SHOREVIEW, Minn. – Check-printer Deluxe Corp said yesterday that net income plunged 44% in its fourth quarter to $27.9 million, mostly because of lower revenues.
Revenues slumped 11% for the fourth quarter to $409.8 million. Revenue in all three of the company's business lines decreased, largely due to economic conditions.
The company also took $6.2 million in restructuring charges associated with plant closings and other consolidation moves.
"The difficult economy created unprecedented challenges for our business," said Lee Schram, CEO of Deluxe, in a statement. "At the same time, we made good progress integrating our recent acquisitions and investing in our future."
For the full year, Deluxe reported an 8% decline in revenues and a 30% drop in net income, to $101.6 million.
