ST. PAUL, Minn. – Check printer Deluxe Corp. yesterday reported a 22% drop in first quarter net income, which it attributed to the economic slowdown.
Net income was $27.3 million, or 53 cents a share, compared to $35.2 million, or 68 cents a share, for the same period last year.
Revenues slid 7% to $215.9 million. Revenue in the company’s financial services operation was little changed at $113.9 million, while revenue in direct checks fell 12% to $51.4 million.
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