Deluxe Reports Lower Profits
SHOREVIEW, Minn. - (01/27/06) Check-printer Deluxe Corp. saidThursday that fourth quarter net income declined 17%, to $39million, or 76 cents a share, on falling revenue. Revenue fell 9%for the quarter to $432 million, due to the loss of a largefinancial institution client late in 2004, and a continued declinein check usage. For the full year, revenues rose almost 10% to$1.72 billion, while net income declined by 13% to $158 million, or$3.11 a share. That was due mostly to lower operating income fromchecks and higher interest expense to finance the companys$760 million acquisition of New England Business Services lastyear.