Jack Henry net income up 14% in fiscal 2013

Monett-based technology firm Jack Henry & Associates Inc. (Nasdaq: JKHY) yesterday announced its fiscal 2013 results, which included a total revenue increase of 10 percent to $1.12 billion compared to $1.03 billion in fiscal 2012. Gross profit increased 13 percent to $477 million from $423.7 million during last fiscal year, and net income for fiscal 2013 was $176.6 million, or $2.04 per diluted share, compared to $155.0 million, or $1.78 per diluted share, for the prior year, according to a news release.

For the quarter ended June 30, the company generated total revenue of $298.1 million compared to $266.6 million in the same quarter a year ago, an increase of 12 percent. Gross profit climbed 14 percent to $124.2 million from $108.5 million in the quarter, while net income in the final fiscal quarter was $47.7 million, or 55 cents per diluted share, compared to $43.3 million, or 50 cents per diluted share in the same quarter a year ago.

Jack Henry CEO Jack Prim said the results mark record annual revenues and earnings for the company.

"A year ago, for the first time, we closed the fiscal year with over $1 billion in total revenue and company market capitalization of over $3 billion. This year, we followed that performance with double digit organic revenue growth and market cap of over $4 billion,” Prim said in the release.

Fiscal 2013 financial notes:

• Jack Henry’s support and service revenue increased 14 percent for the quarter to $269.9 million.

• License revenue for the fourth quarter decreased to $12.1 million from $14 million.

• Selling and marketing expenses were flat at $20.6 million in the quarter compared to the same period in 2012, but only represented 7 percent of total revenue in fiscal 2013 compared to 8 percent in the prior year.

• Fiscal 2013 operating expenses increased 13 percent to $211.4 million, compared to $187.5 million in the past year.

• Operating income increased 12 percent to $265.5 million for fiscal 2013 compared to $236.2 million a year ago.

As of 9:50 a.m., JKHY shares were trading at $51.67 compared to a 52-week range of $36.42 to $52.42.