Computer Services, Inc. (CSI) (OTCQX: CSVI) announced that its Board of Directors, at its December meeting, authorized a $5 million increase in the Company’s share repurchase program. The Company also announced that it paid a quarterly cash dividend of $0.11 per share on December 24, 2010, to shareholders of record on December 1, 2010.
“CSI’s Board of Directors approved the repurchase of an additional $5.0 million in company stock, highlighting its confidence in the future of our Company,” stated President and Chief Executive Officer Steven A. Powless. “We remain very positive about the future for CSI and the opportunities to leverage our strong financial position through this stock repurchase program.”
The additional authorization brings the total to $55 million since CSI’s share repurchase program was initially announced in March 2004. CSI has repurchased Company shares having a purchase price of approximately $48.2 million through the end of its third fiscal quarter ended November 30, 2010. CSI then had approximately $1.8 million of availability under its previous stock repurchase authorizations before the additional authorization of $5 million in December.
The stock repurchase program will be conducted on an ongoing basis and will be subject to availability of stock, market conditions, the trading price of the stock and the Company’s financial performance.
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