ST. PAUL, Minn – Deluxe Corp. said profit fell for a sixth straight quarter, hurt by charges related to the writedown of goodwill and restructuring-linked costs and the continued move away from paper checks.
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First-quarter net income fell 54% to $12.5 million, from $27.3 million, a year earlier, while revenue declined almost 9%, to $193.3 million.
First quarter results included $24.9 million in asset impairment charges related to goodwill writedowns and a restructuring charge, as well as one-time gains from long-term debt repurchases.
