Jack Henry's profits grow on higher quarterly revenue

Jack Henry & Associates Inc. (Nasdaq: JKHY) reported earnings growth in its fiscal first quarter along with higher revenue.

The Monett-based financial software firm posted net income of $106.5 million, a 4% increase from $102.1 million a year earlier, according to a news release. Diluted share earnings moved up to $1.46 from $1.38 per share.

Revenue during the quarter rose 8% to $529.2 million from $488.1 million in the company's fiscal first quarter last year.

“We are very pleased to report another quarter of record revenue and an overall strong performance for the first quarter of our new fiscal year," said David Foss, CEO and board chair, in the release. "Our sales teams continue to see strong demand for Jack Henry technology solutions, and we’re seeing significant interest in our new initiatives."

During the quarter, Jack Henry completed its acquisition of Glastonbury, Connecticut-based digital payment services business Payrailz for undisclosed terms, according to past reporting.

As of Sept. 30, Jack Henry's assets were $2.6 billion, according to the release. The company has roughly 8,000 clients.

JKHY shares were trading at $174.43 as of 8:40 a.m., compared with a 52-week range of $147.50 to $212.62 per share. The 52-week high was set Aug. 10, the day after the Payrailz acquisition was announced.