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CSI Reports Record Revenues and Net Income For Third Quarter

CSI Reports Record Revenues and Net Income For Third Quarter
Revenues Increase 12.7% to $82.0 Million
Net Income Per Share Rises 20.4% to $0.59

Computer Services, Inc. (CSI) (OTCQX: CSVI) reported record revenues and net income for the third quarter and first nine months of fiscal 2022.

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“CSI’s record third quarter results benefited from increased demand across our product and service lines from our Enterprise Banking and Business Solutions groups”

CSI’s revenues rose 12.7% to a record $82.0 million for the third quarter of fiscal 2022 compared with $72.8 million for the third quarter of fiscal 2021. Third quarter net income rose 20.3% to a record $16.2 million compared with $13.5 million for the third quarter of fiscal 2021. Net income per share rose 20.4% to $0.59 compared with $0.49 for the third quarter of fiscal 2021.

“CSI’s record third quarter results benefited from increased demand across our product and service lines from our Enterprise Banking and Business Solutions groups,” stated David Culbertson, CSI’s president and CEO. “Our revenue momentum picked up in the third quarter as expected due to new accounts coming online, continued demand for digital banking services, increased volume from payments processing and higher demand for our regulatory compliance and managed information technology and cybersecurity services.

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“We believe our excellent results for the third quarter and first nine months of fiscal 2022 are due to our teams’ focus on new sales, continued development of new products and services and strong customer service over the past year. We hired new team members throughout the pandemic to support our growth and believe CSI’s future business will benefit from these investments.

“We expect to report continued sales and earnings growth in the fourth quarter. Our new core sales remain strong and are fueling our growth in Enterprise Banking. We also have benefited from higher transaction volumes each quarter this year due to relaxed COVID-19 restrictions and increased consumer demand. We expect CSI to set new records for revenue and net income for fiscal 2022 based on our growth trajectory,” continued Culbertson.

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