CSI Board Declares Cash Dividend Authorizes $5 Million Addition to Share Repurchase Program
PADUCAH, Ky., Oct. 8, 2013 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors declared a quarterly cash dividend of 16 cents per share. The quarterly cash dividend is payable on December 26, 2013, to shareholders of record as of the close of business on December 2, 2013. The Company also announced that CSI's Board of Directors authorized a $5.0 million increase in the Company's share repurchase program.
"This dividend payment represents a 14.3% increase in the cash dividend compared with the amount paid last year," stated Chief Executive Officer Steven A. Powless. "Our cash dividend program is an important part of building long-term shareholder value and this year's increase represents the 25th consecutive year of dividend growth.
"Our Board's authorization to increase our share repurchase program marks the second time this year they approved a $5 million increase in the program. We believe CSI's stock represents an attractive investment at current prices in light of our growth and highlights our Board's confidence in the future of our Company," Powless concluded.
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. CSI has repurchased approximately $67.3 million of the Company's shares through the end of its second fiscal quarter ended August 31, 2013. The Company had approximately $2.7 million remaining under existing stock purchase authorizations as of August 31, 2013. 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.
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.