BILLERICA, Mass.--(BUSINESS WIRE)--The Board of Directors of CSP Inc. (NASDAQ: CSPI), a provider of IT solutions, systems integration services and dense cluster computing systems, announced that the Company has declared a special dividend of $0.12 per share payable on August 31 to shareholders of record on August 23.
The Board determined that it would declare the special cash dividend based on CSP’s strong balance sheet and financial condition, and considering the Company’s current working capital needs and potential investments in strategic growth opportunities.
“We are pleased to reward our shareholders with this special dividend as a result of our excellent performance thus far in fiscal 2012 and our strong balance sheet,” said Chairman and Chief Executive Officer Alexander R. Lupinetti. “At the conclusion of fiscal 2012, the board will evaluate CSP’s financial performance, balance sheet strength and working capital requirements to determine the amount of an annual cash dividend, if any. Going forward, we will regularly evaluate the best use of capital to build long-term shareholder value.”
About CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its subsidiaries develop and market best-of-breed IT solutions, systems integration services, and high-performance computer systems. CSP’s Systems segment includes the MultiComputer Division, which supplies high-performance Linux cluster systems for a broad array of defense applications, including radar, sonar and surveillance signal processing. The Company’s MODCOMP Inc. subsidiary, also part of its Service and Systems Integration segment founded in 1970, is a leading provider of IT solutions and systems integration services for complex IT environments. MODCOMP works with third parties to develop cutting edge solutions in the global IT markets and has offices in the U.S., U.K. and Germany. More information about CSP is available on the company’s website at www.cspi.com. To learn more about MODCOMP, Inc., consult www.modcomp.com.
The Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, those relating to the Company’s potential to issue special or annual cash dividends. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.