Cass Information Systems Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 24, 2013 at 07:51 pm IST
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Cass Information Systems Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net income of $5.3 million or $0.46 per diluted share on revenues of $26.8 million compared to $5.5 million or $0.48 per diluted share on revenues of $26.5 million for the last year. A $1.7 million decline in net investment income was primarily responsible for the lower quarterly result. The company reported income from operations before Income taxes of $6.9 million compared to $7.2 million for the last year.
For the year, the company reported net income of $23.3 million or $2.02 per diluted share on revenues of $111.5 million compared to $23.0 million or $2.01 per diluted share on revenues of $106.5 million for the last year. The company reported income from operations before Income taxes of $31.2 million compared to $31.5 million for the last year.
Cass Information Systems, Inc. is a provider of integrated information and payment management solutions. The Company enables enterprises to control their supply chains, communications networks, facilities and other operations. Its segments include Information Services and Banking Services. The Information Services segment provides transportation, energy, telecommunication, and environmental invoice processing and payment services to large corporations. In addition, this segment provides church management software and on-line generosity services primarily for faith-based ministries. The Banking Services segment provides banking services primarily to privately held businesses, franchise restaurants and faith-based ministries, as well as supporting the banking needs of the Information Services segment. The Company's bank subsidiary, Cass Commercial Bank, supports its payment operations. The Company offers various loans, including Commercial Real Estate (CRE) and Faith-based CRE.