Jack Henry & Associates, Inc. (JKHY) reported that its first-quarter net income increased to $42.48 million from $36.48 million last year. Profit per share was $0.49 compared to $0.42 last year. Revenue increased to $271.00 million from $248.34 million last year.
Analysts polled by Thomson Reuters expected the company to report profit of $0.46 per share on revenue of $264.80 million for the quarter. Analysts' estimates typically exclude special items.
Kevin Williams, CFO, said: "the reported results for our first fiscal quarter were slightly ahead of our internal budget, as total revenue was within 2%, but we were able to expand our margins slightly ahead of plan for the quarter as our Managers and Associates continue to do a great job of driving revenue growth and at the same time focusing on efficiencies for our company; while also continuing to provide industry leading customer service. Currently we have approximately $224 million in cash, and the availability of our entire revolver facility to fund future acquisitions, stock buy-backs, dividends or other corporate initiatives for the benefit of our company and shareholders."
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