Deluxe Reports Higher Profits Amid Further Erosion In Checks Business
ST. PAUL, Minn. – Deluxe Corp. reported a 6% rise in second quarter profits, to $35.5 million, even as its core checks business continued its decline.
The nation’s second-biggest check printer reported a 12% decline in second quarter revenues for its checks sold to credit unions and banks and a slight decline in revenue from checks sold directly to consumers. The declines were related to lower order volumes and check use drop off.
The decline in checks was balanced somewhat by an increase in the company’s small business services unit of 5%, to $203.1 million for the quarter. Still, second quarter revenues fell slightly to $346.3 million.
For the first six months of the year revenues were up 2% to $696 million, while net income was up 1% to $68 million.