MONETT, Mo., Feb. 6, 2018 /PRNewswire/ — Jack Henry & Associates, Inc. (NASDAQ: JKHY), a leading provider of technology solutions and payment processing services primarily for the financial services industry, today announced second quarter fiscal 2018 results.
Revenue for the quarter ended December 31, 2017 increased to $374.8 million, an 8% improvement over the second quarter of fiscal 2017. Operating income increased 8% to $95.3 million. The Tax Cuts and Jobs Act enacted December 22, 2017 had a large impact on our provision for income taxes and contributed to the large increase in net income of 165% over the second quarter of fiscal 2017 to $155.6 million, or $2.01 per diluted share. Excluding the impact of the Tax Cuts and Jobs Act and other one-time tax adjustments, net income increased 6% for the quarter ended December 31, 2017, compared to the second quarter of fiscal 2017.
For the six months ended December 31, 2017, revenue increased 6% to $734.7 million over the same six months of fiscal 2017. Operating income increased 4% to $187.5 million, and net income increased 81% to $219.0 million, or $2.82 per diluted share, with the increase again due mainly to the effects of the Tax Cuts and Jobs Act. Excluding the impact of the Tax Cuts and Jobs Act and other one-time tax adjustments, net income for the six months ended December 31, 2017 increased 4% and diluted earnings per share increased 5% compared to the six months ended December 31, 2016.
According to David Foss, President and CEO, “We are pleased to report another record second quarter of revenue and operating income which are both in line with our previous guidance. Our combined sales teams continue to have a solid year by exceeding quotas in Q2 and they’re off to a good start in Q3. During the quarter, we successfully migrated our first two customers to our new debit/credit card transaction processing platform, and have migrated another two this month. We continue to see high levels of interest for all of the new solutions that we have recently announced including Banno, Treasury Management, Enterprise Risk Mitigation, and our new payment processing platform.”
Revenue, cost of sales, and gross profit results for the quarter and the six months ended December 31, 2017 were as follows: