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Monett-based financial software firm Jack Henry & Associates Inc. (Nasdaq: JKHY) reported a 16% drop in net income during its fiscal second quarter.
Profits during the three-month period that ended Dec. 31 were $80.8 million, down from $95.7 million a year earlier, according to a news release. Diluted share earnings decreased to $1.10 from $1.30 per share a year earlier.
Revenue during the quarter climbed 2% to $505.3 million. However, expenses rose 8% to $398 million.
"For the second quarter of the fiscal year, private and public cloud, card processing, transaction and digital and remittance all contributed to revenue growth," said Mimi Carsley, chief financial officer and treasurer, in the release. "As expected, based on the lack of consolidation among financial institutions, deconversion revenues were down considerably in the second fiscal quarter and are expected to be minimal the remainder of the fiscal year."
Banks and credit unions typically ask for a deconversion when they are acquired and need to transition to other technology systems, according to S&P Global Market Intelligence.
Jack Henry's assets were $2.6 billion as of Dec. 31. The company has roughly 7,800 financial industry clients.
JKHY shares hit a new 52-week low this morning of $163.58 per share. The company’s 52-week high is $212.62 per share.
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