{"id":410300,"date":"2021-01-07T08:03:41","date_gmt":"2021-01-07T13:03:41","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=410300"},"modified":"2021-01-07T08:03:41","modified_gmt":"2021-01-07T13:03:41","slug":"csi-reports-record-revenues-and-net-income-for-third-quarter","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/","title":{"rendered":"CSI Reports Record Revenues and Net Income for Third Quarter"},"content":{"rendered":"

<\/p>\n

CSI Reports Record Revenues and Net Income for Third Quarter<\/b><\/p>\n

Revenues Increase 0.9% to $72.8 Million<\/i><\/b><\/p>\n

Net Income Per Share Rises 14.0% to $0.49<\/i><\/b><\/p>\n

PADUCAH, Ky.–(BUSINESS WIRE<\/a>)–
\nComputer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and net income for the third quarter and first nine months of fiscal 2021, which ended November 30, 2020.\n<\/p>\n

\nCSI\u2019s revenues rose 0.9% to $72.8 million for the third quarter of fiscal 2021 compared with $72.1 million for the third quarter of fiscal 2020. Third quarter net income rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share rose 14.0% to $0.49 compared with $0.43 for the third quarter of fiscal 2020.\n<\/p>\n

\n\u201cCSI\u2019s growth in the third quarter benefited from continued demand for our products and services and from the high percentage of revenues generated from long-term contracts and high customer renewal rates,\u201d stated Steven A. Powless, chairman and CEO of CSI. \u201cOur team transitioned to remote work early in the pandemic and we have maintained our pace for new sales and bank conversions even though travel was limited due to COVID-19. We expect our new bank contracts signed this year to be transitioned to CSI\u2019s platform in future quarters and contribute to our base of recurring revenues.\n<\/p>\n

\n\u201cOur outlook for fiscal 2021 remains positive based on our sales momentum and our success in supporting our customers on a remote basis. We expect to report higher revenues and net income for fiscal 2021 based on our revenue from existing contracts, new business, and demand for our digital banking solutions. We expect fourth quarter revenues to be higher than reported last year due to these trends, despite a substantial reduction in early contract termination fees expected to be reported in the fourth quarter of fiscal 2021 compared to $4.6 million in early contract termination fees reported in the fourth quarter of last fiscal year. We also expect that operating income and net income for the fourth quarter of fiscal 2021 will be lower than fiscal 2020 due to lower early contract termination fees and the comparison of low operating expenses in the fourth quarter of last year arising from the adoption of ASC 350-40, Internal-Use Software, and ASC 340-40, Contracts with Customers. These adoptions resulted in one-time true-up reductions in certain expenses in the fourth quarter of fiscal 2020 that will not be repeated in the fourth quarter of fiscal 2021. Our core businesses remain sound and we remain optimistic about our continued growth next year,\u201d Powless continued.\n<\/p>\n

Third Quarter Results<\/i><\/b><\/p>\n

\nConsolidated revenues increased 0.9% to $72.8 million in the third quarter of fiscal 2021 compared with $72.1 million in the third quarter of fiscal 2020. The growth in revenues benefited from higher sales, including growth in digital banking, document delivery, regulatory compliance, and payments processing. Enterprise Banking Group (EBG) revenues rose 4.9% to $45.2 million in the third quarter of fiscal 2021 and accounted for 62.1% of total revenues for the quarter. Business Solutions Group (BSG) revenues were down 5.1% to $27.6 million compared to the third quarter of last fiscal year due to a decrease in sales of third-party hardware & software and migration from item capture transactions to digital banking transactions, both factors primarily the result of current period pandemic-related economic conditions. The results for the third quarter of fiscal 2021 included approximately $975,000 in early contract termination fees, compared with $1.0 million in the third quarter of fiscal 2020. Excluding the effect of early contract termination fees, net revenues increased approximately 0.9% in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020. The early contract termination fees are generated when a customer terminates its contract prior to the end of the contracted term, a circumstance that typically arises when an existing CSI customer is acquired by another financial institution that is not a CSI customer. These fees often, but not always, vary significantly from period to period based on the number and size of customers that are acquired and how early in the contract term a customer is acquired.\n<\/p>\n

\nOperating expenses declined 3.6% to $55.1 million for the third quarter of fiscal 2021 compared with $57.2 million for the third quarter of fiscal 2020. The decline in operating expenses was related to lower travel and marketing expenses due to COVID-19 restrictions, lower recognized salary expenses due to the adoption of ASC 340 and ASC 350 in the fourth quarter of fiscal 2020, and lower profit-sharing expense. This decline was offset partially by higher personnel expenses resulting from increased staffing for the current year period and the effect of typical annual salary adjustments, and higher software amortization expense primarily due to new capital investments placed into service during the trailing 12-month period. CSI did not reduce staff due to COVID-19, but increased hiring of new personnel beginning in the first half of fiscal 2021 to expand customer support and product development in key areas.\n<\/p>\n

\nOperating income increased 18.1% to $17.6 million for the third quarter of fiscal 2021 compared with $14.9 million for the third quarter of fiscal 2020. Operating margin rose to 24.2% in the third quarter of fiscal 2021 compared with 20.7% for the third quarter of fiscal 2020. The increase in operating income and margin benefited primarily from increased digital banking and payments processing revenues over the third quarter of fiscal 2020 and lower operating expenses attributable to the pandemic-related travel restrictions. Excluding the effect of early contract termination fees, operating income rose 19.6%, or $2.7 million, in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020.\n<\/p>\n

\nThe provision for income tax was $4.2 million for the third quarter of fiscal 2021 compared with $3.2 million in the third quarter of fiscal 2020. The increase was due to a higher taxable income and a higher effective tax rate due to timing of the recognition and magnitude of certain deductions and credits taken in the third quarter of fiscal 2021 compared with the third quarter of fiscal 2020.\n<\/p>\n

\nNet income for the third quarter of fiscal 2021 rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share increased 14.0% to $0.49 for the third quarter of fiscal 2021 on 27.6 million weighted average shares outstanding compared with $0.43 for the third quarter of fiscal 2020, on 27.7 million weighted average shares outstanding.\n<\/p>\n

\n\u201cCSI\u2019s balance sheet remained strong with increased cash generated from operations and no long-term debt,\u201d Powless commented. \u201cWe continued to use our strong cash flow to fund new product development and invest in software and hardware to support our future growth. We expect to leverage our strong balance sheet and cash flow to fund acquisitions, expand our infrastructure and continue our program of returning a portion of our net income to shareholders through our cash dividend and stock buyback programs.\n<\/p>\n

\n\u201cDuring the first nine months of fiscal 2021, we invested approximately $21.2 million in property, equipment and software to support our continued growth, up 27.8% from $16.5 million in the first nine months of fiscal 2020. We increased cash dividend payments by 17.3% to $18.5 million and stock repurchases were up 115.7% to $6.6 million compared with the first nine months of last fiscal year.\n<\/p>\n

\n\u201cAfter the close of the third quarter, our Board of Directors approved a $1.00 special cash dividend that was paid on December 30, 2020, to shareholders of record as of the close of business on December 22, 2020. The special cash dividend was paid from cash reserves. In addition, the Board authorized a $10.0 million increase in the Company\u2019s share repurchase program. We believe CSI\u2019s stock represents an attractive investment at current prices in light of our earnings growth, solid cash flow from operations and strong capital position,\u201d Powless concluded.\n<\/p>\n

Nine Months Results<\/i><\/b><\/p>\n

\nConsolidated revenues for the first nine months of fiscal 2021 rose 2.1% to $215.9 million compared with $211.5 million for the first nine months of fiscal 2020. CSI\u2019s increase in revenues benefited from EBG growth compared with the first nine months of fiscal 2020, despite the revenue impacts of lower transactional volume due to reduced economic activity. EBG revenues rose 4.0% to $133.4 million compared with the first nine months of fiscal 2020 and accounted for 61.8% of total revenues through the first nine months of fiscal 2021. BSG revenues were down 1.0% to $82.5 million compared with the first nine months of the prior fiscal year, primarily as a result of the impact of current period pandemic-related economic conditions on certain revenues as described above. Fiscal year-to-date consolidated revenues also included $4.9 million in early contract termination fees compared with $3.8 million in the first nine months of fiscal 2020. Excluding the effect of the early contract termination fees from both periods, fiscal year-to-date consolidated revenues increased approximately 1.6% compared with the first nine months of fiscal year 2020.\n<\/p>\n

\nOperating expenses decreased 2.5% to $161.1 million for the first nine months of fiscal 2021 compared with $165.1 million for the first nine months of fiscal 2020. The decline in operating expenses was related to lower travel and marketing expenses due to COVID-19 restrictions, lower recognized salary expenses due to the adoption of ASC 340 and ASC 350 in the fourth quarter of fiscal 2020, and lower profit-sharing expense, offset partially by higher staffing for the current year period and the effect of typical annual salary adjustments, higher costs of goods sold, primarily due to higher related revenues, and higher software amortization expense primarily due to new capital investments placed into service during the trailing 12-month period.\n<\/p>\n

\nOperating income increased 18.2% to $54.8 million for the first nine months of fiscal 2021 compared with $46.4 million for the first nine months of fiscal 2020. Operating margin increased to 25.4% in the first nine months of fiscal 2021 compared with 21.9% in the first nine months of fiscal 2020. The increase in operating income and margin benefited primarily from increased digital banking, payments processing and document delivery revenues, a reduction in operating expenses attributable to pandemic\u2011related travel restrictions, and an increase in early contract termination fees compared to the first nine months of fiscal 2020. Excluding the effect of early contract termination fees, operating income rose 17.3%, or $7.3 million, in the first nine months of fiscal 2021 compared with the first nine months of fiscal 2020.\n<\/p>\n

\nNet income for the first nine months of fiscal 2021 increased by 11.3% to $41.9 million compared with $37.6 million in the first nine months of fiscal 2020. Net income per share rose 11.8% to $1.52 per share for the first nine months of fiscal 2021 compared with $1.36 for the first nine months of fiscal 2020.\n<\/p>\n

\nCSI\u2019s cash flow from operations increased 6.3% to $51.6 million in the first nine months of fiscal 2021 compared with $48.5 million in the first nine months of fiscal 2020. The increase in operating cash flow benefited from higher net income in the first nine months of fiscal 2021 compared with fiscal 2020. Cash and cash equivalents increased 10.1% to $74.7 million as of November 30, 2020, from $67.9 million as of November 30, 2019.\n<\/p>\n

About Computer Services, Inc.<\/b><\/p>\n

\nComputer Services, Inc. (CSI) delivers innovative financial technology and regulatory compliance solutions to financial institutions and corporate customers across the nation. Through a combination of expert service, cutting-edge technology and a customer-first mentality, CSI excels at driving businesses forward in a rapidly changing industry. CSI\u2019s expertise and commitment to authentic alliances has resulted in the company\u2019s inclusion in such top industry-wide rankings as the FinTech 100, <\/b>American Banker<\/i>\u2019s Best Fintechs to Work For and MSPmentor<\/i> Top 501 Global Managed Service Providers List. CSI\u2019s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com<\/a>.\n<\/p>\n

Forward-Looking Statements<\/i><\/b><\/p>\n

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 \u201cforward-looking statements.\u201d 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.<\/i><\/p>\n

Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI\u2019s 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<\/a>), 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.<\/i><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPUTER SERVICES, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Statements of Income<\/b><\/td>\n<\/tr>\n
(Unaudited)<\/b><\/i><\/td>\n<\/tr>\n
(in thousands, except share and per share data)<\/b><\/i><\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\nThree Months Ended November 30,<\/b><\/td>\n\u00a0<\/td>\n\nNine Months Ended November 30,<\/b><\/td>\n<\/tr>\n
\n\n\n\n

2020<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

2019<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

2020<\/b><\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

2019<\/b><\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Revenues<\/td>\n\n$<\/td>\n\n

\n72,750\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n72,115\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n215,850\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n211,483\n<\/p>\n<\/td>\n<\/tr>\n

Operating expenses<\/td>\n\n\n\n

\n55,133\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n57,202\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n161,055\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n165,118\n<\/p>\n<\/td>\n<\/tr>\n

Operating income<\/td>\n\n\n\n

\n17,617\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n14,913\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n54,795\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n46,365\n<\/p>\n<\/td>\n<\/tr>\n

Non-operating income<\/td>\n\n\n\n

\n–\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n–\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n37\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n57\n<\/p>\n<\/td>\n<\/tr>\n

Interest income, net<\/td>\n\n\n\n

\n68\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n323\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n399\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n1,016\n<\/p>\n<\/td>\n<\/tr>\n

Income before income taxes<\/td>\n\n\n\n

\n17,685\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n15,236\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n55,231\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n47,438\n<\/p>\n<\/td>\n<\/tr>\n

Provision for income taxes<\/td>\n\n\n\n

\n4,200\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n3,200\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n13,334\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n9,797\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Net income<\/td>\n\n$<\/td>\n\n

\n13,485\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n12,037\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n41,898\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n37,641\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Earnings per common share<\/td>\n\n$<\/td>\n\n

\n0.49\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n0.43\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n1.52\n<\/p>\n<\/td>\n

\u00a0<\/td>\n$<\/td>\n\n

\n1.36\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n
Shares used in computing earnings per<\/td>\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n<\/tr>\n
common share<\/td>\n\n\n\n

\n27,612,335\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n27,685,814\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n27,640,514\n<\/p>\n<\/td>\n

\u00a0<\/td>\n\n\n

\n27,693,661\n<\/p>\n<\/td>\n<\/tr>\n

\n\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\n\u00a0<\/td>\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
COMPUTER SERVICES, INC. AND SUBSIDIARIES<\/b><\/td>\n<\/tr>\n
Condensed Consolidated Balance Sheets<\/b><\/td>\n<\/tr>\n
(in thousands, except share data)<\/b><\/i><\/td>\n<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
\n\n

11\/30\/2020<\/b><\/p>\n<\/td>\n

\n\n

2\/29\/2020<\/b><\/p>\n<\/td>\n

\n\n

11\/30\/2019<\/b><\/p>\n<\/td>\n

<\/tr>\n
\n\n

(Unaudited)<\/i><\/p>\n<\/td>\n

\n\n

(Audited)<\/i><\/p>\n<\/td>\n

\n\n

(Unaudited)<\/i><\/p>\n<\/td>\n

<\/tr>\n
ASSETS<\/td>\n\n\n\n\n\n<\/tr>\n
Current assets<\/td>\n\n\n\n\n\n<\/tr>\n
Cash and cash equivalents<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n74,690\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n70,109\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n67,855\n<\/p>\n<\/td>\n

<\/tr>\n
Funds held on behalf of clients<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,530\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,912\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,350\n<\/p>\n<\/td>\n

<\/tr>\n
Accounts receivable<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n38,630\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n37,993\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n35,855\n<\/p>\n<\/td>\n

<\/tr>\n
Income tax receivable<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,352\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

<\/tr>\n
Deferred contract costs<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17,990\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n14,979\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,161\n<\/p>\n<\/td>\n

<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,645\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,509\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,855\n<\/p>\n<\/td>\n

<\/tr>\n
Total current assets<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n152,485\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n143,854\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n128,077\n<\/p>\n<\/td>\n

<\/tr>\n
Property and equipment, net of accumulated depreciation<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n45,128\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n45,144\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n44,725\n<\/p>\n<\/td>\n

<\/tr>\n
Software and software licenses, net of accumulated amortization<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n22,639\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,224\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,340\n<\/p>\n<\/td>\n

<\/tr>\n
Deferred contract costs<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n102,301\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n82,449\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n64,469\n<\/p>\n<\/td>\n

<\/tr>\n
Internally developed software, net<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,694\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,517\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

<\/tr>\n
Goodwill<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60,115\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60,115\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n60,115\n<\/p>\n<\/td>\n

<\/tr>\n
Intangible assets, net<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,561\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,054\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,219\n<\/p>\n<\/td>\n

<\/tr>\n
Right of use assets<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,092\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,606\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n7,914\n<\/p>\n<\/td>\n

<\/tr>\n
Other assets<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,497\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,637\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,792\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total assets<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n404,512\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n371,600\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n333,651\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
LIABILITIES AND SHAREHOLDERS’ EQUITY<\/td>\n\n\n\n\n\n<\/tr>\n
Current liabilities<\/td>\n\n\n\n\n\n<\/tr>\n
Accounts payable<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n10,436\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9,528\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n9,889\n<\/p>\n<\/td>\n

<\/tr>\n
Accrued expenses<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n18,463\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,432\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n19,929\n<\/p>\n<\/td>\n

<\/tr>\n
Deferred contract liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n47,076\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n38,364\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n31,994\n<\/p>\n<\/td>\n

<\/tr>\n
Deferred revenue<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n10,494\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,196\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,895\n<\/p>\n<\/td>\n

<\/tr>\n
Client funding obligation – settlement liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,530\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n8,912\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

<\/tr>\n
Current portion of operating lease liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,472\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,266\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,243\n<\/p>\n<\/td>\n

<\/tr>\n
Income tax payable<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n3,069\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,742\n<\/p>\n<\/td>\n

<\/tr>\n
Total current liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n101,540\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n79,698\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n75,693\n<\/p>\n<\/td>\n

<\/tr>\n
Long-term liabilities<\/td>\n\n\n\n\n\n<\/tr>\n
Deferred income taxes, net<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n24,394\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n24,394\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n17,787\n<\/p>\n<\/td>\n

<\/tr>\n
Deferred contract liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n11,623\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n9,826\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n204\n<\/p>\n<\/td>\n

<\/tr>\n
Other liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,757\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,723\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,780\n<\/p>\n<\/td>\n

<\/tr>\n
Postretirement benefits<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n–\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n189\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n254\n<\/p>\n<\/td>\n

<\/tr>\n
Operating lease liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n4,936\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,655\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n5,979\n<\/p>\n<\/td>\n

<\/tr>\n
Total long-term liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n42,709\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n41,787\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n26,003\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n144,249\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n121,485\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n101,696\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Shareholders’ equity<\/td>\n\n\n\n\n\n<\/tr>\n
Preferred stock; shares authorized, 5,000,000; none issued<\/td>\n\n\n\n\n\n<\/tr>\n
Common stock, no par; 60,000,000 shares authorized;<\/td>\n\n\n\n\n\n<\/tr>\n
27,583,755 shares issued at November 30, 2020;<\/td>\n\n\n\n\n\n<\/tr>\n
27,654,865 shares issued at February 29, 2020;<\/td>\n\n\n\n\n\n<\/tr>\n
27,673,760 shares issued at November 30, 2019;<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n32,368\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,295\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n30,053\n<\/p>\n<\/td>\n

<\/tr>\n
Retained earnings<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n227,186\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n217,865\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n199,530\n<\/p>\n<\/td>\n

<\/tr>\n
Other comprehensive income, net<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n709\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n1,955\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n2,371\n<\/p>\n<\/td>\n

<\/tr>\n
Total shareholders’ equity<\/td>\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n260,262\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n250,115\n<\/p>\n<\/td>\n

\n\n

\n\u00a0\n<\/p>\n<\/td>\n

\n

\n231,954\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n
Total liabilities and shareholders’ equity<\/td>\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n404,512\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n371,600\n<\/p>\n<\/td>\n

\n\n

\n$\n<\/p>\n<\/td>\n

\n

\n333,651\n<\/p>\n<\/td>\n

<\/tr>\n
\n\n\n\n\n\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n\u00a0\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210107005173\/en\/<\/a><\/span><\/p>\n

Brian K. Brown, CFO
\n<\/i>
800-545-4274, ext. 10689 or brian.brown@csiweb.com<\/a><\/i><\/p>\n

KEYWORDS:<\/b> Kentucky United States North America<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Data Management Technology Finance Software Banking<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

CSI Reports Record Revenues and Net Income for Third Quarter Revenues Increase 0.9% to $72.8 Million Net Income Per Share Rises 14.0% to $0.49 PADUCAH, Ky.–(BUSINESS WIRE)– Computer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and net income for the third quarter and first nine months of fiscal 2021, which ended November 30, 2020. CSI\u2019s revenues rose 0.9% to $72.8 million for the third quarter of fiscal 2021 compared with $72.1 million for the third quarter of fiscal 2020. Third quarter net income rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share rose 14.0% to $0.49 compared with $0.43 for the third quarter of fiscal 2020. \u201cCSI\u2019s … <\/p>\n

Continue reading “CSI Reports Record Revenues and Net Income for Third Quarter”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-410300","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCSI Reports Record Revenues and Net Income for Third Quarter - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CSI Reports Record Revenues and Net Income for Third Quarter - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CSI Reports Record Revenues and Net Income for Third Quarter Revenues Increase 0.9% to $72.8 Million Net Income Per Share Rises 14.0% to $0.49 PADUCAH, Ky.–(BUSINESS WIRE)– Computer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and net income for the third quarter and first nine months of fiscal 2021, which ended November 30, 2020. CSI\u2019s revenues rose 0.9% to $72.8 million for the third quarter of fiscal 2021 compared with $72.1 million for the third quarter of fiscal 2020. Third quarter net income rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/","og_locale":"en_US","og_type":"article","og_title":"CSI Reports Record Revenues and Net Income for Third Quarter - Market Newsdesk","og_description":"CSI Reports Record Revenues and Net Income for Third Quarter Revenues Increase 0.9% to $72.8 Million Net Income Per Share Rises 14.0% to $0.49 PADUCAH, Ky.–(BUSINESS WIRE)– Computer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and net income for the third quarter and first nine months of fiscal 2021, which ended November 30, 2020. CSI\u2019s revenues rose 0.9% to $72.8 million for the third quarter of fiscal 2021 compared with $72.1 million for the third quarter of fiscal 2020. Third quarter net income rose 12.0% to $13.5 million compared with $12.0 million for the third quarter of fiscal 2020. Net income per share rose 14.0% to $0.49 compared with $0.43 for the third quarter of fiscal 2020. \u201cCSI\u2019s … Continue reading \"CSI Reports Record Revenues and Net Income for Third Quarter\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/","og_site_name":"Market Newsdesk","article_published_time":"2021-01-07T13:03:41+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210107005173r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"12 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"CSI Reports Record Revenues and Net Income for Third Quarter","datePublished":"2021-01-07T13:03:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/"},"wordCount":2442,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20210107005173r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/csi-reports-record-revenues-and-net-income-for-third-quarter\/","name":"CSI Reports Record Revenues and Net Income for Third Quarter - 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