Computer Services, Inc. (CSI) (OTCQX: CSVI) today reported record revenues and record net income for the second quarter and six months ended August 31, 2010.
Second quarter revenues rose 12.7% to $41.9 million in fiscal 2011 compared with $37.2 million in the second quarter of fiscal 2010. Net income rose 19.1% to $6.2 million, and net income per diluted share increased 20.6% to $0.41 compared with the prior year’s second quarter.
“CSI’s record results benefited from organic growth across our major business segments and the contribution of the MSI acquisition completed as of October 1, 2009,” stated President and Chief Executive Officer Steven A. Powless. “This was our 26th consecutive quarter of revenue growth and highlights the resilience of our recurring fee-based revenue model and the largely non-discretionary nature of our products and services in this tough economy.
“Our sales growth rate has accelerated since last year due to the MSI acquisition. We remain positive about the continued opportunities to cross-sell MSI’s print and mail services, and its online document delivery solution. The MSI platform also improves our diversification of revenues while providing new customer markets for the potential to cross-sell other CSI services,” continued Mr. Powless.
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