Welcome!

Mobile IoT Authors: Pat Romanski, William Schmarzo, Liz McMillan, Elizabeth White, Scott Allen

News Feed Item

Cass Information Systems, Inc. Surpasses 2012 Results With Earnings of $23.5 Million in 2013

Cass Information Systems, Inc. (NASDAQ: CASS), the nation's leading provider of transportation, energy, telecom and environmental invoice payment and information services reports that it earned $2.02 per diluted share for the year ended December 31, 2013, equaling 2012 diluted share earnings. Total net income for 2013 was $23.5 million, a 0.8% increase over the $23.3 million earned in 2012.

                 
  4th Quarter  

%

  YTD  

%

    2013   2012   Change   2013   2012   Change
Transportation Dollar Volume   $6.1 billion   $5.6 billion   8.8%   $23.5 billion   $22.3 billion   5.6%
Facility Expense Dollar Volume*   $3.0 billion   $2.6 billion   14.7%   $11.6 billion   $10.9 billion   6.3%
Revenues   $28.1 million   $26.8 million   5.1%   $114.8 million   $111.5 million   3.0%
Net Income   $5.3 million   $5.3 million     $23.5 million   $23.3 million   0.8%
Diluted Earnings per Share   $.45   $.46   (2.2)%   $2.02   $2.02  

* Includes Energy, Telecom and Environmental

2013 4th Quarter Recap

Net income for the fourth quarter was $5.3 million, essentially equaling 2012 results. On a per share basis, earnings for the period were $.45 per diluted share, a 2.2% decrease from the $.46 per diluted share reported in the final quarter of 2012.

Volume trends were favorable for the quarter, with transportation dollar volume up 8.8% and facility expense dollar volume – derived from the company’s energy, telecom and environmental operations – up 14.7%. Overall, revenues grew to $28.1 million, a 5.1% increase over the $26.8 million generated in the year-earlier period.

Operating expenses increased $1.5 million, or 7.4%, largely due to higher personnel costs related to staff increases to support higher processing volumes.

2013 Fiscal Benchmarks

Revenues for 2013 were $114.8 million, 3.0% higher than the $111.5 million posted in 2012. Meanwhile, operating expenses increased $3.8 million, or 4.7%, primarily due to personnel costs as previously cited.

Net investment income for the year fell 5.3%, or $2.1 million, as historically low interest rates continued to exact an earnings toll on Cass.

“The economic environment remains a challenge as the extended period of low interest rates continues to erode the earnings contribution of our investable assets,” commented Eric H. Brunngraber, Cass president and chief executive officer. “Although we continue to invest in our business units and our staff has been successful in growing their business lines, the effect on net income will be muted until the economy strengthens and interest rates normalize. Our ability to produce earnings in 2013 equal to those of a year ago testifies to their commitment.”

Cash Dividend Declared

On January 27, 2014 the company’s board of directors declared a first quarter dividend of $.20 per share payable March 17, 2014 to shareholders of record March 5, 2014. Cass has continuously paid regularly scheduled cash dividends since 1934.

About Cass Information Systems

Cass Information Systems is the leading provider of transportation, energy, telecom and environmental invoice payment and information services. Involved in the payables services and information support business since 1956, Cass disburses $35 billion annually on behalf of customers from locations in St. Louis, Mo., Columbus, Ohio, Boston, Mass., Greenville, S.C., Wellington, Kansas and Jacksonville, Fla. The support of Cass Commercial Bank, founded in 1906, makes Cass Information Systems unique in the industry. Cass is part of the Russell 2000® Index.

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 Securities and Exchange Commission including the company’s annual report on Form 10-K for the year ended December 31, 2012.

 
 
 
 

Selected Consolidated Financial Data

 

The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended December 31, 2013 and 2012.

 
  Quarter

Ended

12/31/13

  Quarter

Ended

12/31/12

  Year

Ended

12/31/13

  Year

Ended

12/31/12

Transportation Invoice Volume 8,227 7,320 31,895 28,790
Transportation Dollar Volume $ 6,107,706 $ 5,615,876 $ 23,506,097 $ 22,263,118
Facility Expense Transaction Volume 5,106 4,611 19,502 18,277
Facility Expense Dollar Volume $ 2,966,966 $ 2,587,491 $ 11,583,611 $ 10,899,294
 
Payment and Processing Fees $ 18,383 $ 16,983 $ 70,805 $ 66,695
Net Investment Income 9,287 9,054 38,245 40,385
Gain (Loss) on Sale of Securities

21

234

4,024

2,635

Other 441   500   1,743   1,808  
Total Revenues $ 28,132   $ 26,771   $ 114,817   $ 111,523  
Salaries and Benefits $ 16,724 $ 15,585 $ 65,722 $ 62,563
Occupancy 765 569 2,874 2,157
Equipment 1,009 890 3,810 3,516
Other 2,798   2,779   11,680   12,097  
Total Operating Expenses $ 21,296   $ 19,823   $ $84,086   $ 80,333  
Income from Operations before Income Taxes

$

6,836

$

6,948

$

30,731

$

31,190

Income Tax Expense 1,582   1,607   7,234   7,887  
Net Income $ 5,254   $ 5,341   $ 23,497   $ 23,303  
Basic Earnings per Share $ .45   $ .47   $ 2.05   $ 2.05  
Diluted Earnings per Share $ .45   $ .46   $ 2.02   $ 2.02  
 
Average Earning Assets $ 1,240,394 $ 1,207,492 $ 1,198,710 $ 1,201,846
Net Interest Margin 3.36 % 3.95 % 3.63 % 4.00 %
Allowance for Loan Losses to Loans 1.79 % 1.80 % 1.79 % 1.80 %
Non-performing Loans to Total Loans .27 % .96 % .27 % .96 %
Net Loan Charge-offs to Loans .23 % .18 % .44 %
Provision for Loan Losses $ $ 1,600 $ 500 $ 2,400
 
 
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, discussed the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filterin...
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...
What does it look like when you have access to cloud infrastructure and platform under the same roof? Let’s talk about the different layers of Technology as a Service: who cares, what runs where, and how does it all fit together. In his session at 18th Cloud Expo, Phil Jackson, Lead Technology Evangelist at SoftLayer, an IBM company, spoke about the picture being painted by IBM Cloud and how the tools being crafted can help fill the gaps in your IT infrastructure.
"C2M is our digital transformation and IoT platform. We've had C2M on the market for almost three years now and it has a comprehensive set of functionalities that it brings to the market," explained Mahesh Ramu, Vice President, IoT Strategy and Operations at Plasma, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Traditional IT, great for stable systems of record, is struggling to cope with newer, agile systems of engagement requirements coming straight from the business. In his session at 18th Cloud Expo, William Morrish, General Manager of Product Sales at Interoute, outlined ways of exploiting new architectures to enable both systems and building them to support your existing platforms, with an eye for the future. Technologies such as Docker and the hyper-convergence of computing, networking and sto...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
It’s 2016: buildings are smart, connected and the IoT is fundamentally altering how control and operating systems work and speak to each other. Platforms across the enterprise are networked via inexpensive sensors to collect massive amounts of data for analytics, information management, and insights that can be used to continuously improve operations. In his session at @ThingsExpo, Brian Chemel, Co-Founder and CTO of Digital Lumens, will explore: The benefits sensor-networked systems bring to ...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Much of IT terminology is often misused and misapplied. Modernization and transformation are two such terms. They are often used interchangeably even though they mean different things and have very different connotations. Indeed, it is somewhat safe to assume that in IT any transformative effort is likely to also have a modernizing effect, and thus, we can see these as levels of improvement efforts. However, many businesses are being led to believe if they don’t transform now they risk becoming ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...