PADUCAH, Ky., April 21, 2014 /PRNewswire/ -- Computer
Services, Inc. (CSI) (OTCQX: CSVI) announced that
its Board of Directors declared a quarterly cash dividend of
$0.16 per share.
The dividend is payable on June 25,
2014, to shareholders of record as of the close of business
on June 2, 2014. The Board also
authorized a $5.0 million
increase in the Company's share repurchase program.
(Photo: http://photos.prnewswire.com/prnh/20080418/CSILOGO )
"CSI's Board remains focused on building long-term shareholder
value through our cash dividend program and repurchases of CSI
stock," stated Chief Executive Officer Steven A. Powless. "This quarter's cash dividend
represents a 14.3% increase in the amount paid to shareholders
compared with the same quarter last year. CSI has increased
cash dividends for 42 consecutive years and the $5.0 million increase in the share
repurchase program brings the total to $75
million since CSI's share repurchase program was initially
announced in March 2004. We are
pleased that CSI's strong cash flow continues to return a portion
of earnings to shareholders, while enabling investments in
technology, infrastructure and people to support our future
growth."
CSI has repurchased approximately $13.2 million of the Company's shares
through the end of its fiscal year ended February 28, 2014. The Company had approximately
$933,000 remaining under existing
stock purchase authorizations as of February
28, 2014. The share repurchase program may be carried out
through open market purchases, block trades and in negotiated
private transactions.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, payments processing, print
and electronic distribution, and regulatory compliance solutions to
financial institutions and corporate customers across the nation.
Exceptional service, dynamic solutions and superior results are the
foundation of CSI's reputation, and have resulted in the company's
inclusion in such top industry-wide rankings as the FinTech 100,
Talkin' Cloud 100 and MSPmentor Top 501 Global Managed Service
Providers List. CSI's stock is traded on OTCQX under the symbol
CSVI. For more information about CSI, visit www.csiweb.com.
Forward-Looking Statements
This news release contains "forward-looking statements" as that
term is defined in the Private Securities Litigation Reform Act of
1995. All statements except historical statements contained herein
constitute "forward-looking statements." Forward-looking statements
are inherently uncertain and are based only on current expectations
and assumptions that are subject to future developments that may
cause results to differ materially. Readers should carefully
consider: (i) economic, competitive, technological and governmental
factors affecting CSI's operations,
customers, markets, services, products and prices; and
(ii) other factors discussed in CSI's Annual Report, Quarterly
Reports, Information and Disclosure Statements and other documents
posted from time to time on the OTCQX website (www.otcqx.com),
including without limitation, the description of the nature of
CSI's business and its management discussion and analysis of
financial condition and results of operations for reported periods.
Unless required by law, CSI undertakes no obligation to update and
is not responsible for updating the information contained in this
report beyond the publication date, whether as a result of new
information or future events, or to conform the statement to actual
results or changes in CSI's expectations, or otherwise, or for
changes made to this document by wire services or Internet
services.
SOURCE Computer Services, Inc.