PADUCAH, Ky. (June 14, 2012) — Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end technology solutions for financial institutions, released its fiscal 2012 annual report in preparation for its annual shareholder meeting on June 21 in Paducah. At the meeting, CSI will share information on its record-setting revenue and net income growth, in addition to updates on progress toward the company’s Strategic Growth Initiative (SGI).
For the 12th consecutive year, CSI reported significant yearly revenue growth, experiencing an 8.8 percent increase to a record $178 million during fiscal 2012. In addition, the company saw yearly net income growth for the 15th consecutive year, reporting a 6.2 percent increase to a record $25.5 million.
“CSI’s continued financial growth is a result of consistent dedication to expanding our service offerings and technical capabilities while continuing to focus on our customers as the number one priority for our business,” said Steven A. Powless, chief executive officer of CSI. “Recurring revenues accounted for more than 90 percent of our total revenues in fiscal 2012, highlighting the long-term contracts and high renewal rates we have secured from our core processing customer base.”
CSI also reports continued progress on its Strategic Growth Initiative, which the company launched in early calendar year 2011 to focus on leveraging enterprise-wide opportunities to shape the future of the company and further extend its growth potential moving forward.
“In order to continue with SGI and reposition CSI as a total solutions provider, we unified the company under a new, modern brand and deployed a national branding initiative to integrate messaging for all of our divisions,” Powless said. “The new CSI brand fully encompasses our transformation from the nation’s premier community bank processor to a nationwide provider of technology solutions for financial institutions, offering robust services that include core bank processing, managed services, payments processing, regulatory and compliance, mobile and Internet banking, and print and electronic distribution.”
The shareholder meeting will occur at 9 a.m. CDT on Thursday, June 21.