Net Income Increases 20% Compared to 1st Quarter of 2010
ST. LOUIS, Apr 18, 2011 (BUSINESS WIRE) -- Cass Information Systems, Inc. (NASDAQ: CASS), the nation's leading provider of transportation, utility and telecom invoice payment and information services reported record first quarter 2011 earnings of $.60 per diluted share, a 20% increase compared to the $.50 per diluted share it earned in the first quarter of 2010. Net income for the period was $5.7 million, compared to $4.7 million in 2010.
| March 31, 2011 | March 31, 2010 | % Change | ||||
| Transportation Dollar Volume | $4.6 billion | $3.8 billion | 21% | |||
| Utility Dollar Volume | $2.7 billion | $2.6 billion | 3% | |||
| Revenues | $26.1 million | $22.8 million | 15% | |||
| Net Income | $5.7 million | $4.7 million | 20% | |||
| Diluted Earnings per Share | $.60 | $.50 | 20% |
Payment and processing fees increased $1.6 million, or 13%, compared to the year-earlier period. Transportation dollar volume was up 21% and utility dollar volume rose 3% due to new business and improved activity from existing customers.
Net investment income increased $1.7 million, or 18%, primarily due to the increase in average earning assets.
Overall operating expenses were up $1.9 million, or 12%, primarily due to the increase in processing activity.
"We are pleased to get 2011 off to a record start and remain committed to the core strategies that helped us weather the economic downturn and that are now generating notably positive results," said Eric H. Brunngraber, Cass president and chief executive officer. "We will continue to invest in initiatives that broaden and strengthen our relationships with clients as we remain optimistic about the future."
Cass Information Systems, Inc. is the leading provider of transportation, utility and telecom invoice payment formation services. The company, which has been involved in the payables services and information support business since 1956, disburses over $27 billion annually on behalf of customers from locations in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C. and Wellington, Kansas. The support of Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000(R) Index.
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 Securities and Exchange Commission