Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors authorized a $10.0 million increase in the Companys share repurchase program. The $10.0 million increase in the share repurchase program brings the total to $110.0 million since CSIs share repurchase program was initially announced in March 2004. CSI has repurchased approximately $98.6 million of the Companys shares through the end of its fourth fiscal quarter ended February 28, 2019. The Company had approximately $1.4 million remaining under existing stock purchase authorizations as of February 28, 2019. The share repurchase program may be carried out through open market purchases, block trades and in negotiated private transactions.
We believe the Boards authorization of a $10.0 million increase in our share repurchase program highlights their confidence in the future of CSI, stated Chairman and CEO Steven A. Powless. We believe CSIs stock represents an attractive investment at current prices in light of our earnings growth, solid cash flow from operations and our strong capital position.
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 CSIs reputation, and have resulted in the companys inclusion in such top industry-wide rankings as the FinTech 100, Talkin Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSIs stock is traded on OTCQX under the symbol CSVI. CSVI meets the financial medias Dividend Aristocrats criterion of having 25+ years of consecutive annual dividend increases. For more information about CSI, visit www.csiweb.com.
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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 CSIs 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; and (iii) other factors discussed in CSI’s Annual Reports, Quarterly Reports, Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (available at 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.
Andras Q. Bende, CFO
800-545-4274, ext. 10115 or [email protected]