PADUCAH, Ky., July 10, 2014 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors approved a 37.5% increase in the quarterly cash dividend to $0.22 per share. The dividend is payable on September 25, 2014, to shareholders of record as of the close of business on September 2, 2014. The quarterly dividend increased from $0.16 per share and represents an indicated annual dividend rate of $0.88 per share on the new rate of $0.22 per share.
"We are pleased to announce a 37.5% increase in our cash dividend per share, highlighting our continued growth in revenues and net income," stated Chief Executive Officer Steven A. Powless. "This dividend marks our 43rd consecutive year of increasing our cash dividend. We are pleased with our long-term growth record and are optimistic about our future growth based on our solid base of recurring revenues, new market expansion and new product pipeline.
"Our cash dividend and stock repurchase programs are important parts in building long-term shareholder value. We also remain focused on investing in technology, infrastructure and people to support CSI's continued growth to fund future increases in our cash dividend," concluded Powless.
CSI Board Authorized $5.0 Million Increase in Stock Repurchase Program
CSI's Board of Directors also authorized a $5.0 million increase in the Company's share repurchase program. The $5.0 million increase in the share repurchase program brings the total to $85 million since CSI's share repurchase program was initially announced in March 2004. CSI has repurchased nearly $75 million of the Company's shares through the end of its first fiscal quarter ended May 31, 2014. The Company had approximately $5.1 million remaining under existing stock purchase authorizations as of May 31, 2014. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
"We believe the Board's authorization of a $5.0 million increase in our share repurchase program highlights their confidence in the future of CSI. We believe CSI's stock represents an attractive investment at current prices in light of our earnings growth, solid cash flow from operations and our strong capital position," Powless concluded.
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.