Concentrex Deal Cuts Into Harland's Profits

- ATLANTA (10/31/00) - John H. Harland Co. said netincome for the third quarter plunged 60% to $4.6 million, or 16cents per diluted shared, due to a one-time charge of $8.2 millionrelated to its acquisition of Concentrex Corp. As a result, netincome for the first three quarters fell 5% to $28.5 million, or 99cents per share. Gross revenue rose 12% for the quarter to $74.9million, and by 6% for the nine months to $211.4 million. TheConcentrex acquisition, which transformed Harland from a checkprinter to a software services provider, resulted in the companychanging its name to Harland Financial Solutions and splitting intofour operating units: delivery systems; mortgage services; hostprocessing and financial intelligence.