PADUCAH, Ky. (April 21, 2014) – Computer Services Inc. (CSI) announced that its board of directors declared a quarterly cash dividend of $0.16 per share. The dividend is payable on June 25, 2014, to shareholders of record as of the close of business on June 2, 2014. The board also authorized a $5.0 million increase in the company’s share repurchase program.
“CSI’s Board remains focused on building long-term shareholder value through our cash dividend program and repurchases of CSI stock,” said Chief Executive Officer Steven A. Powless. “This quarter’s cash dividend represents a 14.3 percent increase in the amount paid to shareholders compared with the same quarter last year. CSI has increased cash dividends for 42 consecutive years and the $5.0 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. We are pleased that CSI’s strong cash flow continues to return a portion of earnings to shareholders, while enabling investments in technology, infrastructure and people to support our future growth.”
CSI has repurchased approximately $13.2 million of the company’s shares through the end of its fiscal year ended Feb. 28. The company had approximately $933,000 remaining under existing stock purchase authorizations as of Feb. 28. 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.