CSI Reports Record First Quarter Revenues and Net Income
02 Julio 2013 - 8:00AM
OTC Markets
CSI Reports Record First Quarter Revenues and Net Income
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CSI Reports Record First Quarter Revenues and Net Income
Revenues Increase for 36th Consecutive Quarter
PR Newswire
PADUCAH, Ky., July 2, 2013
PADUCAH, Ky., July 2, 2013 /PRNewswire/ -- Computer Services,
Inc. (CSI) (OTCQX: CSVI) today reported record revenues and
net income for the first quarter of fiscal 2014 ended May 31,
2013.
(Logo: http://photos.prnewswire.com/prnh/20080418/CSILOGO )
CSI's revenues grew 7.8% to $51.7
million for the first quarter of fiscal 2014 compared with
$48.0 million for the first
quarter of fiscal 2013. Net income rose 2.9% 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% 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," stated
Chief Executive Officer Steven A.
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.
"We remain focused on driving revenue growth through our
expanded national sales network and product innovation, and
expanding our markets for regulatory compliance services," Powless
continued. "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."
First Quarter Results
Consolidated revenues rose 7.8% to $51.7
million for the first quarter of fiscal 2014 compared with
$48.0 million in the first
quarter of fiscal 2013. Processing revenues rose 8.2% to
$33.6 million compared with
$31.1 million for the first
quarter of fiscal 2013. The growth in processing revenues was
driven primarily by sales to new customers, cross-sales to existing
customers and increases in transaction volumes from existing
customers, offset partially by the effect of lost business.
Other revenues rose 7.2% to $18.1
million compared with the first quarter of fiscal
2013. Other revenue benefited from growth in homeland
security and fraud prevention services; higher eBusiness group
revenues; and increased demand for our document services.
Operating income rose 5.1% to $10.0
million for the first quarter of fiscal 2014 compared with
$9.5 million for the first
quarter of fiscal 2013. Operating margin was 19.3% in the
first quarter of 2014 compared with 19.8% for the first quarter
last year. The decrease in operating margin was due primarily
to the ramp up of expenses related to our Strategic Growth
Initiative (SGI) launched in fiscal 2012. In addition, expenses
increased for equipment, travel expense related to the build out of
our national sales team, increased fees related to growth in our
ATM and debit card business, and higher network communications
expense.
Net income for the first quarter of fiscal 2014 rose 2.9% to
$6.0 million compared with
$5.9 million for the first quarter of
fiscal 2013. Net income per diluted share increased 2.5% to
$0.41 for the first quarter 2014 on
14.6 million weighted average diluted shares outstanding compared
with $0.40 for the first quarter
2013 on 14.8 million weighted average diluted shares
outstanding.
"CSI's cash flow from operations increased to $14.2 million in the first quarter of fiscal
2014," Powless said. "During the quarter, we invested about
$4.6 million in new equipment and
software to support our continued growth and returned $4.5 million to shareholders in cash dividends
and stock repurchases. We ended the quarter with $5.1 million in cash and cash equivalents and
only $49,000 in short-term
capitalized lease obligations."
CSI repurchased 84,070 shares of the Company's stock for
$2.5 million during the first quarter
of fiscal 2014. CSI had approximately $1.7 million available under existing stock
purchase authorizations outstanding as of May 31, 2013.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed
services, mobile and Internet solutions, 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 CSI's reputation, and have resulted in the company's
inclusion in such top industry-wide rankings as the FinTech 100,
Talkin' Cloud 100 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.
Forward-Looking Statements
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; and (ii) other factors discussed in CSI's
Annual Report, Quarterly Reports, Information and Disclosure
Statements and other documents posted from time to time on the
OTCQX website (www.otcqx.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. Unless required by law, CSI
undertakes no obligation to update, and is not responsible for
updating, the information contained in this report beyond the
publication date, whether as a result of new information or future
events, or to conform the statement to actual results or changes in
CSI's expectations, or otherwise or for changes made to this
document by wire services or Internet services.
COMPUTER SERVICES, INC. AND
SUBSIDIARIES
|
Condensed Consolidated Statements of
Income
|
(Unaudited)
|
(in thousands, except share and per
share data)
|
|
|
|
|
|
|
|
|
|
Three Months Ended May
31,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
|
Processing revenues
|
$
33,623
|
|
$
31,078
|
Other revenues
|
18,097
|
|
16,885
|
Total
revenues
|
51,720
|
|
47,963
|
Operating expenses
|
41,729
|
|
38,457
|
Operating
income
|
9,991
|
|
9,506
|
Interest income (expense)
|
(12)
|
|
(2)
|
Income before income
taxes
|
9,979
|
|
9,504
|
Provision for income taxes
|
3,942
|
|
3,635
|
|
|
|
|
|
|
Net
income
|
$
6,037
|
|
$
5,869
|
|
|
|
|
|
|
Earnings per share
|
|
|
|
Basic
|
$
0.41
|
|
$
0.40
|
Diluted
|
$
0.41
|
|
$
0.40
|
|
|
|
|
|
|
Shares used in computing earnings
per
|
|
|
|
common and common equivalent
share
|
|
|
|
Basic
|
14,615,121
|
|
14,725,185
|
Diluted
|
14,615,121
|
|
14,761,038
|
COMPUTER SERVICES, INC. AND
SUBSIDIARIES
|
Condensed Consolidated Balance
Sheets
|
(in thousands, except share
data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
05/31/2013
|
|
02/28/2013
|
|
05/31/2012
|
|
|
|
|
|
(Unaudited)
|
|
(Audited)
|
|
(Unaudited)
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
Cash and
cash equivalents
|
$ 5,134
|
|
$
499
|
|
$ 14,080
|
Accounts
receivable
|
22,074
|
|
21,953
|
|
19,258
|
Income tax
receivable
|
-
|
|
797
|
|
-
|
Prepaid
expenses and other current assets
|
7,331
|
|
6,625
|
|
5,609
|
Total current assets
|
34,539
|
|
29,874
|
|
38,947
|
Property and
equipment, net of accumulated depreciation
|
35,727
|
|
34,996
|
|
35,059
|
Software and software
licenses, net of accumulated amortization
|
19,147
|
|
18,952
|
|
14,337
|
Goodwill
|
60,115
|
|
60,115
|
|
60,115
|
Intangible
assets
|
9,057
|
|
9,374
|
|
10,326
|
Other
assets
|
8,783
|
|
8,703
|
|
7,716
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
$ 167,368
|
|
$ 162,014
|
|
$ 166,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
Accounts
payable and accrued expenses
|
$ 16,582
|
|
$ 12,979
|
|
$ 13,666
|
Deferred
revenue
|
8,496
|
|
9,337
|
|
9,075
|
Income tax
payable
|
2,075
|
|
-
|
|
475
|
Notes
payable
|
49
|
|
60
|
|
105
|
Total current liabilities
|
27,202
|
|
22,376
|
|
23,321
|
Long-term
liabilities
|
|
|
|
|
|
Notes
payable
|
-
|
|
7
|
|
52
|
Deferred
income taxes
|
13,193
|
|
13,193
|
|
11,902
|
Other
long-term liabilities
|
1,278
|
|
1,071
|
|
911
|
Total long-term liabilities
|
14,471
|
|
14,271
|
|
12,865
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
41,673
|
|
36,647
|
|
36,186
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
Preferred
stock; shares authorized, 5,000,000; none issued
|
-
|
|
-
|
|
-
|
Common
stock, no par; shares authorized, 20,000,000 in fiscal 2014
and
|
|
|
|
|
|
2013; shares issued and outstanding, 14,558,794 at May 31,
2013,
|
|
|
|
|
|
14,620,743 at February 28, 2013 and 14,729,871 at May 31,
2012
|
20,504
|
|
19,522
|
|
19,558
|
Retained
earnings
|
105,191
|
|
105,845
|
|
110,756
|
Total shareholders' equity
|
125,695
|
|
125,367
|
|
130,314
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity
|
$ 167,368
|
|
$ 162,014
|
|
$ 166,500
|
SOURCE Computer Services, Inc.
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