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First quarter 2014 highlights are as follows:
- Revenue increased 5.0 percent year-over-year, with the strongest performance in the Small Business Services segment which grew 8.7 percent, followed by Financial Services which grew 2.2 percent.
- Revenue from marketing solutions and other services increased 20.5 percent year-over-year and accounted for 22 percent of total revenue in the quarter.
- Gross margin was 64.4 percent of revenue, down from 65.6 percent in the first 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 1.5 percent from last year primarily due to additional SG&A expense from acquisitions and spending on other revenue-generating initiatives. SG&A as a percent of revenue was 43.7 percent in the quarter compared to 45.2 percent of revenue last year.
- Operating income increased 4.0 percent year-over-year and includes restructuring-related costs in both periods. Adjusted operating income, which excludes these items, increased 6.7 percent year-over-year from higher revenue per order and continued cost reductions.
- Diluted EPS increased 4.5 percent year-over-year driven primarily by stronger operating performance and lower shares outstanding partially offset by a higher effective tax rate.
Segment Highlights
Small Business Services
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