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Jack Henry & Associates

Jack Henry & Associates Fiscal 2004 Net Income Increases 26% -- Stock Up 42.3%

07/30/2004 How Jack Henry & Associates has done for us: +42.3% from the time we recommended the stock, including a 10.7% jump this week. The company announced their recent quarterly results on Tuesday: net income increased 26% as revenue jumped to $126 million for the quarter just ended. The company's press release follows:

MONETT, Mo., July 27 /PRNewswire-FirstCall/ -- 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 15% for the fourth quarter and 16% for the fiscal year ended June 30, 2004. Gross profit and margins continue to improve and have contributed to a 25% increase in net income for the fourth quarter and a 26% increase in net income for fiscal year 2004.

Net income totaled $17.6 million, or $0.19 per diluted share, while revenues increased 15% to $126.0 million for the fourth quarter of fiscal 2004. A year ago, the fourth quarter net income was $14.1 million, or $0.16 per diluted share on revenues of $109.2 million. For fiscal year 2004, net income increased 26% to $62.3 million, or $0.68 per diluted share, compared to $49.4 million or $0.55 per diluted share for the fiscal year ended June 2003. Revenues increased 16% to $467.4 million for fiscal year 2004 compared to $404.6 million for fiscal 2003.

Fiscal 2004 Highlights

"Jack Henry had an exceptional year in fiscal 2004, posting record revenues, earnings and operating cash flow," said Michael E. Henry, Chairman. "The 16% increase in revenue was leveraged to a 26% increase in net income primarily due to the efforts of our employees to control costs, utilization of existing infrastructure and continuing to improve processes and procedures. I am very proud of our employees and of our company's position for future success."

"Contributing to the strong fiscal year was an increase of 30% in license revenue compared to last year and continued growth in our support and services revenue which increased 20% this year and primarily is recurring revenue. Our credit union segment had a very impressive year with a 39% increase in revenue while expanding gross margins from 30% a year-ago to 39% this year," said Jack F. Prim, CEO. "We expect this growth to continue as we expand our geographic footprint for outsourcing, complete the integration of our recent acquisitions and continue to see improvements from the realignment of our sales force a year ago."

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 3,500 customers nationwide. For additional information on Jack Henry, visit the company's web site at http://www.jackhenry.com . The company will hold a conference call on July 28th at 7:45 a.m. Central Time and investors are invited to listen at http://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.

 




 

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