PADUCAH, Ky. – (Oct. 8, 2013) – Computer Services Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors declared a quarterly cash dividend of 16 cents per share. The quarterly cash dividend is payable on Dec. 26, 2013, to shareholders of record as of the close of business on December 2, 2013. The company also announced that CSI’s Board of Directors authorized a $5 million increase in the company’s share repurchase program.
“This dividend payment represents a 14.3 percent increase in the cash dividend compared with the amount paid last year,” stated CEO Steven A. Powless. “Our cash dividend program is an important part of building long-term shareholder value and this year’s increase represents the 25th consecutive year of dividend growth.
“Our board’s authorization to increase our share repurchase program marks the second time this year they approved a $5 million increase in the program. We believe CSI’s stock represents an attractive investment at current prices in light of our growth and highlights our Board’s confidence in the future of our company,” Powless concluded.
The $5 million increase in the share repurchase program brings the total to $75 million since CSI’s share repurchase program was initially announced in March 2004. CSI has repurchased approximately $67.3 million of the company’s shares through the end of its second fiscal quarter ended Aug. 31, 2013. The company had approximately $2.7 million remaining under existing stock purchase authorizations as of August 31, 2013. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
Computer Services Inc. 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.