ST. PAUL, Minn. – Check-printer Deluxe Corp. reported a 9% rise in fourth quarter net to $30.5 million, even as revenues from its core check business continued to wane.
The company reported fourth quarter revenues of $340.3 million, down 7% from last year’s fourth quarter, but lower expenses after a restructuring and an asset sale helped boost the bottom line.
For the fourth quarter, revenue from checks sold to financial institutions was down by $7.4 million and for those sold directly to individuals down by $4.5 million.
For the year, revenue was down more than 8% to $1.34 billion, while net income was down slightly to $99.4 million, from $101.6 million for 2008.
Results for 2009 included restructuring and related costs of $7.3 million associated with the planned closure of a call center, further consolidation in the sales and marketing organization and other cost reduction initiatives, and $1.4 million of transaction-related expenses.
