CSI Holds Annual Meeting of Shareholders

Computer Services, Inc. (CSI) (OTCQX: CSVI) announced today that shareholders elected three directors at the Company’s annual meeting of shareholders.

In comments to shareholders, Steven A. Powless, CSI’s chairman and CEO, stated, “We are very positive about CSI and our future following our record results in fiscal 2019. Last year, CSI reported its 19^th consecutive year of increased revenues and 22^nd consecutive year of increased net income. We also reported our 48^th consecutive year of increased cash dividends paid to CSI shareholders.

“Our momentum carried forward into the first quarter of fiscal 2020 ended May 31, 2019. First quarter revenues rose 6.4% to a record $69.0 million and net income increased 24.2% to $12.5 million compared with the first quarter of fiscal 2019. Our solid growth benefited from new contract sales, expansion into new geographic markets and higher cross-sales across our customer base.

“We expect continued growth in revenues and net income in fiscal 2020 based on our strong backlog of business that will be transitioned to the CSI platform this year. We are also continuing our investments in new technology and services that will benefit our current customer base while providing additional capacity for future growth. We plan to fund these new investments with existing cash and cash flow from operations. Our strategy for the future remains focused on continued geographic expansion, growing market share and wallet share, driving customer satisfaction and retention, expanding our digital channels and continuing our focus on employee excellence. We believe these strategies will drive our future growth, earnings and returns to our shareholders,” Powless concluded.

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

• Michael Carter – Managing Director and Head of Technology Investment Banking for RBC

• Steven A. Powless – Chairman of the Board and CEO of Computer Services, Inc.

• Robert L. Walker – Lead Independent Director of CSI. Former Senior Vice President and CFO of Western and Southern Financial Group

Shareholders also approved the proposal to terminate RSM as the company’s auditor. The Audit Committee of the Board of Directors expects to announce the appointment of a new independent auditor for CSI in the near future.