YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Jack Henry posts fiscal year earnings drop

Posted online

Jack Henry & Associates Inc. (Nasdaq: JKHY) ended its fiscal year with a 26% decrease in profits.

Net income for the fiscal year ending June 30 was $271.9 million, down from $365 million in fiscal 2018. The Monett-based financial industry software firm’s diluted share earnings dropped to $3.52 from $4.70 per share, according to a news release.

Chief Financial Officer Kevin Williams cited expenses as the company moved its customers to its private cloud network, the switch of debit and credit card transactions to a new platform, and employee bonuses.

“However, even with these headwinds, our conversion of net income to free cash flow was 96% for the year,” Williams said in the release.

Fiscal 2019 financial notes:
• Revenue rose 6% to $1.6 billion.
• Total expenses climbed 8% to $1.2 billion.
• Contributing to the year’s results, fourth quarter net income dropped 10% to $61 million.

As of June 30, Jack Henry held $2.2 billion in assets. The company has more than 9,000 bank and credit union customers nationwide, according to the release.

JKHY shares were trading at $141.08 as of 8:52 a.m., compared with a 52-week range of $120.20 to $163.68.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
Coronavirus Coverage

SBJ compiles news on the respiratory virus outbreak.

Most Read
SBJ.net Poll
How soon do you plan to return to your employer’s office?

View results