FOR IMMEDIATE RELEASE
PADUCAH, Ky. – (October 3, 2008) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors authorized a $5 million increase in the Company’s share repurchase program. To date, CSI has repurchased approximately $32 million of the Company’s shares since its share repurchase program was initially announced in March 2004. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions. The Board of Directors also declared a quarterly cash dividend of $0.17 per share payable on December 26, 2008, to shareholders of record as of the close of business on December 1, 2008. The $0.17 per share cash dividend represents a 6.3% increase from the $0.16 cash dividend paid in December 2007. “The Board’s authorization to purchase additional CSI shares highlights our confidence in the future of our Company,” stated Steven A. Powless, President and CEO of CSI. “We believe CSI’s stock represents an excellent value at recent prices. In addition, the share repurchase program provides the opportunity to leverage future earnings per share by using our existing cash reserves and strong cash flow from operations to fund the repurchase program. “CSI has increased its cash dividend in each of the past 20 years as an important part of our long-term program to build shareholder value. Our Board of Directors approval to increase the cash dividend and expand the authorization to repurchase CSI shares highlights our strong financial condition, record results and excellent cash flow from operations,” concluded Mr. Powless. About Computer Services, Inc. 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 the 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, 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. ____ |
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