Jack Henry starts fiscal year with earnings, revenue gains

Jack Henry & Associates Inc. (Nasdaq: JKHY) is off to a solid start for fiscal 2019, reporting increases in net income and revenue.

The Monett-based financial industry software firm posted fiscal first-quarter earnings of $83.6 million, a 25 percent increase compared with the same three-month period a year earlier. Diluted share earnings rose to $1.08 from 86 cents, according to a news release.

Third-quarter financial notes:
    •    Revenue climbed 9 percent to $392.5 million.
    •    Total expenses also were up 9 percent, amounting to $289.3 million.
    •    The company’s provision for income taxes dropped 34 percent to $19.8 million.

"We are very pleased to report another record quarter of revenue, operating income and net income,” Jack Henry President and CEO David Foss said in the release. “Our sales teams again had a very strong quarter, signing 12 new core customers, with all but one of them choosing the outsourced model. Demand for our solutions continues to be high, and the overall sales organization once again exceeded their quota.”

As of Sept. 30, Jack Henry’s assets were roughly $2 billion. The company has more than 9,000 customers in the banking and financial industries, according to the release.

JKHY shares were trading at $146.90 as of 8:50 a.m., compared with a 52-week range of $111.37 to $163.68.