2011 4th Quarter Recap
The company ended 2011 with fourth quarter earnings of $.53 per diluted share, a 10.4% increase over the $.48 per diluted share it earned in the same quarter in 2010. Net income for the period was $5.5 million, or 8.1% higher than the $5.1 million recorded in 2010.
Fueling earnings growth was increased activity from both base and new customers which helped transportation transaction dollar volume surge more than 19%. Utility transaction dollar volume was on par with 2010. Overall, revenues grew to $26.5 million, a 6.1% increase over the $25.0 million generated in the year-earlier period.
Net investment income was up slightly from 2010.Operating expenses were up 6.7%, or $1.2 million, reflecting the increase in business volume as well as higher professional fees as the company invests for future growth. 2011 Revenues Exceed $100 Million for First Time; Up Nearly 11% Revenues for the year ended December 31, 2011 also set an all-time high of $106.5 million, 10.7% higher than 2010 revenues of $96.2 million. Net investment income was up 9.1%, or $3.6 million, due to growth in earning assets. Operating expenses were up 9.9%, or $6.7 million, again primarily in response to increases in business volume. “Surpassing the $100 million revenue milestone is a gratifying achievement. It tangibly re-affirms that our faith in the core strategies we’ve chosen to pursue is well-placed,” said Eric H. Brunngraber , Cass president and chief executive officer. “Our acquisition earlier this month of Waste Reduction Consultants, Inc., one of the fastest-growing providers of environmental expense management in the U.S., is in keeping with our growth plan. It enables us to expand our current portfolio of back office BPO solutions for complex payables services into a niche market with an excellent growth profile.” Cash Dividend Declared On January 23, 2012 the company’s board of directors declared a first quarter dividend of $.17 per share payable March 15, 2012 to shareholders of record March 5, 2012. Cass has continuously paid regularly scheduled cash dividends since 1934.