Cash Dividend Increased 8% to $0.27 Per Share
PADUCAH, Ky. – (July 12, 2021) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors approved an increase in the quarterly cash dividend, marking the 50th consecutive year of increased cash dividends. The Board approved an 8.0% increase to $0.27 per share in CSI’s quarterly cash dividend. The dividend is payable on Sept. 24, 2021, to shareholders of record as of the close of business on Sept. 1, 2021. The quarterly dividend increased from $0.25 per share and represents an indicated annual dividend rate of $1.08 per share on the new quarterly rate of $0.27 per share.
“We are pleased to announce our 50th consecutive year of increased cash dividends paid to shareholders,” stated Executive Chairman Steven A. Powless. “CSI is one of the few public companies that has increased its cash dividend annually for half a century. Over the past 10 years, our cash dividend has grown at a compounded rate of 15.9%, and our total return to shareholders has averaged more than 21% annually. We believe these records highlight our focus on growing shareholder value and CSI’s long track record of financial performance.
“CSI reported its 21st consecutive year of increased revenues and 24th consecutive year of increased net income in fiscal 2021. We continued this record by reporting higher revenues and net income for our first fiscal quarter of 2022. We expect to report continued growth in revenues and net income in 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. We remain focused on leveraging our strong financial position and cash flow to invest in CSI’s technology, infrastructure and people to support our continued growth,” Powless concluded.
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 50 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.
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; (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.