Integration Costs Weigh On JohnHarland
ATLANTA - (02/09/06) John H. Harland Co., one of theleading credit union outsourcers, reported Wednesday that netincome declined in its fourth quarter by more than 1% to $20.9million, or 75 cents a share, as costs related to thecompanys recent acquisitions binge, including combining withLiberty Enterprises, took its toll. Expenses for the company rose22% for the quarter to $94 million, offsetting the same 22% rise inrevenues, to $267 million. The Liberty acquisition helped increasethe companys lagging printed products sales for the fourthquarter by 22% to $161.6 million. Software and services revenuessoared by 40% to $75.4 million for the period. For the year,Harland reported a 23% rise in revenues to $982.9 million, and a37% surge in net income to $75.5 million, or $2.69 ashare.