PADUCAH, Ky., Nov. 5, 2012 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors declared a quarterly cash dividend of 14 cents per share plus a one-time special cash dividend of $1.00 per share. The quarterly cash dividend is payable on December 26, 2012, to shareholders of record as of the close of business on December 3, 2012. The one-time special dividend of $1.00 per share is payable December 3, 2012, to shareholders of record as of the close of business on November 20, 2012.
The Board also authorized a $5 million increase in the Company's share repurchase program. The $5 million increase in the share repurchase program brings the total to $65 million since CSI's share repurchase program was initially announced in March 2004. CSI has repurchased approximately $57.4 million of the Company's shares through the end of its second fiscal quarter ended August 31, 2012. The Company had approximately $2.6 million remaining under existing stock purchase authorizations as of August 31, 2012. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transaction.
"We are pleased to announce that our Board of Directors declared a special cash dividend of $1.00 per share and authorized a $5 million increase in our share repurchase program," stated Chief Executive Officer Steven A. Powless. "Our quarterly cash dividend and share repurchase program are part of our long-term program to build shareholder value by returning a portion of our CSI's earnings to our shareholders. Our Board's declaration of the $1.00 special cash dividend highlights our strong cash flow from operations and our outlook to report continued growth in revenues and net income this fiscal year."
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet, payments processing, print and electronic distribution, and regulatory and 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 in empowering businesses to remain competitive, compliant and profitable. 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 Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (http://www.otcqx.com/qx/home), 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 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.