Checks Business Continues To Erode At Deluxe
ST. PAUL, Minn. – Deluxe Corp. reported strong fourth quarter financials, even as its core check-printing business continued to decline.
The company reported a 10% rise in fourth quarter earnings to $34.8 million, fueled by a 3% growth in revenues due to the company’s acquisition of Custom Direct. Absent the Custom Direct deal, Deluxe would have recorded another 4% decline in its checks business.
Deluxe now earns two-thirds of its income from its small business segment, acquired three years ago. The segment earned $204.2 million in revenue for the fourth quarter, down $1.8 million for the same period last year.
For the full year Deluxe reported a 4% rise in revenues to $1.4 billion, and an 11% increase in earnings to $152.6 million.