PADUCAH, Ky. (July 1, 2015) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders elected three directors, approved the ratification of the appointment of McGladrey LLP as independent auditors for fiscal year 2016, and authorized an increase in the number of shares of Common Stock from 20 million to 60 million.
In comments before the annual meeting, Steven A. Powless, CEO of CSI, stated, “CSI celebrated our 50th anniversary in March 2015 and reported record revenue and net income in fiscal 2015. Our record results benefited from new business generated across product and service lines and high customer retention rates. We believe our focus on customer satisfaction was responsible for our 95% contract renewal rate last year.
“Our Board of Directors remains committed to building long-term shareholder value. Last year, we returned $16.4 million to shareholders in cash dividends and stock repurchases while continuing to invest in technology, infrastructure and people to support our future growth. We also increased our cash dividend during the year, marking our 43rd consecutive annual increase in our cash dividend.
“Our strategy for the future will continue to focus on customer retention and satisfaction; sales and market expansion; marketing and brand awareness; and product innovation. We believe these strategies will drive our future growth, earnings and returns to our shareholders,” concluded Powless.
At the meeting, shareholders elected the following directors for three-year terms:
- Basil N. Drossos – retired General Motors executive
- Terrance P. Haas – retired CEO, Harvard Drug Group
- David M. Paxton – President and CEO, Paxton Media Group
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; (ii) risk factors affecting the financial services information technology industry generally including, but not limited to, cybersecurity risks that may result in increased costs to CSI to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; and (iii) 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.