ST. PAUL, Minn. – Check printer Deluxe Corp. yesterday said its fourth quarter net income rose 14% with growth in its small business services segment, even as its core checks operations continue to decline in the face of electronic transactions.
The company earned $39.8 million for the quarter that ended Dec. 31, up from $34.8 million during the same period of 2010.
Revenue rose 4% for the fourth quarter to $366.4 million.
For the full year, revenue rose by 15% to $1.4 billion and net income rose 11% to $144.6 million.
Revenue in Deluxe’s Small Business Services unit, the company’s largest operation, rose 12% to $228.8 million. That segment makes checks and forms for businesses, as well as providing other services.
Revenue in its Financial Services segment fell 7% to $82.5 million, from $88 million a year ago, as the number of checks printed by that unit fell. Its Direct Checks business saw revenue fall 7.1% to $55.1 million on lower volumes for printed checks.
