Jack Henry Reports 8% Rise In Earnings
MONETT, Mo. – Jack Henry & Associates, a provider of back-office services for credit unions, reported a 19% surge in revenues for its fiscal fourth quarter, producing an 8% increase in net income, to $30 million.
For the full year Jack Henry saw revenues increase by 12% and earnings rise by 14% to $117.9 million.
"This year saw us complete three acquisitions, any one of which on its own would have represented one of the largest acquisitions in the company's history,” said Jack Prim, Jack Henry CEO, in a statement. “The integration of these companies could hardly have gone better, and is substantially complete, including the most recent acquisition of iPay less than 90 days ago. These acquisitions contributed significantly to our electronic payments revenues which had total revenue of more than $200 million in the fiscal year, and to our recurring revenue which is now 78% of the total revenue.”
For the fourth quarter, the bank systems and services segment revenue increased 11% to $180.0 million; and the credit union systems and services segment revenue increased 58% to $47.8 million.
For the full year, the bank systems and services segment revenue increased 9% compared to the prior year to $672.3 million; and the credit union systems and services segment revenue increased 28% to $164.3 million.