Deluxe Corp. Reports Second Quarter 2014 Financial Results
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- Revenue increased 6.3 percent year-over-year, with the strongest performance in the Small Business Services segment which grew 8.7%, followed by Financial Services which grew 6.5 percent.
- Revenue from marketing solutions and other services increased 19.7 percent year-over-year and accounted for 23.1 percent of total revenue in the quarter.
- Gross margin was 64.0 percent of revenue, down from 65.0 percent in the second quarter of 2013. The decline was primarily driven by a higher services revenue mix and higher delivery and material costs.
- Selling, general and administrative (SG&A) expense increased 5.5 percent from last year primarily due to additional SG&A expense from acquisitions and higher performance-based compensation and medical costs. SG&A as a percent of revenue was 42.8 percent in the quarter compared to 43.1 percent of revenue last year.
- Operating income increased 3.0 percent year-over-year and includes restructuring and transaction-related costs in both periods. Adjusted operating income, which excludes these items, increased 2.3 percent year-over-year from higher revenue per order and continued cost reductions partially offset by higher performance-based compensation and medical costs.
- Diluted EPS increased 5.3 percent year-over-year driven primarily by stronger operating performance and lower shares outstanding.
For more information, view the full release on Deluxe Corp.'s website.
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- People:
- Lee Schram
- Places:
- St. Paul, Minn.
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