Shares in Deluxe Corp. dropped last week after the St. Paul check printer said the poor economy and slowing demand for checks drove down its fourth-quarter revenue and earnings.
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Deluxe said Thursday that its revenue fell 11% from a year earlier, to $364.9 million. Net income fell 9.8%, to $27.9 million.
The company said revenue and volume fell in both its financial services unit, which sells checks to banks, and its direct checks unit, which serves consumers.
By midmorning Friday Deluxe's shares were trading at $11.69, up 2.36% from Thursday's close but down 4.8% from the closing price Wednesday, before the results were announced.
