Jack Henry's profits rise 12% to start fiscal year

Jack Henry & Associates Inc. (Nasdaq: JKHY) started its fiscal year with a 12% increase in first-quarter profits.

For the quarter ended Sept. 30, the Monett-based financial software firm reported net income of $102.1 million, or $1.38 per diluted share. That's up from $91.2 million, or $1.19 per diluted share, a year earlier, according to a news release.

"We are very pleased to report another quarter of record revenue and an overall strong performance for the first quarter of our new fiscal year," said David Foss, president, CEO and board chair, in the release. "Our sales teams continue to see strong demand for Jack Henry technology solutions, and they are currently working a solid pipeline of requests for proposals and contracts."

Fiscal first-quarter financial notes for Jack Henry:
• Revenue grew 8% to roughly $488 million.
• Expenses, comprising cost of revenue, research and development, and selling, general and administrative, climbed 6% to $354.5 million.
• The company's provision for income taxes rose 19% to $31.2 million.

Jack Henry's assets were $2.3 billion as of Sept. 30, according to the release. The company has approximately 8,100 nationwide financial industry clients.

JKHY shares were trading at $157.44 as of 10:20 a.m., compared with a 52-week range of $141.65 to $179.98 per share.