CSI Increases Cash Dividend 7.4% to $0.29 Per Share
PADUCAH, Ky. – (July 21, 2022) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors increased the quarterly cash dividend to $0.29 per share. The dividend is payable on Sept. 26, 2022, to shareholders of record as of the close of business on Sept. 1, 2022.
“This cash dividend marks the 51st consecutive annual increase in CSI’s cash dividends paid to shareholders,” stated David Culbertson, CSI’s president and CEO. “The dividend is up 7.4% from the prior year’s dividend of $0.27 per share. We believe our long-standing record of increasing CSI’s cash dividend highlights the commitment of our Board of Directors to delivering shareholder value.
“We expect to fund the higher cash dividend from CSI’s strong cash flow from operations. We recently announced record revenues and net income for our first fiscal quarter ended May 31, 2022. Our excellent results benefited from continued demand across the board for our product and service lines from our Enterprise Banking and Business Solutions groups. 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. We continue to expect solid results for fiscal 2023 based on current demand from existing customers, added sales from new products and services and new accounts coming online,” concluded Culbertson.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, digital banking, managed cybersecurity, information technology services, payments processing, document delivery, and regulatory and cybersecurity 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 MSP 501 Top Global Managed Service Providers, for which it ranked second in 2021. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. 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.