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Jack Henry & Associates releases second quarter results for fiscal 2010
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Jack Henry & Associates, Inc., which provides integrated technology solutions that perform data processing for financial institutions, has announced its second quarter fiscal 2010 results with an 11% increase in revenue, an increase of 15% in gross profit, and a 7% increase in net income compared to the second quarter of fiscal 2009. For the first six months of fiscal 2010 revenue increased 5%, with an increase of 9% in gross profit, and an increase of 11% in net income over the same six months in fiscal 2009.
For the quarter ended December 31, 2009, the company generated total revenue of $210.9 million compared to $190.2 million in the same quarter a year ago. Gross profit increased to $89.1 million compared to $77.4 million in the second quarter of last fiscal year. Net income totaled $30 million, or $.35 per diluted share, compared to $28 million, or $0.33 per diluted share in the same quarter a year ago.
For the first half of fiscal 2010, total revenue of $393.2 million was generated compared to $373.3 million for the first half of fiscal 2009. Gross profit increased to $163.5 million compared to $149.9 million during the same period last fiscal year. Net income for the first half of fiscal 2010 was $56.3 million, or $.66 per diluted share, compared to $50.5 million, or $0.59 per diluted share for the same six months in fiscal 2009.
Jack Prim, CEO said “positive impacts resulting from our cost control initiatives” we adequately visible, with a 14% improvement in operating income compared to the prior year despite including one-time expenses related to acquisitions. He said the integration of both acquisitions during the quarter “continues to progress in line with original plans and the cost synergies and EPS contributions from these acquisitions are also tracking in line with the original guidance provided.” The company acquired Goldleaf Financial Solutions Inc. and PEMCO Technology Services, Inc. during the quarter.
At December 31, 2009, cash, cash equivalents, and investments decreased to $25.9 million from $41.6 million, the balance at December 31, 2008. Trade receivables decreased 4%, or $4.7 million, to $118.0 million compared to $122.7 million a year ago. Current deferred revenue increased $18.8 million or 14% to $155.6 million at December 31, 2009 compared to $136.8 million a year ago. The company said the decrease in cash, cash equivalents, and investments and the increase in deferred revenue were on account of the two acquisitions during the quarter. |
