Cass Information Systems, Inc. Records All-Time High Earnings in 2019
Summary
ST. LOUIS--(BUSINESS WIRE)--Cass Information Systems, Inc. (NASDAQ: CASS), the leading provider of transportation, energy, telecom and waste invoice payment and information services, reported fourth quarter 2019 earnings of $.43 per diluted share, a decrease of 9% from the $.47 per diluted share it earned in the fourth quarter of 2018. With manufacturing companies representing an important component of the transportation customer base, the widely reported fourth quarter 2019 contraction in this sector created year-over-year trials for the division. Consolidated operating expenses increased $1,029,000 (3%) due mainly to the aforementioned investment in technology and staff required to win new business and support service growth with existing clients. “As previously reported, the volatile business climate, competitive marketplace and the impact of a lower interest rate environment converged to create headwinds during the fourth quarter,” continued Brunngraber. Founded in 1906 and a wholly owned subsidiary, Cass Bank provides sophisticated financial exchange services to the parent organization and its clients.