News

CSI reports 37th consecutive quarter of growth

October 4, 2013

Financial technology solutions provider Computer Services Inc. has continued on a path toward growth for the 37th consecutive quarter. The company today reported record revenues and net income for the fiscal second quarter and six months ended Aug. 31, 2013. 

According to a news release, second quarter revenues rose 11.1 percent to $54 million in fiscal 2014 compared with $48.6 million in the second quarter of fiscal 2013. Second quarter net income increased 6.8 percent to $6.5 million, or 45 cents per diluted share, compared with $6.1 million, or 41 cents per diluted share, in the second quarter of fiscal 2013. 

"CSI's record results for the second quarter benefited from higher processing revenues generated from our core processing customers and record transaction volume from our regulatory compliance services," CEO Steven A. Powless said. " ... [O]ur outlook for the second half of fiscal 2014 remains positive based on our pipeline of new business, high contract renewal rates and solid growth in transaction volume." 

Powless said the company continues to focus on driving revenue growth through expanded sales and marketing programs. The company increased its sales force as part of a strategic growth initiative, which has resulted in market reach at the national level. 

During the second quarter, CSI's board of directors approved a 14.3 percent increase in the quarterly cash dividend to 16 cents per share, marking the 25thconsecutive year of increasing cash dividends, CSI said.

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