Cass Information Systems, Inc. Reports 3rd Quarter 2012 Earnings
Declares 10% Stock Dividend; Raises Cash Dividend
3rd Quarter |
% |
YTD |
% |
|||||||||
2012 | 2011 | Change | 2012 | 2011 | Change | |||||||
Transportation Dollar Volume | $5.6 billion | $5.4 billion | 2.9 | $16.6 billion | $15.3 billion | 9.0 | ||||||
Utility Dollar Volume | $2.8 billion | $2.9 billion | (5.2) | $7.8 billion | $8.2 billion | (4.3) | ||||||
Revenues | $27.9 million | $27.3 million | 2.1 | $84.8 million | $80.0 million | 5.9 | ||||||
Net Income | $6.1 million | $6.1 million | .5 | $18.0 million | $17.5 million | 2.5 | ||||||
Diluted Earnings per Share | $.58 | $.58 |
-- |
$1.71 | $1.68 | 1.8 | ||||||
2012 3rd Quarter Recap
Increased activity from base customers and new customers helped
transportation dollar volume increase 3%. Utility dollar volume was down
5%, primarily due to lower rates for electricity and natural gas.
Overall, year-to-year quarterly revenues grew 2% from
Net investment income decreased slightly due to the on-going decline in interest rates.
Operating expenses were up 5%, or
Nine-Month 2012 Recap
For the nine-month period ended
Operating expenses were up 9%, or
“While new account wins helped our transportation invoice processing
operation grow volume in a tepid global economy, a dip in utility rates
and historically low interest rates created a drag on earnings that
produced a flat quarterly result,” commented
10% Stock Dividend Declared With Increase in Cash Dividend
On
In addition, the company’s board declared a fourth quarter cash dividend
of
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 |
|||||||||||||||||
The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended September 30, 2012 and 2011: |
|||||||||||||||||
Quarter Ended September 30, 2012 |
Quarter Ended September 30, 2011 |
Nine Months Ended September 30, 2012 |
Nine Months Ended September 30, 2011 |
||||||||||||||
Transportation Invoice Volume | 7,302 | 7,482 | 21,470 | 21,281 | |||||||||||||
Transportation Dollar Volume | $ | 5,599,551 | $ | 5,443,972 | $ | 16,647,242 | $ | 15,273,046 | |||||||||
Utility Transaction Volume | 3,443 | 3,410 | 10,472 | 10,108 | |||||||||||||
Utility Dollar Volume | $ | 2,783,504 | $ | 2,936,417 | $ | 7,829,235 | $ | 8,184,747 | |||||||||
Payment and Processing Fees | $ | 16,600 | $ | 15,806 | $ | 49,712 | $ | 45,372 | |||||||||
Net Investment Income | 10,610 | 10,884 | 31,331 | 32,952 | |||||||||||||
Gain on Sales of Securities | 267 |
-- |
2,401 | 48 | |||||||||||||
Other | 434 | 641 | 1,308 | 1,642 | |||||||||||||
Total Revenues | $ | 27,911 | $ | 27,331 | $ | 84,752 | $ | 80,014 | |||||||||
Salaries and Benefits | $ | 15,919 | $ | 14,425 | $ | 46,978 | $ | 42,277 | |||||||||
Occupancy | 497 | 581 | 1,588 | 1,786 | |||||||||||||
Equipment | 879 | 886 | 2,626 | 2,581 | |||||||||||||
Other | 2,634 | 3,021 | 9,318 | 9,038 | |||||||||||||
Total Operating Expenses |
$ | 19,929 | $ | 18,913 | $ | 60,510 | $ | 55,682 | |||||||||
Income from Operations before Income Taxes | $ | 7,982 | $ | 8,418 | $ | 24,242 | $ | 24,332 | |||||||||
Income Tax Expense | 1,890 | 2,358 | 6,280 | 6,814 | |||||||||||||
Net Income | $ | 6,092 | $ | 6,060 | $ | 17,962 | $ | 17,518 | |||||||||
Basic Earnings per Share | $ | .59 | $ | .59 | $ | 1.74 | $ | 1.70 | |||||||||
Diluted Earnings per Share | $ | .58 | $ | .58 | $ | 1.71 | $ | 1.68 | |||||||||
Average Earning Assets | $ | 1,229,687 | $ | 1,219,184 | $ | 1,199,950 | $ | 1,172,182 | |||||||||
Net Interest Margin | 3.86 | % | 4.15 | % | 4.02 | % | 4.43 | % | |||||||||
Allowance for Loan Losses to Loans | 1.81 | % | 1.88 | % | 1.81 | % | 1.88 | % | |||||||||
Non-performing Loans to Total Loans | .72 | % | .93 | % | .72 | % | .93 | % | |||||||||
Net Loan (Recoveries) Charge-offs to Loans | .04 | % | .11 | % | .21 | % | .11 | % | |||||||||
Provision for Loan Losses | $ |
-- |
$ | 550 | $ | 800 | $ | 1,850 | |||||||||
Source:
Casey Communications, Inc.
Kenn Entringer, 314-721-2828
kentringer@caseycomm.com