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December 31, 2013

CSI reports record revenues

Computer Services, Inc reports a 7% rise in revenue to $53.1m.

By Joe Curtis

Computer Services, Inc (CSI) has reported record revenues and net income for its third quarter.

The firm, which delivers services including payment processing, network management and card payment technology to 3,500 financial companies, saw a 7% rise in revenue to $53.1m, up from $49.6m the same period last year.

Third quarter net income rose 1.9% to $6.7m, meaning share value increased by $0.47.

CEO Steven Powless said: "We benefitted from higher processing revenues generated from our core processing customers and higher other revenues due to increased demand for our mobile and Internet banking solutions as well as record transaction volume from our regulatory compliance services."

He added that the business expects to report continued revenue growth in the fourth quarter, based on new business, high contract renewal rates and growth in transaction volume.

He said: "We believe CSI is positioned well to drive future revenue growth through our expanded sales and marketing programs. During the first nine months of fiscal 2014, we invested $9.3 million in new hardware and software to support our continued growth in transaction volume.

"We expect these investments in hardware, software, sales and marketing programs to be major drivers for our continued growth next year."

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