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CSI Reports Record Fourth Quarter and Fiscal Year 2013 Results

 

May 10 - Computer Services Inc., Paducah, Ky., (OTCQX: CSVI) has reported record revenues and net income for the fourth quarter and fiscal year ended Feb. 28, 2013. The record results for fiscal 2013 marked CSI’s 13th consecutive year of revenue growth and 16th consecutive year of growth in net income.

Fourth quarter revenues rose 11.5 percent to a record $52.1 million in fiscal 2013 compared with $46.7 million in the fourth quarter of fiscal 2012. Net income was a record $7.3 million, or $0.50 per fully diluted share, in the fourth quarter of fiscal 2013 compared with $7.2 million, or $0.49 per fully diluted share, in the fourth quarter of fiscal 2012.

CSI’s revenues for fiscal 2013 were a record $198.3 million and rose 11.2 percent compared with $178.2 million for fiscal 2012. Net income for fiscal 2013 was a record $25.8 million, a 1.3 percent increase compared with fiscal 2012 income of $25.5 million. Net income per fully diluted share increased 2.3 percent to $1.76 compared with $1.72 last year.

“Our record results for fiscal 2013 benefited from higher processing revenues generated from our core processing customers and record transaction volume from our regulatory compliance services,” said CEO Steven A. Powless. “We had a record year for new bank sales, including the addition of our largest core customer in our history, a $3.4 billion bank with more than 50 branches. We also processed over 32 billion transactions during fiscal 2013.

“Our outlook for fiscal 2014 is positive based on the continued growth of our processing business, our solid base of recurring revenues, high contract renewal rates and opportunities to expand our regulatory compliance services,” said Powless.

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