CSI Board Authorizes $5 Million Addition to Share Repurchase Program
PADUCAH, Ky., March 30 /PRNewswire-FirstCall/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that its Board of Directors authorized a $5 million increase in the Company's share repurchase program. The additional authorization brings the total to $50 million since its share repurchase program was initially announced in March 2004. CSI has repurchased approximately $44.6 million of the Company's shares through the end of its fiscal year ended February 28, 2010. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
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"The Board's authorization to expand our buyback program of CSI's shares highlights our confidence in the future of our Company," stated President and Chief Executive Officer Steven A. Powless. "We believe CSI's stock represents an excellent value at recent prices. We plan to use our existing cash reserves and strong cash flow from operations to fund the repurchase program. We remain very positive about the future for CSI and the opportunities to leverage our strong financial position through this stock repurchase program."
The stock repurchase program will be conducted on an ongoing basis and will be subject to availability of stock, market conditions, the trading price of the stock and the Company's financial performance.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation. Technology planning, personal account management and worldclass customer service explain why CSI is known as one of the nation's premier providers of technology solutions for the financial services industry. CSI's stock is traded on the 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 Information and Disclosure Statements and other documents posted from time to time on the OTCQX website, 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. CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this release 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.
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