Clarke American Deal Checks Red Ink for Perelman’s M&F Worldwide

NEW YORK – M&F Worldwide, the investment vehicle for financier Ron Perelman, said last year’s acquisition of check-printer Clarke American allowed it to report a profit for the fourth quarter. Net income for the quarter was $6.6 million, compared to a loss in the fourth quarter of 2005 for the period prior to the Clarke American acquisition. For the full year, net income increased by 50%, to $36.2 million, almost all of it due to the Clarke American business. M&F, which is controlled by Perelman, is in the processing of acquiring John H. Harland Co. and combining Harland’s check printing business with Clark American to create the nation’s largest check printer. Harland shareholders are scheduled to vote on the $1.7 billion takeover on Wednesday.