUL, Minn. – Deluxe Corp. reported a 2% drop in first quarter earnings, to $32.6 million, as the company’s core check printing business continued to decline.
The company reported a 4% rise in first quarter revenues, mostly due to growth in its small business and direct checks business, after last year’s acquisition of Custom Direct checks business.
Revenue for the quarter was $349.8 million compared to $335.1 million during the first quarter of 2010 with growth in small business services and direct checks offsetting declines in financial services (the sale of checks to credit unions and banks). Small business services revenue $200 million, up $7.7 million from the first quarter of 2010.
Financial services revenue was flat compared to fourth quarter 2010 and $13.4 million lower than the first quarter of 2010 due to lower revenue per order and order volume, partially offset by growth in non-check services. Direct checks revenue increased $20.4 million due to the April 2010 acquisition of Custom Direct
