SAN ANTONIO – Check printer Harland Clarke Holdings reported a first-quarter loss of $22.9 million, compared with a profit of $23.4 million a year earlier, because of charges related to its parent company’s merger with MacAndrews & Forbes Holdings, the holding company for corporate financier Ronald Perelman.
M & F Worldwide merged with an indirect subsidiary of MacAndrews & Forbes, requiring Harland Clarke had to revalue its assets and liabilities using a different method of accounting.
The nation’s biggest check printer said Friday that net revenue totaled $413.8 million, up more than 2% from a year earlier.
On March 19, the Company purchased Faneuil, Inc. for $70 million from affiliates of Perelman’s MacAndrews & Forbes Holdings Inc. Faneuil provides business process outsourcing services including call center operations, back office operations, staffing services and toll collection services to government and regulated commercial clients across the U.S.
