For the quarter ended
According to
Operating Results
License revenue for the first quarter increased to
Cost of sales for the first quarter increased 5% to
Gross margin on license revenue for the first quarter of fiscal 2016 was 89% compared to 19% for the same quarter of fiscal 2015. Support and service gross margin was 43% in the first quarter of fiscal 2016, matching the 43% in the first quarter of fiscal 2015. Hardware gross margins increased for the first quarter to 29% from 26% for the same quarter last year.
Operating expenses increased 4% in the first quarter of fiscal 2016 compared to the same quarter a year ago primarily due to increased headcount and related salaries. Selling and marketing expenses stayed at 7% of total revenue in the current year first quarter, totaling
Operating income increased 12% to
For the first quarter of fiscal 2016, the bank systems and services segment revenue increased 2% to $236.7 million with a gross margin of 40% from $231.4 million with a gross margin of 41% in the same quarter last year. The credit union systems and services segment revenue increased 21% to $84.9 million with a gross margin of 50% for the first quarter of 2015 from $70.1 million and a gross margin of 45% in the same period a year ago.
Balance Sheet and Cash Flow Review
At
Cash provided by operations totaled
Three Months Ended |
|||||||
2015 |
2014 |
||||||
Net income |
$ |
51,366 |
$ |
46,088 |
|||
Non-cash expenses |
34,874 |
24,977 |
|||||
Change in receivables |
97,926 |
64,931 |
|||||
Change in deferred revenue |
(39,702) |
(34,072) |
|||||
Change in other assets and liabilities |
(17,768) |
(8,776) |
|||||
Net cash provided by operating activities |
$ |
126,696 |
$ |
93,148 |
Cash used in investing activities for the first three months of fiscal 2016 totaled
Financing activities used cash of
According to
About
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 |
% Change |
|||||||
2015 |
2014 |
||||||||
REVENUE |
|||||||||
License |
$ |
1,604 |
$ |
503 |
219% |
||||
Support and service |
307,746 |
288,216 |
7% |
||||||
Hardware |
12,268 |
12,755 |
(4)% |
||||||
Total |
321,618 |
301,474 |
7% |
||||||
COST OF SALES |
|||||||||
Cost of license |
181 |
409 |
(56)% |
||||||
Cost of support and service |
174,714 |
165,090 |
6% |
||||||
Cost of hardware |
8,768 |
9,385 |
(7)% |
||||||
Total |
183,663 |
174,884 |
5% |
||||||
GROSS PROFIT |
137,955 |
126,590 |
9% |
||||||
Gross Profit Margin |
43% |
42% |
|||||||
OPERATING EXPENSES |
|||||||||
Selling and marketing |
21,751 |
21,663 |
—% |
||||||
Research and development |
18,554 |
16,791 |
10% |
||||||
General and administrative |
17,113 |
16,510 |
4% |
||||||
Total |
57,418 |
54,964 |
4% |
||||||
OPERATING INCOME |
80,537 |
71,626 |
12% |
||||||
INTEREST INCOME (EXPENSE) |
|||||||||
Interest income |
113 |
57 |
98% |
||||||
Interest expense |
(220) |
(266) |
(17)% |
||||||
Total |
(107) |
(209) |
(49)% |
||||||
INCOME BEFORE INCOME TAXES |
80,430 |
71,417 |
13% |
||||||
PROVISION FOR INCOME TAXES |
29,064 |
25,329 |
15% |
||||||
NET INCOME |
$ |
51,366 |
$ |
46,088 |
11% |
||||
Diluted net income per share |
$ |
0.64 |
$ |
0.56 |
|||||
Diluted weighted average shares outstanding |
80,735 |
82,589 |
|||||||
Consolidated Balance Sheet Highlights (Unaudited) |
|||||||||
(In Thousands) |
|
% Change |
|||||||
2015 |
2014 |
||||||||
Cash and cash equivalents |
$ |
84,485 |
$ |
39,403 |
114% |
||||
Receivables |
147,652 |
159,110 |
(7)% |
||||||
Total assets |
1,714,197 |
1,620,796 |
6% |
||||||
Accounts payable and accrued expenses |
$ |
75,274 |
$ |
66,354 |
13% |
||||
Current and long term debt |
1,107 |
11,005 |
(90)% |
||||||
Deferred revenue |
493,354 |
458,795 |
8% |
||||||
Stockholders' Equity |
954,284 |
934,471 |
2% |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/jack-henry--associates-first-quarter-fiscal-2016-ends-with-11-increase-in-net-income-300172667.html
SOURCE
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