Jack Henry pushes net income up 21%

Officials with Jack Henry & Associates Inc. (Nasdaq: JKHY) again cited federal tax law changes for an improved quarterly bottom line.

For its third quarter ended March 31, Jack Henry improved its earnings by 21 percent to $72.4 million from $60 million a year earlier. Diluted share earnings climbed by 16 cents to 93 cents per share, according to a news release.

The Monett-based financial industry software firm previously credited federal reform for a 165 percent increase in fiscal second-quarter net income.

"The Tax Cuts and Jobs Act impacted the quarter and year-to-date net income as we continue to implement the new rules over our fiscal year, which will continue to adjust the full year to a blended effective rate,” Jack Henry Chief Financial Officer Kevin Williams said in the release.

Fiscal third-quarter financial notes:
    •    Jack Henry’s provision for income taxes dropped 18 percent to $23.3 million.
    •    Revenue rose 9 percent to $384.7 million.
    •    Operating income climbed 9 percent to $96.3 million.

As of March 31, Jack Henry held $1.9 billion in assets. The company serves 8,900 customers through its Jack Henry Banking, Symitar and ProfitStars divisions, according to the release.

JKHY shares were trading at $120.78 as of 8:49 a.m., compared with a 52-week range of $95.04 to $127.31.