Harland Reports Sharply HigherNet
ATLANTA - (11/03/05) -- Credit union outsourcer John H.Harland Co. said Wednesday that third quarter earnings surged 54%to $18.6 million, or 65 cents a share, compared to the same quarterlast year. The rise in third quarter earnings was fueled by a 33%increase in revenues to $260.7 million, based mainly on thecompany's acquisition of Liberty Enterprises. Sales in Harland'score printed products unit rose 36% for the third quarter to $159.8million because of the Liberty acquisition. The third quarterresults included a $7.9 million charge for discontinuation of aproject to develop a new customer care system in the printedproducts division. For the first three quarters Harland reported a64% increase in net income to $54.6 million, or $1.94 a share,compared to the first nine months last year. Revenues increased 23%during the first three quarters to $715.9 million.