Cass Information Systems, Inc. Establishes All-Time High Earnings Record in 2016
8%
4th Quarter | YTD | ||||||||||||||||||
2016 | 2015 | % Change | 2016 | 2015 | % Change | ||||||||||||||
Transportation Invoice Volume | 8.6 million | 8.2 million | 4.0 | 34.3 million | 34.0 million | 1.2 | |||||||||||||
Transportation Dollar Volume | $5.7 billion | $5.8 billion | (2.2) | $22.8 billion | $24.5 billion | (7.2) | |||||||||||||
Facility Expense Transaction Volume* | 6.6 million | 5.3 million | 23.7 | 23.5 million | 20.6 million | 14.5 | |||||||||||||
Facility Expense Dollar Volume* |
$3.0 billion | $2.8 billion | 7.2 | $11.9 billion | $11.7 billion | 1.6 | |||||||||||||
Revenues | $32.2 million | $30.3 million | 6.2 | $125.5 million | $120.8 million | 3.9 | |||||||||||||
Net Income | $6.4 million | $6.1 million | 5.5 | $24.3 million | $23.1 million | 5.6 | |||||||||||||
Diluted Earnings per Share | $.57 | $.53 | 7.5 | $2.15 | $2.00 | 7.5 | |||||||||||||
*Includes Energy, Telecom and Waste |
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For the year ended
“We are delighted to have achieved all-time high earnings in 2016. The
accomplishment is particularly gratifying considering the sustained
economic challenges presented throughout the year,” said
2016 4th Quarter Recap
The solid increase reported in fourth quarter earnings actually
understates the company’s core operating performance, as a nonrecurring
litigation settlement totaling
A highlight of fourth quarter operations was a 24% increase in facility-related (electricity, gas, waste and telecom expense management) transactions. New customer wins, including several large accounts that migrated to Cass from competitors, fueled the increase. Facility expense dollar volume was also up 7% for the period.
In the transportation sector, new business and a growing customer base boosted invoice volume, though lingering negative factors continued to hinder dollar volume growth. Reduced average invoice amounts caused by low fuel and carrier prices as well as shifts in modal activity retarded transportation dollar volume. The decrease in dollar volume generated smaller investable balances that reduced investment income and fees from carrier services.
Cass reported an 8% rise in consolidated operating expense in the current period. The increase was partially attributable to the year-earlier receipt of the litigation settlement which had the effect of reducing expenses in 2015. When the effect of the litigation settlement is removed from the quarterly comparison, consolidated operating expenses were up 4% as Cass continued to strategically invest in staff and technology to win and support new business.
Cash Dividend Declared
On
“Our history of dividend payments combined with the return of nearly
About
Note to Investors
Certain matters set forth in this news release may contain
forward-looking statements that are provided to assist in the
understanding of anticipated future financial performance. However, such
performance involves risks and uncertainties that may cause actual
results to differ materially from those in such statements. For a
discussion of certain factors that may cause such forward-looking
statements to differ materially from the company’s actual results, see
the company’s reports filed from time to time with the
Selected Consolidated Financial Data |
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The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended December 31, 2016 and 2015: |
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Quarter Ended December 31, 2016 |
Quarter Ended December 31, 2015 |
Year Ended December 31, 2016 |
Year Ended December 31, 2015 |
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Transportation Invoice Volume | 8,566 | 8,238 | 34,352 | 33,958 | |||||||||||||||||
Transportation Dollar Volume | $ | 5,667,186 | $ | 5,794,910 | $ | 22,774,909 | $ | 24,534,285 | |||||||||||||
Facility Expense Transaction Volume | 6,556 | 5,299 | 23,545 | 20,563 | |||||||||||||||||
Facility Expense Dollar Volume | $ | 3,032,178 | $ | 2,827,996 | $ | 11,914,359 | $ | 11,729,903 | |||||||||||||
Payment and Processing Fees | $ | 21,551 | $ | 19,724 | $ | 83,713 | $ | 78,622 | |||||||||||||
Net Investment Income | 10,151 | 10,123 | 39,401 | 37,449 | |||||||||||||||||
Gain on Sales of Securities |
-- |
-- |
387 | 2,910 | |||||||||||||||||
Other | 475 | 460 | 2,036 | 1,836 | |||||||||||||||||
Total Revenues | $ | 32,177 | $ | 30,307 | $ | 125,537 | $ | 120,817 | |||||||||||||
Personnel | $ | 18,314 | $ | 17,684 | $ | 72,581 | $ | 70,314 | |||||||||||||
Occupancy | 830 | 835 | 3,390 | 3,400 | |||||||||||||||||
Equipment | 1,162 | 1,083 | 4,451 | 4,291 | |||||||||||||||||
Other | 3,641 | 2,599 | 13,051 | 11,778 | |||||||||||||||||
Total Operating Expenses |
$ | 23,947 | $ | 22,201 | $ | 93,473 | $ | 89,783 | |||||||||||||
Income from Operations before Income Taxes | $ | 8,230 | $ | 8,106 | $ | 32,064 | $ | 31,034 | |||||||||||||
Income Tax Expense | 1,806 | 2,017 | 7,716 | 7,978 | |||||||||||||||||
Net Income | $ | 6,424 | $ | 6,089 | $ | 24,348 | $ | 23,056 | |||||||||||||
Basic Earnings per Share | $ | .58 | $ | .54 | $ | 2.18 | $ | 2.03 | |||||||||||||
Diluted Earnings per Share | $ | .57 | $ | .53 | $ | 2.15 | $ | 2.00 | |||||||||||||
Average Earning Assets | $ | 1,331,652 | $ | 1,272,676 | $ | 1,308,914 | $ | 1,244,797 | |||||||||||||
Net Interest Margin | 3.30 | % | 3.33 | % | 3.32 | % | 3.38 | % | |||||||||||||
Allowance for Loan Losses to Loans | 1.53 | % | 1.77 | % | 1.53 | % | 1.77 | % | |||||||||||||
Non-performing Loans to Total Loans | .04 | % | .48 | % | .04 | % | .48 | % | |||||||||||||
Net Loan (Recoveries) / Charge-offs to Loans |
-- |
(.09 | %) | (.01 | %) | (.09 | %) | ||||||||||||||
Provision for Loan Losses | $ | (500 | ) | $ | (850 | ) | $ | (1,500 | ) | $ | (850 | ) | |||||||||
View source version on businesswire.com: http://www.businesswire.com/news/home/20170202005160/en/
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com