Jack Henry's profits dip

Monett-based financial software firm Jack Henry & Associates Inc. (Nasdaq: JKHY) reported a dip in profits during its fiscal third quarter.

Net income was $81.5 million, a 4% decrease from $84.7 million a year earlier, according to a news release. Diluted share earnings dropped to $1.12 from $1.16 per share year over year.

"Despite the disruptions in the banking industry, we continue to experience great demand for Jack Henry financial technology solutions," Jack Henry board Chair and CEO David Foss said in the release.

Quarterly revenue rose 6% to $508.6 million from $478.3 million a year earlier. Company officials say factors leading to the decrease in net income included a higher cost of revenue and added research and development expenses.

As of March 31, Jack Henry's assets were $2.6 billion, according to the release. The company has roughly 7,700 financial industry clients.

JKHY shares were trading at $154.02 as of 9:01 a.m., compared with a 52-week range of $139.28 to $212.62 per share.