Deluxe Corp. generated $54.6 million in net income, a 28.5% increase over the $42.5 million it realized in first quarter 2001. The check- and form-printing business reported revenue of $328.9 million, compared with $316.7 million.
“We are off to a very good start and we are optimistic that 2002 will be one of Deluxe’s best ever,” Lawrence J. Mosner, the company’s chairman and CEO, said in a statement.
Among the St. Paul, MN-based firm’s operating divisions, Business Services had the largest growth, jumping from $49.5 million a year ago to $55.7 million. Its operating income rose to $18.8 million from $13.7 million. Business Services sells checks, forms and related products to small business on behalf of financial institutions and direct consumers via direct mail and the Internet.
Financial Services, which sells checks and related products that are branded by client financial institutions, generated $192.3 million, up from $187.1 million. Its operating income rose from $34.1 million a year ago to $48.4 million.
Direct Checks showed the smallest growth, increasing from $80.1 million to $80.9 million. But its operating income jumped from $20.4 million to $22.1 million.
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