Despite a revenue increase, Jack Henry & Associates Inc. (Nasdaq: JKHY) ended its fiscal year with a drop in earnings.
The Monett-based financial industry software firm’s net income dipped 1.2 percent to $245.8 million from $248.9 million in fiscal 2016, according to a news release.
Officials cited fiscal 2016’s fourth-quarter abnormal financial gain related to the sale of its Goldleaf Enterprise Payments Inc. software division, formerly known as Alogent Corp.
During fiscal 2017, revenue climbed 6 percent to $1.4 billion, and cost of sales also moved up 6 percent to $819 million.
“Our combined sales organization ended their year ahead of plan and our sales pipeline is very strong, which should position us well for next year,” Jack Henry President and CEO David Foss said in the release.
As of June 30, Jack Henry had $1.9 billion in assets and served over 9,000 customers, according to the release.
Wall Street responded this morning by sending the company’s shares down by as much as 5 percent. As of 8:48 a.m, JKHY shares were trading at $102.08., compared with a 52-week range of $79 to $109.67.
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