Jack Henry reports 1st quarter's performance

Jack Henry & Associates Inc. has reported its financial performance for the quarter that ended Sept. 30. The Monett-based company had income from continuing operations of $8.8 million, or 42 cents per diluted share, for its fiscal 2000 first quarter.

Net income for the quarter was $8.47 million, down from the $8.79 million in net income the company had in the same period last year.

Total revenues declined 14 percent to $42.4 million in the first quarter, compared to $49.1 million total revenue in the same period a year ago.

"The end of calendar 1998, corresponding to our first and second quarters of fiscal 1999, marked an industry-wide peak in technology spending as banks and credit unions accelerated technology spending to become Y2K-compliant," said Michael Wallace, president of the company, in a release.

"This year, we used the brief respite in this cycle to set the stage for strong growth in the new year," he added.

Gross profit declined 9 percent to $20.2 million, compared to $22.2 million in the first quarter of fiscal 1999.

However, gross margins were 48 percent of total revenues, up from the 45 percent gross margins realized in the same quarter last year.

Jack Henry & Associates provides computer systems and ATM networking products for banks and credit unions.