Magazine article American Banker

In Brief: A Down Quarter for Deluxe Corp

Magazine article American Banker

In Brief: A Down Quarter for Deluxe Corp

Article excerpt

Profits and revenue at Deluxe Corp., the nation's largest check printer, fell in the fourth quarter because of a shift in demand for its check products.

The Shoreview, Minn., company said Thursday that its profit fell 17% from a year earlier, to $39 million, and revenue fell 9%, to $432 million. Its per-share earnings were 8 cents short of the estimate of the sole analyst who covers the company.

Check use has declined as consumers have turned to debit cards at the point of sale and online bill payment. Deluxe said it sold only $58 million of checks directly to consumers in the quarter, 14.7% less than a year earlier. Sales to banks were $117 million, down 22.5%.

Other negatives were a shift from fancy to simple checks and a shortage of holiday cards in its small-business unit, which led to higher costs and lost sales.

Full-year profits fell 20%, to $158 million, though revenue grew nearly 10%, to $1. …

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