CSI Updates Shareholders During Annual Meeting

Shareholders Elect Four Directors

Jun 20, 2013, 11:15 ET from Computer Services, Inc.

PADUCAH, Ky., June 20, 2013 /PRNewswire/ -- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders elected four directors and approved the ratification of the appointment of McGladrey LLP as independent auditors for fiscal year 2014.

(Logo: http://photos.prnewswire.com/prnh/20080418/CSILOGO )

In comments before the annual meeting, Steven A. Powless, CEO of CSI, stated, "CSI reported record revenue and net income in fiscal 2013.  We returned a record $22.5 million to shareholders during the year, including an increase in our cash dividend for the 24th consecutive year.  We expect CSI to set new records in fiscal 2014 in sales of mobile and Internet banking products, cloud-based products and technology, and to process a record number of transactions for regulatory compliance customers. 

"We had record cross-sales of mobile and Internet products in fiscal 2013 and expect our sales to accelerate as banks increase their spending for technology in the coming year.  We recently introduced an innovative person-to-person (P2P) payments system that allows almost instant transfer of funds.  We believe our mobile banking platform provides significant advantages from existing multi-step, multi-day P2P systems and will enhance our customers' competitive edge in this fast-growing market.

"CSI processed over 32 billion transactions last year.  That's equivalent to about 3.6 million transactions every hour.  We are on track to exceed this volume based on new business and increased business from our Regulatory Compliance division. We recently united our Regulatory Compliance division under the CSI brand and believe this will enhance our visibility as we expand our marketing and sales efforts.

"We are excited about the future of CSI and our focus of being the total solutions partner for our customers.  We remain focused on investing in technology, infrastructure and people to support our continued growth," concluded Mr. Powless.

At the meeting, shareholders elected the following directors for the indicated terms:

Three-year term:

  • Steven A. Powless – Chief Executive Officer, Computer Services, Inc.
  • Linda J. Vitale – Partner, Manchester Capital; Former Professor and Chair Information Systems, Gordon Ford College of Business, Western Kentucky University
  • Robert L. Walker – Senior Vice President and CFO, Western and Southern Financial Group

One-year term:

  • Richard A. Anderson – Former Vice Chairman, BellSouth; Former Chief Operating Officer, Federal Reserve

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.

Forward-Looking Statements

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.