FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2000
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to ________________
Commission file number 0-14112
JACK HENRY & ASSOCIATES, INC.
(Exact name of registrant as specified in its charter)
Delaware 43-1128385
(State or other jurisdiction I.R.S. Employer
of incorporation) Identification No.)
663 Highway 60, P. O. Box 807, Monett, MO 65708
(Address of principal executive offices)
(Zip Code)
417-235-6652
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed
since last report)
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements
for the past 90 days.
Yes x No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the
issuer's classes of common stock, as of the latest practicable date.
Class Outstanding at October 30, 2000
Common Stock, $.01 par value 43,078,225
JACK HENRY & ASSOCIATES, INC.
CONTENTS
Page No.
PART I. FINANCIAL INFORMATION
Item I - Financial Statements
Condensed Consolidated Balance Sheets -
September 30, 2000, (Unaudited) and June
30, 2000 3
Condensed Consolidated Statements of
Income for the Three Months Ended
September 30, 2000 and 1999 (Unaudited) 5
Condensed Consolidated Statements of Cash
Flows for the Three Months Ended September 30,
2000 and 1999 (Unaudited) 6
Notes to the Condensed Consolidated Financial
Statements (Unaudited) 7 - 10
Item 2 - Management's Discussion and Analysis of
Results of Operations and Financial
Condition 10 - 13
Item 3 - Quantitative and Qualitative Disclosure
about Market Risk 13
Part II. OTHER INFORMATION
Item 4 - Submission of Matters to a Vote of
Security Holders 14
Item 6 - Exhibits and Reports on Form 8-K 14 - 15
Part I. Financial Information
Item 1. Financial Statements
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Data)
September 30,
2000 June 30,
(Unaudited) 2000
ASSETS
Current assets:
Cash and cash equivalents $ 20,454 $ 5,186
Investments, at amortized cost 961 946
Trade receivables 44,955 73,940
Income taxes receivable - 3,478
Prepaid cost of product 11,979 10,645
Prepaid expenses and other 7,799 8,980
Deferred income taxes 825 825
Total $ 86,973 $104,000
Property and equipment $129,827 $118,749
Accumulated depreciation 27,664 25,464
$102,163 $ 93,285
Other assets:
Intangible assets, net of amortization $107,318 $109,282
Computer software, net of amortization 5,652 5,813
Prepaid cost of product 9,431 7,694
Other non-current assets 838 1,008
Total $123,239 $123,797
Total assets $312,375 $321,082
September 30,
2000 June 30,
(Unaudited) 2000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,470 $ 9,255
Short-term borrowings - 70,500
Accrued expenses 6,975 9,750
Accrued income taxes 4,070 -
Current portion of long-term debt 123 123
Deferred revenues 51,668 61,512
Total $ 69,306 $151,140
Long-term debt 279 320
Deferred revenue 11,845 9,945
Deferred income taxes 5,132 5,132
Total liabilities $ 86,562 $166,537
Stockholders' equity:
Preferred stock - $1 par value;
500,000 shares authorized;
none issued - -
Common stock - $0.01 par value;
50,000,000 shares authorized;
42,973,380 issued @ 9/30/00
41,357,852 issued @ 6/30/00 $ 430 $ 414
Additional paid-in capital 105,267 43,753
Retained earnings 120,116 110,378
Total stockholders' equity $225,813 $154,545
Total liabilities and
stockholders' equity $312,375 $321,082
The accompanying notes are an integral part of these condensed consolidated
financial statements.
JACK HENRY & ASSOCIATES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
<TABLE>
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Quarter
Ended
September 30,
2000 1999
Revenues:
Software licensing and installation $23,512 $11,539
Maintenance/support and service 30,446 20,459
Hardware sales 23,050 11,429
Total revenues $77,008 $43,427
Cost of sales:
Cost of hardware $15,969 $ 8,097
Cost of services 26,407 15,324
Total cost of sales $42,376 $23,421
Gross profit $34,632 $20,006
45% 46%
Operating expenses:
Selling and marketing $ 7,655 $ 3,432
Research and development 2,383 1,659
General and administrative 5,906 3,740
Total operating expenses $15,944 $ 8,831
Operating income from continuing operations $18,688 $11,175
Other income (expense):
Interest income $ 359 $ 344
Interest expense (679) (106)
Other, net 201 1,321
Total other income (expense) $ (119) $ 1,559
Income from continuing operations before
income taxes $18,569 $12,734
Provision for income taxes 6,685 4,195
Income from continuing operations $11,884 $ 8,539
Loss from discontinued operations - 332
Net income $11,884 $ 8,207
Diluted earnings per share:
Income from continuing operations $ .27 $ .20
Loss from discontinued operations - .01
Net income per share $ .27 $ .20
Diluted weighted average shares outstanding 44,545 42,016
Basic earnings per share:
Income from continuing operations $ .28 $ .21
Loss from discontinued operations - .01
Net income per share $ .28 $ .20
Basic weighted average shares outstanding 42,155 40,656
</TABLE>
The accompanying notes are an integral part of these condensed consolidated
financial statements.
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
<TABLE>
<S> <C> <C>
Quarter Ended
September 30,
2000 1999
Cash flows from operating activities
Income from continuing operations $ 11,884 $ 8,539
Adjustments to reconcile income from
continuing operations to cash from
operating activities
Depreciation and amortization 4,569 2,984
Gain on sale of investment - (1,052)
Other (106) -
Changes in:
Trade receivables 28,985 24,810
Prepaid expenses and other (1,883) (1,613)
Accounts payable (2,785) (774)
Accrued expenses (2,775) (1,875)
Accrued income taxes 7,548 4,541
Deferred revenues (7,944) (9,207)
Net cash from continuing operations $ 37,493 $ 26,353
Cash flows from discontinued operations $ - $ 700
Cash flows from investing activities:
Capital expenditures $(11,114) $ (4,862)
Proceeds from sale of investment - 3,605
Proceeds from note receivable 250 -
Computer software developed/purchased (209) (173)
Cash paid for acquisitions, net of cash acquired - $(50,241)
Other, net 6 (23)
Net cash from investing activities $(11,067) $(51,694)
Cash flows from financing activities:
Proceeds from issuance of common stock
upon exercise of stock options $ 1,012 $ 623
Proceeds from sale of common stock, net 60,517 87
Short-term borrowings, net (70,500) 25,000
Principal payments on notes payable (41) -
Dividends paid (2,146) (1,610)
Net cash from financing activities $(11,158) $ 24,100
Net cash activity for the three months
ended September 30, 1999-Sys-Tech, Inc. - $ 264
Net increase (decrease) in cash and cash equivalents $ 15,268 $ (277)
Cash and cash equivalents at beginning of period 5,186 3,376
Cash and cash equivalents at end of period $ 20 454 $ 3,099
</TABLE>
Net cash paid (received) from income taxes of $(1,391) and $159 for the
quarter ended September 30, 2000 and 1999, respectively.
The Company paid interest of $990 and none for the quarter ended September
30, 2000 and 1999, respectively.
The accompanying notes are an integral part of these condensed consolidated
financial statements.
JACK HENRY & ASSOCIATES, INC. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. Summary of Significant Accounting Policies
Description of the Company - Jack Henry & Associates, Inc. ("JHA" or the
"Company") is a computer software company which has developed several
banking software systems. The Company markets these systems to financial
institutions in the United States along with the computer equipment
(hardware), and provides the conversion and software customization services
necessary for a financial institution to install a JHA software system. The
institution can elect to have this system in-house or outsourced through one
of the Company's service bureau locations which provides continuing support
and maintenance services to customers using the system. The Company also
processes ATM and debit card transactions and provides internet banking
solutions for financial institutions in the U.S.
Consolidation - The consolidated financial statements include the accounts
of JHA and its wholly-owned subsidiaries. All significant intercompany
accounts and transactions have been eliminated in the consolidation.
Comprehensive Income - Comprehensive income for each of the three-month
periods ended September 30, 2000 and 1999, equals the Company's net income.
Restatement - The consolidated financial statements for the period ended
September 30, 1999 have been restated to include Sys-Tech, Inc. of Kansas
and Big Sky Marketing, Inc. (collectively referred to as Sys-Tech) which
were acquired on June 1, 2000. The acquisitions were accounted for as a
pooling of interests and therefore all prior periods have been adjusted to
reflect the acquisitions as if they had occurred at the beginning of the
earliest period reported.
Common Stock Split - Prior period share and per share data have been
adjusted for the 100% stock dividend paid March 2, 2000.
Reclassification - Where appropriate, prior period's financial information
has been reclassified to conform with the current period's presentation.
Other Significant Accounting Policies - The accounting policies followed
by the Company are set forth in Note 1 to the Company's consolidated
financial statements included in its Annual Report on Form 10-K ("Form
10-K") for the fiscal year ended June 30, 2000.
2. Interim Financial Statements
The accompanying condensed consolidated financial statements have been
prepared in accordance with the instructions to Form 10-Q of the Securities
and Exchange Commission and in accordance with accounting principles
generally accepted in the United States of America applicable to interim
consolidated financial statements, and do not include all of the information
and footnotes required by accounting principles generally accepted in the
United States of America for complete consolidated financial statements.
The consolidated financial statements should be read in conjunction with the
Company's audited consolidated financial statements and accompanying notes
which are included in its Form 10-K, for the year ended June 30, 2000.
In the opinion of management of the Company, the accompanying condensed
consolidated financial statements reflect all adjustments necessary
(consisting solely of normal recurring adjustments) to present fairly the
financial position of the Company as of September 30, 2000 and the results
of its operations and its cash flows for the three month period then ended.
The results of operations for the period ended September 30, 2000 are not
necessarily indicative of the results to be expected for the entire year.
3. Additional Interim Footnote Information
The following additional information is provided to update the notes to
the Company's annual consolidated financial statements for developments
during the three months ended September 30, 2000:
Purchase Transactions
On June 7, 2000, the Company completed the acquisition of Symitar Systems,
Inc. (Symitar). On September 8, 1999, the Company's wholly-owned subsidiary
Open Systems Group (OSG), completed the acquisition of BancTec, Inc.'s
community banking business. These acquisitions were accounted for by the
purchase method of accounting. Accordingly, the accompanying condensed
statement of income for the three months ended September 30, 1999 does not
include any revenues and expenses related to these acquisitions prior to the
respective closing date. The following unaudited proforma consolidated
information is presented as if these acquisitions had occurred as of the
beginning of the period presented.
<TABLE>
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(In Thousands)
Three Months Ended
September 30, 1999
Revenues $54,107
Income from continuing operations $ 7,222
Net income $ 6,890
Diluted earnings per share:
Income from continuing operations $ .17
Net income $ .16
</TABLE>
Secondary Offering
On August 16, 2000, the Company completed a secondary offering of 1.5
million shares of its common stock at $43.00 per share less a 5%
underwriters discount and offering expenses paid by the Company. A portion
of the net proceeds of approximately $60.5 million was used to retire the
remaining outstanding short-term borrowings under lines of credit as of that
date, and the balance will be used for working capital, capital
expenditures, potential future acquisitions and other general corporate
purposes.
Recent Accounting Pronouncements
In June 1998, the Financial Accounting Standards Board issued SFAS No.
133, "Accounting for Derivative Instruments and Hedging Activities". SFAS
No.133 establishes accounting and reporting standards for derivative
instruments, including certain derivative instruments embedded in other
contracts (collectively referred to as derivatives) and for hedging
activities. SFAS No.133, as amended by SFAS No.137, is effective for all
fiscal quarters of fiscal years beginning after June 15, 2000. This new
standard was adopted July 1, 2000 and did not have a material impact on the
Company's financial position and results of operations.
The Securities and Exchange Commission ("SEC") issued Staff Accounting
Bulletin ("SAB") No.101, "Revenue Recognition in Financial Statements", on
December 3, 1999. SAB No.101, as amended, provides the SEC Staff's views on
selected revenue recognition issues and is effective no later than the
fourth fiscal quarter for years beginning after December 15, 1999, which for
the Company is the beginning of its fourth quarter of fiscal 2001. The
Company has not completed the process of evaluating the impact that will
result from adopting SAB No.101 and therefore, is unable to determine the
impact that the adoption will have on its financial position and results of
operations.
4. Shares used in computing net income per share
(In Thousands)
Three Months Ended
September 30,
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2000 1999
Weighted average number of common
shares outstanding - basic 42,155 40,656
Common stock equivalents 2,390 1,360
Weighted average number of common
and common equivalent shares
outstanding - diluted 44,545 42,016
</TABLE>
Per share information is based on the weighted average number of common
shares outstanding for the three month period ended September 30, 2000 and
1999. Stock options have been included in the calculation of income per
share to the extent they are dilutive. Reconciliation from basic to diluted
weighted average shares outstanding is the dilutive effect of outstanding
stock options.
5. Business Segment Information
The Company is a leading provider of integrated computer systems that
perform data processing (available for in-house or service bureau
installations) for banks and credit unions. The Companies operations were
classified as one business segment in the prior year. The acquisition of
Symitar Systems, Inc. entrenched the Company more significantly into the
credit union marketplace. The Company's operations have been classified
into two business segments: bank systems and services and credit union
systems and services. The Company evaluates the performance of its segments
and allocates resources to them based on various factors, including
prospects for growth, return on investment and return on revenues.
(In Thousands)
Three Months Ended
September 30,
<TABLE>
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2000 1999
Revenues:
Bank systems and services $70,399 $43,102
Credit union systems and services 6,609 325
Total $77,008 $43,427
Gross Profit:
Bank systems and services $34,589 $19,848
Credit union systems and services 43 158
Total $34,632 $20,006
</TABLE>
The Company has not disclosed asset information by segment, as the
information is not produced internally and its preparation is impracticable.
6. Increase in Authorized Shares
On October 31, 2000, the stockholders' voted to amend the Certificate of
Incorporation to increase the number of shares of Common Stock the Company
is authorized to issue from 50,000,000 to 250,000,000 shares.
Item 2. - Management's Discussion and Analysis of Results of
Operations and Financial Condition
RESULTS OF OPERATIONS
Background and Overview
The Company is a leading provider of integrated computer systems that
perform data processing (available for in-house or service bureau
installations) for banks and credit unions. The Company also processes ATM
and debit card transactions and provides internet banking solutions for
these financial institutions. The Company was founded in 1976. Its
developed proprietary applications software, which operates on IBM
computers, is offered under two systems: CIF 20/20(TM) (1), typically for
banks with less than $300 million in assets, and the Silverlake System(R)
(2), for banks with assets up to $10 billion. Its acquired proprietary
applications software for banks and credit unions, which operates in the
UNIX and NT client-server environment, operates on various hardware
platforms. JHA frequently sells hardware with its software products. It
also provides customer support and related services. The Company has over
2,850 banks and credit unions as customers.
____________________
1 CIF 20/20(TM) is a trademark of Jack Henry & Associates, Inc.
2 Silverlake System(R) is a registered trademark of Jack Henry &
Associates, Inc.
A detailed discussion of the major components of the results of operations
for the quarter ended September 30, 2000, as compared to the same period in
the previous year follows:
Revenues
Revenues increased 77% to $77,008,000 in the quarter ended September 30,
2000. The increase is primarily due to financial institutions taking
delivery of products in this quarter compared to the curtailment of system
upgrades last year due to the turn of the century. Also, acquisitions
accounted for approximately 30% of the increase in revenues. Software
licensing and installation increased 104%. Maintenance, support and
service revenues increased 49%. Hardware sales increased 102% from last
year's quarter.
The backlog of sales at September 30, 2000 was $104,620,000 ($42,992,000
in-house and $61,628,000 outsourcing). This is up slightly from the June
30, 2000 level, and is consistent with management's expectations for the
first quarter. Backlog at October 31, 2000 was $106,222,000.
Cost of Sales
The 81% increase in cost of sales for the first quarter of fiscal year
2001 is relatively consistent with the increase in revenues. Cost of
hardware increased 97%, slightly less than the 102% increase in hardware
revenue. Cost of services increased 72%, primarily due to acquisitions and
increasing resources for the growth in the Company's core business. The
increase in cost of services reflects the 69% increase in non-hardware
revenues.
Gross Profit
Gross profit increased to $34,632,000 in the first quarter ended September
30, 2000, a 73% increase from last year. The gross margin percentage was
45% of sales compared to 46% last year due to hardware (lower margin sales)
representing 30% of total revenues compared to 26% last year.
Operating Expenses
Total operating expenses increased 81%, reflecting increases related to
acquisitions and overall growth. Selling expenses increased 123% which is
due to the increase in revenues and overall growth of the business.
Research & development increased 44%, which was directly related to
continued development and refinement of new and existing products. General
& administrative expenses increased 58%, supporting the overall growth of
the Company and acquisitions.
Other Income (Expense)
Other income for the quarter ended September 30, 2000 reflects a decrease
when compared to the same period last year. This is primarily due to net
interest expense this year from short-term borrowing and cash investments
compared to net interest income last year and the $1,105,000 gain on sale of
stock acquired in the Peerless acquisition during the quarter ended
September 30, 1999.
Provision for Income Taxes
The effective tax rate for the three months ended September 30, 2000, as
compared to the same period in the prior year, reflects the effect of a
capital gain partially offset by federal and state tax benefits realized in
the prior year.
Net Income
Net income from continuing operations for the first quarter was
$11,884,000, or $.27 earnings per share compared to $8,539,000, or $.20
earnings per share in the same period last year.
Discontinued Operations
The Company incurred a $332,000 loss from discontinued operations for the
quarter ended September 30, 1999. Due to the sale of this subsidiary on
September 7, 1999, there was no impact on the quarter ended September 30, 2000.
Business Segment Discussion
Revenues in the bank systems and services business segment increased from
$43.1 million in the first quarter of 1999 to $70.4 million, or 63%, in the
current first quarter. Gross profit in the bank systems and services
business segment increased from $19.8 million in the first quarter of 1999
to $34.6 million, or 75% in the current first quarter, while gross margins
were consistent in the first quarter of 1999 and 2000, at 46%.
Revenues in the credit union systems and services business segment
increased from $.3 million in the first quarter of 1999 to $6.6 million in
the current first quarter. Revenue growth was derived from Symitar Systems,
Inc., which was acquired on June 7, 2000. Gross profit in this business
segment decreased from $158,000 in the first quarter of 1999 to $43,000 in
the current first quarter primarily due to amortization of intangibles and
the slower return of core systems sales in the credit union market than in
the bank market after the turn of the century.
FINANCIAL CONDITION
Liquidity
The Company's cash and cash equivalents and investments increased to
$20,454,000 at September 30, 2000, from $5,186,000 at June 30, 2000. This
reflects the seasonal influx of cash due to the receipt of annual
maintenance fees billed June 30, 2000.
JHA has available credit lines totaling $58,000,000, although the Company
expects additional borrowings to be minimal during fiscal year 2001. The
Company currently has no short-term obligations outstanding. Short-term
borrowings were all retired with the proceeds from the secondary offering on
August 16, 2000.
Capital Requirements and Resources
JHA generally uses existing resources and funds generated from operations
to meet its capital requirements. Capital expenditures totaling $11,114,000
for the quarter ended September 30, 2000, were made for expansion of
facilities and additional equipment. These were funded from cash generated
by operations. The consolidated capital expenditures of JHA excluding
acquisition costs could exceed $35,000,000 for fiscal year 2001.
The Company paid a $.05 per share cash dividend on September 21, 2000 to
stockholders of record on September 7, 2000 which was funded from
operations. In addition, the Company's Board of Directors, subsequent to
September 30, 2000, declared a quarterly cash dividend of $.05 per share on
its common stock payable December 5, 2000 to stockholders of record on
November 21, 2000. This will be funded out by operations.
Forward Looking Statements
The Management's Discussion and Analysis of Financial Condition and
Results of Operations and other portions of this report contain
forward-looking statements within the meaning of federal securities laws.
Actual results are subject to risks and uncertainties, including both those
specific to the Company and those specific to the industry, which could
cause results to differ materially from those contemplated. The risks and
uncertainties include, but are not limited to, the matters detailed at Risk
Factors in its Annual Report on Form 10-K for the fiscal year ended June 30,
2000. Undue reliance should not be placed on the forward-looking
statements. The Company does not undertake any obligation to publicly
update any forward-look statements.
CONCLUSION
JHA's results of operations and its financial position continued to be
favorable during the quarter ended September 30, 2000. This reflects the
continuing attitude of cooperation and commitment by each employee,
management's ongoing cost control efforts and commitment to deliver top
quality products and services to the markets it serves.
Item 3. Quantitative and Qualitative Disclosure about Market Risk
Market risk refers to the risk that a change in the level of one or more
market prices, interest rates, indices, volatilities, correlations or other
market factors such as liquidity, will result in losses for a certain
financial instrument or group of financial instruments. We are currently
exposed to credit risk on credit extended to customers, interest risk on
investments in U.S. government securities and long-term debt. We actively
monitor these risks through a variety of controlled procedures involving
senior management. We do not currently use any derivative financial
instruments. Based on the controls in place, credit worthiness of the
customer base and the relative size of these financial instruments, we
believe the risk associated with these instruments will not have a material
adverse affect on our consolidated financial position or results of operations.
PART II. OTHER INFORMATION
Item 4. Submission of Matters to a Vote of Security Holders.
The Annual Meeting of the Stockholders of Jack Henry & Associates, Inc.
was held on October 31, 2000, for the purpose of electing a board of
directors and amending the Certificate of Incorporation to increase
authorized shares. Proxies for the meeting were solicited pursuant to
Section 14(a) of the Securities and Exchange Act of 1934 and there was no
solicitation in opposition to management's recommendations. Management's
nominees for director, all incumbents, were elected with the number of votes
for and withheld as indicated below:
For Withheld
John W. Henry 38,776,175 735,250
Jerry D. Hall 38,540,244 971,181
Michael E. Henry 38,914,650 596,775
James J. Ellis 39,089,518 421,907
Burton O. George 39,072,509 438,916
George R. Curry 39,072,509 439,266
Michael R. Wallace 38,915,884 595,541
Also approved was the amendment of the Certificate of Incorporation to
increase the number of shares of Common Stock the Company is authorized to
issue from 50,000,000 to 250,000,000 shares with the number of votes as
indicated below.
For Against Withheld
28,050,805 11,365,424 95,195
Item 6. Exhibits and Reports on Form 8-K
(b) On July 12, 2000 the Company filed a Current Report on Form 8-K/A
amending the Company's Current Report on Form 8-K dated June 14,
2000, for the purpose of restating and updating Item 5 in connection
with the Company's acquisition of Sys-Tech, Inc. of Kansas and Big
Sky Marketing, Inc. (collectively referred to as Sys-Tech).
On July 21, 2000 the Company filed a Current Report on Form 8-K
regarding the issued press release announcing its earnings and
results of operations for its fourth fiscal quarter and for its
fiscal year ended June 30, 2000.
On July 27, 2000 the Company filed a Current Report on Form 8-K for
the purpose of updating certain Selected Financial Data,
Management's Discussion and Analysis of Financial Condition and
Results of Operation and consolidated financial statements as of and
for the years ended June 30, 1999, 1998 and 1997 to reflect the
recent restatement of the Company's consolidated financial
statements to include Sys-Tech. Sys-Tech was acquired in a
transaction accounted for as a pooling-of-interests and therefore
all periods have been restated to reflect the acquisition as if it
occurred at the beginning of the earliest period reported.
On August 11, 2000 the Company filed a Current Report on Form 8-K/A,
amending the Company's Current Report on Form 8-K dated June 19,
2000, for the purpose of filing the financial statements of Symitar
Systems, Inc. and the proforma combined financial statements of the
Company and Symitar Systems, Inc.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Quarterly Report on Form 10-Q to be signed
on behalf of the undersigned thereunto duly authorized.
JACK HENRY & ASSOCIATES, INC.
Date: November 14, 2000 /s/ Michael E. Henry
Michael E. Henry
Chairman of the Board
Chief Executive Officer
Date: November 14, 2000 /s/ Terry W. Thompson
Terry W. Thompson
Vice President and
Chief Financial Officer
