Jack Henry Reports Strong Earnings
Credit union outsourcer Jack Henry & Associates reported strong growth in its support and services operations, which propelled it to a 21% increase in fiscal third quarter earnings, to $23.5 million.
Revenues grew 8% to $145.5 million for the third quarter, fueled by a 15% rise in support and services, compared to declines in revenues from licenses and hardware sales. For the first three quarters of its fiscal year Jack Henry reported a 20% increase in net income to $64.5 million, or 69 cents a share, and a 9% rise in total revenues to $429.9 million.
For the first nine months the company's credit union and services segment revenue increased just 2% to $80.6 million. Separately, Jack Henry announced key management changes, including the appointment of Mark Forbis to vice president and chief technology officer.
Additionally, Tom Walsh, general manager of marketing and industry research resigned, and Marguerite Butterworth, VP and general manager of hardware and vendor relations retired.