Cass Information
Cass Information Systems Inc., a Bridgeton-based provider of invoice payment and information services, said Wednesday that fourth-quarter profit rose largely due to higher sales to utility customers.
The company said its payment and processing fees increased by 10 percent in the quarter due to a boost in transaction volume from utilities, growth in new business and heightened activity from existing customers. The company serves transportation, utility and telecom industries.
Cass said it added staff to handle the growth, leading to an operating expense increase of 5 percent, or $707,000, in the quarter cash advance loan.
The company’s board of directors also authorized the repurchase of up to 300,000 shares of its outstanding common stock.
— RACHEL MELCER
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