48th Consecutive Annual Increase in CSI Cash Dividend
Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors approved a 16.7% increase in the quarterly cash dividend to $0.21 per share. The dividend is payable on September 25, 2019, to shareholders of record as of the close of business on September 3, 2019. The quarterly dividend increased from $0.18 per share on a post-stock split basis and represents an indicated annual dividend rate of $0.84 per share on the new rate of $0.21 per share.
“We are pleased to announce our 48th consecutive year of increased cash dividends paid to stockholders,” stated Chairman and CEO Steven A. Powless. “The new dividend amount represents a 16.7% increase over the cash dividend per share paid in fiscal 2019. We expect to fund the increased dividend with our strong cash flow from operations.
“We are very proud of our 48-year record of growing our cash dividend and believe it has been an important part of building long-term shareholder value. We also remain focused on using our strong financial position and cash flow to invest in CSI’s technology, infrastructure and people to support our continued growth,” Powless concluded.
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 to CSI 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 Report, Quarterly Reports, Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (www.otcqx.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. Unless required by law, CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this report beyond the publication date, whether as a result of new information or future events, or to conform the statement to actual results or changes in CSI’s expectations, or otherwise or for changes made to this document by wire services or Internet services.
Andras Q. Bende, CFO
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