Friday, M & F Worldwide Corp. (MFW) reported a decrease in profit for the fourth quarter, hurt by lower revenues across segments and a non-cash write-down attributable to the Harland Clarke tradename.
The New York-based company's net income for the fourth quarter was $2.8 million or $0.14 per share, down from $15.8 million or $0.82 per share in the year-ago period. The decrease in profit was attributed by a $44.2 million non-cash write-down of the value of the Harland Clarke tradename, partially offset by a $16.8 million reduction in interest expense due to lower interest rates on variable rate debt and lower debt balances, and a $6.4 million decrease in selling, general and administrative expenses.
Total net revenue for the quarter declined 4.2% to $447.2 million from $467 million in the same quarter last year.
On segmental basis, revenue at Harland Clarke fell 2.3%, to $299.6 million from $306.6 million, mainly due to volume declines from check and related products.
Harland Financial Solutions segment revenues decreased 4.9% to $72.1 million from $75.8 million in the year-ago period, affected by volume declines in license, hardware and professional services revenues as well as in mortgage products.
Net revenues for the Scantron segment was $50 million in the current quarter, down 11.3% from $56.4 million, as volume declined in hardware and forms products lines and service and maintenance revenues decreased.
Licorice Products segment, that is operated by Mafco Worldwide, recorded a revenue of $25.6 million, a decrease of 9.5% from $28.3 million in the same quarter last year, due to a decline in shipment volumes to the worldwide tobacco industry primarily due to continued worldwide consumption declines in tobacco products using licorice, a shift in the strategy of worldwide cigarette manufacturers which placed a greater emphasis on product changes and costs reductions and the continued rationalization of inventories by Altria and PMI subsequent to Altria's spin-off of PMI in the prior year.
Gross profit decreased to $188.7 million from $191.5 million, while operating income plunged to $36.3 million from $70.9 million in the year-ago period.
For the year, the company posted net income of $119.7 million or $6.17 per share, compared to $67.7 million or $3.34 per share in the prior year. Total revenues generated declined to $1.8 billion from $1.9 billion last year.
MFW is currently trading at $32.08, down $1.61 or 4.78% on a volume of 88,505 shares on the NYSE.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.