DECATUR, Ga. – Harland Clarke Holdings Corp., the nation’s biggest check printer, yesterday reported a 32% drop in first quarter earnings as its core checks business continued to recede.
The company, owned by one-time corporate raider Ronald O. Perelman and his M&F Worldwide Corp., reported first quarter net income of $32.2 million, compared to $48 million for the same period last year. Last year’s first quarter was aided by a $52.6 million gain on early extinguishment of debt accrued in the 2007 buyout of John H. Harland Co.
First quarter revenues declined by 2% to $430 million, including a 2% drop in sales for the company’s core check printing operations to $309.7 million, due to volume declines in checks and related products.
Revenues for the company’s Harland Financial Solutions segment were flat at $69.3 million for the first quarter; while revenues for the company’s Scantron operations declined 6% to $51.1 million.
