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Jack Henry & Associates

Jack Henry & Associates Fiscal Second Quarter Net Income Increases 24% -- Stock Up 38%

01/20/2004 How JKHY has done for us: 56% annualized (+38% in eight months). Jack Henry & Associates announced their recent quarterly results: net income increased 24%. The company's press release follows:

MONETT, Mo., Jan 19, 2004 /PRNewswire-FirstCall via COMTEX/ -- Jack Henry & Associates, Inc. (Nasdaq: JKHY), a leading provider of integrated technology solutions that performs data processing for financial institutions, today reported strong results with revenues rising 10%, and continued improvement in gross and operating margins that contributed to a 24% increase in net income for the second quarter of fiscal 2004 compared to the second quarter of fiscal 2003.

Net income totaled $14.5 million, or $0.16 per diluted share, and revenues increased 10% to $112.7 million in its second fiscal quarter of fiscal 2004, ended December 31, 2003. A year ago, second quarter net income was $11.7 million, or $0.13 per diluted share, on revenues of $102.6 million. For the first half of fiscal 2004, net income increased 24% to $28.4 million, or $0.31 per diluted share, compared to $23.0 million, or $0.26 per diluted share in the first six months of fiscal 2003. Revenues increased 13% to $221.7 million in the first half of fiscal 2004 compared to $196.5 million in the same period of fiscal 2003.

"Our predictions of a gradual recovery of new core sales are proving accurate and our outsourcing, ATM and debit card processing and sales of complementary products and services continue to drive revenue growth," said Michael E. Henry, Chairman and CEO. "Although we have a number of bank core system proposals in the pipeline, including several with large institutions, sales in this part of our business are still returning slowly. The fully integrated nature of our product suite remains one of our most compelling competitive features and is proving to be an important selling point for both banks and credit unions. Integration is particularly appealing as bankers look to improve security, comply with new stringent regulatory mandates such as the Patriot Act, deepen customer relationships and become more efficient."

"We are quite pleased with the success of our sales force in cross-selling new products to existing customers," said Jack Prim, President. "When we realigned our bank sales force six months ago into a more traditional hunter/farmer approach, we anticipated the farmer would gain traction faster than the hunters, and that has been the case. The early results of this change are showing promise. In addition, expansion of our geographic footprint for item processing sites continues to drive growth in our outsourcing business. Two new sites opened and one was acquired in the past calendar year, and in March 2004 we will be opening an additional item processing site. We anticipate opening three new item processing sites each year to support this growth opportunity in the foreseeable future."

About Jack Henry & Associates

Jack Henry & Associates, Inc. provides integrated computer systems and processes ATM and debit card transactions for banks and credit unions. Jack Henry markets and supports its systems throughout the United States and has over 3,000 customers nationwide. For additional information on Jack Henry, visit the company's web site at www.jackhenry.com . The company will hold a conference call on October 20th at 7:45 a.m. Central Time, and investors are invited to listen at www.jackhenry.com .

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 Securities and Exchange Commission (SEC) filings on Form 10-K, and potential investors should review these statements. Finally, there may be other factors not mentioned above or included in the Company's SEC filings that may cause actual results to differ materially from any forward-looking information.

The full press release can be found at http://www.jackhenry.com

SOURCE Jack Henry & Associates, Inc.

Analysts, Kevin D. Williams,
Chief Financial Officer of Jack Henry & Associates, Inc.,
+1-417-235-6652,
or
IR, Becky Pendleton Reid of The Cereghino Group,
+1-206-762-0993

 




 

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