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Davis and Henderson posts higher Q4 profit; revenue soars 50% to $259.1M

TORONTO - Financial technology provider Davis + Henderson Corp. (TSX:DH) says acquisitions and organic growth powered a big increase in revenue and higher profits in the fourth quarter.

The Toronto-based company best known for its cheque-printing business, says net income was $17.4 million or just under 21.5 cents per diluted share in the quarter.

That compared with $13.7 million or 23 cents in the year-earlier period.

Revenues from continuing operations soared 50 per cent to $259.1 million from $172.5 million, reflecting the inclusion of Harland Financial Solutions, which it acquired last August, in the U.S. segment as well as organic growth in the Canadian segment.

Adjusted net income increased by 61.6 per cent to $42 million from $26.0 million in 2012, mainly due to the inclusion of Harland Financial. Adjusted net income per share increased by 18.6 per cent to 52 cents from 44 cents, reflecting the additional common shares issued to finance the HFS acquisition.

"This was a transformational period for D+H as a combination of strategic fintech acquisitions and organic growth more than tripled our U.S. customer base . . . substantially diversified our revenues and drove strong bottom line accretion," CEO Gerrard Schmid said in an earnings release issued after markets closed.

"We are particularly pleased to have ended the year with very positive momentum, including steady progression in our U.S. operational integration and encouraging customer feedback to our cross-selling efforts."

"We are now well positioned for the growth trends in the North American financial services marketplace with technologies that address customer needs for compliance, fee-based revenue growth, greater operational efficiency and cloud computing," Schmid added.

Davis + Henderson Corp. is a provider of cheque supply programs, technology solutions and business services to customers in the financial services industry who offer payment, lending, insurance and wealth management products to consumers and businesses.

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