CSI Reports Record Fourth Quarter and Fiscal Year 2014 Results

Consolidated revenues rose 7.4% to $212.9 million for fiscal 2014 compared with $198.3 million for fiscal 2013. CSI's growth in revenues reflects new customers added since last year, cross-sales to existing customers, and increased transaction volume. Processing revenues rose 6.5% to $134.1 million for fiscal 2014 compared with $126.0 million for fiscal 2013. The growth in processing revenues included record sales to new customers, cross-sales to existing customers and increases in transaction volumes from existing customers. Other revenues increased 9.0% to $78.8 million for fiscal 2014 compared with $72.3 million for fiscal 2013. The increase in other revenues was due primarily to growth in mobile and Internet banking services, growth in homeland security and fraud prevention services, and higher eBusiness group revenues.

Operating expenses rose 7.9% to $168.8 million in fiscal 2014 compared with fiscal 2013. The increase in operating expenses was due primarily to costs related to CSI's Strategic Growth Initiative (SGI).

"We made significant investments in ramping up SGI over the past three years," continued Powless.  "We expect to leverage these expenses in sales, marketing, and expanded management talent.  We believe these investments in SGI will accelerate our revenue and earnings growth potential and will be key to building future shareholder value." 

Operating income rose 5.3% to $44.1 million in fiscal 2014 compared with $41.9 million in fiscal 2013. Operating margins were 20.7% in fiscal 2014 compared with 21.1% in fiscal 2013. The decline in CSI's operating margin was due primarily to staffing additions as part of SGI compared with the prior fiscal year. 

Net income for fiscal 2014 rose 3.2% to $26.7 million compared with $25.8 million for fiscal 2013. Net income per fully diluted share increased 5.1% to $1.85 for fiscal 2014 compared with $1.76 for fiscal 2013. Weighted average fully diluted shares outstanding declined 1.9% from fiscal year 2013 due to CSI shares repurchased under the Company's stock repurchase program. CSI repurchased 421,951 shares of its stock in fiscal 2014.

CSI's cash flow from operations was $36.6 million in fiscal 2014. The Company returned $22.4 million to shareholders during fiscal 2014 in cash dividends and stock repurchased or redeemed. Total long-term debt was eliminated in fiscal 2014 from $7,000 the prior year. Cash and cash equivalents totaled $1.1 million at February 28, 2014.

"CSI's financial position remained strong in fiscal 2014 and benefited from growth in net income and our strong cash flow from operations," stated Mr. Powless.  "Our Board remains focused on building shareholder value through our cash dividend and stock repurchase programs. We used our earnings power to increase our quarterly cash dividend for the 42^nd consecutive year and to add $10 million to the Company's share repurchase program. We also invested $13.4 million in new property, equipment, hardware and software during fiscal 2014 to support our continued growth."

Fourth Quarter Results

Fourth quarter consolidated revenues rose 3.9% to a record $54.1 million compared with $52.1 million for the fourth quarter ended February 28, 2013. Processing revenues increased 2.9% to $33.5 million in the fourth quarter of fiscal 2014 compared with $32.5 million in the fourth quarter of fiscal 2013. Other revenues were up 5.6% to $20.7 million in the fourth quarter of fiscal 2014 compared with $19.6 million in the fourth quarter of fiscal 2013. The significant growth in other revenues benefited from new customers for regulatory compliance services, growth in transaction volumes, and higher sales of eBusiness and document services.

Fourth quarter 2014 operating expenses rose 4.0% to $41.8 million compared with $40.2 million in the fourth quarter of 2013. The increase in operating expenses was due partly to higher employee-related expenses attributed to personnel additions to support SGI, which was announced in early fiscal 2012.

Operating income for the fourth quarter rose 3.6% to $12.3 million in fiscal 2014 compared with $11.9 million in fiscal 2013. Operating margins decreased to 22.7% in the fourth quarter of fiscal 2014 compared with 22.8% in the fourth quarter of fiscal 2013. The decline in CSI's operating margin was due primarily to staffing additions as part of SGI compared with the prior fiscal year. 

Income before taxes rose 3.6% to $12.3 million in the fourth quarter of fiscal 2014 compared with $11.9 million in the same quarter of fiscal 2013. Provision for income taxes rose to $4.9 million in the fourth quarter of fiscal 2014 compared with $4.5 million in the fourth quarter of fiscal 2013. The effective income tax rate was 39.5% in the fourth quarter of fiscal 2014 compared with 38.3% in the fourth quarter of fiscal 2013.

Net income for the fourth quarter of fiscal 2014 rose to $7.4 million, or $0.52 per fully diluted share, compared with $7.3 million, or $0.50 per fully diluted share, for the fourth quarter of fiscal 2013.

About Computer Services, Inc.

Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI's reputation, and have resulted in the company's inclusion in such top industry-wide rankings as the FinTech 100, Talkin' Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI's stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.

Forward-Looking Statements
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 "forward-looking statements." 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. Readers should carefully consider: (i) economic, competitive, technological and governmental factors affecting CSI's 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 the Company in the event of a breach of our security; and (iii) other factors discussed in CSI's Annual Report, Quarterly Reports, Information and Disclosure Statements and other documents posted from time to time on the OTCQX website (www.otcqx.com), 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. Unless required by law, CSI undertakes no obligation to update, and is not responsible for updating, the information contained in this report beyond the publication date, whether as a result of new information or future events, or to conform the statement to actual results or changes in CSI's expectations, or otherwise or for changes made to this document by wire services or Internet services.

COMPUTER SERVICES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(Audited)
(in thousands, except share and per share data)
			Three Months Ended February 28,				Year Ended February 28,
			2014		2013		2014		2013
Processing revenues			$      33,456		$     32,522		$    134,133		$    126,002
Other revenues			20,658		19,568		78,781		72,254
	Total revenues		54,114		52,090		212,914		198,256
Operating expenses			41,808		40,207		168,821		156,395
	Operating income		12,306		11,883		44,093		41,861
Interest expense, net			(4)		(14)		(34)		(16)
	Income before income taxes		12,302		11,869		44,059		41,845
Provision for income taxes			4,859		4,540		17,403		16,006
	Net income		$       7,443		$       7,329		$     26,656		$     25,839
Earnings per share
	Basic		$         0.52		$         0.50		$         1.85		$         1.76
	Diluted		$         0.52		$         0.50		$         1.85		$         1.76
Shares used in computing earnings per
	common and common equivalent share
		Basic	14,265,434		14,640,549		14,440,668		14,695,122
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