PADUCAH, Ky., June 24, 2011 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders re-elected three directors at its Annual Meeting of Shareholders.
In comments at the meeting, Steve Powless, Chief Executive Officer of CSI, said, "CSI reported record revenues and net income for the 2011 fiscal year and marked its 29th consecutive quarter of revenue growth through the first quarter of fiscal 2012. We launched our Strategic Growth Initiative (SGI) as fiscal 2011 was ending that is focused on growing existing products and services, capitalizing on new growth opportunities in the regulatory and compliance area, seeking new acquisition and investment opportunities to expand our family of products and services, and adding management depth and new talent to support our continued growth.
"We increased CSI's quarterly cash dividend by 15.8% in fiscal 2011 to $0.11 per share, representing the 22nd consecutive year of dividend growth. CSI was recently highlighted as one of the "top performing U.S. Dividend Contenders" by Seeking Alpha. We were featured as one of the top 15 companies for each of the 1-year, 3-year, 5-year and 10-year timeframes as measured by a stock's compounded annual growth rate assuming full dividend reinvestment at market price on the day the dividend is received. We remain focused on building long-term shareholder value through our cash dividend program and we are excited about the potential of the new SGI programs to accelerate our growth going forward."
At the meeting, shareholders re-elected the following directors to serve for a three-year term:
- John A. Williams – CSI Chairman of the Board
- Dr. Constantine W. Curris – President Emeritus, American Association of State Colleges and Universities, and past president of Clemson University
- Bruce R. Gall - CEO of Dornoch Management Corporation and Chairman of Gold Key solutions, Inc.
The following directors continue to serve on the Board under their respective unexpired terms:
- Steven A. Powless – CSI Chief Executive Officer
- Basil N. Drossos - Former Executive Director of Global Purchasing for General Motors Corporation
- David M. Paxton - President and CEO of Paxton Media Group
- Robert L. Walker - Senior VP & CFO of Western & Southern Financial Group
- Dr. Linda Johnson Vitale – Partner of Manchester Capital, Former Professor and Chair of Information Systems at the Gordon Ford College of Business at Western Kentucky University
In response to a shareholder question submitted through CSI's webcast of the meeting, Mr. Powless reported that CSI had an internal target of 10% annual growth in earnings.
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 (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. 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.
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 world-class 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 OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
SOURCE Computer Services, Inc.