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Cass Information Systems, Inc. Reports Second Quarter Earnings
ST. LOUIS--(BUSINESS WIRE)-- Cass Information Systems, Inc. (Nasdaq: CASS), the leading provider of transportation, energy, telecom and waste invoice payment
About this update from Cass Information Systems, Inc
[{"type":"text","content":" ST. LOUIS--(BUSINESS WIRE)--\nCass Information Systems, Inc. (Nasdaq: CASS), the leading provider of transportation, energy, telecom and waste invoice payment and information services, reported second quarter 2020 earnings of $.37 per diluted share, a decrease of 29% from the $.52 per diluted share it earned in the second quarter of 2019. Net income for the period was $5.4 million, compared to $7.7 million in 2019.\n\n\n\n\n \n\n\n\n2nd Quarter\n\n\n\n \n\n\n\nYTD\n\n\n\n \n\n\n\n \n\n\n\n\n\n \n\n\n\n2020\n\n\n\n2019\n\n\n\n% Change\n\n\n\n2020\n\n\n\n2019\n\n\n\n% Change\n\n\n\n\n\nTransportation Invoice Volume\n\n\n\n7.3 million\n\n\n\n9.2 million\n\n\n\n(20.9)\n\n\n\n15.6 million\n\n\n\n18.2 million\n\n\n\n(14.3)\n\n\n\n\n\nTransportation Dollar Volume\n\n\n\n$5.7 billion\n\n\n\n$7.1 billion\n\n\n\n(20.0)\n\n\n\n$12.2 billion\n\n\n\n$14.1 billion\n\n\n\n(13.8)\n\n\n\n\n\nFacility Expense Transaction Volume*\n\n\n\n6.7 million\n\n\n\n6.9 million\n\n\n\n(2.7)\n\n\n\n13.2 million\n\n\n\n13.9 million\n\n\n\n(4.8)\n\n\n\n\n\nFacility Expense Dollar Volume* \n\n\n\n$3.1 billion\n\n\n\n$3.7 billion\n\n\n\n(17.9)\n\n\n\n$6.5 billion\n\n\n\n$7.4 billion\n\n\n\n(11.3)\n\n\n\n\n\nRevenues\n\n\n\n$33.9 million\n\n\n\n$39.4 million\n\n\n\n(13.9)\n\n\n\n$72.1 million\n\n\n\n$77.8 million\n\n\n\n(7.3)\n\n\n\n\n\nNet Income\n\n\n\n$5.4 million\n\n\n\n$7.7 million\n\n\n\n(29.2)\n\n\n\n$13.0 million\n\n\n\n$15.8 million\n\n\n\n(18.1)\n\n\n\n\n\nDiluted Earnings per Share\n\n\n\n$.37\n\n\n\n$.52\n\n\n\n(28.8)\n\n\n\n$.89\n\n\n\n$1.08\n\n\n\n(17.6)\n\n\n\n\n\n*Includes Energy, Telecom and Waste\n\n\n\n\n \n\n\n\n2020 2nd Quarter Recap\n\n\nSecond quarter revenue decreased 14% with net income down 29%. The dramatic impact of COVID-19 on the company’s customers led to the declines, compounded by the decision of the U.S. Federal Reserve to lower interest rates to near-zero levels. The general economic slowdown and lower energy prices also hurt results.\n\n\nTransportation volumes for invoices and dollars declined 21% and 20%, respectively. With manufacturing companies representing an important component of the transportation customer base, the previously reported contraction in the sector, combined with the effects of COVID-19, created significant challenges. Nevertheless, the division continues to grow its customer roster, which should provide a...