Jack Henry increases revenue by 19 percent

Monett-based financial software provider Jack Henry & Associates Inc. (Nasdaq: JKHY) posted increases in revenue, gross profit and net income in the quarter ended March 30.

Jack Henry's fiscal year begins July 1. The company posted a 19 percent revenue increase in its third quarter compared to the same quarter a year earlier, along with a 23 percent increase in gross profit and 28 percent increase in net income.

For the fiscal year-to-date, revenue is up 10 percent, gross profit is up 14 percent and net income has increased by 17 percent.

Net income for the quarter was $31.6 million, or 37 cents per diluted share, up from $24.8 million, or 30 cents per share, the year before. Net income year-to-date is $87.9 million, or $1.03 per share, compared to $75.3 million, or 89 cents per share, the year before.

"We are pleased to announce a solid performance in a market that continues to send mixed signals," CEO Jack Prim said in the earnings release. "With continued improvement in the general economy as the year progresses, we hope to see a slowdown in the number of bank failures and a more favorable environment for financial institution spending, resulting in continued improvements in revenue growth."

License revenue increased 29 percent, while revenue from support and services grew 20 percent and revenue from hardware increased by 8 percent, the release said.

Shares of Jack Henry stock closed Wednesday at $25.31, just off the company's 52-week high of $26.05.