For the quarter ended December 31, 2012, the company generated total revenue of
For the first half of fiscal 2013, total revenue of
Included within operating expenses are
According to
Operating Results
"We continue to have a very good fiscal 2013 with both the quarter and first six months providing record revenue and gross profit compared to any respective periods in our history. We also would have had record operating income for the quarter if not for the expenses related to
License revenue for the second quarter decreased to
For the first half of fiscal 2013, license revenue increased 1% to
Cost of sales for the second quarter increased 5% to
Cost of sales for the six months ended December 31, 2012 increased 7%, to
Gross margin on license revenue for the second quarter of fiscal 2013 was 91% compared to 92% in the second quarter of fiscal 2012. For the six months ended December 31, 2012 and December 31, 2011 gross margin on license was 91%. The change in license gross margin for the quarter is a result of fluctuations in the sales mix of products delivered. Support and service gross margin was 42% in the second quarter of fiscal 2013, up from 40% in the second quarter of fiscal 2012. The support and service gross margin was 42% for the six month periods ending December 31, 2012 compared to 40% in the same period last year.
Hardware gross margins were 31% for the second quarter of this fiscal year and the same quarter last year. Hardware gross margins decreased to 27% for the six month period this fiscal year, from 29% in the six month period last fiscal year.
Operating expenses increased 35% in the second quarter of fiscal 2013 compared to the same quarter a year ago primarily due to expenses related to the flooding at our
(In Thousands, Except Per Share Data) |
Three Months Ended |
|||||||||||||||
GAAP |
|
Non-GAAP* |
GAAP |
Adjusted |
||||||||||||
|
|
|
|
Quarterly |
||||||||||||
2012 |
Expenses |
2012 |
2011 |
Variance* |
||||||||||||
Gross Profit |
122,237 |
— |
122,237 |
107,409 |
14% |
|||||||||||
Operating Expenses |
62,809 |
(13,686) |
49,123 |
46,621 |
5% |
|||||||||||
Operating Income |
59,428 |
13,686 |
73,114 |
60,788 |
20% |
|||||||||||
Interest Income (Expense) |
(1,071) |
— |
(1,071) |
(1,342) |
(20)% |
|||||||||||
Income Before Income Taxes |
58,357 |
13,686 |
72,043 |
59,446 |
21% |
|||||||||||
Provision for Income Taxes |
17,852 |
4,893 |
22,745 |
20,921 |
9% |
|||||||||||
Net Income |
$ |
40,505 |
$ |
8,793 |
$ |
49,298 |
$ |
38,525 |
28% |
|||||||
Diluted weighted average shares outstanding |
86,639 |
86,639 |
86,639 |
87,371 |
||||||||||||
Diluted earnings per share |
$ |
0.47 |
$ |
0.10 |
$ |
0.57 |
$ |
0.44 |
According to
For the first half of fiscal 2013, operating expenses increased 19% to
Operating income decreased 2% to
Operating income increased 7% to
For the second quarter of 2013, the bank systems and services segment revenue increased 6% to
For the six months ended December 31, 2012, the bank systems and services segment revenue increased 7% to
Balance Sheet,
At December 31, 2012, cash and cash equivalents increased to
Backlog increased 19% at December 31, 2012 to
Cash provided by operations totaled
(In Thousands) |
Six Months Ended |
||||||
December 31, |
|||||||
2012 |
2011 |
||||||
Net income |
$ |
82,981 |
$ |
74,999 |
|||
Non-cash expenses |
56,202 |
54,155 |
|||||
Change in receivables |
89,193 |
80,910 |
|||||
Change in deferred revenue |
(99,881) |
(103,784) |
|||||
Change in other assets and liabilities |
(9,327) |
(10,019) |
|||||
Net cash provided by operating activities |
$ |
119,168 |
$ |
96,261 |
Cash used in investing activities for fiscal 2013 of
During fiscal 2013, net cash used in financing activities for the current fiscal year is
About Jack Henry & Associates
Jack Henry &
* The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). The Company believes that the non-GAAP financial measures included in this press release allow management and investors to understand and compare the Company's earnings per share results in a more consistent manner for the three and six months ended
Statements made in this news release that are not historical facts are forward-looking information. Actual results may differ materially from those projected in any forward-looking information. Specifically, there are a number of important factors that could cause actual results to differ materially from those anticipated by any forward-looking information. Additional information on these and other factors, which could affect the Company's financial results, are included in its
Condensed Consolidated Statements of Income (Unaudited) |
||||||||||||||||||||
(In Thousands, Except Per Share Data) |
Three Months Ended |
Six Months Ended |
||||||||||||||||||
December 31, |
% Change |
December 31, |
% Change |
|||||||||||||||||
2012 |
2011 |
2012 |
2011 |
|||||||||||||||||
REVENUE |
||||||||||||||||||||
License |
$ |
13,210 |
$ |
13,552 |
(3)% |
$ |
26,074 |
$ |
25,816 |
1% |
||||||||||
Support and service |
250,310 |
225,609 |
11% |
494,895 |
445,879 |
11% |
||||||||||||||
Hardware |
15,174 |
16,697 |
(9)% |
28,727 |
32,501 |
(12)% |
||||||||||||||
Total |
278,694 |
255,858 |
9% |
549,696 |
504,196 |
9% |
||||||||||||||
COST OF SALES |
||||||||||||||||||||
Cost of license |
1,251 |
1,115 |
12% |
2,329 |
2,242 |
4% |
||||||||||||||
Cost of support and service |
144,683 |
135,833 |
7% |
288,101 |
266,956 |
8% |
||||||||||||||
Cost of hardware |
10,523 |
11,501 |
(9)% |
21,101 |
23,162 |
(9)% |
||||||||||||||
Total |
156,457 |
148,449 |
5% |
311,531 |
292,360 |
7% |
||||||||||||||
GROSS PROFIT |
122,237 |
107,409 |
14% |
238,165 |
211,836 |
12% |
||||||||||||||
Gross Profit Margin |
44% |
42% |
43% |
42% |
||||||||||||||||
OPERATING EXPENSES |
||||||||||||||||||||
Selling and marketing |
19,937 |
18,164 |
10% |
40,126 |
36,918 |
9% |
||||||||||||||
Research and development |
15,691 |
15,075 |
4% |
30,337 |
30,011 |
1% |
||||||||||||||
General and administrative |
27,181 |
13,382 |
103% |
40,759 |
26,322 |
55% |
||||||||||||||
Total |
62,809 |
46,621 |
35% |
111,222 |
93,251 |
19% |
||||||||||||||
OPERATING INCOME |
59,428 |
60,788 |
(2)% |
126,943 |
118,585 |
7% |
||||||||||||||
INTEREST INCOME (EXPENSE) |
||||||||||||||||||||
Interest income |
190 |
106 |
79% |
378 |
234 |
62% |
||||||||||||||
Interest expense |
(1,261) |
(1,448) |
(13)% |
(2,602) |
(2,904) |
(10)% |
||||||||||||||
Total |
(1,071) |
(1,342) |
(20)% |
(2,224) |
(2,670) |
(17)% |
||||||||||||||
INCOME BEFORE INCOME TAXES |
58,357 |
59,446 |
(2)% |
124,719 |
115,915 |
8% |
||||||||||||||
PROVISION FOR INCOME TAXES |
17,852 |
20,921 |
(15)% |
41,738 |
40,916 |
2% |
||||||||||||||
NET INCOME |
$ |
40,505 |
$ |
38,525 |
5% |
$ |
82,981 |
$ |
74,999 |
11% |
||||||||||
Diluted net income per share |
$ |
0.47 |
$ |
0.44 |
$ |
0.96 |
$ |
0.86 |
||||||||||||
Diluted weighted average shares outstanding |
86,639 |
87,371 |
86,622 |
87,253 |
||||||||||||||||
Consolidated Balance Sheet Highlights (Unaudited) |
||||||||||||||||||||
(In Thousands) |
December 31, |
% Change |
||||||||||||||||||
2012 |
2011 |
|||||||||||||||||||
Cash and cash equivalents |
$ |
192,854 |
$ |
95,202 |
103% |
|||||||||||||||
Receivables |
129,462 |
126,600 |
2% |
|||||||||||||||||
Total assets |
1,569,508 |
1,463,602 |
7% |
|||||||||||||||||
Accounts payable and accrued expenses |
$ |
63,069 |
$ |
55,838 |
13% |
|||||||||||||||
Current and long term debt |
129,303 |
147,021 |
(12)% |
|||||||||||||||||
Deferred revenue |
196,119 |
191,320 |
3% |
|||||||||||||||||
Stockholder's Equity |
1,046,563 |
944,447 |
11% |
SOURCE Jack Henry &
News Provided by Acquire Media