PADUCAH, Ky.--(BUSINESS WIRE)--Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors approved a 10.7% increase in the quarterly cash dividend to $0.31 per share. The dividend is payable on September 25, 2017, to shareholders of record as of the close of business on September 1, 2017. The quarterly dividend increased from $0.28 per share and represents an indicated annual dividend rate of $1.24 per share on the new rate of $0.31 per share.
“We are pleased to announce a 10.7% increase in our cash dividend to $0.31 per share, marking our 46th consecutive year of increasing our cash dividend,” stated Chairman and CEO Steven A. Powless. “We believe this increase in our cash dividend highlights our strong cash flow from operations and our positive outlook about CSI’s future.
“CSI reported record results in fiscal 2017 marking our 17th consecutive year of increased revenues and our 20th consecutive year of increased net income. We also reported higher revenues and net income for our first fiscal quarter ending May 31, 2017. We intend to use our solid cash flow and earnings to invest in technology, infrastructure and people to support CSI’s continued growth,” concluded Powless.
About Computer Services, Inc.
Computer Services, Inc. delivers core processing, managed services, digital banking, 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. CSVI meets the financial media’s “Dividend Aristocrats” criterion of having 25+ years of consecutive annual dividend increases. 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 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; and (iii) other factors discussed in CSI's Annual Reports, Quarterly Reports, Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (available either at www.otcmarkets.com or 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. 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.