Decline In Checking Weigh OnDeluxe
ST. PAUL, Minn. - (10/31/05) -- Deluxe Corp. reported last week thata continued slowdown in its core check printing operations hurtthird quarter earnings, with net income plunging by 57% to $37million, or 73 cents a share, compared to the same period lastyear. Third quarter revenues, hurt by continued price pressures onthe company's checking operations and the loss of a major financialinstitution client, declined by 12% to $413 million. Financialservices revenues fell 28%, to $126 million, as check usagecontinued to decline. Revenue form the company's new business formsoperations were flat at $227 million for the quarter. For the firstthree quarters Deluxe reported a 17% rise in revenues to $1.28billion, while net income fell 14% to $119 million, or $2.33 ashare.