PADUCAH, Ky.--(BUSINESS WIRE)--As a result of the reduced corporate tax rate effective with the Tax Cuts & Jobs Act (TCJA), Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions, is using its financial savings to reinvest in its employees and infrastructure.
Recognizing the opportunity brought about by the TCJA, CSI is investing a portion of its corporate tax savings with its employees. Non-executive full-time employees with the company more than 12 months will receive a one-time $1,300 cash bonus in March. Part-time and other employees with the company less than 12 months will receive a one-time cash bonus of $650 also in March. The company also stated that all eligible employees will receive an additional one-time contribution to their retirement plan.
“At CSI, we recognize the tremendous contributions that our employees make in meeting customer expectations and delivering innovative solutions,” said Steve Powless, CSI’s chairman and chief executive officer. “Our board of directors realized this unique opportunity to make a special investment in our workforce, and we are excited to reward our employees for their hard work and ongoing dedication.”
The company also plans to ramp up its investments in infrastructure and facilities in fiscal 2019 just underway. CSI expects to pursue additional stock repurchases as well. The capital expenditures and stock repurchases are expected to be funded by CSI’s strong cash flow and tax savings.
“We expect our investments in CSI’s employees, new technology and infrastructure to position CSI for continued growth in 2018 and beyond,” Powless said. “Our investments in our employees recognize their long tenure at CSI and their first-class support of our customers. We also expect to add significant computing power in fiscal 2019 to support our continued growth in processing transactions for our regulatory compliance customers, and make additional investments in new products and technology to support our core bank customers. Our Board of Directors remains focused on building long-term value for our shareholders through these investments and returning a portion of CSI’s earning to shareholders through our cash dividend and stock repurchase programs.”
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, regulatory compliance and treasury management 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 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.