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Jack Henry's quarterly profits dip 3% to $71.4 million.
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Jack Henry's quarterly profits dip 3% to $71.4 million.

Jack Henry board chair to retire

Posted online

Jack Henry & Associates Inc. (Nasdaq: JKHY) Chairperson Jack Prim is retiring from the company after nearly three decades of service.  

Prim is set to exit the board of directors on June 30, according to a news release.  

"It has been an honor to be a part of the Jack Henry company for the last 26 years," Prim said in the release. "We have in place today the strongest management team and board since I have been part of the organization, and I am excited about what the future holds for the company."

Prim previously was CEO of the Monett-based financial software firm. He was succeeded by David Foss in 2016, according to past reporting.

"We have already begun working with a search firm to find a qualified new board member," Foss said in the release. “Before the end of the fiscal year, I expect to be able to announce that placement and information about who will chair the board going forward."

The firm’s fiscal year ends June 30.

Prim last year retired from CoxHealth's boards in Monett and Springfield. He was a member of Springfield Business Journal's 2017 class of Men of the Year.

The announcement of Prim's retirement today came after Jack Henry yesterday reported its fiscal third quarter earnings results.  

Net income slid 3% to $71.4 million, or 95 cents per diluted share, from $73.9 million, or 96 cents per diluted share, a year earlier, according to a separate news release.  

Revenue during the quarter was up 1% to $433.8 million.

"Our private cloud, card processing and digital solutions continue driving our revenue growth during the quarter compared to the prior year," Chief Financial Officer Kevin Williams said in the release. "However, we also continue to have revenue headwinds on our reported numbers primarily driven by decreased deconversion fees due to the significant reduction in M&A activity during the year."  

As of March 31, Jack Henry's assets were $2.2 billion, according to the release. The company has roughly 8,400 financial industry clients.  

JKHY shares were trading at $159.09 as of 9:38 a.m., compared with a 52-week range of $141.65 to $200.98 per share.

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