CSI Reports Financial Results for Fourth Quarter and Fiscal Year 2011 Results

Wireless News
05-02-2011
CSI Reports Financial Results for Fourth Quarter and Fiscal Year 2011 Results
Type: News

Computer Services (CSI) announced it has reported record revenues and net income for the fourth quarter and fiscal year ended February 28.

In an April 26 release, CSI reported that revenues for fiscal 2011 were a record $163.8 million and rose 6.4 percent compared with $154.0 million for fiscal 2010. Net income for fiscal 2011 was a record $24.0 million, an 11.0 percent increase compared with fiscal 2010 income of $21.6 million. Net income per fully diluted share increased 12.6 percent to $1.61 compared with $1.43 last year.
Fourth quarter revenues rose 0.4 percent to a record $42.0 million in fiscal 2011 compared with $41.8 million in the fourth quarter of fiscal 2010. Net income was a record $6.8 million, or $0.45 per diluted share, in the fourth quarter of fiscal 2011 compared with $6.6 million, or $0.44 per diluted share, in the fourth quarter of fiscal 2010.

Consolidated revenues rose 6.4 percent to $163.8 million for fiscal 2011 compared with $154.0 million for fiscal 2010. The internal revenue growth rate was 2.1 percent in fiscal 2011 with the remaining 4.3 percent of growth the result of the MSI acquisition. Processing revenues rose 6.1 percent to $116.7 million compared with $110.1 million for fiscal 2010, and other revenues increased 7.1 percent to $47.1 million compared with $43.9 million for fiscal 2010.

Operating income rose 11.6 percent to $39.9 million for fiscal 2011 compared with $35.7 million for last year. Operating margin for fiscal 2011 rose to 24.3 percent compared with 23.2 percent for fiscal 2010. The increase in operating income and margin benefited from a higher sales base, improved product mix and tougher expense management.

Net income for fiscal 2011 rose 11.0 percent to $24.0 million compared with $21.6 million for fiscal 2010. Net income per diluted share increased 12.6 percent to $1.61 for fiscal 2011 on 14.9 million weighted average diluted shares outstanding compared with $1.43 for fiscal 2010 on 15.1 million weighted average diluted shares outstanding. Weighted average fully diluted shares outstanding were down 1.3 percent to 14.9 million for the fiscal year primarily due to CSI shares repurchased under the company's stock repurchase program. CSI repurchased 282,262 shares in fiscal 2011.

CSI's cash flow from operations rose to $38.5 million in fiscal 2011 compared with $35.6 million in fiscal 2010, and cash and cash equivalents increased to $3.5 million at February 28, compared with $3.3 million at February 28, 2010.

Fourth quarter consolidated revenues rose to $42.0 million compared with $41.8 million for the fourth quarter ended February 28, 2010. Processing revenues increased 1.6 percent to $29.6 million in the fourth quarter of fiscal 2011 compared to $29.1 million in the fourth quarter of fiscal 2010. Other revenues were $12.4 million in the fourth quarter of fiscal 2011 compared with $12.7 million in the fourth quarter of fiscal 2010.

Computer Services delivers core banking, payments processing, Internet, card services, risk assessment, fraud prevention, network management, regulatory compliance and document delivery solutions to financial institutions and corporate entities across the nation.

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