Printer Friendly

JACK HENRY & ASSOCIATES REPORTS FIRST QUARTER RESULTS

 MONETT, Mo., Oct. 19 /PRNewswire/ -- Jack Henry & Associates Inc. (NASDAQ: JKHY) today reported first quarter results for fiscal year 1994. Quarterly earnings and earnings per share from continuing operations increased 25 percent and 23 percent, respectively, above last year's quarter.
 Income from continuing operations for the first quarter ended Sept. 30, 1993 was $1,438,000, or $.16 per share, on revenues of $9,218,000, compared to $1,147,000, or $.13 per share, on revenues of $6,427,000 in the same period last year. This represents a 23 percent increase in earnings per share from continuing operations on a 43 percent increase in revenues for the quarter comparison.
 First quarter results for FY '94 continue to reflect strong sales of JHA's software systems; consistent growth in maintenance, support and service revenue; and a sizable increase in hardware sales. BankVision, acquired Aug. 6, 1993, as expected, had very little impact on the first quarter. The backlog of sales at Sept. 30, 1993, $7,134,000, is more than double the backlog level a year ago.
 The results for 1994 continue the favorable trend in earnings. The mix in revenues for 1994 was heavier weighted toward hardware than last year, thus reducing the gross profit percentage to 44 percent. This is consistent with the 43 percent experienced for all of Fiscal '93. This is in line with management expectations for this level of sales.
 Jack Henry, chairman of the board, stated he expects the Board of Directors to maintain its current quarterly dividend policy. The last quarterly dividend of $.06 per share was paid on Sept. 23, 1993.
 Jack Henry & Associates Inc., provides in-house integrated computer systems for banks and other financial institutions. JHA markets, installs and supports its systems throughout the United States and overseas. The company's software systems have been installed at over 900 banks and financial institutions throughout the United States and several foreign countries.
 JACK HENRY & ASSOCIATES INC.
 CONDENSED CONSOLIDATED FINANCIAL INFORMATION
 (In Thousands, Except Per Share Data)
 Quarter Ended Sept. 30,
 1993(b) 1992(b)
 Condensed Statement of Operations
 Software licensing & installation $3,000 $1,969
 Maintenance/support & service 1,634 1,389
 Hardware sales & commissions 4,584 3,069
 Total revenue $9,218 $6,427
 Cost of sales 5,133 3,337
 Gross profit $4,085 $3,090
 Operating expenses 2,090 1,486
 Other income, net 262 200
 Income from continuing operations
 before income taxes $2,257 $1,804
 Provision for income taxes 819 657
 Income from continuing operations $1,438 $1,147
 Income from discontinued operations --- 25
 Net income $1,438 $1,172
 Income from cont. oper. per share $.16 $.13(a)
 Net income per share $.16 $.14(a)
 Weighted average shares outstanding 8,940 8,429(a)
 Sept. 30,
 1993 1992
 Condensed Balance Sheet
 Current assets $17,837 $12,396
 Long-term trade accounts receivable --- 1,885
 Property and equipment, net 5,378 4,518
 Intangible assets, net 6,073 1,634
 Other assets, net 1,914 945
 Total assets $31,202 $21,378
 Current liabilities $10,212 $7,905
 Deferred income taxes 266 300
 Stockholder's equity 20,724 13,173
 Total liabilities and
 stockholders' equity $31,202 $21,378
 (a) Reflects the 50 percent stock dividend paid March 8, 1993.
 (b) Unaudited
 -0- 10/19/93
 /CONTACT: Terry W. Thompson of Jack Henry & Associates, 417-235-6652/
 (JKHY)


CO: Jack Henry & Associates Inc. ST: Missouri IN: CPR SU: ERN

NY-LM -- LA006 -- 3699 10/19/93 07:31 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993
Words:576
Previous Article:SUPERIOR SURGICAL ANNOUNCES THIRD QUARTER RESULTS
Next Article:SONY TO PROVIDE DIRECT BROADCAST SATELLITE (DBS) CONSUMER RECEIVING EQUIPMENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters