DECATUR, Ga. – Refinancing costs surrounding the acquisition of John H. Harland Co. left what has become Harland Clarke Holdings, the nation’s largest check printer, in the red to the tune of almost $25 million for the first three quarters.
Three quarter losses were all caused by a $54.6 million loss on the repayment of Harland debt, Harland Clarke reported Friday. The company, which is the combination of Harland’s check printing operations and Clarke American check printers, reported third quarter earnings of $7.5 million, almost the same as last year’s third quarter when the company was a fourth as large. Third quarter revenues of the combined check printers was $432.8 million, almost a 300% increase.
The combination of the two operations has leapfrogged Deluxe Corp. as the nation’s largest check printer, by sales. MacAndrew & Forbes, the holding company for billionaire Ronald Perelman and the parent of Harland Clarke, reported separate financials for Harland’s credit union and bank outsourcing and Scantron operations.
