News

ATM processor Jack Henry reports record first quarter net income, revenue

November 2, 2010

Jack Henry & Associates Inc. yesterday reported record net income, revenue and operating income for the first fiscal quarter of 2011, which ended September 30.

Jack Henry recorded a first-quarter net income of $31.8 million, up 21 percent compared with $26.3 million for the same three-month period in 2010.

The Monett, Mo.-based company reported revenue of $234.8 million, up 29 percent compared with $182.3 million for the same three-month period a year earlier. Gross profit reached $97 million, up 30 percent compared with $74.4 million for the same three-month period in 2010. Operating  income was $52.8 million, up 26 percent compared with $41.9 million in 2010's first quarter.

"We are pleased with the results in the quarter and with solid total and organic revenue growth, which resulted in record revenue, operating income and net income for the quarter," said Jack Prim, the company's CEO. "We also continue to see increases in recurring revenue, which was 81 percent for the quarter and another company record. This was accomplished in spite of the fact that the economic environment for our customers remains essentially unchanged. We expect to see gradual improvement in financial-institution spending as the economy continues to slowly improve."

Jack Henry & Associates processes ATM and debit card transactions for banks and credit unions. The company has more than 11,200 customers nationwide.