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, CSI’s chairman and CEO, stated, “We are very positive about CSI and our future following our record results in fiscal 2019. Last year, CSI reported its 19th consecutive year of increased revenues and 22nd consecutive year of increased net income. We also reported our 48th consecutive year of increased cash dividends paid to CSI shareholders.
“Our momentum carried forward into the first quarter of fiscal 2020 ended May 31, 2019. First quarter revenues rose 6.4% to a record $69.0 million and net income increased 24.2% to $12.5 million compared with the first quarter of fiscal 2019. Our solid growth benefited from new contract sales, expansion into new geographic markets and higher cross-sales across our customer base.
“We expect continued growth in revenues and net income in fiscal 2020 based on our strong backlog of business that will be transitioned to the CSI platform this year. We are also continuing our investments in new technology and services that will benefit our current customer base while providing additional capacity for future growth. We plan to fund these new investments with existing cash and cash flow from operations. 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 continuing our 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:
- Michael Carter – Managing Director and Head of Technology Investment Banking for RBC
- Steven A. Powless – Chairman of the Board and CEO of Computer Services, Inc.
- Robert L. Walker – Lead Independent Director of CSI. Former Senior Vice President and CFO of Western and Southern Financial Group
Shareholders also approved the proposal to terminate RSM as the company’s auditor. The Audit Committee of the Board of Directors expects to announce the appointment of a new independent auditor for CSI in the near future.
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, American Banker’s Best Fintechs to Work For 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 at www.otcmarkets.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.