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CSI third quarter revenues rise

PADUCAH, Ky. (Dec. 30, 2013) – Computer Services Inc. (CSI) today reported record revenues and net income for the fiscal third quarter and nine months ended Nov. 30.

Third quarter revenues rose 7.0 percent to $53.1 million in fiscal 2014 compared with $49.6 million in the third quarter of fiscal 2013. Third quarter net income increased 1.9 percent to $6.7 million, and diluted net income per share rose 4.4 percent to $0.47, compared with $6.6 million, or $0.45 per diluted share, in the third quarter of fiscal 2013.

“CSI marked its 38th consecutive quarter of revenue growth at Nov. 30, 2013,” said CEO Steven A. Powless. “We benefited from higher processing revenues generated from our core processing customers and higher other revenues due to increased demand for our mobile and Internet banking solutions as well as record transaction volume from our regulatory compliance services.”

CSI expects to report continue revenue growth in the fourth quarter based on its pipelines of new business, high contract renewal rates and growth in transaction volume, Powless said.

“We believe CSI is positioned well to drive future revenue growth through our expanded sales and marketing programs. During the first nine months of fiscal 2014, we invested $9.3 million in new hardware and software to support our continued growth in transaction volume,” he said. “We expect these investments in hardware, software, sales and marketing programs to be major drivers for our continued growth next year.”

During the third quarter, CSI’s Board of Directors declared a cash dividend of $0.16 per share. The dividend was paid on Dec. 26, to shareholders of record as of the close of business on Dec. 2.