CSI Board Declares Quarterly Cash Dividend Authorizes $5 Million Addition to Share Repurchase Program
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.
"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.
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.