Friday, M&F Worldwide Corp. (MFW), a services provider to financial institutions, reported a rise in fourth-quarter income driven by higher revenues reflecting results from data management acquisition.
Net income for the fourth quarter was $15.8 million or $0.82 per share, compared to $11.5 million or $0.54 per share in the prior year period.
Total net revenues increased to $467 million from $458.8 million, reflecting results of the newly acquired Data Management, which accounted for an increase of $25.7 million.
Business-wise, revenues for the Harland Clarke segment decreased to $306.6 million from $331.2 million, while Harland Financial Solutions revenues increased to $75.8 million from $70.3 million previous year. Net revenues for the Scantron segment increased to $56.4 million from $31.9 million and net revenues for the Licorice Products segment increased to $28.3 million from $25.9 million.
For the full-year 2008, net income was $67.7 million or $3.34 per share, versus net loss of $4.2 million or $0.20 per share in the prior year. Total net revenues increased to $1.9 billion from $1.5 billion last year.
Currently, the stock is up $0.44, trading at $10.32 on the New York Stock Exchange.
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