CSI Holds Annual Meeting of Shareholders

Rhea-AI Summary

Computer Services, Inc. (CSVI) held its 2022 annual meeting where shareholders re-elected three directors and ratified FORVIS as the independent auditor for fiscal year ending February 28, 2023. CEO David Culbertson highlighted a commitment to growth through technology transformation, focusing on public cloud strategies and Open Banking. CFO Brian Brown reported record financial results for Fiscal 2022, marking 22 consecutive years of revenue growth and 25 years of increased net income, with expectations for continued growth in Fiscal 2023.

Positive

• Record financial results for Fiscal 2022 with 22 consecutive years of revenue growth.
• 25 consecutive years of increased net income.
• 50 consecutive years of increased cash dividends paid to shareholders.
• Expectations for growth in revenues and earnings in Fiscal 2023.

Negative

• None.

Shareholders Re-Elect Three Directors

Continued Growth Expected in Fiscal 2023

PADUCAH, Ky.--(BUSINESS WIRE)-- Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that shareholders re-elected three directors and ratified the selection of FORVIS (formerly known as BKD, LLP) as the company’s independent auditors at the Company’s 2022 annual meeting of shareholders, held July 14.

In his comments to shareholders, David Culbertson, CSI’s president and CEO, spoke about the four key areas on which the Company maintains focus: “CSI’s commitment to our shareholders, employees, customers and the communities in which we live and work remains constant.

“To facilitate further growth and continue our ability to serve these areas, we are transforming our technology to leverage the public cloud, expand our capacity and increase our speed in developing, adapting and deploying new solutions. This transition ensures our ability to more easily implement our Open Banking and Banking as a Service strategies, which will drive growth for years to come.”

Brian Brown, CSI’s chief financial officer, covered the Company’s record financial results for Fiscal Year 2022, which ended Feb. 28, 2022.

“We completed Fiscal 2022 with record results and reported our 22^nd consecutive year of increased revenues and 25^th consecutive year of increased net income. We also reported our 50^th consecutive year of increased cash dividends paid to CSI shareholders,” Brown said. “We expect to report growth in revenues and earnings for fiscal 2023 based on the continued demand for product and service lines from our Enterprise Banking and Business Solutions Groups.”

At the meeting, shareholders re-elected the following directors for three-year terms:

• Michael Carter – Head of Corporate Investment Banking, Truist Securities
• Steve Powless – Chairman of the Board, CSI
• Robert Walker – Former Senior Vice President and CFO, Western & Southern Financial Group

Shareholders also approved the proposal to ratify the selection of FORVIS (formerly known as BKD, LLP) as the company’s auditor for the fiscal year ending Feb. 28, 2023.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers core processing, digital banking, managed cybersecurity, information technology services, payments processing, document delivery, and regulatory and cybersecurity compliance solutions to financial institutions and corporate customers, both foreign and domestic. Management believes 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 IDC Financial Insights FinTech 100, Talkin’ Cloud 100 and MSP 501 Top Global Managed Service Providers, for which it ranked second in 2021. CSI has also been recognized by Aite Group, a leading industry research firm, as providing the “best user experience” in its AIM Evaluation: The Leading Providers of U.S. Core Banking Systems. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information, visit 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; (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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220718005207/en/

Brian K. Brown, CFO

800-545-4274, ext. 10689 or

brian.brown@csiweb.com

Source: Computer Services, Inc.

FAQ

What were the key highlights from the Computer Services, Inc. 2022 annual meeting?

The annual meeting highlighted the re-election of three directors and ratification of FORVIS as the independent auditor.

What is the financial performance of Computer Services, Inc. for Fiscal Year 2022?

CSI reported record financial results, marking 22 consecutive years of revenue growth and 25 years of increased net income.

What are the growth expectations for Computer Services, Inc. in Fiscal 2023?

CSI expects continued growth in revenues and earnings in Fiscal 2023 based on demand for its services.

Who were the directors re-elected at the Computer Services, Inc. annual meeting?

The re-elected directors include Michael Carter, Steve Powless, and Robert Walker.

What strategies is Computer Services, Inc. implementing for future growth?

CSI is transforming its technology to leverage the public cloud and enhance Open Banking and Banking as a Service strategies.