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.