PADUCAH, Ky.--(BUSINESS WIRE)--Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders elected three directors at the Company’s annual meeting of shareholders.
In comments to shareholders, Steven A. Powless, CEO of CSI, stated, “We reported record results in fiscal 2018 marking our 18th consecutive year of increased revenues and 21st consecutive year of increased net income. Our Board of Directors also approved a 16.1% increase in our cash dividend to $0.36 per share during fiscal 2019, marking our 47th consecutive year of increased cash dividends paid to CSI shareholders. Our record results benefited from growth across our business units, contract renewals and new accounts opened during the year.
“CSI generates high levels of recurring income with consistently around 90% of total revenues from continuing customers due to our high rate of renewals and long contract terms. Last year, our average bank core processing contract renewal period was about eight years. We believe this highlights our customers’ satisfaction with CSI’s products and services, their confidence in our future, and the excellent customer care and support that our team delivers every day. CSI is consistently listed as one of the best places to work as is evident in our employee retention rate that is also around 90%.
“We are very positive about CSI and our future. We’ve made significant investments in new technology and expanded and upgraded our infrastructure to support a much larger customer base, a higher volume of transaction processing and continued product development to meet our customers’ needs across all of our platforms. Our strategy for the future remains focused on continued geographic expansion, growing market share and wallet share, driving customer satisfaction and retention, expanding our digital channels and continued focus on employee excellence. We believe these strategies will drive our future growth, earnings and returns to our shareholders,” Powless concluded.
At the meeting, shareholders reelected the following directors for three-year terms:
- Basil N. Drossos – Former General Motors Executive. Chairman of CSI’s Audit committee and member of its Profit Sharing committee.
- Terrence P. Haas – Former CEO of Harvard Drug Group. Member of CSI’s Executive, Audit and Risk committees.
- David M. Paxton – President and CEO of Paxton Media Group. Chairman of CSI’s Executive and Compensation committees.
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. 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.