Welcome!

Mobile IoT Authors: Liz McMillan, Stackify Blog, Yeshim Deniz, Ed Featherston, Carmen Gonzalez

News Feed Item

Cass Information Systems, Inc. Reports 2nd Quarter 2014 Earnings

Cass Information Systems, Inc. (NASDAQ: CASS), the nation's leading provider of transportation, energy, telecom and environmental invoice payment and information services, reported second quarter 2014 earnings of $.52 per diluted share, the same figure it reported in the second quarter of 2013. Net income for the period was $6.0 million, compared to $6.1 million in 2013.

               
2nd Quarter YTD
      2014     2013    

%
Change

    2014     2013    

%
Change

Transportation Dollar Volume     $6.7 billion     $5.9 billion     13.5%     $12.6 billion     $11.3 billion     11.3%

Facility Expense Dollar Volume*

    $3.1 billion     $2.8 billion     10.8%     $6.3 billion     $5.4 billion     17.3%
Revenues     $29.3 million     $29.2 million     .4%     $58.0 million     $57.6 million     .7%
Net Income     $6.0 million     $6.1 million     (.6%)     $11.8 million     $12.1 million     (2.1%)
Diluted Earnings per Share     $.52     $.52    

--

    $1.02     $1.04     (1.9%)
       

*Includes Energy, Telecom and Environmental

 

2014 2nd Quarter Recap

Transportation and facility expense dollar volumes increased 14% and 11%, respectively. The increases were driven by growth in processing activity associated with the large number of new customers added in the past year plus increased activity from core transportation clients. Despite solid growth in activity, second quarter earnings essentially matched year-earlier results as the operational gains were off-set by a 3% or $0.3 million drop in net investment income due to depressed interest rates and the absence of gains from the sale of securities in the current quarter.

Operating expenses increased by $0.3 million, or 1%, due to continued investment in staff and technology to support current growth and win new business, partially off-set by lower pension expense.

“Our transportation and facility expense invoice processing operations turned in admirable performances, enabling us to largely overcome the earnings drag posed by current interest rate levels,” said Eric H. Brunngraber, Cass president and chief executive officer. “The solid operating performance of our business units continues to illustrate the value and market acceptance of our expanding service lines.”

Six-Month 2014 Recap

For the six-month period ended June 30, 2014, the company earned $1.02 per diluted share, 2% less than the $1.04 per diluted share earned in the first half of 2013. Net income was $11.8 million, slightly lower than the $12.1 million earned in 2013. Revenues rose 1%, from $57.6 million in 2013 to $58.0 million in 2014.

Operating expenses were up 2%, or $0.9 million, for the reasons previously cited.

Cash Dividend Declared

On July 21, 2014, the company’s board of directors declared a third quarter dividend of $.20 per share payable September 15, 2014 to shareholders of record September 5, 2014. Cass has continuously paid regularly scheduled cash dividends for the last 80 years.

About Cass Information Systems

Cass Information Systems is the leading provider of transportation, energy, telecom and environmental invoice payment and information services. The company, which has been involved in the payables services and information support business since 1956, 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, 2013.

Selected Consolidated Financial Data

The following table presents selected unaudited consolidated financial data (in thousands, except per share data) for the periods ended June 30, 2014 and 2013:

               
Quarter

Ended

June 30, 2014

Quarter

Ended

June 30, 2013

Six Months

Ended

June 30, 2014

Six Months

Ended

June 30, 2013

Transportation Invoice Volume 8,874 7,935 16,633 15,279
Transportation Dollar Volume $ 6,664,922 $ 5,869,694 $ 12,557,493 $ 11,285,059
Facility Expense Transaction Volume 5,181 4,800 10,276 9,418
Facility Expense Dollar Volume $ 3,060,418 $ 2,762,513 $ 6,334,971 $ 5,402,756
 
Payment and Processing Fees $ 19,554 $ 17,448 $ 37,951 $ 34,024
Net Investment Income 9,347 9,629 18,494 19,598
Gain on Sales of Securities

--

1,684

--

3,137
Other 398 435 1,576 871
Total Revenues $ 29,299 $ 29,196 $ 58,021 $ 57,630
Salaries and Benefits $ 16,464 $ 16,280 $ 32,651 $ 32,538
Occupancy 756 735 1,562 1,344
Equipment 1,121 923 2,147 1,831
Other 2,965 3,079 5,971 5,693

Total Operating Expenses

$ 21,306 $ 21,017 $ 42,331 $ 41,406
Income from Operations before Income Taxes $ 7,993 $ 8,179 $ 15,690 $ 16,224
Income Tax Expense 1,958 2,106 3,844 4,119
Net Income $ 6,035 $ 6,073 $ 11,846 $ 12,105
Basic Earnings per Share $ .52 $ .53 $ 1.03 $ 1.06
Diluted Earnings per Share $ .52 $ .52 $ 1.02 $ 1.04
 
Average Earning Assets $ 1,220,326 $ 1,176,943 $ 1,227,932 $ 1,171,498
Net Interest Margin 3.50% 3.77% 3.46% 3.86%
Allowance for Loan Losses to Loans 1.78% 1.69% 1.78% 1.69%
Non-performing Loans to Total Loans .23% .13% .23% .13%
Net Loan (Recoveries) Charge-offs to Loans

--

--

(.03%) .22%
Provision for Loan Losses $

--

$ 300 $

--

$ 500

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
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus intern...
Everywhere we turn in our industry we can find strong opinions about the direction, type and nature of cloud’s impact on computing and business. Another word that is used in every context in our industry is “hybrid.” In his session at 20th Cloud Expo, Alvaro Gonzalez, Director of Technical, Partner and Field Marketing at Peak 10, will use a combination of a few conceptual props and some research recently commissioned by Peak 10 to offer a real-world consideration of how the various categories of...
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
The 21st International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
SYS-CON Events announced today that Systena America will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Systena Group has been in business for various software development and verification in Japan, US, ASEAN, and China by utilizing the knowledge we gained from all types of device development for various industries including smartphones (Android/iOS), wireless communication, security technology and IoT serv...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that EARP Integration will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. EARP Integration is a passionate software house. Since its inception in 2009 the company successfully delivers smart solutions for cities and factories that start their digital transformation. EARP provides bespoke solutions like, for example, advanced enterprise portals, business intelligence systems an...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
Existing Big Data solutions are mainly focused on the discovery and analysis of data. The solutions are scalable and highly available but tedious when swapping in and swapping out occurs in disarray and thrashing takes place. The resolution for thrashing through machine learning algorithms and support nomenclature is through simple techniques. Organizations that have been collecting large customer data are increasingly seeing the need to use the data for swapping in and out and thrashing occurs ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that delaPlex will exhibit at SYS-CON's @CloudExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. delaPlex pioneered Software Development as a Service (SDaaS), which provides scalable resources to build, test, and deploy software. It’s a fast and more reliable way to develop a new product or expand your in-house team.
SYS-CON Events announced today that Interoute has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Interoute is the owner operator of Europe's largest network and a global cloud services platform, which encompasses over 70,000 km of lit fiber, 15 data centers, 17 virtual data centers and 33 colocation centers, with connections to 195 additional partner data centers. Our full-service Unifie...
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
SYS-CON Events announced today that WineSOFT will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
SYS-CON Events announced today that Carbonite will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Carbonite protects your entire IT footprint with the right level of protection for each workload, ensuring lower costs and dependable solutions with DoubleTake and Evault.