PADUCAH, Ky., July 10, 2013 /PRNewswire/ -- Computer
Services, Inc. (CSI) (OTCQX: CSVI) announced that
its Board of Directors approved a 14.3% increase in the
quarterly cash dividend to $0.16 per
share. The dividend is payable on September 25, 2013, to shareholders of record as
of the close of business on September 3, 2013. The
increase in the quarterly dividend was increased from $0.14 per share and represents an indicated
annual dividend rate of $0.64 per
share on the new rate of $0.16 per
share.
(Logo: http://photos.prnewswire.com/prnh/20080418/CSILOGO )
"We are pleased to announce our 25th consecutive year
of increasing CSI's cash dividend," stated Chief Executive
Officer Steven A. Powless. "The
consistent increase in our cash dividend highlights our solid
growth record and our Board's focus on building long-term
shareholder value by returning a portion of CSI's earnings to our
shareholders. We also remain focused on investing in technology,
infrastructure and people to support CSI's continued growth."
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 $70
million since CSI's share repurchase program was initially
announced in March 2004. CSI has
repurchased approximately $63.3 million of the Company's shares
through the end of its first fiscal quarter ended May 31,
2013. The Company had approximately $1.7
million remaining under existing stock purchase
authorizations as of May 31, 2013. 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 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.
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.