Jack Henry & Associates (JKHY) announced strong growth in electronic payments services, which helped it increase revenue and profits for its fiscal third quarter, which ended March 31.
Revenue increased about 7%, to $256.3 million, compared to $240.2 million in the same quarter a year earlier. Net income increased 11%, to $36.7 million
Support and service revenue, which encompasses electronic payment services such ATMs, debit, credit card transaction processing, bill payment, remote deposit capture and ACH transaction processing services, grew 8% in the third quarter to $226 million from a year earlier.
"Our support and services line of revenue continues to grow and contribute nicely, which represents 88% of our total revenue. Within this line we continue to see strong growth in all of our electronic payment offerings with 11% growth in revenue for both the quarter and year to date compared to the same periods last year,” Tony Wormington, president of Jack Henry said in a press release.
Operating expenses increased 5%, to $47 million, compared to $45 million in the year-earlier quarter.
