Earnings Decline At Harland

Register now

ATLANTA - (07/29/04) – John H. Harland said thereduction in paper checks continues to have a toll on the company,pushing second quarter earnings down 21% to $8.9 million, or 31cents a share, from the same period last year. Revenues from thecompany’s core printed products (check and business formsprinting) divisions slumped 4% in the second quarter to $118.2million, while revenue from the company’s software servicesunit rose 13% to $48 million for the period. Second quarterearnings were hurt by a $6 million charge for costs and severancerelated to the reorganization of the printed products operations.Second quarter revenues rose 3% to $192 million, but first-halfrevenues declined 6% to $387 million. As a result, earnings for thefirst six months of the year dipped 8% to $21.9 million, or 78cents a share, compared to the first half last year.

For reprint and licensing requests for this article, click here.
MORE FROM AMERICAN BANKER