Monett-based Jack Henry & Associates Inc. (Nasdaq: JKHY) began its fiscal year with first-quarter earnings of $36.5 million, up 14.8 percent from profits of $31.8 million in the first quarter of the prior year.
“We started out our fiscal 2012 with record first-quarter revenue, gross profit and net income compared to any prior first-quarter period in our history,” Jack Henry President Tony Wormington said in a news release.
Revenue increased 5.8 percent to $248.3 million from $234.8 million in the same quarter last year, while gross profit improved by 7.6 percent to $104.4 million from $97 million.
Earnings per diluted share for the three months ended Sept. 30 were 42 cents, a 5-cent uptick.
“Our strong performance in the quarter reflects a gradually improving financial institution spending environment and continued strong focus and execution by our associates," Jack Henry CEO Jack Prim added in the release.
First-quarter financial highlights:
- Cost of sales increased to $143.9 million from $137.8 million.
- Operating expenses were $57.8 million, compared to $52.8 million a year before.
- Support and services made up 89 percent of revenue. Within that sector, electronic payment services, including ATM, debit and credit card transaction processing, bill payment and other transaction processing services, had the largest percentage growth of 12 percent.
Jack Henry & Associates constructs integrated computer systems and processes ATM and debit card transactions for bank and credit unions, with more than 11,300 customers nationwide.
At the end of the first quarter, the company's assets were $1.5 billion.
As of 8:59 a.m., Jack Henry stock was trading at $31, compared to its 52-week range of $24.41 to $34.17.[[In-content Ad]]
