Earnings Tumble At JohnHarland
ATLANTA - (10/28/04) -- Credit union outsourcer John H.Harland Co. said Wednesday net income fell 18% for its thirdquarter to $12.1 million, or 43 cents a share, due to a one-time$7.9 million impairment charge for development of new customer caresystems for the company's printed products unit. The companydecided that upgrading certain existing systems would be moreeconomical than continuing to develop new systems. Total revenuesrose 2% in the quarter to $196 million. Sales in the company's coreprinted products division continued to slump, falling less than 1%to $117.9 million for the quarter. For the first three quarters netincome was down 13% to $34 million, or $1.21 a share, on flatrevenue growth to $579.5 million.