Deluxe Corp. posted net income of $13.8 million for the third quarter, a decrease from $32.2 million in the prior year.
The direct marketer and check printer reported revenue of $366.2 million for the quarter ended Sept.30, a decrease from $388.6 million last year.
The St. Paul, MN company reported that gross margin was 58.3%t of revenue compared to 63.1% in the prior year.
Management attributed this in part to restructuring charges and lower revenue per order in financial services.
In addition, Deluxe said that selling, general and administrative expenses decreased $17.6 million in the quarter compared to 2007. Management attributed this to benefits from cost reduction initiatives and lower performance-based compensation.
“In a tough economy, we were able to weather the storm this quarter and are generally pleased with our performance,” said Lee Schram, CEO, in a statement. “We further stabilized our core checks business, advanced our cost initiatives and at the same time, we made progress with our acquisitions and investing in our future.”
