David Culbertson Named CEO, Shareholders Re-Elect Three Directors, Expects Increased Results in Fiscal 2022
PADUCAH, Ky. (July 8, 2021) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders re-elected three directors, ratified the selection of BKD, LLP as the company’s independent auditors and approved the Company’s 2021 Employee Stock Purchase at the annual meeting of shareholders. As previously announced, David Culbertson became chief executive officer of the company effective as of the annual shareholders meeting. Steven A. Powless continues as executive chairman of the board.
In comments to shareholders, Powless stated, “We completed fiscal 2021 with record results and reported our 21st consecutive year of increased revenues and 24th consecutive year of increased net income. We also reported our 49th consecutive year of increased cash dividends paid to CSI shareholders.
“Our excellent results continued into the first quarter of fiscal 2022, with growth in revenues and net income based on increased demand for digital banking services, increased volume from payments processing, high contract renewal rates and our high percentage of recurring revenues from long-term contracts. We expect our momentum in earnings to accelerate in the second half of fiscal 2022 based on new banks coming online for core services in our Enterprise Banking Group and increased demand for our products and services from our Business Solutions Group.
“I am pleased to welcome David Culbertson as CSI’s CEO. David has more than 32 years of experience with the company. He has demonstrated his leadership capabilities while serving in various roles, including as president and chief operating officer and as a member of the board of directors. We remain confident about CSI’s future under David’s continued leadership,” Powless concluded.
At the meeting, shareholders re-elected the following directors for three-year terms:
- Basil N. Drossos – former Executive Vice President & Representative Director at Isuzu Motors Ltd. and Executive Director-Global Purchasing at General Motors Corp.
- Terrance P. Haas – Chief Executive Officer, Turnkey Risk Solutions
- David M. Paxton – Chairman, Paxton Media Group LLC
Shareholders also approved the proposal to ratify the selection of BKD, LLP as the company’s auditor for the fiscal year ending Feb. 28, 2022, and approved the Company’s 2021 Employee Stock Purchase Plan. They also authorized the issuance of shares of common stock under the Plan.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, digital banking, managed services, payments processing, print and electronic document distribution, and regulatory compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes 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 IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers lists. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its 2019 AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. In addition, CSI’s record of increasing its dividend each year for 49 years has earned it a designation as one of the financial media’s “Dividend Aristocrats.” CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit 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 for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI’s Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.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. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI’s expectations, or for changes made to this document by wire services or Internet services or otherwise.