ST. PAUL, Minn. Deluxe Corp. reported a 14% rise in second quarter earnings yesterday, fueled by advances in its small business operations, even as its core checks business continued to decline.
The company reported second quarter net income of $48.2 million, up from $42.3 million for the same period last year, and a 3% rise in revenue to $381.4 million.
Small business revenue was up 8% to $251.8 million, even as checks sold to financial institutions fell again, this time by 3%, to $83.1 million; while checks sold directly to individuals fell by 11% to $46.5 million.
“We delivered another very strong quarter while continuing to advance our transformation,” said Lee Schram, CEO of Deluxe.
For the first six months of the fiscal year Deluxe reported a slight decline in revenue, to $672.7 million, from $674 million, but a 12% rise in net income to $94 million.
