PADUCAH, Ky.--(BUSINESS WIRE)--Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors declared a quarterly cash dividend of $0.28 per share. The dividend is payable on June 26, 2017, to shareholders of record as of the close of business on June 1, 2017. The quarterly dividend represents an indicated annual dividend rate of $1.12 per share. The Company also announced that the Board of Directors approved a $10 million addition to the stock repurchase program.
“CSI’s cash dividend is an important part of building long-term shareholder value,” stated Chief Executive Officer Steven A. Powless. “This quarter’s dividend represents a 12% increase over the cash dividend paid this time last year. In addition, the Board authorized a $10 million addition to CSI’s share repurchase program. We believe the Board’s expansion of the share repurchase program highlights its positive, long-term outlook for CSI. We also remain focused on investing in technology, infrastructure and people to support CSI’s continued growth to fund future increases in our cash dividend.”
The Board authorized the repurchase of up to an additional $10 million of the Company’s common stock. The $10 million increase in the share repurchase program brings the total authorized to $100 million since CSI's share repurchase program was initially announced in March 2004. CSI has repurchased nearly $89 million of the Company's shares through the end of its fiscal year ended February 28, 2017. The Company had approximately $1.2 million remaining under existing stock purchase authorizations as of February 28, 2017.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. 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 the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.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 to CSI to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; and (iii) other factors discussed in CSI's Annual Report, Quarterly Reports, Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (www.otcqx.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. Unless required by law, CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this report 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.