Tuesday, Jack Henry & Associates, Inc. (JKHY), a provider of integrated technology solutions and outsourced data processing, reported a 7% fall in earnings for the third quarter, hurt by lower revenues due to discretionary spending related to hardware and license fees. But, earnings per share for the quarter remained flat with last year.
Net income for the quarter declined to $24.8 million from $26.6 million in the corresponding period last year. Earnings per share were flat at $0.30 when compared with the same period last year. Share count declined to 83.5 million from 89 million in the year-ago quarter.
On average, ten analysts polled by Thomson Reuters expected the company to earn $0.31 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue declined 4% to $180.4 million from $187.5 million in the corresponding period last year. Eight Street analysts expected the company to report revenue of $193.10 million for the quarter.
For the third quarter of 2009, the bank systems and services segment revenue declined to $150.2 million, from $156.2 million in the same quarter a year ago. The credit union systems and services segment revenue decreased to $30.2 million from $31.3 million in the same period last year.
Gross profit slid to $70.2 million from $77.0 million in the corresponding period last year. Operating income fell 13% to $37.1 million, or 21% of revenue, compared to $42.5 million, or 23% of revenue in the same period last year.
Backlog grew by 11% at March 31, 2009 to $277.0 million from $249.0 million at the same period last year. The current quarter backlog remained fairly flat compared to December 31, 2008, when backlog was $277.9 million.
For the first nine-month period, net income declined to $75.3 million or $0.89 per share from $79.3 million or $0.88 per share for the same period last year. Revenue declined marginally to $553.7 million from $554.2 million in the prior year period. Jack Prim, chief executive officer said, " We indicated last quarter that we had additional potential cost control measures available and we are moving forward to implement some of these additional measures. While the near term economic outlook remains cloudy we will continue to manage the business in what we believe to be the best long term interests of stockholders, customers and employees."
JKHY declined $0.56 or 3.08% and closed Tuesday's regular trading session at $17.62. After hours, JKHY declined further $0.63 of 3.58% and traded at $16.99.
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