Cass Information Systems, Inc. Reports 1st Quarter 2015 Earnings
2015 1st Quarter Recap
March 31, 2015 | March 31, 2014 | % Change | ||||||||||
Transportation Dollar Volume | $ 6.1 billion | $ 5.9 billion | 2.8% | |||||||||
Facility Expense Dollar Volume* |
$ 3.0 billion | $ 3.3 billion | (8.9)% | |||||||||
Revenues | $ 29.8 million | $ 28.7 million | 3.7% | |||||||||
Net Income | $ 5.5 million | $ 5.8 million | (4.7)% | |||||||||
Diluted Earnings per Share | $ .48 | $ .50 | (4.0)% | |||||||||
*Includes Energy, Telecom and Environmental |
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Cass posted modestly lower first quarter earnings despite a 5.5% gain in payment and processing fee revenue as the company continued to add new business. Total transportation volume increased despite softening activity from existing accounts. Facility expense dollar volume declined as on-going competitor consolidation in the energy sector continued to impact client retention.
Several factors, namely a significant increase in retirement plan
expense related to the use of new mortality tables and a decline in the
discount rate, annual merit salary increases and increased headcount to
support growth in its telecom and environmental expense groups, led to a
“A highlight this quarter was our transportation invoice processing
operation which produced a solid result despite the tepid performance of
the U.S. economy,” said
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 March 31, 2015 and 2014: |
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Quarter March 31, 2015 |
Quarter Ended March 31, 2014 |
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Transportation Invoice Volume | 8,125 | 7,759 | |||||||
Transportation Dollar Volume | $ | 6,056,711 | $ | 5,892,571 | |||||
Facility Expense Transaction Volume | 5,041 | 5,095 | |||||||
Facility Expense Dollar Volume | $ | 2,983,190 | $ | 3,274,553 | |||||
Payment and Processing Fees | $ | 19,418 | $ | 18,397 | |||||
Net Investment Income | 8,961 | 9,147 | |||||||
Gains on Sales of Securities | 949 |
-- |
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Other | 465 | 1,178 | |||||||
Total Revenues | $ | 29,793 | $ | 28,722 | |||||
Salaries and Benefits | $ | 17,326 | $ | 16,187 | |||||
Occupancy | 837 | 806 | |||||||
Equipment | 1,071 | 1,026 | |||||||
Other | 3,074 | 3,006 | |||||||
Total Operating Expenses | $ | 22,308 | $ | 21,025 | |||||
Income from Operations before Income Tax Expense | $ | 7,485 | $ | 7,697 | |||||
Income Tax Expense | 1,946 | 1,886 | |||||||
Net Income | $ | 5,539 | $ | 5,811 | |||||
Basic Earnings per Share | $ | .48 | $ | .51 | |||||
Diluted Earnings per Share | $ | .48 | $ | .50 | |||||
Average Earning Assets | $ | 1,262,085 | $ | 1,235,622 | |||||
Net Interest Margin | 3.31 | % | 3.42 | % | |||||
Allowance for Loan Losses to Loans | 1.74 | % | 1.78 | % | |||||
Non-performing Loans to Total Loans | .48 | % | .24 | % | |||||
Net Loan (Recoveries) / Charge-offs to Loans |
-- |
(.02 | %) | ||||||
Provision for Loan Losses | $ |
-- |
$ |
-- |
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Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com