Cass Information Systems Q1 Profit Down - Quick Facts

(RTTNews) - Cass Information Systems Inc. (CASS), a provider of transportation, energy, telecom and environmental invoice payment and information services, reported first quarter 2014 net income of $5.81 million, down from $6.03 million in 2013. Quarterly earnings were $0.50 per share, a 4% decline from the $0.52 per share it earned last year.

Cass posted modestly lower first quarter earnings despite strong growth of 11% in payment and processing fee revenue. The increase in processing activity and related fees was driven mainly by a large number of new customers added during the past year. This growth was key to future performance showing the continued acceptance of Cass' processing services.

Growth was across the board as both the transportation and facilities groups posted strong increases in transaction and revenue activity. Those gains were offset by an 8% or $0.8 million drop in net investment income as historically low interest rates continue to erode the company's net interest income.

Total revenues was $28.72 million compared to $28.43 million in the prior year quarter.