News

CSI notches 36th consecutive quarter of growth

July 2, 2013

Computer Services Inc., a provider of core processing and payment processing services to financial institutions, has reported record revenues and net income for the company's first quarter of fiscal 2014, which ended May 31, 2013. 

CSI revenues grew 7.8 percent to $51.7 million for the quarter compared with $48.0 million for the same period in fiscal 2013.

Net income rose 2.9 percent to $6.0 million for the first quarter of fiscal 2014 compared with $5.9 million in the first quarter 2013.

Net income per fully diluted share increased 2.5 percent to $0.41 for the first quarter of 2014 compared with $0.40 for the prior year's first quarter. 

"This quarter marked our 36th consecutive quarter of revenue growth that benefited from long-term processing contracts and continued growth from our other ancillary services," said CSI CEO Steve Powless.

"Our solid growth in processing revenues was up on the strength of new customers and increased cross-sales of products and services. Other revenues benefited from growth in transaction volume, increased demand for regulatory compliance services and Internet and mobile banking products.

Powless said CSI would remain focused on driving revenue growth through an expanded national sales network and product innovation.

"We remain positive about our continued growth in fiscal 2014 based on our pipeline for new processing business, high contract renewal rate from core customers, and expanded revenues from regulatory compliance services. We are on track to exceed the record 32 billion transactions processed during fiscal 2013."

Read more about transaction processing.