PADUCAH, Ky. (July 9, 2020) – Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders elected two directors and ratified the selection of BKD, LLP as the company’s independent auditors at the annual meeting of shareholders.
In comments to shareholders, Steven A. Powless, CSI’s chairman and CEO, stated, “We remain positive about the future of CSI based on our record first quarter results and our outlook for the remainder of fiscal 2021. Last year, CSI reported its 20th consecutive year of increased revenues and 23rd consecutive year of increased net income. We also reported our 48th consecutive year of increased cash dividends paid to CSI shareholders.
“We completed fiscal 2020 with excellent momentum based on new contracts, expanded geographic markets and CSI’s market-leading solutions for new and existing customers. Our momentum carried forward into the first quarter of fiscal 2021 ended May 31, 2020. First quarter revenues rose 2.3% to a record $70.6 million and net income increased 12.9% to $14.2 million, compared with the first quarter of fiscal 2020. We benefited from higher revenues from our Enterprise Banking and Business Solutions Groups even though economic activity slowed across the U.S. economy due to COVID-19. We are optimistic about our continued growth prospects as the economy returns to normal. We have increased hiring in key areas to meet demand for digital banking and related services, and we have ramped up our investments in hardware, software and infrastructure to support future growth,” Powless concluded.
At the meeting, shareholders reelected the following directors for three-year terms:
Shareholders also approved the proposal to ratify the selection of BKD, LLP as the company’s auditor.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI’s expertise and commitment to authentic partnerships has 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. 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 for us to protect against the risks, as well as liability or reputational damage to CSI in the event of a breach of our security; (iii) risk factors affecting the United States economy generally including without limitation acts of terrorism, military actions including war, and viral epidemics and pandemics that alter human behaviors, including the COVID-19 pandemic and its effect on our business operations and financial results; (iv) increasing domestic and international regulation imposing burdensome requirements regarding the privacy of consumer data especially consumer financial transaction data of which CSI possesses substantial quantities; and (v) other factors discussed in CSI's Annual Reports, Quarterly Reports, news releases and other documents posted from time to time on the OTCQX website (www.otcmarkets.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. Except as required by law or OTC Markets Group, Inc., CSI undertakes no obligation to update, and is not responsible for updating, the information contained or incorporated by reference in this report beyond the publication date, whether as a result of new information or future events, or to conform this document to actual results or changes in CSI's expectations, or for changes made to this document by wire services or Internet services or otherwise.