Deluxe Reports First Quarter 2018 Financial Results
First Quarter 2018 Highlights
• Revenue increased 0.8% year-over-year, driven by Small Business Services growth of 2.7% which includes the results of several small tuck-in acquisitions. Financial Services revenue was flat compared to the prior year. • Gross margin was 61.6% of revenue, compared to 63.2% in the first quarter of 2017. The impact of product and service mix and increased delivery and material costs this year, as well as acquisitions, was only partially offset by previous price increases and continued improvements in manufacturing productivity. • Operating income increased 3.2% year-over-year. Adjusted operating income, which excludes restructuring, integration and transaction costs, as well as asset impairment charges, in both periods, increased 0.9% year-over-year primarily from price increases and continued cost reduction initiatives, partially offset by the continuing decline in check and forms usage. Click Read More below for additional information.