Cass information systems, inc. reports record 2nd
quarter 2011 earnings; 17% increase over q2 2010
St. louis--(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 second quarter 2011 earnings of $.61 per diluted share, a 17% increase over the $.52 per diluted share it earned in the second quarter of 2010. net income for the period was $5.7 million, a 17% increase over the $4.9 million reported in 2010. % % 2011 2nd quarter recap increased activity from both base customers and new customers helped transportation dollar volume surge more than 25%, with utility dollar volume up a steady 4%. overall, revenues for the quarter grew to $26.6 million, a 12% increase over the $23.8 million posted in 2010. net investment income increased $1.0 million, or 11%, primarily due to an increase in average earning assets. operating expenses were up 11%, or $1.8 million, as cass increased salaries and benefits to support the growth in business volume. six-month 2011 recap for the six-month period ended june 30, 2011, the company earned $1.21 per diluted share, a 19% increase over the $1.02 per diluted share earned in the first half of 2010. net income was $11.5 million, 19% higher than the $9.6 million earned in 2010. revenues rose 13%, from $46.5 million in 2010 to $52.7 million in 2011. operating expenses were up 11%, or $3.7 million, as cass increased salaries and benefits to support volume growth. “as this quarter’s results attest, cass information systems continues to steadily grow despite a still-tepid economic recovery,” said eric h. brunngraber, cass president and chief executive officer. “that success re-affirms our belief in our core business strategy, one based on financial strength and a commitment to invest in initiatives that clients find of value and that strengthen our working relationships with them.” cash dividend declared on july 18, 2011, the company’s board of directors declared a third quarter dividend of $.16 per share payable september 15, 2011 to shareholders of record september 5, 2011. cass has continuously paid regularly scheduled cash dividends since 1934. about cass information systems cass information systems is the leading provider of transportation, utility and telecom invoice payment and information 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 processing centers 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® 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, 2010. 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, 2011 and 2010: ended 6/30/11 ended 6/30/10 ended 6/30/11 ended 6/30/10 -- -- total operating expenses total loans -- --
