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Computer Services, Inc. (CSVI) reported a record revenue increase of 5.7% to $81.0 million for Q1 fiscal 2023, compared to $76.7 million in Q1 fiscal 2022. Net income rose 2.3% to $14.7 million, with net income per share at $0.54. The company experienced growth due to strong demand in its Enterprise Banking and Business Solutions groups. Operating expenses increased 6.4% to $61.6 million, affecting operating margins, which were 24.0%. Cash flow from operations improved 12.8% to $27.5 million, and cash reserves grew 24.6% to $76.0 million.
Computer Services, Inc. (CSVI) has been selected by EntreBank, Minnesota's first new bank in 15 years, to provide its NuPoint® core platform for modern banking services. This partnership aims to enhance digital banking for entrepreneurs and small businesses, offering flexible online and mobile services while simplifying back-office operations. CSI will also deliver managed IT services to optimize application performance. The collaboration is set to establish a modern architecture focused on customer needs, enabling EntreBank to provide superior financial services.
Computer Services, Inc. (CSVI) recently signed contracts with 22 new community banks for its NuPoint® core platform, ending the fiscal year on February 28, 2022. The banks cited CSI's technology advancements, open banking adoption, and customer service as key factors in their decision. Executives believe these enhancements will lead to improved efficiency and service delivery. CSI's offerings include payment processing, managed IT services, and website design services, which empower financial institutions to enhance operations.
Computer Services, Inc. (CSVI) announced a quarterly cash dividend of $0.27 per share, payable on June 27, 2022, to shareholders of record as of June 1, 2022. This dividend reflects an 8.0% increase compared to the same quarter last year, marking over 50 years of increased cash dividends. Executive Chairman Steven A. Powless emphasized the company's strong fiscal 2022 results and commitment to continued success into fiscal 2023.
Computer Services, Inc. (CSI) (OTCQX: CSVI) reported robust financial growth for fiscal 2022, concluding with revenues of $316.6 million, an 8.7% increase from $291.3 million in fiscal 2021. Net income reached $61.9 million, up 11.6% from $55.4 million, translating to earnings per share of $2.25. The fourth quarter also showed promising results with revenues climbing 7.2% to $81.0 million and net income rising 23.7% to $16.7 million. CSI plans to invest further in fiscal 2023, expecting a tapering in earnings growth due to higher investments and staffing.
Computer Services, Inc. (CSVI) announced that First National Bank & Trust Company of Okmulgee has chosen its NuPoint® core platform to enhance banking services. The bank sought a new platform due to prior service outages and limitations. NuPoint will help streamline operations and improve customer support. The partnership aims to leverage advanced technology, enabling First National Bank to offer integrated online, mobile, and payment solutions. CSI emphasizes its commitment to exceptional service and innovative solutions, aiming to foster growth for community banks.
Computer Services, Inc. (OTC-PINK: CSVI) announced a quarterly cash dividend of
Computer Services, Inc. (CSVI) announced that Community Spirit Bank, based in Alabama, has selected its NuPoint® core platform to enhance banking technology and customer experience. The bank aims to consolidate operations for better efficiency and improved service. This partnership reflects Community Spirit Bank's commitment to leveraging advanced technology while maintaining its values of integrity and service. The implementation of the cloud-based platform is expected to drive growth and operational improvements for the bank.
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