Clarke American Reports Lower Earnings as Check Business Stagnates

NEW YORK– M&F Worldwide, the holding company controlled by corporate raider Ronald Perelman, said Friday that first quarter earnings declined by 10% to 9.4 million, or 45 cents a share, as the company moves to consolidate its core Clarke American check printing operations with those of newly acquired John H. Harland Co. First quarter revenues inched up 2% to $191.3 million, most of it attributable to the company’s Licorice products division. Checks revenues were flat, with revenues for Clarke American’s financial institutions segment up 1% to $138.2 million; and for its direct consumers segment up less than 1% to $26.4 million. M&F said last week it has completed the $1.7 billion takeover of Harland and plans to merge its check printing operations with Clarke American to create the nation’s largest check-printer. M&F, which is controlled by Perelman’s MacAndrews and Forbes, acquired Clarke American in 2005 for $800 million.