Electronic Processing Fuels Rise in Jack Henry Profits

MONETT, Mo. – Jack Henry & Associates, one of the largest remaining credit union outsourcers, reported a 28% rise in profits for its fiscal second quarter, ended Dec. 31. The company reported second quarter net income of $27.8 million, or 30 cents a share, up from $21.6 million, or 23 cents a share, for the second quarter last year. Second quarter revenues rose 13% to $167.2 million, fueled by strong growth in the company’s electronic processing business. Jack Henry said 350 financial institutions now use its Check 21 Remote Capture product, with the volumes of each customer increasing. For the first six months of its fiscal year, Jack Henry reported a reported a 12% rise in revenues, to $317.9 million, and a 20% surge in net income to $49.2 million, or 53 cents a share, compared to the first half last year.