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No. of Recommendations: 1
Only a 4.3 % y/y increase but management is clearly optmistic/confident.

"Salaries and benefits were up 12%, to $11,539,000, reflecting staff growth for current and anticipated new volume. " (like the planning for anticipated new volume.) and...

"The increase in first quarter earnings was actually slightly higher than anticipated," said Lawrence A. Collett, Cass chief executive officer and chairman. "First quarter results were not as significant as we expect the remainder of the year to be primarily due to slowness in shipping activity throughout the nation. This is seen primarily in the large manufacturing segments. As the year progresses, new business being implemented will provide higher growth in the transaction activity and associated revenues."

These guys know their business and the market (what there is of it) liked it as the stock rose back above 37. My overall view remains...
the CASS story still has a long way to go...still a largely unrecognized company and business proposition.

sw - owner of CASS in individual and managed accounts



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