PADUCAH, Ky., July 10, 2014 /PRNewswire/ -- Computer Services,
Inc. (CSI) (OTCQX: CSVI) announced that its Board of
Directors approved a 37.5% increase in the quarterly cash dividend
to $0.22 per share.
The dividend is payable on September
25, 2014, to shareholders of record as of the close of
business on September 2, 2014. The quarterly dividend
increased from $0.16 per share and
represents an indicated annual dividend rate of $0.88 per share on the new rate of $0.22 per share.
"We are pleased to announce a 37.5% increase in our cash
dividend per share, highlighting our continued growth in revenues
and net income," stated Chief Executive Officer Steven A. Powless. "This dividend marks our
43rd consecutive year of increasing our cash
dividend. We are pleased with our long-term growth record and
are optimistic about our future growth based on our solid base of
recurring revenues, new market expansion and new product
pipeline.
"Our cash dividend and stock repurchase programs are important
parts in building long-term shareholder value. We also remain
focused on investing in technology, infrastructure and people to
support CSI's continued growth to fund future increases in our cash
dividend," concluded Powless.
CSI Board Authorized $5.0
Million Increase in Stock Repurchase Program
CSI's Board of Directors also authorized a $5.0 million increase in the Company's share
repurchase program. The $5.0 million increase in the share
repurchase program brings the total to $85
million since CSI's share repurchase program was initially
announced in March 2004. CSI has
repurchased nearly $75 million of the Company's shares through
the end of its first fiscal quarter ended May 31, 2014. The
Company had approximately $5.1
million remaining under existing stock purchase
authorizations as of May 31, 2014. The share repurchase
program may be carried out through open market purchases, block
trades and in negotiated private transactions.
"We believe the Board's authorization of a $5.0 million increase in our share repurchase
program highlights their confidence in the future of CSI. We
believe CSI's stock represents an attractive investment at current
prices in light of our earnings growth, solid cash flow from
operations and our strong capital position," Powless
concluded.
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.
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SOURCE Computer Services, Inc.