CSI Increases Cash Dividend 19.1% to $0.25 Per Share
Computer Services, Inc. (CSI (News - Alert)) (OTCQX: CSVI) announced that its Board of Directors approved a 19.1% increase in the quarterly cash dividend to $0.25 per share. The dividend is payable on September 25, 2020, to shareholders of record as of the close of business on September 1, 2020. The quarterly dividend increased from $0.21 per share and represents an indicated annual dividend rate of $1.00 per share on the new quarterly rate of $0.25 per share.
"We are pleased to announce our 49th consecutive year of increased cash dividends paid to stockholders," stated Chairman and CEO Steven A. Powless. "The new dividend amount represents a 19.1% increase over the cash dividend per share paid in the previous four quarters. We expect to fund the increased dividend with our strong cash flow from operations.
"Last year, CSI reported its 20th consecutive year of increased revenues and 23rd consecutive year of increased net income. We are very proud of our long-term growth record, including 49 years of growing our cash dividend. In addition to building shareholder value through our dividend program, we 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. (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 n 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.