Third Quarter Profits Decline At Deluxe Corp.

ST. PAUL, Minn. – Check printer Deluxe Corp. continued to report financial difficulties, with third earnings falling 16% to $31 million, or 61 cents a share. The world’s largest check printer said revenues also continued to slump, falling 4% in the third quarter to $398 million, compared to the same period last year. The company’s core check printing business continues to suffer, with revenue from checks for financial institutions reporting a 9% decline in the third quarter to $114 million, and checks to individuals declining 17%, to $50 million. Small business services is now the company’s main line and revenue from it increased 3% in the third quarter to $234 million. For the first three quarters net income was less than half of what it was for the same period last year, $53 million, or $1.03 a share, compared to $119 million, or $2.33 a share, last year. Revenues were down 6% for the first three quarters to $1.2 billion. Separately, Deluxe said it has acquired the Johnson Group, a Rockford, Ill., printer, for $16.5 million.