Net Income Falls At Deluxe
ST. PAUL, Minn. - (11/01/04) -- Check-printer Deluxe Corp. said lastweek earnings continued to slump, despite the acquisition ofbusiness checks vendor New England Business Services earlier thisyear. Deluxe said net income fell 1% in the quarter to $57.5million, or $1.14 a share, despite a 54% increase in third quarterrevenues to $485 million, due to the NEBS deal. Revenues for thecompany's core financial services unit fell to $174.8 million, from$176.3 million in the third quarter of 2003, because of a continueddecline in check usage and pricing pressure. For the first threequarters revenue was up 17% because of the NEBS acquisition, to$1.1 billion, but net income was down slightly to $151.1 million,or $2.99 a share.