Deluxe Corp., the check printing company, reported third-quarter net income of $58 million, compared to $53 million during the same quarter in 2002.
Third-quarter results were helped by $7.3 million that occurred because of certain income tax periods and completion of tax audits.
Revenue decreased 1.5% to $315 million in the third quarter, from $310 million during the same quarter a year ago. Operating income increased 1.4% to $88 million in the third quarter from $87 million last year.
“Increased competitive pricing negatively impacted our revenue per unit [compared to the first quarter],” said Lawrence J. Mosner, CEO of Deluxe. “We did, however, continue to manage costs aggressively which resulted in an improvement in operating income.”
Deluxe, which is based in St. Paul, MN, operates three business segments. The direct division, Direct Checks, which sells checks and related products directly to consumers through direct mail and the Internet, reported decreased revenue of 1% for the quarter to $75 million. The 2002 quarter had revenue of $76 million.
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